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BUSINESS COMBINATIONS
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
BUSINESS COMBINATIONS

14. BUSINESS COMBINATIONS

 

On June 19, 2015, the Company acquired CNB at a purchase price of $157.5 million, issued an aggregate of 5.647 million Bridge Bancorp common shares in exchange for all the issued and outstanding common stock of CNB and recorded goodwill of $96.5 million, which is not deductible for tax purposes. At acquisition, CNB had total acquired assets on a fair value basis of $895.3 million, with loans of $729.4 million, investment securities of $90.1 million and deposits of $786.9 million. The transaction expanded the Company’s geographic footprint across Long Island including Nassau County, Queens and into New York City. It complements the Bank’s existing branch network and enhances asset generation capabilities. The expanded branch network allows the Bank to serve a greater portion of the Long Island and metropolitan marketplace through a network of 40 branches.

 

The acquisition was accounted for under the acquisition method of accounting in accordance with FASB ASC 805, “Business Combinations.” Accordingly, the assets acquired and liabilities assumed were recorded at their respective acquisition date fair values, and identifiable intangible assets were recorded at fair value. The operating results of the Company for the three and six month periods ended June 30, 2016 and 2015 include the operating results of CNB since the acquisition date of June 19, 2015.

 

The following summarizes the finalized fair value of the assets acquired and liabilities assumed on June 19, 2015:

 

     Measurement    
  As Initially  Period    
(In thousands) Reported  Adjustments  As Adjusted 
Cash and due from banks $24,628  $-  $24,628 
Securities  90,109   -   90,109 
Loans  736,348   (6,935)  729,413 
Bank Owned Life Insurance  21,445   -   21,445 
Premises and equipment  6,398   (5,122)  1,276 
Other intangible assets  6,698   -   6,698 
Other assets  14,484   7,245   21,729 
Total Assets Acquired $900,110  $(4,812) $895,298 
             
Deposits $786,853  $-  $786,853 
Federal Home Loan Bank term advances  35,581   -   35,581 
Other liabilities and accrued expenses  5,647   6,214   11,861 
Total Liabilities Assumed $828,081  $6,214  $834,295 
             
Net Assets Acquired  72,029   (11,026)  61,003 
Consideration Paid  157,503   -   157,503 
Goodwill Recorded on Acquisition $85,474  $11,026  $96,500