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BUSINESS COMBINATIONS | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
BUSINESS COMBINATIONS | 22. 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. 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 Long Island and the New York City boroughs. 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 years ended December 31, 2017, 2016 and 2015 include the operating results of CNB since the acquisition date of June 19, 2015. The following table summarizes the finalized fair values of the assets acquired and liabilities assumed on June 19, 2015:
|  |  |  |  | Measurement |  |  |  |
|  | As Initially |  |  | Period |  |  |  |
(In thousands) |  | Reported |  |  | Adjustments (1) |  |  | 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 |
| (1) | Explanation of measurement period adjustments:
Loans – represents adjustments to the initial fair values related to certain PCI loans based on the finalization of the initial provisional analyses. Premises and equipment – represents write down to estimated fair value based on the final valuation performed on leasehold improvements. Other assets – represents adjustments to the net deferred tax asset resulting from the adjustments to the initial fair values related to acquired assets and liabilities assumed. Other liabilities and accrued expenses - represents adjustments to the initial fair values reported to adjust other liabilities to estimated fair value and record certain liabilities directly related to the CNB acquisition.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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