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BDGE - Cheap Bridge Bancorp Offering High Dividend Yield
Bridge Bancorp Inc.
Earnings of Bridge Bancorp. Inc (BDGE) declined in 2QFY19 due to a sharp surge in provisions charge for credit losses. Following the earnings release the stock price has trended downwards, but the market appears to have overreacted as my valuation analysis shows that there is room for double digit price upside.
Provisions Charge to Drag Earnings
BDGE's earnings took a hit in 2QFY19 from a charge-off on an owner-occupied commercial real estate loan to a non-profit worth $3.7 million. Non-performing loans increased from $3 million to $5.5 million due to two residential loans