Shots were heard at around 3am on Saturday morning at Riverside in the Huntly Road but police refused to reveal their findings after an investigation of the scene later that morning.
A resident living in a nearby estate told the Leader he heard loud noise coming from what seemed to be a group of young people gathered down by the river.
The man, who did not wish to be named, said, "Young people usually gather down in that area at weekends but they were particularly noisy on Friday night.
"I woke in the early hours of the morning to a loud bang. I thought it was a firework but when I saw police in the area the next morning I knew it must be something more serious."
A PSNI spokesperson said no further details would be given as an investigation into the incident is ongoing.
Anyone who has information in relation to this incident should contact police in Banbridge on 0845 600 8000. Information about crime can also be passed anonymously to the Crimestoppers charity on 0800 555 111.