Bridge Bancorp 4Q profits up 16 percent

advertisement | advertise on newsday

Bridgehampton National Bank's corporate parent said its profit rose 16 percent in the fourth quarter from a year earlier as the opening of two branches last year helped boost loans and revenue.

Bridge Bancorp said net income was $3.4 million or 39 cents a share in the quarter, and $12.8 million or $1.48 per share for the year -- 23 percent more than in the full year 2011.

"Our successful expansion of the franchise's geographic reach delivered the desired results; increasing core deposits and loans, and generating record levels of revenue and income," Kevin M. O'Connor, president and CEO, said in a statement.

The bank now has 22 branches, all in Suffolk County.

Total assets were $1.62 billion at year end, up 21 percent from year end 2011.

advertisement | advertise on newsday

Bridge said outstanding loans grew by 30 percent during the year, to more than $798 million at year end.

Deposits totaled $1.4 billion at year end, up 19 percent from a year earlier.

Earnings per share for the quarter and year reflect that the bank has more shares outstanding now, after it raised $24 million in capital in the fourth quarter of 2011.

The latest LI business news in your inbox daily. Get the Biz Briefing newsletter!

Comments now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.

You also may be interested in: