Bridge Bancorp 4Q profits up 16 percent
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.
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.