FNBNY acquisition depresses Bridge Bancorp earnings
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The costs of an acquisition and other one-time events depressed Bridge Bancorp's first-quarter net income, the bank reported, but core net income rose by 39 percent to a record.
The parent of the 26-branch Bridgehampton National Bank said net income fell by 87 percent from a year earlier to $406,000, or 4 cents a share, in the three months ended March 31.
Bridge attributed the decline to $3.6 million in costs associated with the February acquisition of FNBNY Bancorp, the relocation of the Mattituck branch to another location in the hamlet, and net losses on the sales of securities.
Lower first-quarter earnings per share also reflect an additional 1.9 million shares issued in a $37.5 million common stock offering in October 2013, Bridge said.
Core net income was $4 million, or 35 cents a share, a quarterly record for Bridge.
Bridge, which is based in Bridgehampton, said net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities, rose by 30 percent to $15.5 million.
Total assets were $2.1 billion at March 31, up 34 percent from a year earlier.
The FNBNY acquisition added three branches -- in Melville, Massapequa and Merrick, the last two representing Bridge's first in Nassau County.
"In addition to the FNBNY acquisition, we experienced strong organic growth in loans and deposits during the quarter," president and chief executive Kevin M. O'Connor said in a statement.