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.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
