Bridge Bancorp completes stock sale, nets about $23 million

Bridge Bancorp, parent of Bridgehampton National Bank, has notified federal securities regulators it completed its sale of 1.4 million shares of stock, netting about $23 million.

It filed a form 8K Wednesday, notifying the Securities and Exchange Commission that it had completed the sale, plans for which were announced in October but at a smaller amount — $10 million.

Bridge said the shares were sold directly to institutional and other private investors. It said the proceeds were to be used for general corporate purposes such as boosting the capital of the bank.

Bridgehampton National Bank has 21 branches, all in Suffolk County. Its primary market includes the North and South forks and Brookhaven and Babylon towns.

The company’s stock fell 15 cents to $20.29 a share on the Nasdaq just before noon Thursday, down 15 cents. Its 52-week range is from $17.31 to $26.04.

In October, Bridge reported net income for the third quarter of $2.8 million, or 41 cents per share, up from $2.4 million or 38 cents per share a year earlier, including $76,000 in costs to acquire Hamptons State Bank on May 27. Net interest income rose 22 percent to $11.5 million.