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Bridge Bancorp earnings boosted by Community National acquisition

Bridge Bancorp said its fourth quarter net income almost doubled from a year earlier, partly because of its acquisition of Community National Bank.

The parent of the 40-branch Bridgehampton National Bank, which markets itself as BNB, also cited organic growth in assets, including loans.

Bridge’s total assets were $3.78 billion at Dec. 31, up 65 percent from a year earlier.

Bridge said it earned $8 million or 46 cents a share in the three months ended Dec. 31, up from $4.2 million or 36 cents a share a year earlier. The per-share earnings were lowered by the issuance in June of 5.6 million shares of stock in connection with the Community National acquisition.

Community National, based in Melville, had 11 branches, which have been renamed BNB. Community was acquired by Bridge on June 19.

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