Bridge Bancorp earnings lower on acquisition cost

Bridge Bancorp Inc. said the costs of an acquisition and branch restructuring sent its net income skidding in the second quarter, despite an increase in net interest income and savings on New York City income taxes.

The parent of the Bridgehampton National Bank, marketed as "BNB," said net income in the three months ended June 30 was $463,000, or 4 cents a share, compared with $4.3 million or 37 cents a share in the same quarter last year.

Bridge said core earnings, excluding an expense of $5.3 million net of taxes associated with the June 19 acquisition of Community National Bank and a $400,000 city tax reduction, rose by 19 percent to a record $5.4 million or 43 cents a share.

Net interest income rose by 21 percent to $20.4 million.

Total assets were $3.4 billion at June 30, up 57 percent from a year earlier including $900 million from Community National.

The acquisition leaves BNB with 40 branches, from Manhattan to Montauk.