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Business

Bridge Bancorp earnings rise

Kevin O'Connor

Kevin O'Connor Photo Credit: Alan Raia

Bridge Bancorp, the owner of Bridgehampton National Bank, has reported earning $2.4 million in the third quarter, 3 percent more than in the same period a year ago.

Kevin O'Connor, company president and chief executive, said in a statement that the increase was fueled by expansion into western Suffolk, with new branches in Center Moriches, Patchogue and Deer Park, and was aided by a relatively wide margin between interest paid on deposits and earned on loans.

"Our current performance, despite the myriad of challenges facing our economy and industry, demonstrates our underlying fundamental strength," O'Connor said. "However, we remain cautious as we manage through a still weak economy characterized by lackluster job creation, a fragile housing recovery and the consequences, both intended and unintended, of attempts to reverse the country's course."

The bank had $8.9 million in bad loans at the end of the quarter, up from $6.0 million a year ago, primarily because one customer with $2.1 million in loans is behind on mortgage payments.

The bank has assets of $1.0 billion and 19 branches in Suffolk County.

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