60° Good Afternoon
60° Good Afternoon

Bridge Bancorp earns $4.3M as loans grow

Bridgehampton National Bank in Bridgehampton in February 2013.

Bridgehampton National Bank in Bridgehampton in February 2013. It is owned by Bridge Bancorp. Photo Credit: Google

Bridge Bancorp, parent of the 26-branch Bridgehampton National Bank, said Monday that growth in loans and net interest income provided a 33 percent hike in net income that would have been higher if not for a $200,000 charge for the acquisition earlier this year of FNBNY Bancorp, parent of the First National Bank of New York.

The Bridgehampton-based Bridge said net income was $4.3 million or 37 cents a share in the three months ended June 31, up from $3.3 million or 36 cents a share in the same period last year. "Core" net income, excluding securities gains and losses, and the FNBNY acquisition costs, was a record $4.5 million or 39 cents a share, the bank said. FNBNY was acquired in February.

Bridge said net interest income, the difference between the revenue that is generated from a bank's assets, such as loans and securities, and the expenses associated with paying out its liabilities, such as interest on customer deposits, rose by 37 percent to $16.8 million.

Total assets were $2.2 billion, 27 percent higher than June 2013.

Total loans and associated fees rose 34 percent to $1.2 billion.

"The record results this quarter reflect the positive aspects of the recently completed acquisition, coupled with the continued momentum from our long-term strategy to broaden the franchise," Kevin M. O'Connor, president and CEO of Bridge, said in a statement.

Net interest margin, another measure of the difference between the interest a bank earns on its assets such as loans and the interest it pays out to depositors, increased to 3.36 percent from 3.23 percent.


We're revamping our Comments section. Learn more and share your input.

More news