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Bridge Bancorp net income up 5.7%

Bridge Bancorp, operator of the Bridgehampton National Bank, said net income rose 5.7 percent in the fourth quarter on higher interest income and a loan portfolio that rose 27 percent to surpass $1 billion.

The bank said total assets were 17 percent higher at year's end than a year earlier, or $1.9 billion.

Net income for the quarter ended Dec. 31 was $3.6 million. Per-share net income fell by seven cents to 32 cents because of an issue of 1.9 million shares of stock.

Net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities, rose by 16 percent in the quarter to $13.8 million, the bank said.

The bank said deposits totaled $1.54 billion at year end, up 9 percent from a year earlier.

Bridge shares dropped 27 cents Monday, before its earnings were released, to close at $25.11 in Nasdaq trading.

Bridge made its $37.5-million common stock offering in October and announced plans to acquire FNBNY Bancorp and its subsidiary First National Bank of New York, extending its reach into Nassau County.

Shareholders are to vote Feb. 12 on approval of the acquisition, which is expected to close on Feb. 14. The combined institution will have more than $2 billion in assets and 26 branches.

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