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Bridge Bancorp net jumps despite acquisition charge

Bridgehampton National Bank in Bridgehampton in February 2013.

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

Bridge Bancorp Inc. said third quarter earnings rose by more than 60 percent from a year earlier, despite the costs of an acquisition.

The parent of Bridgehampton National Bank, or BNB, said net income for the three months ended Sept. 30 was $7.9 million or 45 cents a share, up from $4.8 million or 42 cents a share in the quarter a year earlier.

Depressing earnings was an $800,000 charge, net of income taxes, for the $157 million acquisition of Community National Bank, which occurred in this year's second quarter. Third quarter earnings were boosted by a $200,000 gain on sale of loans, also net of income taxes.

Third quarter 2015 earnings per share reflect the impact of 5.6 million shares issued on June 19 in connection with the CNB acquisition.

Net interest income, the difference between revenue generated from a bank's assets and the expenses associated with its liabilities, increased by 67 percent to $29.1 million.

Total assets were $3.5 billion at Sept. 30, up 58 percent from a year earlier.

BNB is based in Bridgehampton and has 40 branches, plus loan production offices in Manhattan and Riverhead.

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