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Bridge Bancorp net rises 12%; Empire Bancorp net up 3%

Bridgehampton National Bank in Merrick is seen on

Bridgehampton National Bank in Merrick is seen on Wednesday March 18, 2015. Photo Credit: Newsday / Alejandra Villa

Bridge Bancorp, the parent company of Bridgehampton National Bank, on Thursday reported that net income for its third quarter rose 12 percent to $8.9 million.

“This is the first quarter we can compare our performance year-over-year inclusive to the Community National Bank acquisition,” said Kevin O’Connor, president and chief executive of Bridge Bancorp, who added that the merger has led to improved earnings.

Bridgehampton-based Bridge reported total assets of $3.8 billion, a 9 percent year-over-year increase.

The bank also said net interest income increased $1.6 million to $30.7 million. Net interest income is the difference between what a bank earns on its assets and the cost of its liabilities.

Bridge shares rose 10 cents to close at $27.65 Thursday on the Nasdaq Stock Market.

Separately, Islandia-based Empire Bancorp said in its earnings report released Wednesday that its third quarter net income rose to $641,000, a 3 percent increase.

The Empire National Bank parent said assets rose 33 percent to $768 million. Deposits rose 34 percent to $679 million.

Shares of Empire closed unchanged at $9.50 over the counter.


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