Bridge Bancorp net rises 12%; Empire Bancorp net up 3%
Bridgehampton National Bank in Merrick is seen on Wednesday March 18, 2015. 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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