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Bridge Bancorp posts sharply higher earnings after acquisition

Bridge Bancorp, parent company of Bridgehampton National Bank,

Bridge Bancorp, parent company of Bridgehampton National Bank, posted sharply higher second quarter net income Thursday, in part due to its acquisition of Community National Bank, the company said. Credit: Newsday / Alejandra Villa

Bridge Bancorp Inc., the parent company of Bridgehampton National Bank, posted sharply higher second quarter net income Thursday, in part due to its acquisition of Community National Bank in June 2015.

“This acquisition along with organic growth contributed to our record results,” Kevin O’Connor, president and chief executive, said in a statement.

Net income climbed to $8.9 million, or 50 cents per diluted share, versus $463 million, or 4 cents per diluted share, in the year-ago quarter.

Net interest income increased from $20.4 million in the 2015 period to $30.6 million. Total assets grew 9 percent to $3.7 billion.

Bridge has 40 retail branch locations.

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