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Bridge Bancorp reports higher 4Q net, record profit for year

Bridgehampton National Bank in Merrick on March 18,

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

Bridge Bancorp said growth in loans and deposits helped lift its net income for the fourth quarter, and the bank reported record net income for 2016.

Bridge net income rose 15 percent to $9.2 million in the fourth quarter.

The Bridgehampton-based bank reported net income of $35.5 million for the full year, a 68 percent jump from 2015.

The bank’s full year results were buoyed by its acquisition of Community National Bank in June 2015, said John M. McCaffery, executive vice president and chief financial officer for Bridge Bancorp.

“We only had CNB for half of 2015,” he said. “CNB added to [our results] for all of 2016.”

Bridge said it had $2.6 billion in total loans at the end of December, up 8 percent from the year prior. Deposits totaled $2.9 billion, up $82.4 million over the course of the year.

The bank reported assets of $4.1 billion at the end of 2016, up 7 percent from the year prior.

Bridge has 40 branches, 11 of which came from the CNB purchase, McCaffrey said. He added that the bank is aiming to open four new branches this year, and has two sites picked out. He said both were in Suffolk County, but he declined to say where.

Bridge shares closed unchanged Friday at $36.65. Its shares are up nearly 36 percent in the past 12 months.

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