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Business

Bridgehampton bank earn 9% more

Kevin O'Connor

Kevin O'Connor Photo Credit: Alan Raia

Bridge Bancorp, the company that owns Bridgehampton National Bank, announced Friday that it earned $2.2 million in the second quarter, 9 percent more than in the same period last year.

The company also announced a quarterly dividend of 23 cents a share.

Kevin O'Connor, above left, president and chief executive, said the increased earnings were the result of the bank's continued growth and lending, despite the challenges of a soft economy.

The bank set aside another $700,000 to cover potential bad loans during the quarter. Bad loans grew to a total of $8.2 million, but most of them have been restructured and borrowers are making payments as required, according to the bank.

The bank has assets of $973 million and 17 branches in Suffolk County.

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