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Mixed financial results for 3 LI banks

Week ahead in business.

Week ahead in business. Photo Credit: iStock

Three Long Island-based banks have announced mixed financial results for this year's first quarter.

Flushing Financial Corp., the Lake Success-based parent of Flushing Savings Bank, said net earnings fell by 10.4 percent from a year earlier to $7.1 million or 23 cents a share, compared with $7.9 million or 26 cents a share.

But the bank said its net interest margin increased six basis points to 3.68 percent from a year earlier and that net interest income was a record $37.3 million. It increased its provision for loan losses by $1 million to $6 million, as nonperforming loans increased by $2.5 million to $119.9 million.

Total assets at March 31 were $4.4 billion, an increase of $70 million, or 1.6 percent, from Dec. 31 of last year.

Bridge Bancorp, parent of the Bridgehampton National Bank, said net income for the quarter rose by 36 percent over a year earlier, to $2.9 million or 35 cents per share as net interest income rose $1.6 million to $11.4 million and its loan portfolio grew by $121 million, or 23 percent. The year-earlier results included costs of its merger with Hamptons State Bank.

Bridge, based in Bridgehampton, said its provision for loan losses was $800,000 in the quarter, $100,000 higher than a year earlier, primarily due to loan portfolio growth.

Total assets were $1.39 billion at March 31, $311.4 million higher than a year earlier, reflecting growth and the HSB acquisition.

Islandia-based Empire National Bank said net income fell by 8.5 percent to $357,000 or 8 cents a share, which it attributed to the acceleration of about $103,000 in expenses for upgrading its banking systems in the quarter and to higher salaries and benefits from the addition of several new employees.

It said those overhead expenses were partly offset by increases in net interest income and noninterest income. Total assets were $389.6 million, up 18.1 percent from March 31 of last year.

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