Mixed financial results for 3 LI banks

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

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.

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.