Bridge Bancorp, Inc., the parent company of Bridgehampton National Bank (BNB; bridgenb.com) announced last week its first quarter results for 2014, reporting core net income and core earnings per share of $4 million and $0.35 per share. The core net income excludes $3.6 million or $0.31 per share of charges and net tax associated with the February 2014 acquisition of FNBNY Bancorp and the First National Bank of New York, branch restructuring costs and net losses on sales of securities. Inclusive of these charges, Bridge Bancorp reported net income of $0.4 million in the first quarter of 2014 and $0.04 per share.
According to a press release issued late last week, before the cost of the acquisition, the net income of $4 million and $0.35 per share for the quarter represents a 39-percent increase compared to last year. Net interest income also increased $3.6 million to $15.5 million for March 2014, with a net interest margin of 3.46-percent. Total assets of $2.1 billion are also reported as of March 2014, 34-percent higher than 2013. Loan growth also grew in the first quarter, to $274 million or 32-percent higher than in March 2013, and deposits increased 22-percent in the first quarter over last year with $1.67 billion made.
“The first quarter of 2014 featured several noteworthy accomplishments for the company,” said Kevin M. O’Connor, President and CEO of Bridge Bancorp, Inc. “We completed the acquisition of FNBNY and converted their core systems in mid February 2014. This adds three branches in new markets: Melville, in Suffolk County and Massapequa and Merrick, our first two branches in Nassau County, along with a loan production office in Manhattan. Our 26 branch locations, along with two loan production offices, combined with our expanded network of nearly 600 surcharge-free ATMs in select Rite Aid pharmacies across Long Island, New York City, and throughout New York State, offer our customers more convenient access to our community banking services,”
“In addition to the FNBNY acquisition, we experienced strong organic growth in loans and deposits during the quarter,” added Mr. O’Connor. “This growth contributed to record core net interest income and core net income. Our strong, well-capitalized balance sheet, funded by core branch deposits, positions us to successfully fulfill our mission to be the community bank of choice for the communities we serve.”