Bridge Bancorp, Inc, the parent company of Bridgehampton National Bank (BNB), announced its fourth quarter and 2013 year end results and the numbers were outstanding. With a 9% increase in the fourth quarter BNB showed net income of $3.7 million resulting in $.33 per share, which totaled out the year with $13.7 million in income and $1.40 per share for investors in 2013.
Total assets increased by 17% over last year to $1.9 billion with deposits of $1.54 billion and a net interest income of $6.8 million for 2013 with a net interest margin of 3.24%. Always committed to small business lending, BNB saw a 27% growth in lending with loans exceeding $1 billion last year.
Perhaps the hi-light of 2013 for BNB was the successful completion of a $37.5 million common stock offering following the announcement of their agreement to acquire FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York. This acquisition has significantly increased BNB’s reach beyond the Hamptons, with 26 branches across Long Island and a loan production office in Manhattan.
As stated by Bridge Bancorp President and CEO Kevin M. O’Connor, “This was another year marked by significant achievements for Bridgehampton National Bank. Through organic growth, we eclipsed $1 billion in loans and $1.5 billion in deposits. In October, we announced the acquisition of, FNBNY Bancorp, increasing our franchise’s scale and extending our footprint into Nassau County. Finally, we strengthened our Company with the completion of an equity offering. Complementing these milestones was our continued strong financial performance with record levels of revenues and net income. The Company has a strong, well-capitalized balance sheet, funded by core branch deposits, positioning us to successfully fulfill our mission to be the community bank of choice for the communities we serve.”
Mr. O’Connor released a statement on February 18th further noting, “This morning, the three former FNBNY branches reopened as fully operational BNB branches ready to deliver local, personal community banking services to business and individual customers. I am proud of our team’s hard work to make this happen quickly and smoothly.”
BNB continues a rich tradition of involvement in the community by supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts. Over 100 years strong and earnestly committed to the customers, businesses and communities it serves, Bridgehampton National Bank continues to be the one bank with many success stories!
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The former Melville branch of FNBNY now BNB. The conversion of FNBNY and its three branches was completed over the weekend. (Photo: Courtesy of Bridgehampton National Bank) |
