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Bridgehampton National Bank (BDGE) in New York has expanded its ATM network to include 20 self-service machines bearing its trademark sailboat logo.
April 3 -
First National Bank of New York is selling to Bridge Bancorp 18 months after its recapitalization because additional capital was elusive. For Bridge, the deal expands its reach closer to New York City. Similar scenarios will happen elsewhere.
October 8 -
Bridge Bancorp (BDGE) in Bridgehampton, N.Y., is planning to raise at least $25 million in a public stock offering to support its purchase of FNBNY Bancorp in Merrick, N.Y.
October 1
Bridge Bancorp in Bridgehampton, N.Y., reported higher quarterly earnings following the acquisition of FNBNY Bancorp earlier this year.
Net income in the second quarter rose 33% from a year earlier, to $4.3 million. Earnings per share of 37 cents missed by 3 cents the average estimate of analysts polled by Bloomberg.
The $2.2 billion-asset company reported net interest income of $16.8 million, up 37% from a year earlier. The increase was attributed to the acquisition of the $276 million-asset FNBNY, which was completed in February. The deal helped push loans to $1.2 billion, up 33% from a year earlier. The company reported loan growth of nearly 6% from the first quarter. Additionally, the company's net interest margin was 3.36%, up 13 basis points from a year earlier.
Asset quality remained strong as nonperforming assets declined to $2.9 million, or 0.13% of total assets, the company said in Monday's earnings release.
Noninterest income decreased 7%, to $2.3 million, due to a net security loss, which was partially offset by increases in service fees and title fee income.
Meanwhile, the FNBNY acquisition resulted in a 30% rise in noninterest expenses, to $12.1 million, which included higher salaries because of more staff, investments in new branches, and technology enhancements.
"We recognize today's more complex banking environment requires increased investment in systems, processes, controls and procedures," said Kevin O'Connor, president and chief executive of Bridge Bancorp. "We have broadened our scale, while simultaneously identifying opportunities to enhance efficiencies. Our strategy to quickly assimilate the employees and integrate the operations of FNBNY successfully evidenced these efforts contributing directly to increased profits this quarter."
