Profits rose at Bridge Bancorp in Bridgehampton, N.Y., on strong loan growth.
The $2.2 billion-asset reported net income of $4.9 million in the third quarter, up 56% from a year earlier.
Bridge added $310.3 million in loans, a 34% increase, from organic growth and an acquisition. Bridge in the first quarter bought First National Bank of New York, which had $104 million in loans before it sold itself.
Net interest income rose 33%, to $17.6 million, and net interest margin increased 24 basis points, to 3.45%.
Noninterest income rose 24%, to $2.6 million. Noninterest expense climbed 22%, to $12 million, because of costs inherited from the acquisition and investments in branches and technology.
Bridge's earnings per share were 42 cents, beating non-generally accepted accounting principles estimates by five cents, and GAAP-adjusted estimates by 10 cents, according to average estimates from a Bloomberg poll of analysts.
Bridge is the holding company of the Bridgehampton National Bank.