Bridgehampton National Bank reports second quarter growth
Bridge Bancorp, the parent company of Bridgehampton National Bank, issued a second quarter report this week showing net income of $3.1 million, a 24 percent increase over net income for the same period in 2011.
The bank — with branches in Greenport, Southold, Mattituck and Wading River, as well as several on the South Fork — plans to open a new branch on Shelter Island later this year.
“This quarter, we again delivered strong results, achieving impressive gains in deposits and loans and record net income,” President and CEO Kevin O’Connor said in a statement.
The bank reported total assets at $1.4 billion as of June 2012, 18 percent higher than last year. Loan growth of $89 million is 15 percent higher this year, as are deposits that total $1.23 billion for the quarter.
While the bank’s numbers are improved this year, Mr. O’Connor said “signs still point toward economic weakness. The recovery has been tepid with a continuing overhand of foreclosed homes and a marked lack of job creation.”