Bridge Bancorp had net income of $10.4 million in 2011, or $1.54 per share, an increase of 19 percent in core net income over 2010, the bank announced in a Jan. 23 press release.
The bank had a record net income of $3 million in the fourth quarter of 2011 — $.42 per share for the quarter — a 23 percent increase in net income over the same period in 2010.
“2011 was a historic year for achievements at Bridgehampton National Bank,” Bridge president and CEO Kevin M. O’Connor said in a press release.
“We grew our business by successfully completing our first acquisition, and expanding relationships with new and existing customers,” O’Connor said. “We strengthened our organization by substantially increasing equity capital, and enhancing our staff and systems infrastructure. We delivered exceptional financial results with record levels of revenues and net income, growth in deposits, loans and reserves, while reducing problem assets,” he said.
“Our execution of these strategic initiatives was accomplished despite the challenging economic and regulatory environment. We believe a strong, well-capitalized balance sheet, funded by core branch deposits is the key to successfully fulfilling our mission to be the community bank for the communities we serve,” O’Connor said.
The bank declared a quarterly divident of 23 cents per share.