Bridgehampton bank earn 9% more
Kevin O'Connor Credit: Alan Raia
Bridge Bancorp, the company that owns Bridgehampton National Bank, announced Friday that it earned $2.2 million in the second quarter, 9 percent more than in the same period last year.
The company also announced a quarterly dividend of 23 cents a share.
Kevin O'Connor, above left, president and chief executive, said the increased earnings were the result of the bank's continued growth and lending, despite the challenges of a soft economy.
The bank set aside another $700,000 to cover potential bad loans during the quarter. Bad loans grew to a total of $8.2 million, but most of them have been restructured and borrowers are making payments as required, according to the bank.
The bank has assets of $973 million and 17 branches in Suffolk County.
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Bridge Bancorp, the company that owns Bridgehampton National Bank, announced Friday that it earned $2.2 million in the second quarter, 9 percent more than in the same period last year.
The company also announced a quarterly dividend of 23 cents a share.
Kevin O'Connor, above left, president and chief executive, said the increased earnings were the result of the bank's continued growth and lending, despite the challenges of a soft economy.
The bank set aside another $700,000 to cover potential bad loans during the quarter. Bad loans grew to a total of $8.2 million, but most of them have been restructured and borrowers are making payments as required, according to the bank.
The bank has assets of $973 million and 17 branches in Suffolk County.
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Read more of Inside Long Island Business
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