Bridgehampton National Bank, announced net income and earnings per share for the first quarter of 2012. Highlights of the company’s financial results for the quarter include:
- Net income of $2.9 million and $.35 per share for the quarter, a 36% increase in net income over 2011.
- Returns on average assets and equity of .88% and 11.52%, respectively.
- Net interest income of $11.4 million, an increase of $1.6 million over 2011, with a net interest margin of 3.70%.
- Total assets of $1.39 billion at March 2012, 29% higher than March 2011.
- Loan growth of $121 million or 23%, compared to March 2011.
- Deposits of $1.20 billion, a 24% increase compared to the first quarter of 2011.
- Continued solid asset quality metrics and reserve coverage.
- Tier 1 Capital increased by $40 million or 49% from March 2011.
- Declared quarterly dividend of $.23 per share.
“These record results and the company’s substantial growth reflect our staff’s successful efforts in executing our community banking model. We increased revenue and income by leveraging market opportunities, increasing deposits, and carefully deploying these funds as loans for new and existing customers, while still delivering high levels of customer service efficiently. For over 100 years this has been our business strategy and we believe, if effectively managed, it remains a viable formula for a successful community bank,” commented Kevin M. O’Connor, President and CEO, Bridge Bancorp, Inc.
“Current asset quality metrics remain well above peers and reflect our adherence to disciplined and prudent underwriting standards,” commented Mr. O’Connor.