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According to Bridge Bancorp, the increase in net income reflects a continuation of positive trends in net interest income offset by declines in non-interest income, an increase in the provision for loan losses and higher operating costs.
Net interest margin for the first quarter of 2009 was 5% compared to 4.68% reported during the corresponding period of 2008.
Total assets grew 24% to $812.99 million at March 31, 2009 from $654.61 million as of March 31, 2008. Total deposits at March 31, 2009 increased to $705.95 million from $573.82 million as of March 31, 2008. Likewise, total liabilities at March 31, 2009 improved to $754.42 million from $600.66 million at March 31, 2008.
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