Bridge Bancorp Q3 net income slightly down

Tue. October 27, 2009; Posted: 09:39 AM

Oct 27, 2009 (Datamonitor via COMTEX) -- BDGE | Quote | Chart | News | PowerRating -- Bridge Bancorp has reported a net income of $2.32 million, or $0.38 per diluted share, for the third quarter ended September 30, 2009, compared to $2.36 million, or $0.39 per diluted share, for the same quarter of 2008.

Net interest income for the third quarter of 2009 increased to $8.81 million from $7.81 million for the same quarter of 2008.

For the first nine months of 2009, net income was $6.55 million, or $1.07 per diluted share, compared to $6.56 million, or $1.08 per diluted share, for the same period of 2008. Net interest income was $26.82 million, compared to $21.77 million for the corresponding period a year ago.

Kevin O'Connor, president and CEO of Bridge Bancorp, said: "These results reflect the positive impact of successful business expansion offset, to a degree, by the effects of the ongoing recession. We experienced top line revenue growth fueled by growing deposits and expanding assets generating record levels of net interest income. However, net income remains essentially unchanged as the current economic environment necessitates higher credit costs along with the continued burden of increasing FDIC insurance premiums."

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