Banks Posts 2nd Quarter NumbersBridge Bancorp Inc., the parent company of Bridgehampton National Bank, has reported second-quarter figures for 2013.
Highlights include a report of net income totaling $3.3 million and 36 cents per share, a 6-percent increase in net income over the same quarter of 2012. Returns were reported on average assets and equity of 0.79 percent and 10.74 percent, respectively. Net interest income of $12.3 million was reported for the second quarter, representing an increase of $500,000 over the same quarter of 2012, with a net interest margin of 3.23 percent. Total assets of $1.73 billion were reported at the close of June, an increase of 23 percent from the same time the previous year.
“During the second quarter of 2013, we continue to realize benefits from our strategic initiatives: strong growth in loans and core deposits with increased net interest income and net income. Our increased scale offsets the lower net interest margins associated with the increasingly challenging interest rate environment,” commented Bridge Bancorp Inc. President and Chief Executive Officer Kevin M. O’Connor.
Loans exceeded $900 million, with growth of $222 million, or 33 percent, compared to figures reported in June 2012. Deposits of $1.46 billion were noted, an 18-percent increase compared to the second quarter of 2012. Tier 1 Capital increased by $15.3 million, or 12 percent, from the previous year.
Declared quarterly dividends of 23 cents per share were reported as of the close of July.
Firm Moves To Water MillThe law firm of Farrell Fritz has recently moved its East End office from Bridgehampton to a larger space in Water Mill. The new space is located at 50 Station Road, Building 1.
The firm is represented by partners Brian C. Doyle, George J. Farrell Jr. and David J. Gilmartin Jr.; counsels Eric Bregman, Kelly M. Canavan, David J. Gilmartin Sr. and Theresa K. Quigley; and associate Robert M. Connelly. It offers a full range of legal services, from bankruptcy and creditors’ rights to real estate law.
Security Company AcquisitionA nationwide security company, My Alarm Center LLC, recently announced the acquisition of Hamptons-based Security Communications Audio Network Corporation (SCAN). My Alarm Center plans to maintain a regional branch office and the existing staff for all local servicing needs.
“I have a very personal connection to the Hamptons, so I understand firsthand the significance of local, high-quality service in this community,” said My Alarm Center president and chief executive officer Amy Kothari. “As a result of this transaction, SCAN’s customers are in a unique position; they can leverage My Alarm Center’s high-tech home security and automation tools and online account management options while still receiving the same great service from knowledgeable, local technicians.”
For more information visit MyAlarmCenter.com.