Numbers For 2013Bridge Bancorp Inc., the parent company of Bridgehampton National Bank, recently announced fourth-quarter and year-end results for 2013.
Highlights of the company’s financial results for the quarter and year end include a core net income of $3.7 million and 33 cents per share for the quarter, a 9-percent increase in core net income over 2012. Core net income of $13.5 million and $1.40 per share were reported for the year 2013, a 5-percent increase over 2012’s core net income.
Returns on average assets and equity utilizing core net income for 2013 were 0.79 percent and 10.18 percent, respectively. Net interest income increased $6.8 million for 2013, with a net interest margin of 3.24 percent.
Total assets of $1.9 billion were reported at year end, an increase of 17 percent from the same time last year.
Loans grew 27 percent in 2013, with loans exceeding $1 billion at year end. Deposits of $1.54 billion were reported at year end, signifying a 9-percent increase compared to 2012.
The company successfully completed its $37.5 million common stock offering following the announcement of agreement to acquire FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York. Tier 1 Capital increased by $53.6 million, an increase of 40 percent from 2012. Dividends were declared at 23 cents during the quarter.
“This was another year marked by significant achievements for Bridgehampton National Bank,” said Kevin M. O’Connor, president and CEO of Bridge Bancorp. “Through organic growth, we eclipsed $1 billion in loans and $1.5 billion in deposits. In October, we announced the acquisition of FNBNY Bancorp, increasing our franchise’s scale and extending our footprint into Nassau County. Finally, we strengthened our company with the completion of an equity offering. Complementing these milestones was our continued strong financial performance with record levels of revenues and net income.
“The company has a strong, well-capitalized balance sheet, funded by core branch deposits, positioning us to successfully fulfill our mission to be the community bank of choice for the communities we serve,” he added.
New Members For ChamberAt a board meeting held on Thursday, January 16, the Southampton Chamber of Commerce elected new members to its Executive Board.
Micah Schlendorf of Suffolk County National Bank was elected president, Paul Conroy of The Press News Group and Tim Burke of 230 Elm Events and Catering and the Lobster Grille Inn were named vice presidents, and Liz Burns of Rogers Memorial Library was named treasurer.
The new board members join returning members Besim Cukaj of Besim’s Fine Cigars, Erin Hattrick-Meaney of Topiaire Flowers, Harry Nelson of South Fork Realty, John Wendt of the Southampton School District, and Jim Zuhusky of Despatch Storage.
In a statement, Mr. Schlendorf said he looks forward to working with the members of the board and Executive Director Karen Connolly to fulfill the chamber’s goals of promoting and developing a strong business community in Southampton.
Sag Harbor Chamber NewsThe Sag Harbor Chamber of Commerce has announced that Cristina Tagliasacchi, Hayley Thorpe, David Brogna and Susan Borgita have been elected to its 2014 board of directors. Longstanding board members Lisa Field and Dr. Andrew Pepper have stepped down from their positions. Debbie Rudoy was elected the corresponding secretary.
The chamber will hold its weekend-long, village-wide HarborFrost festival from Friday, February 7, through Sunday, February 9, with a kickoff party at Muse in the Harbor, ice sculpting, fireworks, a family fun day on Saturday, treasure hunt, fire dancers, retail sales and restaurant specials throughout the weekend.
The fourth annual event will also feature several fundraising events, including the second annual Frost Ball on Friday, from 6 to 10 p.m., a Polar Bear Plunge at Windmill Beach to benefit the Sag Harbor Ambulance Corps and Pierson High School theater and arts programs, and a pancake breakfast on Sunday to benefit the Sag Harbor Junior Volunteer Fire Department and Stony Brook Burn Center.
Visit www.sagharborchamber.com for a full schedule of events.
MARVILfit Opens In Hampton BaysHigh-end indoor cycling and fitness company MARVILfit cycling and fitness opened on February 1 at 101-3 West Montauk Highway in the Hamlet Green shopping center in Hampton Bays. The company’s founder and president, Marisella Villano BS, MPS, CFT, brings more than 15 years of experience in personal training, spinning and group fitness to the new location, which boasts a club-like atmosphere and personalized services.
MARVILfit will be the first studio on Long Island to use Spinner Blade Ion bikes. The specialty bike has a generator built into its flywheel to power the computer console on the bike. The rider’s pedaling powers the bike and a computer system built in to the bikes are ANT+ compatible which allows the rider to download performance data to a smart phone.
The studio will also feature biodegradable equipment wipes, recycled rubber flooring (both made in the USA), LED lighting and energy star flat screens.
Visit www.marvilfit.com or call (631) 697-3823 to book classes and bike times.
Promotions At KFPPremier certified public accounting and consulting firm Kandell, Farnworth & Pubins, CPA’s, P.C., with offices in East Hampton and Aquebogue, have announced that Peter B. McFarland of Stony Brook and Robert J. Skozlas of Mastic have been promoted to partners at the firm’s Aquebogue branch.
Mr. McFarland is a member of the firm’s small business practice, assisting his clients with accounting systems and controls, budgeting and planning, and guiding them through the compliance requirements of federal, state and other regulatory agencies. He holds a Bachelor of Science degree in accountancy from Long Island University at Southampton.
Mr. Skozlas specializes in the preparation of estate and trust returns and trust administration in addition to profitability consulting with small-business owners. He holds a Bachelor of Science degree in accountancy from Long Island University at C.W. Post College.
Both are members of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants.
“We are pleased to welcome Peter and Robert as members of the firm. Their dedication to their clients’ needs has contributed to successful growth of the firm,” said KFP’s managing partner David A. Kandell.
“We congratulate them on their new roles in our company and look forward to many more successful years together assisting our clients,” he said.
Travel Agency To MergeLocal travel agency Cook Travel has recently merged its Southampton office with its East Hampton location.
The Southampton office, formerly located at 71 Hill Street, closed earlier this month after serving clients for more than two decades. The office has merged with the firm’s East Hampton location at 20 Main Street, where it will combine resources and personnel with the East Hampton staff already in place there.
“Customers rarely walk in the office for travel help these days,” said Cook Travel leisure specialist Audrey Lyons. “Because of Google, our customers come from all over the country and all over the world. Most of them contact us by phone or email.”
Cook Travel functions as one of the only remaining walk-in travel agencies on the South Fork.
“We know everyone loves to have a conversation with a machine,” joked Cook Travel agent Gisela Gale. “But it’s still nice to have a live agent, somebody they can get their hands on, somebody they trust. Life is changing, and we have changed with it.”