Due to adherence to conservative community banking model
Bridge Bancorp has reported that its net income for the fourth quarter of 2008 was $2.2 million, or $0.36 per diluted share, an increase of 9% from the $2 million, or $0.33 per diluted share, recorded in the fourth quarter of 2007.
Net interest income for the fourth quarter of 2008 decreased to $1.33 million from $1.36 million, in the same quarter of 2007.
Net income for the year ended December 31, 2008 was $8.8 million, or $1.43 per diluted share, compared to $8.3 million and $1.36 per diluted share, for the year 2007.
Bridge Bancorp’s net interest income in 2008 was $6.06 million, representing an increase from $5.68 million, for the year 2007.
Kevin O’Connor, president and CEO of Bridge Bancorp, said: The results for 2008, despite the increasingly difficult economic conditions, reflect our core strength and the benefits of adhering to a conservatively executed community banking model. During the year, we expanded our deposit base, utilising these funds to prudently underwrite loans and add to our securities portfolio. Our growth reflects returns on our branch expansion efforts and success in capitalising on market opportunities.