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Feb 6, 2018 11:04 AMPublication: The Southampton Press

BNB Bank Records Quarterly Loss To Close 2017

Feb 6, 2018 1:20 PM

Bridge Bancorp, the parent company of BNB Bank, formally known as Bridgehampton National Bank, recently released fourth-quarter and full-year financial results for 2017.

In the fourth quarter, BNB Bank recorded a net loss of $6.9 million, which Kevin O’Connor, president and CEO, attributes to the impact of the recent Tax Cuts and Jobs Act, as well as recent restructuring. In November 2017, BNB Bank converted from a national bank to a New York-chartered commercial bank.

Over the course of 2017, the company recorded a net income of $20.5 million, compared to a net income of $35.5 million the year before. Total assets were recorded at $4.4 billion at the end of the fourth quarter, marking a 3 percent increase from September, and a 9 percent increase over the year.

Despite setbacks attributed to restructuring costs and the recent tax act, Mr. O’Connor presents a positive outlook for BNB Bank. “When adjusted for these items, the company’s underlying trends are favorable,” he said in a prepared statement. “These achievements ... were extremely encouraging, and we look forward to building on the many positive strides taken in 2017.”

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