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Business / News / Southampton Press / 1404779

BNB Bank Records Quarterly Loss To Close 2017

author27east on Feb 6, 2018

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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