NewBridge Bancorp Reports Second Quarter Profit; Six Months Net Income Reaches $1.23 Million
NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported financial results for the three and six months ended June 30, 2010.
For the second quarter, net income totaled $854,000. After dividends and accretion on preferred stock, the Company reported a return to positive net income available to common shareholders of $124,000, or $0.01 per diluted share. These results compared to a net loss of $5.9 million in the second quarter a year ago. After dividends and accretion on preferred stock in the prior year’s second quarter, the net loss available to common shareholders was $6.6 million or $(0.42) per diluted share.
For the six months, net income totaled $1,227,000 and the net loss available to common shareholders was $233,000, or $(0.01) per diluted share, compared to a net loss of $9.5 million, and a loss of $10.9 million available to common shareholders, or $(0.70) per diluted share, in the first six months of 2009.
Results for the three and six months ended June 30, 2009 were negatively impacted by an industry-wide FDIC special assessment and certain other one-time expenses which in total resulted in $1.5 million pre-tax, equal to $0.05 after tax per diluted common share.Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “We are pleased with the continued improvement in our financial performance. Foremost, our credit-related costs are showing clear signs of improvement. Over the last 12 months, our nonperforming loans, net of troubled debt restructured credits, have declined 25% from their highest level in June 2009.” Mr. Ridgill noted that “the economy continues to present challenges. However, we are increasingly confident that our disciplined actions during the past three years to aggressively recognize credit losses as problems emerged is leading us to a more rapid recovery than some of our industry peers. In 2009, as the flow of new problem credits slowed, we aggressively identified and charged-off losses in order to put these problems behind us. This is evidenced by our charge-off history. During this credit cycle that began in 2007, we have charged-off 5.8% of our highest loan balances, or $93.6 million.”
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