NewBridge Bancorp Continues Positive Trends Reports $1.0 Million Third Quarter And $2.3 Million Nine Months Net Income
NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported financial results for the three and nine months ended September 30, 2010.
For the 2010 third quarter, net income totaled $1.0 million compared to a net loss of ($5.7) million in the third quarter a year ago. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $303,000, or $0.02 per diluted share. After dividends and accretion on preferred stock in the prior year’s third quarter, the net loss available to common shareholders was ($6.4) million, or ($0.41) per diluted share.
For the nine months, net income totaled $2.3 million and net income available to common shareholders was $70,000, or less than $0.01 per diluted share, compared to a net loss of ($15.2) million, and a loss of ($17.4) million available to common shareholders, or ($1.11) per diluted share, in the first nine months of 2009.
Results for the three and nine months this year were positively impacted by the sale of municipal securities for a $3.6 million pre-tax gain. In the first nine months of 2009, there were no sales of securities, and the three and nine month results were negatively impacted by one-time expenses related to a restructuring of branch operations, the Company’s decision to upgrade to a new core processing system, and costs to terminate certain non-executive employment agreements, which in total resulted in $2.9 million of pre-tax expense. In addition, the nine months results for 2009 include an industry-wide FDIC special assessment expense of $970,000. These items were partially offset in the 2009 three and nine months results by a pre-tax gain on sale of merchant card services that totaled $1.1 million.Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “We are pleased to report continued positive trends, especially being profitable for four consecutive quarters. Our net interest margin topped 4%, nearly 1% higher than a year ago, which resulted in a $9.5 million increase in year-to-date net interest income. Despite a smaller balance sheet, we are more profitable and efficient. Our total risk based capital level has climbed to more than 13%, and we have continued to lower our cost of operations. Our noninterest revenue sources, such as mortgage banking and investment services income, increased and largely offset declines in deposit fee income stemming from industry-wide regulatory changes. We continue to see solid growth in core deposits. Finally, nonperforming assets and past due loans have continued their decline from peak levels in June of 2009. These many important trends resulted in a $30 million improvement in our year-to-date, pre-tax net income. We believe our recent operating performance would not have been possible had we been slower to recognize our credit losses. Our disciplined actions over the past three years to aggressively recognize credit losses are leading to a more rapid recovery in our operating performance when compared to many of our industry peers.”
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