This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.”

1 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs