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Bridge Capital Holdings Reports Financial Results For The First Quarter Ended March 31, 2011

Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, announced today its financial results for the first quarter ended March 31, 2011.

The Company reported net operating income of $1.6 million for the three months ended March 31, 2011 representing an increase of $1.2 million, or 330%, compared to net operating income of $365,000 for the same period one year ago.

Net income available to common shareholders was reduced by preferred dividends of $200,000 resulting in earnings per diluted common share of $0.09 for the first quarter of 2011. Net income available to common shareholders was reduced by preferred dividends of $1.1 million during the first quarter of 2010 resulting in a loss per diluted common share of $(0.11).

For the quarter ended March 31, 2011, the Company’s return on average assets and return on average equity were 0.62% and 4.69%, respectively, and compared to 0.19% and 1.35%, respectively, for the same period in 2010.

“Our first quarter results reflect the improving trend of profitability that we expect to achieve in 2011. This performance was driven by continued new client acquisition, solid growth in average loan and deposit balances, improving revenue, and declining credit costs,” commented Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings and Bridge Bank. “As the economic and business environment continues to gradually improve in our core markets, we believe Bridge Bank is ideally positioned to capitalize on opportunities as they emerge.”

First Quarter Highlights

  • Successfully completed the redemption of $24.0 million in Series C Preferred Stock issued to the U.S. Treasury under the Troubled Asset Relief Program's Capital Purchase Program. Resulting regulatory capital ratios continue to substantially exceed the definition for being “well capitalized” with a Total Risk-Based Capital Ratio of 18.23%, a Tier I Capital Ratio of 16.98%, and a Tier I Leverage Ratio of 13.68% at March 31, 2011.
  • Income before taxes and provision for credit losses was $3.4 million for the first quarter of 2011. This represented an increase of $1.0 million, or 42%, compared to $2.4 million for the quarter ended December 31, 2010 and an increase of $1.5 million, or 82%, compared to $1.8 million for the same period one year ago.
  • Total revenue increased for the fourth consecutive quarter to $13.6 million for the first quarter of 2011, compared to $13.5 million for the quarter ended December 31, 2010 and $11.5 million for the same period one year ago.
  • Net interest income of $11.1 million for the quarter ended March 31, 2011 represented a decrease of $361,000, or 3%, compared to $11.4 million for the quarter ended December 31, 2010 and an increase of $1.2 million, or 12%, compared to the quarter ended March 31, 2010.
  • Net interest margin of 4.66% for the quarter ended March 31, 2011, compared to 4.97% for the quarter ended December 31, 2010 and 5.05% for the quarter ended March 31, 2010.
  • Provision for loan losses for the first quarter of 2011 was $750,000 which resulted in an allowance for credit losses that represented 2.40% of gross loans at March 31, 2011, compared with 2.39% at December 31, 2010 and 2.76% one year earlier. At March 31, 2011, the allowance for credit losses represented coverage of 106.37% of nonperforming loans, compared to 93.11% at December 31, 2010 and 122.23% at March 31, 2010.
  • Net charge-offs were $1.1 million for the quarter ended March 31, 2011 compared to $1.7 million for the quarter ended December 31, 2010 and $1.1 million for the same period one year ago.
  • Nonperforming assets were $23.9 million, or 2.40% of total assets, as of March 31, 2011, compared to $23.3 million, or 2.27% of total assets, as of December 31, 2010 and $19.8 million, or 2.31% of total assets, at March 31, 2010. The increase in nonperforming assets during the first quarter of 2011 was a result of an increase in “other real estate owned” (OREO) of $3.0 million, offset in part by a decrease in nonperforming loans of $2.4 million.
  • Nonperforming loans were $14.3 million, or 2.26% of total gross loans, as of March 31, 2011, compared to $16.7 million, or 2.56% of total gross loans, as of December 31, 2010 and $13.2 million, or 2.26% of total gross loans, at March 31, 2010.
  • As of March 31, 2011, total assets were $998.4 million. For the quarter ended March 31, 2011, total average assets were $1.02 billion, representing an increase of $55.4 million, or 6%, compared to $968.6 million for the quarter ended December 31, 2010, and an increase of $181.0 million, or 22%, from $843.8 million for the same period one year ago.
  • Total deposits were $827.7 million as of March 31, 2011. For the quarter ended March 31, 2011, total average deposits were $850.6 million, representing an increase of $39.6 million, or 5%, compared to $811.0 million for the quarter ended December 31, 2010, and an increase of $148.0 million, or 21%, from $702.6 million for the same period one year ago. At March 31, 2011, demand deposits and core deposits represented 58.0% and 94.9%, respectively, of total deposits. Demand deposits and core deposits represented 53.0% and 94.9% of total deposits at December 31, 2010, respectively, and represented 50.5% and 90.8% of total deposits at March 31, 2010, respectively.
  • As of March 31, 2011, total gross loans were $631.7 million. For the quarter ended March 31, 2011, total average gross loans were $627.3 million, representing an increase of $15.9 million, or 3%, compared to $611.4 million for the quarter ended December 31, 2010, and an increase of $56.3 million, or 10%, from $571.0 million for the same period one year ago.

Net Interest Income and Margin

Net interest income of $11.1 million for the quarter ended March 31, 2011 represented a decrease of $361,000, or 3%, compared to $11.4 million for the quarter ended December 31, 2010 and an increase of $1.2 million, or 12%, compared to the quarter ended March 31, 2010. The increase from prior year was primarily attributable to a lower cost of funds, an increase in earning assets, and a decrease during the current quarter in nonperforming loans, offset in part by decreased leverage. Average earning assets of $963.3 million for the quarter ended March 31, 2011 increased $170.0 million, or 21%, compared to $793.3 million for the same quarter in 2010. The Company’s loan-to-deposit ratio, a measure of leverage, averaged 73.75% during the quarter ended March 31, 2011, which represented a decrease compared to an average of 81.27% for the same quarter of 2010.

Stock quotes in this article: BBNK 

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