NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported results for the three and six month periods ended June 30, 2011.
For the three months ended June 30, 2011, net income totaled $1.1 million compared to $854,000 for the quarter ended June 30, 2010. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $411,000, or $0.02 per diluted share. In the prior year period, the Company had net income available to common shareholders of $124,000, or $0.01 per diluted share.
For the six months, net income totaled $2.2 million and net income available to common shareholders totaled $693,000, or $0.04 per common share, compared to net income of $1.2 million and a net loss available to common shareholders of ($234,000), or ($0.01) per common share, for the six months ended June 30, 2010.
Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “We are pleased to report positive results for the quarter. We were profitable for the seventh consecutive quarter, with earnings bolstered by a strong net interest margin, lower operating expenses and improving credit quality. Our net interest margin totaled 4.14% for the quarter, down 14 basis points from last quarter, but up 18 basis points from last year’s second quarter results. The linked-quarter decline in net interest margin was due primarily to added cash on the balance sheet due to last quarter’s sale of investments and the sale of the Harrisonburg, VA operations. Noninterest expense declined $900,000 from the prior year and asset quality trends remained favorable. Nonperforming assets, nonaccruing loans, other real estate owned and past due loans declined from last quarter resulting in less overall risk on the balance sheet and lower provision related expense on the income statement. The balance sheet is smaller, yet more profitable, and capital levels climbed to a high water mark. At quarter end the Company’s total risk based capital reached 14.72%, tier one leverage was 10.20%, and the Company’s tangible common equity to risk weighted assets was a BASEL III compliant 8.12%, compared to the anticipated future standard of 7.0%.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV