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%.”