NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported results for the three and nine month periods ended September 30, 2011.
For the three months ended September 30, 2011, net income totaled $1.1 million compared to $1.0 million for the quarter ended September 30, 2010. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $353,000, or $0.02 per diluted share, compared to $304,000, or $0.02 per diluted share, in last year’s third quarter. For the nine months ended September 30, 2011, the Company had net income available to common shareholders of $1.0 million, or $0.06 per diluted share after dividends and accretion on preferred stock, compared to $70,000, or less than $0.01 per diluted share, during the same period last year.
In the recently completed quarter, in connection with the completion of an efficiency project, the Company recorded $435,000 of severance and other one-time termination related costs. For the nine months ended September 30, 2011, the Company realized $2.0 million of gains from the sale of securities, which compares to $3.6 million of similar gains for the nine months ended September 30, 2010.
Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “Once again, I am pleased to report the continuation of a number of positive trends, foremost, that we are reporting our eighth consecutive profitable quarter. Earnings for the quarter were bolstered by a strong net interest margin of 4.20%, lower operating expenses and improving credit quality. While retail banking revenue remains down across the industry, and we are no exception, we are pleased that wealth management service income increased 35% for the quarter due primarily to an 85% increase in assets under management compared to the prior year quarter. In sum, pre-tax net income improved 38% from last year to $1.6 million for the quarter, despite the recognition of $435,000 of one-time expense related to severance costs.”