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 Reports 49% Increase In Net Income To $1.5 Million

NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported results for the three month period ended March 31, 2012.

For the three months ended March 31, 2012 net income totaled $1.5 million compared to $1.0 million for the quarter ended March 31, 2011. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $781,000, or $0.05 per diluted share, for the quarter ended March 31, 2012, compared to $282,000, or $0.02 per diluted share, for the quarter ended March 31, 2011.

Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “It is satisfying to see year-over-year operating improvement, resulting in nearly a 50% increase in net income. The positive trends include core deposit growth that exceeds our expectations, and allows us to maintain a strong and stable net interest margin that averaged 4.15% for the first quarter. Classified loans continue to decline resulting in a lower provision for credit losses that fell 43% or $2.6 million from last year’s first quarter. Mortgage and Wealth Management revenues continue to climb, while at the same time nearly $1 million of annual operating expenses have been eliminated from these two areas. Finally, our on-going focus on lowering controllable costs resulted in non-interest expense declining $793,000, or 6%, from the prior year first quarter.”

Net interest income

Despite some encouraging economic trends, soft loan demand continues to adversely affect the Company’s main source of revenue, interest income. Net interest income declined $1.2 million, or 6.9%, to $16.2 million for the quarter compared to $17.4 million a year ago. The Company’s net interest margin remained strong at 4.15% for the quarter ended March 31, 2012, declining 13 basis points from the prior year. However average loan balances declined $144.0 million, or 10.8%, over the same period. This resulted in a $2.3 million decline in interest income from loans. Interest income on investments declined 2.2%, or $80,000, due primarily to a 77 basis point decline in the average investment yield to 4.08% in the quarter ended March 31, 2012, compared to 4.85% in the same period a year ago. The decline in interest income from loans and investments was partially offset by lower interest expense on interest bearing liabilities, which fell by $1.2 million for the quarter ending March 31, 2012, compared to the prior year. This reduction in interest expense is reflected in the lower cost of interest bearing liabilities which fell 29 basis points from the prior year.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • 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