This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

NewBridge Bancorp Reports Another Profitable Quarter As Nonperforming Assets Drop Sharply

Stocks in this article: NBBC

NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported results for the three month and six month periods ended June 30, 2012.

For the three months ended June 30, 2012 net income totaled $921,000 compared to $1.1 million for the quarter ended June 30, 2011. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $192,000, or $0.01 per diluted share, for the quarter ended June 30, 2012. For the six months ended June 30, 2012 net income totaled $2.4 million compared to $2.2 million for the same period a year ago. The prior year six month period benefitted from a one time gain of $2.0 million on the sale of investment securities.

Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “Our second quarter results were excellent. While we were pleased by a number of positive core earnings and efficiency trends, the highlight of our second quarter is the sharp decline in our classified asset portfolios, which fell to their lowest levels since September of 2010. During the June quarter, nonperforming assets declined $14.6 million, or 19.9%, falling from 4.22% of total assets to 3.38%. Nonperforming loans fell by $9.0 million, foreclosed properties declined by $5.5 million, and performing classified loans shrank by $3.6 million. In total, our classified assets were reduced by $18.2 million, or 12.3%, from the prior quarter. For the remainder of 2012, it is our desire to accelerate the workout of the remaining problem assets and definitively shift our focus to growing a quality franchise. Since the beginning of the recession, the Company has charged off $153.6 million, or 9.4%, of our peak level of loans. We believe we are in the final stage of the adverse credit cycle. Our problem loan migration has largely reversed, and we are left with a manageable level of problem assets. Based on this belief, our team is developing a plan to dispose of a substantial portion of the remaining problem assets. We intend to aggressively market them and believe most will be sold by December 31, 2012. The greatest impact on our financial performance will likely occur in the September 2012 quarter as we determine which assets will be sold in an orderly market and identify those that will be sold in a liquidation market, and record write downs for the expected losses. We anticipate that the Company will report a net loss in the third quarter, but that we will remain well capitalized and anticipate that the implementation of this plan will rapidly lead to improved earnings in future periods as credit related costs fall to a fraction of their recent levels.”

1 of 7

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 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

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