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NewBridge Bancorp Announces Net Income Increases 230% To $4.8 Million In The Fourth Quarter

Stocks in this article: NBBC

  • Earnings per diluted share total $0.19 for the quarter
  • Total classified assets decrease $32 million for the quarter and $106 million year to date to $53 million
  • Nonperforming assets decline $11.4 million to $26.7 million, or 1.56% of assets, for the quarter
  • Other real estate owned declines $5.1 million, for the quarter or 49%, to $5.4 million
  • Provision for credit losses totals $1.2 million for the quarter, or 72% below prior year
  • Total risk based capital was 16.48% and leverage capital was 10.00% at quarter end
  • Net interest margin averages 3.91% for the quarter and 4.06% for the year
  • Cost of interest bearing deposits drops to 0.31% for the quarter
  • Retail banking fees increase $437,000 over prior year quarter on changes in fee structures
  • Quarterly mortgage banking revenues increase 23% over same period a year ago
  • Nonclassified loans increase 6% for the quarter and 5% year-to-date
  • Portfolio loan production climbs 30% over 2011 to $280 million

NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today announced net income of $4.8 million for the three months ended December 31, 2012 compared to $1.4 million for the three months ended December 31, 2011. After dividends and accretion on preferred stock, the Company reported net income of $0.19 per diluted common share. For the year ending December 31, 2012, the Company reported a net loss of $25.3 million compared to net income of $4.7 million for the prior year. The Company experienced a loss of $1.80 per diluted share in 2012 compared to net income of $0.11 in 2011. The results for 2012 were impacted by the Company’s previously disclosed plan to accelerate the disposition of problem assets. Results for the year also include $1.8 million of onetime items to write down facilities and other assets, as well as a $10 million valuation allowance against the Company’s deferred tax asset. The results for 2011 benefitted from a onetime gain of $2.0 million on the sale of investment securities. On November 30, 2012, the Company issued $56.3 of convertible preferred equity to select investors. Upon approval at a special Shareholders Meeting on February 20, 2013, the preferred shares will convert into 9,601,273 shares of Class A common stock and 3,186,750 shares of Class B common stock.

Pressley A. Ridgill, President and Chief Executive Officer, commented: “The events of 2012, which culminated in earnings for the fourth quarter of $4.8 million, were very positive for our Company. In November we completed a $56 million capital raise, which sufficiently bolsters the balance sheet for the future, including the anticipated repurchase of the $52 million of TARP preferred shares. Classified assets fell by $106 million during the year, resulting in non-performing assets declining to $26.7 million, or 1.56% of total assets at year end. In addition, loan growth trends turned positive as we expanded our loan production teams in the Piedmont Triad and Research Triangle markets and added a Charlotte loan production team in mid-year. Excluding the $81 million reduction of classified loans from asset disposition, nonclassified loan balances increased 5% for the year, or approximately $50 million. Despite our renewed lending efforts, we remained focused on controlling costs and expanding other revenues. For the year, personnel costs increased less than 2% and excluding $1.8 million of onetime expenses in the third quarter, total operating expense declined $1.3 million, or 2.3% from 2011. We experienced increased revenue growth from other revenue sources during the year. Mortgage revenue climbed 53% to $2.6 million, and retail banking revenues made sizable gains in the fourth quarter, increasing 18% over the prior year.”

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