GREENSBORO, N.C., July 24, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC) today reported a sharp increase in earnings for the quarter ended June 30, 2013 over the quarter ended June 30, 2012. Net income available to common shareholders for the second quarter of 2013 totaled $10.9 million, compared to $192,000 reported in the second quarter of 2012. Earnings per diluted common share were $0.38, an increase from $0.01 per share a year ago. For the six-month period ended June 30, 2013, net income available to common shareholders totaled $14.9 million, compared to $1.0 million reported for the six-month period ended June 30, 2012. Earnings per diluted common share were $0.51, an increase of $0.45 from the $0.06 per share reported a year ago. The three- and six-month periods ended June 30, 2013 benefitted from a $6.6 million income tax benefit associated with the reversal of a previously recorded valuation allowance against the Company's deferred tax asset.
"Our second quarter results show significantly improved earnings, enhanced asset quality, strong organic loan growth and the retirement of a substantial portion of the Company's TARP obligation," said Pressley A. Ridgill, President and Chief Executive Officer of NewBridge.
Second Quarter 2013 Highlights
- Net income for the quarter ended June 30, 2013 was $11.6 million, an increase of $10.7 million over second quarter ended June 30, 2012. Net income for six months was $16.4 million, an increase of $13.9 million from the prior year.
- Net interest income declined $913,000, or 5.6%, for the quarter and $2.0 million, or 6.2%, for the year.
- Provision for credit losses declined $1.3 million, or 56.1%, for the quarter and $3.8 million, or 65.3%, for the year.
- Noninterest income increased $3.8 million, or 378.3%, for the quarter and $5.6 million, or 140.1%, for the year.
- Noninterest expense increased $435,000, or 3.2%, for the quarter and $979,000, or 3.6%, for the year.
- Asset quality continued to improve.
- Nonperforming assets declined $8.4 million, or 31.3%, from December 31, 2012.
- Nonperforming assets to total assets declined to 1.06% from 1.56% at December 31, 2012.
- Core retained loans increased 10.6% on an annualized basis compared to December 31, 2012.
- Core retained loans increased $38.8 million for the quarter, or 13.8% annualized.
- Loan production offices in the Raleigh and Charlotte markets accounted for approximately 50% of the current year's loan growth.
- Net interest margin declined 19 basis points to 3.97% for the quarter compared to the same period a year ago.
- Core deposits (excluding time deposits) for the first six months increased $46.2 million, or 9.3% annualized.
- Deposit costs declined to 0.26% for the quarter, down 20 basis points compared to the same period a year ago.
- Loan yields declined 32 basis points to 4.67% for the quarter compared to the same period a year ago.
- Capital levels remain high following the partial redemption of preferred shares and retirement of the warrant.
- Company redeemed $37.4 million of preferred stock, reducing future preferred dividends by 71.4%.
- Dilutive warrant issued to the Treasury under the TARP program was repurchased at a price of $7.8 million.
- Tier 1 risk-based capital was 12.22% at June 30, 2013.
- Leverage capital was 10.04% at June 30, 2013.
- Total capital was 13.50% at June 30, 2013.
- In June 2013, the Company announced the signing of a definitive agreement to acquire Security Savings Bank, SSB.
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