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NewBridge Reports Increased Earnings

Stocks in this article: NBBC

GREENSBORO, N.C., Oct. 24, 2013 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC) today reported increased earnings for the quarter ended September 30, 2013 over the quarter ended September 30, 2012. Net income available to common shareholders for the third quarter of 2013 totaled $2.8 million, compared to a $33.2 million loss reported in the third quarter of 2012. Earnings per diluted common share were $0.10 compared to ($2.12) per share a year ago. For the nine-month period ended September 30, 2013, net income available to common shareholders totaled $17.7 million, compared to a loss of $32.2 million reported for the nine-month period ended September 30, 2012. Earnings per diluted common share for the nine months were $0.61 compared to ($2.06) per share reported a year ago. For the three and nine-month periods ended September 30, 2013, the Company recorded a one-time tax expense to reduce the Company's deferred tax asset by $740,000 resulting from a reduction in North Carolina corporate tax rates; however, the nine-month period results include the reversal of a previously recorded valuation allowance against the Company's deferred tax asset. The three and nine-month periods a year ago were affected by expense related to a plan to dispose of problem assets.

"NewBridge is now focused on growing our franchise organically and, as attractive opportunities become available, through acquisition partnerships and entry into new growth markets through the establishment of loan production offices. In 2012 we invested in resolving our asset quality issues. This has allowed the Company to apply its resources to initiatives we believe will enhance shareholder value. We have invested heavily in talented lenders with advanced credit acumen and histories of proven success and directed investments into the largest metropolitan areas in North Carolina, including Charlotte, Raleigh, the Piedmont Triad and the Greater Wilmington market. We have converted loan production offices to full-service branches with complete commercial lending teams in the hearts of the Charlotte and Raleigh financial districts. Consequently, it is a pleasure to report significant progress in our strategic growth efforts. For the period ended September 30th, loans held for investment increased $66.7 million, or 5.6%, and for the year to date increased $110.9 million, or 9.6%. In addition to robust organic loan growth, on October 1, 2013, the Company closed its acquisition of Security Savings Bank, a $212.5 million institution operating in the Greater Wilmington market. NewBridge Bank is now a $2.0 billion institution with 36 branches and a number of loan production offices throughout North Carolina. Already one of the largest community banks in the Piedmont Triad region of North Carolina, NewBridge Bank is now one of the largest community banks in the Greater Wilmington market," said Pressley A. Ridgill, President and Chief Executive Officer of NewBridge.

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