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TheStreet Open House

NewBridge Reports Record 2013 Net Income

Stocks in this article: NBBC

Full-year 2013 Highlights

  • Net income to common shareholders totals $18.9 million compared to a loss in 2012
  • Loans increased $261 million for the year; organic growth totals $140 million, or 12%
  • Noninterest-bearing deposit balances increased 17%, or $35 million
  • Common equity increased $64.1 million
  • Redeemed $37 million preferred stock

Fourth-quarter 2013 Highlights

  • Completed acquisition of Security Savings Bank and successful core conversion
  • Announced planned acquisition of CapStone Bank
  • Loans increased $150 million; organic growth totaled $29 million
  • Nonperforming loans are 0.49% of total assets at year end
  • Net interest income climbs 7% from the previous quarter

Fourth-quarter 2013 Results Included

  • Net income to common shareholders totals $1.2 million
  • Merger costs of $2.2 million
  • Recourse obligation expense of $356,000

GREENSBORO, N.C., Jan. 28, 2014 (GLOBE NEWSWIRE) -- NewBridge Bancorp (Nasdaq:NBBC) today reported record earnings for the year ended December 31, 2013. Net income available to common shareholders totaled $18.9 million, compared to a loss of $28.2 million reported for the previous year ended December 31, 2012. Earnings per diluted common share for 2013 were $0.65 compared to ($1.80) per share reported a year ago. Prior year results were affected by expense related to a plan to aggressively dispose of problem assets. Net income available to common shareholders for the fourth quarter of 2013 totaled $1.2 million, compared to $4.0 million in the fourth quarter of 2012. Earnings per diluted common share were $0.04 compared to $0.19 per share a year ago. Results for the three months and year ended December 31, 2013 included merger related costs of $2.2 million. In addition, the Company recorded a tax benefit of $3.2 million in 2013 due to the reversal of a previously recorded valuation allowance against the Company's deferred tax asset.

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