NewBridge Bancorp Announces Net Income Increases 230% to $4.8 Million in the Fourth Quarter
NewBridge Bancorp Announces Net Income Increases 230% to $4.8 Million in the
Fourth Quarter
Business Wire
GREENSBORO, N.C. -- January 29, 2013
* 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.”
Mr. Ridgill continued, “Our fourth quarter operating performance is the result
of new balance sheet dynamics. Our successful asset disposition plan means
that future earnings will be far less encumbered by high credit related costs.
Like all banks, we do, however, remain in a challenging low interest rate
environment with heightened competition for quality loans. For the third
consecutive quarter, our net interest margin declined partially as a result of
the disposition of high risk loans with high yields and limited opportunities
to reinvest proceeds from the capital raise and maturing investments at
attractive rates. We are facing these challenges by continuing to invest in
highly regarded loan officers, minimizing costs and planning for disciplined
growth.”
Net interest income
Net interest income declined $1.2 million to $15.4 million for the quarter
compared to $16.6 million a year ago. Year to date net interest income
declined 5.3%, or $3.6 million, to $63.6 million. The Company’s net interest
margin declined to 3.91% for the quarter compared to 4.25% for the same period
last year. The net interest margin for the twelve month period ending December
31, 2012 was 4.06%, down from 4.22% for the prior year. The 2012 average
balance of loans declined $95.9 million from the prior year’s average, and the
average yield on loans declined 28 basis points to 4.90%, resulting in an $8.2
million annual reduction in interest income. Investment yields fell more
dramatically, dropping from 4.55% in 2011 to 3.59%, as roughly one third of
the prior year’s long duration investment portfolio matured and was reinvested
into lower yielding short duration investments. Interest income on investments
declined $150,000 for the year, or 1.1%, despite a $77 million increase in the
average balance of investments. The decline in interest income from earning
assets was partially offset by lower interest expense on interest bearing
liabilities, which fell by $4.8 million during the year. The decline was due
primarily to a reduction in deposit rates from 0.75% in 2011 to 0.42% in 2012.
At December 31, 2012, the weighted average cost of the Company’s $1.33 billion
of deposits was 0.26%.
The asset disposition plan eliminated $81 million of classified loans during
2012. These loans had higher than acceptable credit risk characteristics, but
also carried higher yields. The weighted average yield was approximately 6.2%
on the disposed loans. Proceeds from the disposition of these loans have been
largely reinvested in short-term agency securities yielding less than 1%.
Balance Sheet
Total assets decreased $5.2 million during the fourth quarter and $25.9
million for the year to $1.71 billion at December 31, 2012. Loans held for
investment decreased $13.3 million for the quarter and $44.6 million for the
year. The decline in loans was due primarily to our asset disposition plan,
which eliminated $81 million of classified loans and $25 million of other real
estate owned. For the quarter, classified loans declined $27 million and other
real estate owned declined $5 million. During the quarter, $9.6 million of net
chargeoffs were recorded. Our 2012 portfolio loan production totaled $280
million, or 30% more than in 2011. Cash and cash equivalents decreased $3.0
million for the quarter and $14.2 million for the twelve months. Investment
securities increased $6.4 million for the quarter to $393.8 million and
increased $56.0 million since the beginning of the year.
Total deposits declined $57.2 million for the quarter and $86.2 million for
the year to $1.33 billion. The decline in deposits was due primarily to lower
time deposit balances, which fell $45.8 million for the quarter and $59.4
million for the year. In the recent quarter, the decline was due primarily to
lower brokered deposits; however, retail time deposits declined $75.9 million
for the year as the Company has chosen not to compete for high priced time
deposits. Excluding time deposits, core deposits remained steady for the year
at $1.0 billion. Noninterest bearing deposits increased $33.7 million for the
year to $206.0 million. In the fourth quarter, noninterest bearing accounts
increased $21.1 million due in part to changes in rate and fee structures the
Company applied to certain product offerings. These changes resulted in an 18%
increase in retail banking fees, or $437,000, during the fourth quarter. The
weighted average rate on the Company’s $1.0 billion of core deposits was 0.16%
at December 31, 2012. The weighted average cost of time deposits at that date
was 0.54% on $334.0 million.
Shareholders’ equity increased $56.6 million during the quarter due to the
Company’s issuance of $56.3 million of convertible preferred equity in
November and $4.0 million of retained earnings, which was partially offset by
a $4.1 million reduction in additional paid-in capital from cost incurred in
the issuance of the preferred equity. For the year, shareholders’ equity
increased $32.6 million, due to the Company’s operating loss and other changes
in equity of $28.2 million for the year. Pro-forma tangible book value per
common share at December 31, 2012 was $4.94 on a fully converted basis.
Noninterest Income
Noninterest income climbed 63%, or $1.8 million, to $4.8 million for the
fourth quarter. The change was due primarily to a $1.4 million improvement in
writedowns and losses on disposals of foreclosed properties (OREO). Previously
discussed changes in retail banking revenue drove fee income $437,000 higher
for the quarter. For the year, mortgage banking activities capitalized on the
favorable interest rate environment, increasing revenues 53%, or $908,000, due
to a higher volume of production. Wealth management fees were down slightly
for the year; however, lower costs resulted in more than a $200,000 increase
in contributions from these services. Securities gains totaled $3,000 during
2012 compared to $2.0 million during 2011.
Noninterest Expense
Noninterest expense increased $524,000 from the prior year to $57.9 million in
2012. Excluding $1.8 million of onetime expense in the third quarter,
noninterest expense declined $1.3 million, for the year, or 2.3%. The Company
continues to analyze its branch locations and footprint to achieve greater
efficiency and penetration in our target markets. This has led to the addition
of 12 commercial and private bankers during the year, primarily in Raleigh and
Charlotte, and the announced closing of two locations in the Piedmont Triad
area where the Company currently operates 27 full service bank locations.
Combined personnel, furniture and equipment, technology and OREO expense fell
$264,000 from the prior year, while occupancy, legal, professional and other
expenses rose $1.4 million. The rise in occupancy and other expenses were due
primarily to the onetime charges taken in the third quarter that are largely
associated with the planned closing of the two Piedmont Triad locations.
Asset Quality
Total classified loans decreased $26.7 million, during the quarter and $80.6
million during the year. At December 31, 2012, total classified loans were
$47.9 million, including $21.4 million of nonperforming loans. The
nonperforming loans have been charged down a combined $7.9 million and are
being carried at 69% of their contractual value. Including OREO, total
classified assets declined $106 million during the year and totaled $53.2
million at December 31, 2012. OREO was written down to estimated liquidation
value of $5.4 million in the third quarter. Total classified loans crested
later than many of the Company’s other credit metrics, rising until the third
quarter of 2010. Since then, classified loans have declined 71%, or $119.7
million. As a percentage of the Bank’s tier one capital plus reserves,
classified assets declined to 31% at December 31, 2012 from 78% at December
31, 2011 and 93% at September 30, 2010. Nonperforming loans declined 23%, or
$6.3 million, during the quarter. Nonperforming loans peaked at June 30, 2009
at $64.1 million. Since then, they have declined 67%, or $42.7 million.
Nonperforming loans represent 1.85% of loans held for investment. Including
OREO, total nonperforming assets were $26.7 million, or 1.56% of total assets,
at December 31, 2012.
The allowance for credit losses totaled $26.6 million at December 31, 2012, or
2.30% of loans held for investment, compared to $35.0 million (3.00%) at
September 30, 2012. The Company’s allowance for credit losses as a percentage
of nonperforming loans totaled 125% at December 31, 2012, compared to 126% at
September 30, 2012 and 71% at December 31, 2011. The allowance consists of
general reserves of 94.1% and specific reserves of 5.9%. The confirmed losses
from the Company’s nonperforming loans have been previously recognized through
chargeoffs. Consequently, the Company’s allowance for credit losses is
generally applicable to inherent losses within the Company’s watch list and
other performing loans portfolio. Net charge offs were $9.6 million for the
fourth quarter and $19.1 million for the third quarter of 2012. Since the
current adverse credit cycle began in 2007, the Company has charged off $194.4
million of loans and OREO, or 12.0% of our highest/peak level of loan balances
of $1.627 billion at September 30, 2008. The annualized average quarterly net
loss percentages over the past five year period for commercial loans, mortgage
loans, credit reserves and home equity lines, retail loans and credit cards
were 2.29%, 0.83%, 1.66%, 2.28% and 1.51%, respectively.
The Bank is well within the regulatory commercial real estate high
concentration guidelines in land acquisition, development and construction
(the “AD&C portfolio”) loans, as well as total commercial real estate loans.
At December 31, 2012, the Bank’s concentration levels were 38.43% and 165.74%,
respectively, of total regulatory capital, which compares favorably to the
interagency regulatory guidance maximum concentrations of 100% and 300%,
respectively. The AD&C portfolio totaled $63.4 million at December 31, 2012,
including $17 million of speculative residential construction and residential
acquisition and development.
Outlook
Mr. Ridgill stated that “the fourth quarter of 2012 was a positive turning
point for our Company. With the reduction of problem assets, our focus has
shifted to the pursuit of disciplined growth. For the current year, we
averaged 5% core organic loan growth. We anticipate continued growth in 2013.
While margin compression will remain a challenge, redeployment of lower
yielding investment proceeds into higher yielding loan assets should mitigate
that pressure. Cost management practices will continue and should result in
expense levels very similar in 2013 to those of 2012, despite the planned
opening of the two new Bank locations, one each in Charlotte and Raleigh.
Finally, we will strive for continued expansion of our fee income businesses.
The changes in our retail banking product structure in the fourth quarter
should benefit the full year in 2013. We also believe that our mortgage
banking and wealth management activities will continue to grow. While our
capital structure is enhanced and provides us the ability to be acquisitive,
we will take a conservative approach as we evaluate opportunities.”
About NewBridge Bancorp
NewBridge Bancorp is the parent company of NewBridge Bank, a full service
state chartered community bank headquartered in Greensboro, North Carolina.
The stock of NewBridge Bancorp trades on the Nasdaq Global Select Market under
the symbol of “NBBC”.
As one of the largest community banks in the state, NewBridge Bank serves
small to midsize businesses, professionals and consumers with a comprehensive
array of financial services including retail and commercial banking, private
banking, wealth management and mortgage banking. NewBridge Bank has assets of
approximately $1.7 billion with 30 full service banking offices in North
Carolina.
Disclosures About Forward Looking Statements
The discussions included in this document and its exhibits may contain forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including Section 21E of the Securities Exchange Act of
1934 and Section 27A of the Securities Act of 1933. Such statements involve
known and unknown risks, uncertainties and other factors that may cause actual
results to differ materially. For the purposes of these discussions, any
statements that are not statements of historical fact may be deemed to be
forward looking statements. Such statements are often characterized by the use
of qualifying words such as “expects,” “anticipates,” “believes,” “estimates,”
“plans,” “projects,” or other statements concerning opinions or judgments of
NewBridge and its management about future events. The accuracy of such forward
looking statements could be affected by factors including, but not limited to,
receipt of the shareholder approval referenced above, the financial success or
changing conditions or strategies of NewBridge Bancorp’s clients or vendors,
fluctuations in interest rates, actions of government regulators, the
availability of capital and personnel or general economic conditions.
Additional factors that could cause actual results to differ materially from
those anticipated by forward looking statements are discussed in NewBridge’s
filings with the Securities and Exchange Commission, including without
limitation its annual report on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K. NewBridge undertakes no obligation to revise or
update these statements following the date of this press release.
FINANCIAL SUMMARY
Three Months Ended December 31, 2012 Three Months Ended December 31, 2011
Average Interest Average Average Interest Average
Income/ Yield/ Income/ Yield/
Balance Expense Rate Balance Expense Rate
(Fully taxable equivalent basis, dollars in thousands)
Earning Assets
Loans receivable $ 1,171,779 $ 14,089 4.78 % $ 1,220,133 $ 15,820 5.14 %
Investment 382,061 2,887 3.02 % 315,519 3,444 4.37 %
securities
Other earning 21,274 10 0.19 % 24,005 16 0.27 %
assets
Total Earning 1,575,114 16,986 4.29 % 1,559,657 19,280 4.90 %
Assets
Non-Earning Assets 128,506 153,218
Total Assets $ 1,703,620 16,986 $ 1,712,875 19,280
Interest-Bearing
Liabilities
Deposits $ 1,172,221 918 0.31 % $ 1,240,660 1,980 0.63 %
Borrowings 142,834 587 1.63 % 116,781 606 2.06 %
Total
Interest-Bearing 1,315,055 1,505 0.46 % 1,357,441 2,586 0.75 %
Liabilities
Noninterest-bearing 209,067 171,909
deposits
Other liabilities 19,332 17,849
Shareholders' 160,166 165,676
equity
Total Liabilities
and
Shareholders' $ 1,703,620 1,505 $ 1,712,875 2,586
Equity
Net Interest Income $ 15,481 $ 16,694
Net Interest Margin 3.91 % 4.25 %
Interest Rate Spread 3.83 % 4.15 %
Twelve Months Ended December 31, 2012 Twelve Months Ended December 31, 2011
Average Interest Average Average Interest Average
Income/ Yield/ Income/ Yield/
Balance Expense Rate Balance Expense Rate
(Fully taxable equivalent basis, dollars in thousands)
Earning Assets
Loans receivable $ 1,175,938 $ 57,676 4.90 % $ 1,271,790 $ 65,871 5.18 %
Investment 382,288 13,733 3.59 % 305,061 13,882 4.55 %
securities
Other earning 16,923 40 0.24 % 24,270 60 0.25 %
assets
Total Earning 1,575,149 71,449 4.54 % 1,601,121 79,813 4.99 %
Assets
Non-Earning Assets 149,306 148,688
Total Assets $ 1,724,455 71,449 $ 1,749,809 79,813
Interest-Bearing
Liabilities
Deposits $ 1,215,450 5,135 0.42 % $ 1,258,551 9,493 0.75 %
Borrowings 126,898 2,379 1.87 % 141,935 2,826 1.99 %
Total
Interest-Bearing 1,342,348 7,514 0.56 % 1,400,486 12,319 0.88 %
Liabilities
Noninterest-bearing 196,365 166,077
deposits
Other liabilities 19,362 16,909
Shareholders' 166,380 166,337
equity
Total Liabilities
and
Shareholders' $ 1,724,455 7,514 $ 1,749,809 12,319
Equity
Net Interest Income $ 63,935 $ 67,494
Net Interest Margin 4.06 % 4.22 %
Interest Rate Spread 3.98 % 4.11 %
FINANCIAL SUMMARY
2012 2011
Fourth Third Second First Fourth
Quarter Quarter Quarter Quarter Quarter
Period-End Balances (Dollars in
thousands)
Assets $ 1,708,707 $ 1,713,909 $ 1,748,436 $ 1,745,968 $ 1,734,564
Loans held for 1,155,421 1,168,747 1,162,630 1,173,671 1,200,070
investment
Loans held for sale 9,464 7,074 5,741 7,676 7,851
Investment 393,815 387,376 388,968 394,904 337,811
securities
Earning assets 1,567,706 1,573,843 1,593,275 1,581,981 1,572,095
Noninterest-bearing 206,023 184,942 192,066 211,246 172,351
deposits
Savings deposits 44,450 44,990 45,371 44,118 40,876
NOW accounts 424,720 429,792 431,390 444,439 441,292
Money market 323,326 350,189 374,217 383,256 370,773
accounts
Time deposits 333,974 379,823 406,153 366,135 393,384
Interest-bearing 1,286,244 1,368,768 1,367,905 1,348,722 1,379,799
liabilities
Shareholders' 196,014 139,365 169,551 167,046 163,387
equity
Asset Quality Data (Dollars in
thousands)
Nonperforming
loans:
Commercial
nonaccrual $ 11,119 $ 12,411 $ 10,331 $ 17,905 $ 15,773
loans, not
restructured
Commercial
nonaccrual loans
which
have been 1,788 5,092 8,243 8,116 7,489
restructured
Non-commercial
nonaccrual 4,263 4,418 8,195 10,038 9,569
loans, not
restructured
Non-commercial nonaccrual
loans which
have been 342 1,007 2,616 990 283
restructured
Total nonaccrual 17,512 22,928 29,385 37,049 33,114
loans
Loans past due
90 days or more
and
still accruing 44 6 65 29 14
Accruing
restructured 3,804 4,760 5,230 6,633 7,406
loans
Total
nonperforming 21,360 27,694 34,680 43,711 40,534
loans
Other real estate 5,355 10,465 24,491 30,032 30,587
owned
Total nonperforming $ 26,715 $ 38,159 $ 59,171 $ 73,743 $ 71,121
assets
Restructured loans, 1,220 1,296 2,443 3,101 4,888
performing
Net chargeoffs 9,595 19,096 5,047 4,369 3,153
Allowance for 26,630 35,016 25,231 27,918 28,844
credit losses
Allowance for
credit losses to 2.30 % 3.00 % 2.17 % 2.38 % 2.40 %
loans held for
investment
Nonperforming loans
to loans held for 1.85 2.37 2.98 3.72 3.38
investment
Nonperforming
assets to total 1.56 2.23 3.38 4.22 4.10
assets
Nonperforming loans 1.25 1.62 1.98 2.50 2.34
to total assets
Net chargeoff
percentage 3.26 6.52 1.73 1.48 1.03
(annualized)
Allowance for
credit losses to 124.67 126.44 72.75 63.87 71.16
nonperforming loans
Loans identified as $ 16,400 $ 22,644 $ 32,955 $ 35,043 $ 32,591
impaired
Other nonperforming 4,960 5,050 1,725 8,668 7,943
loans
Total
nonperforming 21,360 27,694 34,680 43,711 40,534
loans
Performing 26,498 46,842 71,673 75,282 87,959
classified loans
Total classified $ 47,858 $ 74,536 $ 106,353 $ 118,993 $ 128,493
loans
Other real estate 5,355 10,465 24,491 30,032 30,587
owned
Total classified $ 53,213 $ 85,001 $ 130,844 $ 149,025 $ 159,080
assets
Classified ratio 30.51 % 48.10 % 63.24 % 72.09 % 77.59 %
Total capital $ 174,429 $ 176,729 $ 206,901 $ 206,723 $ 205,019
(bank) and reserves
Gross loan chargeoffs, and
writedowns and losses
on other real estate owned to
peak loans
during the
credit cycle 2007 2008 2009 2010 2011 2012 TOTAL
beginning
January 1, 2007:
Gross loan
chargeoffs
Commercial $ 5,052 $ 5,046 $ 11,232 $ 9,052 $ 5,045 $ 17,306 $ 52,733
Real estate - 825 7,339 12,227 5,379 3,985 8,774 38,529
construction
Real estate - 1,300 5,012 10,110 7,260 6,822 13,337 43,841
mortgage
Consumer 2,235 5,071 4,925 2,829 1,358 1,191 17,609
Other - - - 6,200 1,387 3 7,590
Total gross loan $ 9,412 $ 22,468 $ 38,494 $ 30,720 $ 18,597 $ 40,611 $ 160,302
chargeoffs
Other real estate
owned writedowns 4,001 3,571 1,294 5,508 5,238 14,520 34,132
and losses
Total
chargeoffs, $ 13,413 $ 26,039 $ 39,788 $ 36,228 $ 23,835 $ 55,131 $ 194,434
writedowns and
losses
Peak loans at
September 30, $ 1,626,504
2008
Chargeoffs, writedowns and 11.95 %
losses to peak loans
FINANCIAL SUMMARY
Three Months Ended Twelve Months Ended
December 31 December 31
2012 2011 2012 2011
Income Statement
Data
(Dollars in thousands, except
share data)
Interest income:
Loans $ 14,089 $ 15,819 $ 57,676 $ 65,871
Investment 2,799 3,347 13,364 13,514
securities
Other 10 16 40 60
Total interest 16,898 19,182 71,080 79,445
income
Interest expense:
Deposits 918 1,980 5,135 9,493
Borrowings from 252 271 1,012 1,178
the FHLB
Other 335 335 1,367 1,648
Total interest 1,505 2,586 7,514 12,319
expense
Net interest income 15,393 16,596 63,566 67,126
Provision for credit 1,209 4,247 35,893 16,785
losses
Net interest income
after provision for 14,184 12,349 27,673 50,341
credit losses
Noninterest income:
Retail banking 2,851 2,414 9,739 9,925
Mortgage
banking 788 640 2,636 1,728
services
Wealth
management 549 625 2,349 2,499
services
Gain on sale of
investment - - 3 2,026
securities
Writedowns and loss on
sale of real estate
acquired in
settlement of 51 (1,368 ) (14,520 ) (5,238 )
loans
Bank-owned life 323 370 1,494 1,385
insurance
Other 199 239 667 830
Total noninterest 4,761 2,920 2,368 13,155
income
Noninterest expense
Personnel 7,554 6,308 29,354 28,806
Occupancy 988 944 5,171 3,987
Furniture and 840 860 3,335 3,644
equipment
Technology and 988 972 4,063 3,942
data processing
Legal and 810 860 3,029 2,892
professional
FDIC insurance 444 372 1,770 2,399
Real estate
acquired in 205 596 1,206 1,830
settlement of
loans
Other 2,179 2,590 9,965 9,869
Total noninterest 14,008 13,502 57,893 57,369
expense
Income (loss) before 4,937 1,767 (27,852 ) 6,127
income taxes
Income tax expense 173 323 (2,598 ) 1,449
(benefit)
Net income (loss) 4,764 1,444 (25,254 ) 4,678
Dividends and
accretion on (730 ) (730 ) (2,918 ) (2,917 )
preferred stock
Net income (loss)
available to common $ 4,034 $ 714 $ (28,172 ) $ 1,761
shareholders
Net income (loss) $ 0.26 $ 0.05 ($1.80 ) $ 0.11
per share - basic
Net income (loss) $ 0.19 $ 0.04 ($1.80 ) $ 0.11
per share - diluted
Other Data
Return on average 1.11 % 0.33 % (1.46 ) % 0.27
assets
Return on average 11.83 3.46 (15.18 ) 2.81
equity
Net yield on earning 3.91 4.25 4.06 4.22
assets
Average loans to 68.78 71.23 68.19 72.68
assets
Average loans to 84.83 86.38 83.29 89.27
deposits
Average
noninterest-bearing
deposits
to total deposits 15.14 12.17 13.91 11.66
Average equity to 9.40 9.67 9.65 9.51
assets
Total capital as a
percentage of total 16.48 14.55 16.48 14.55
risk weighted assets
Tangible common equity as a
percentage
of total risk 6.32 7.88 6.32 7.88
weighted assets
INVESTMENT
PORTFOLIO
(Dollars in As of December 31, 2012
thousands)
Amortized Gross Gross Estimated Average Average
Cost Unrealized Unrealized loss Fair value Yield (%) Duration
gain (years)
US Treasury $ 10,000 $ - $ - $ 10,000 0.01 % 0.05
US Agency 67,090 72 (125 ) 67,037 1.94 5.78
Mortgage
backed 21,607 2,153 - 23,760 5.30 2.30
securities
Collateralized
mortgage 10,417 254 (3 ) 10,668 5.54 2.78
obligations
Commercial
mortgage 43,046 2,318 (82 ) 45,282 4.19 10.58
backed
securities
Covered bonds 44,924 3,694 - 48,618 3.68 3.49
Corporate 150,589 5,742 (844 ) 155,487 3.24 3.29
bonds
Municipal 17,978 734 - 18,712 6.21 * 4.09
obligations
Federal Home
Loan Bank 7,685 - - 7,685
stock
Other 5,775 791 - 6,566
Total $ 379,111 $ 15,758 $ (1,054 ) $ 393,815 3.41 * 4.47
Fully
* taxable
equivalent
basis
COMMON STOCK
DATA
2012 2011
Fourth Third Second First Fourth
Quarter Quarter Quarter Quarter Quarter
Market value:
End of period $ 4.63 $ 4.84 $ 4.38 $ 4.79 $ 3.87
High 4.95 5.00 4.94 4.91 4.20
Low 3.92 3.74 3.88 3.71 3.30
Book value 5.58 5.56 7.48 7.32 7.09
Tangible book 5.38 5.35 7.27 7.09 6.85
value
Average shares 15,655,868 15,655,868 15,655,868 15,655,868 15,655,868
outstanding
Average
diluted shares 20,978,610 15,655,868 16,465,346 16,299,152 16,163,509
outstanding
Contact:
NewBridge Bancorp
Ramsey Hamadi, 336-369-0900
SEVP and Chief Financial Officer
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