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NewBridge Reports Increased Earnings for the Second Quarter of 2013



NewBridge Reports Increased Earnings for the Second Quarter of 2013

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.

Net Interest Income

Net interest income shrank $913,000 to $15.4 million for the quarter ending
June 30, 2013 compared to the quarter ending June 30, 2012. For the six-month
period, net interest income declined $2.0 million to $30.5 million compared to
the six-month period ended June 30, 2012. The reductions were due primarily to
compression of the net interest margin, which declined 19 basis points to
3.97% for the three-month period and 21 basis points to 3.94% for the
six-month period compared to the prior year. For the three-month period,
liability costs fell 18 basis points; however, earning asset yields fell 37
basis points. The Bank's investment portfolio experienced the greatest
decline. Investment yields were 3.21% for the 2013 second quarter, a reduction
of 63 basis points compared to the same period a year ago, due to the
sustained low interest rate environment. The net interest margin increased
five basis points from 3.92% in the 2013 first quarter to 3.97% for the 2013
second quarter due to a higher yield on loans from improved asset quality and
a reduced reliance on the lower yielding investment portfolio.

Noninterest Income

Noninterest income totaled $4.8 million during the second quarter, a $3.8
million improvement over the prior year's second quarter. In the most recent
quarter, the Company had $70,000 of gains from sales of investment securities
and $611,000 in gains from sales of other real estate owned ("OREO"), compared
to a loss of $3.0 million a year ago. For the six-month period, the Company
had noninterest income of $9.6 million, compared to $4.0 million a year ago.
For the current year, sales of investment securities resulted in gains of
$278,000, compared to no gain or loss a year ago, and gains on sales of OREO
totaled $736,000, compared to a loss of $4.0 million a year ago. Retail
banking revenue increased $228,000 for the three-month period and $399,000 for
the year.

Noninterest Expense & Taxes

Noninterest expense totaled $14.2 million for the second quarter and $28.3
million for the six-month period. Compared to the prior year, noninterest
expense increased $435,000, or 3.2%, for the quarter and $979,000, or 3.6%,
year to date. The increases in expense were due primarily to growth in
compensation expense related to the hiring of commercial lenders in the
Raleigh and Charlotte markets and the addition of key lending personnel in the
Triad market. In the 2013 second quarter, the Company reversed $8,371,000 of
the valuation allowance previously established against its deferred tax asset
as management determined it was more likely than not that the Company would be
able to fully utilize the assets associated with previous net operating
losses. A key factor in the decision was the Company's financial performance
since the completion of the Company's asset disposition plan in 2012.

Balance Sheet

Total assets increased $18.0 million for the quarter and $21.4 million for the
year to $1.73 billion at June 30, 2013. Loans held for investment increased
2.5% for the quarter but was offset by declines in investment securities and
cash and cash equivalents. For the quarter, total deposits increased $12.5
million to $1.4 billion, while core deposits, excluding time deposits,
increased $32.8 million, or 3.2%, and totaled 76.5% of total deposits at June
30, 2013. Tangible common equity decreased $1.7 million for the quarter but
increased $58.7 million for the year. This change in equity was due primarily
to $14.8 million of retained earnings and the addition of $56.3 million of
common equity for the year from the conversion of preferred stock, which were
partially offset by a $7.8 million reduction in equity from the repurchase of
the TARP warrant and a $5.2 million decline in accumulated other comprehensive
income.

Core Retained Loan Growth

For the first six months of 2013, core retained loans increased $58.2 million,
an annualized growth rate of 10.6%. Likewise, for the trailing twelve months,
core retained loans increased $109.5 million, a 10.4% growth rate. Total loans
including classified loans increased $44.3 million for the six months ended
June 30, 2013. In 2012, the Company aggressively purged adversely classified
loans (loans that were either problem loans or potential problem loans) while
simultaneously investing in growing performing loans. Opening the Raleigh and
Charlotte loan production offices and investing further in the Piedmont Triad
were important strategic decisions that are beginning to result in increased
earning assets. Approximately 50% of this year's loan growth has occurred in
the new markets in Raleigh and Charlotte.

                                   2013       2012       2012
                                   Second     Fourth     Second
                                   Quarter    Quarter    Quarter
Core Retained Loan Growth                                 
(dollars in thousands)                                    
Loans held for investment          $1,199,711 $1,155,421 $1,162,630
Less classified loans              33,918     47,858     106,353
Core retained loans                $1,165,793 $1,107,563 $1,056,277
                                                          
Core retained loan growth:                                
Trailing twelve months             $109,516               
                                   10.4%                  
Six months year to date annualized $117,425               
                                   10.6%                  

Asset Quality

In the second quarter of 2013, asset quality continued to improve.
Nonperforming assets as a percentage of total assets declined to 1.06% from
1.56% at December 31, 2012. Nonperforming loans totaled $13.8 million and OREO
was $4.5 million at June 30, 2013. The allowance for credit losses was $26.4
million at June 30, 2013, or 190.8% of nonperforming loans, compared to $26.6
million, or 124.7%, at December 31, 2012. Total classified assets, which
includes nonperforming assets and other potential problem assets, totaled
$38.4 million, or 20.6% of total Bank capital, at June 30, 2013. Classified
assets totaled 30.5% of total Bank capital at December 31, 2012.

Outlook

We anticipate continued asset growth in the remainder of 2013. We also believe
that the Company's prior three quarters are indicators of our future core
earnings potential. For the remainder of 2013, the Company expects to have a
more normalized tax expense. The low interest rate environment and intense
competition for quality loans remain as our key challenges. Consequently,
margin pressure is likely to continue. We intend to meet these challenges by
growing the loan portfolio, remaining disciplined with our cost controls and
continuing to maximize fee income opportunities. We will consider growth
through acquisitions that are consistent with our disciplined strategic vision
and present realistic opportunities for quality earnings enhancement. In June
2013, the Bank announced a definitive agreement to acquire Security Savings
Bank, SSB, headquartered in Southport, North Carolina. This acquisition, which
is subject to regulatory approval, will expand the Bank's coastal North
Carolina presence with six offices in Brunswick County.  We anticipate the
merger will be consummated in the third quarter.

Use of Non-GAAP Measures

Tangible common shareholders' equity percentages have become a focus of some
investors. Because tangible common shareholders' equity is not formally
defined by GAAP, this measure is considered to be a non-GAAP financial
measure, and other entities may calculate it differently. Since analysts and
banking regulators may assess our capital adequacy using tangible common
shareholders' equity, management believes that it is useful to provide
investors with the ability to assess the Company's capital adequacy on the
same basis.

About NewBridge Bancorp

NewBridge Bancorp is the bank holding company for 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 "NBBC."

NewBridge Bank is the largest community bank headquartered in the 12-county
Piedmont Triad Region of North Carolina and 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
branches throughout 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,
the financial success or changing conditions or strategies of NewBridge's
customers 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 June 30 Six Months Ended June 30
                                                                    
                           2013          2012         2013         2012
Income Statement Data                                               
(Dollars in thousands,                                              
except share data)
Interest income:                                                    
Loans                       $ 13,740      $ 14,581     $ 27,166     $ 29,503
Investment securities       2,960         3,733        5,951        7,318
Other                       6             5            13           20
Total interest income       16,706        18,319       33,130       36,841
Interest expense:                                                   
Deposits                    722           1,385        1,510        3,129
Borrowings from the FHLB    244           269          497          528
Other                       330           342          656          689
Total interest expense      1,296         1,996        2,663        4,346
Net interest income         15,410        16,323       30,467       32,495
Provision for credit        1,037         2,360        2,016        5,803
losses
Net interest income after
provision for credit        14,373        13,963       28,451       26,692
losses
Noninterest income:                                                 
Retail banking              2,553         2,325        4,978        4,579
Mortgage banking services   487           553          1,045        1,116
Wealth management services  608           561          1,250        1,155
Gain on sale of investment  70            --           278          --
securities
Writedowns and gain (loss)
on sale of real estate      611           (2,976)      736          (3,984)
acquired in settlement of
loans, net
Bank-owned life insurance   330           378          790          845
Other                       167           168          547          298
Total noninterest income    4,826         1,009        9,624        4,009
Noninterest expense:                                                
Personnel                   7,508         7,226        15,335       14,287
Occupancy                   1,024         1,024        2,039        2,028
Furniture and equipment     852           885          1,670        1,663
Technology and data         1,053         1,015        2,039        2,035
processing
Legal and professional      755           690          1,428        1,361
FDIC insurance              432           441          885          882
Real estate acquired in     138           205          299          523
settlement of loans
Other                       2,412         2,253        4,624        4,561
Total noninterest expense   14,174        13,739       28,319       27,340
Income before income taxes  5,025         1,233        9,756        3,361
Income tax (benefit)        (6,601)       312          (6,601)      929
expense
Net income                  11,626        921          16,357       2,432
Dividends and accretion on  (679)         (729)        (1,408)      (1,459)
preferred stock
Net income available to     $ 10,947      $ 192        $ 14,949     $ 973
common shareholders
Net income per share -     $0.38         $0.01        $0.60        $0.06
basic
Net income per share -     $0.38         $0.01        $0.51        $0.06
diluted

                                                                         
                                                                         
FINANCIAL SUMMARY                                                        
                                                                         
                    2013                      2012
                    Second       First        Fourth       Third        Second
                    Quarter      Quarter      Quarter      Quarter      Quarter
Period-End Balance                                                       
Sheet
(Dollars in                                                              
thousands)
Assets                                                                   
Loans held for sale  $ 5,908      $ 2,439      $ 9,464      $ 7,074      $ 5,741
Loans held for       1,199,711    1,169,887    1,155,421    1,168,747    1,162,630
investment
Allowance for        (26,395)     (26,067)     (26,630)     (35,016)     (25,231)
credit losses
Net loans held for   1,173,316    1,143,820    1,128,791    1,133,731    1,137,399
investment
Investment           378,011      398,382      393,815      387,376      388,968
securities
Other earning        2,109        11,752       9,006        10,646       35,936
assets
Non-earning assets   170,751      155,686      167,631      175,082      180,392
Total Assets         $ 1,730,095  $ 1,712,079  $ 1,708,707  $ 1,713,909  $ 1,748,436
                                                                         
Liabilities and
Shareholders'                                                            
Equity
Noninterest-bearing  $ 225,089    $ 214,642    $ 206,023    $ 184,942    $ 192,066
deposits
Savings deposits     49,008       47,050       44,450       44,990       45,371
NOW accounts         425,129      425,307      424,720      429,792      431,390
Money market         345,482      324,864      323,326      350,189      374,217
accounts
Time deposits        320,759      341,091      333,974      379,823      406,153
Total deposits       1,365,467    1,352,954    1,332,493    1,389,736    1,449,197
Total borrowings     185,074      138,774      159,774      163,974      110,774
Other liabilities    18,856       20,393       20,426       20,834       18,914
Shareholders'        160,698      199,958      196,014      139,365      169,551
equity
Total Liabilities
and Shareholders'    $ 1,730,095  $ 1,712,079  $ 1,708,707  $ 1,713,909  $ 1,748,436
Equity
                                                                         
ASSET QUALITY DATA                                                       
                                                                         
(Dollars in                                                              
thousands)
Total nonperforming  $ 13,832     $ 19,414     $ 21,360     $ 27,694     $ 34,680
loans
Other real estate    4,508        4,781        5,355        10,465       24,491
owned
Total nonperforming  $ 18,340     $ 24,195     $ 26,715     $ 38,159     $ 59,171
assets
                                                                         
Loans identified as  $ 10,610     $ 15,772     $ 16,400     $ 22,644     $ 32,955
impaired
Other nonperforming  3,222        3,642        4,960        5,050        1,725
loans
Total nonperforming  13,832       19,414       21,360       27,694       34,680
loans
Performing           20,086       23,521       26,498       46,842       71,673
classified loans
Total classified     $ 33,918     $ 42,935     $ 47,858     $ 74,536     $ 106,353
loans
Other real estate    4,508        4,781        5,355        10,465       24,491
owned
Total classified     $ 38,426     $ 47,716     $ 53,213     $ 85,001     $ 130,844
assets
Classified          20.56%       26.59%       30.53%       48.10%       63.24%
percentage
Tier 1 capital       $ 186,892    $ 179,428    $ 174,320    $ 176,729    $ 206,901
(Bank) and reserves
                                                                         
Net chargeoffs       709          1,542        9,595        19,096       5,047
Allowance for        26,395       26,067       26,630       35,016       25,231
credit losses
Allowance for
credit losses to    2.20%        2.23%        2.30%        3.00%        2.17%
loans held for
investment
Nonperforming loans
to loans held for   1.15         1.66         1.85         2.37         2.98
investment
Nonperforming
assets to total     1.06         1.41         1.56         2.23         3.38
assets
Nonperforming loans 0.80         1.13         1.25         1.62         1.98
to total assets
Net chargeoff
percentage           0.24         0.54        3.26         6.52         1.73
(annualized)
Allowance for
credit losses to    190.83       134.27       124.67       126.44       72.75
nonperforming loans

                                                                                 
                                                                                 
INVESTMENT                                                                       
PORTFOLIO
                                                                                 
(Dollars in          As of June 30, 2013 
thousands)
                     Amortized   Gross       Gross       Estimated  Average     Average
                     Cost        Unrealized  Unrealized  Fair        Yield (%)  Duration
                                gain        loss        value                   (years)
US Agency*           $ 76,847    $ --        $ (2,736)   $ 74,111    2.08%       7.60
Agency mortgage      17,270      1,495       --          18,765      5.27        2.39
backed securities
Collateralized
mortgage             8,345       239         --          8,584       5.63        2.26
obligations
Commercial mortgage  39,786      1,114       (132)       40,768      3.33        3.70
backed securities
Covered bonds        49,918      3,052       (265)       52,705      3.49        3.35
Corporate bonds      145,750     3,406       (489)       148,667     3.52        3.84
Municipal            18,081      163         (309)       17,935      6.28**      7.55
obligations*
Federal Home Loan    8,272       --          --          8,272                   
Bank stock
Other                7,672       687         (155)       8,204                   
Total                $ 371,941   $ 10,156    $ (4,086)   $ 378,011   3.47**      4.63
                                                                                 
* Includes held-to-maturity securities carried at cost                                        
with no gains or losses shown in the table above
** Fully taxable                                                                 
equivalent basis
                                                                                 
                                                                                 
COMMON STOCK DATA                                                                
                                                                                 
                    2013                    2012                                 
                    Second      First       Fourth      Third       Second       
                    Quarter     Quarter     Quarter     Quarter     Quarter      
                                                                                 
Market value:                                                                    
End of period        $ 5.99      $ 5.89      $ 4.63      $ 4.84      $ 4.38      
High                 6.41        6.48        4.95        5.00        4.94        
Low                  5.55        4.50        3.92        3.74        3.88        
Book value           5.12        5.19        5.58        5.56        7.48        
Tangible book value  5.02        5.09        5.38        5.35        7.27        
Average shares       28,461,665  21,055,250  15,655,868  15,655,868  15,655,868  
outstanding
Average diluted      29,139,456  29,699,040  20,978,610  15,655,868  16,465,346  
shares outstanding
                                                                                 
                                                                                 
OTHER DATA                                                                       
                                                                                 
                    Three Months Ended June             Six Months Ended June    
                    30                                  30
                    2013        2012                    2013        2012         
                                                                                 
Tangible common      $ 142,987   $ 113,742               $ 142,987   $ 113,742   
equity
Return on average    2.74%       0.21%                   1.94%       0.28%       
assets
Return on average    25.15       2.20                    17.25       2.92        
equity
Net yield on         3.97        4.16                    3.94        4.15        
earning assets
Average loans to     69.37       67.44                   69.01       68.02       
assets
Average loans to     87.04       82.75                   87.21       83.06       
deposits
Average
noninterest-bearing  16.38       14.21                   16.03       13.56       
deposits to total
deposits
Average equity to    10.89       9.67                    11.23       9.62        
assets
Total capital as a
percentage of total  13.50       14.73                   13.50       14.73       
risk weighted
assets 
Tangible common
equity as a          8.28        6.52                    8.28        6.52        
percentage of
tangible assets
Tangible common
equity as a
percentage of total  10.44       8.33                    10.44       8.33        
risk weighted
assets

                                                                           
                                                                           
ANALYSIS OF YIELDS                                                         
AND RATES
                                                                           
                    Three Months Ended June 30,    Three Months Ended June 30,
                    2013                           2012
                    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     $ 1,180,844  $ 13,740 4.67%    $ 1,176,015  $ 14,581 4.99%
Investment           380,109      3,050    3.21%    398,541      3,825    3.84%
securities
Other earning        6,317        6        0.38%    12,033       5        0.17%
assets
 Total Earning       1,567,270    16,796   4.30%    1,586,589    18,411   4.67%
Assets
Non-Earning Assets   134,981                        157,153                
 Total Assets        $ 1,702,251  16,796            $ 1,743,742  18,411    
                                                                           
Interest-Bearing                                                           
Liabilities 
Deposits             $ 1,134,479  722      0.26%    $ 1,219,190  1,385    0.46%
Borrowings           141,839      574      1.62%    134,787      611      1.82%
 Total
Interest-Bearing     1,276,318    1,296    0.41%    1,353,977    1,996    0.59%
Liabilities 
Noninterest-bearing  222,243                        201,997                
deposits
Other liabilities    18,271                         19,154                 
Shareholders'        185,419                        168,614                
equity
Total Liabilities
and Shareholders'    $ 1,702,251  1,296             $ 1,743,742  1,996     
Equity
Net Interest                      $ 15,500                       $ 16,415  
Income 
Net Interest Margin                        3.97%                          4.16%
Interest Rate                              3.89%                          4.07%
Spread
                                                                           
                                                                           
                                                                           
                    Six Months Ended June 30, 2013 Six Months Ended June 30, 2012
                    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     $ 1,174,877  $ 27,166 4.66%    $ 1,183,528  $ 29,503 5.01%
Investment           384,304      6,141    3.20%    380,653      7,506    3.94%
securities
Other earning        9,143        13       0.29%    18,005       20       0.22%
assets
 Total Earning       1,568,324    33,320   4.28%    1,582,186    37,029   4.71%
Assets
Non-Earning Assets   134,112                        157,776                
 Total Assets        $ 1,702,436  33,320            $ 1,739,962  37,029    
                                                                           
Interest-Bearing                                                           
Liabilities 
Deposits             $ 1,131,317  1,510    0.27%    $ 1,231,711  3,129    0.51%
Borrowings           144,689      1,153    1.61%    127,798      1,217    1.92%
 Total
Interest-Bearing     1,276,006    2,663    0.42%    1,359,509    4,346    0.64%
Liabilities 
Noninterest-bearing  215,918                        193,172                
deposits
Other liabilities    19,307                         19,841                 
Shareholders'        191,205                        167,440                
equity
Total Liabilities
and Shareholders'    $ 1,702,436  2,663             $ 1,739,962  4,346     
Equity
Net Interest                      $ 30,657                       $ 32,683  
Income 
Net Interest Margin                        3.94%                          4.15%
Interest Rate                              3.86%                          4.06%
Spread

CONTACT: Ramsey Hamadi, SEVP and Chief Financial Officer
         336-369-0900
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