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NewBridge Reports Increased Earnings



NewBridge Reports Increased Earnings

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.

Third Quarter 2013 Highlights

  * Net income available to common shareholders for the quarter ended
    September 30, 2013 was $2.8 million, an increase of $36.0 million compared
    to the same period a year ago.

    * Pre-tax net income (excluding security gains) totaled $5.4 million for
      the quarter, continuing an increasing trend from $4.5 million in the
      first quarter and $5.0 million in the second quarter of the year.

    * Net interest income increased $118,000 for the quarter but declined $1.9
      million for the year.

    * Provision for credit losses totaled $33,000 for the quarter and $2.0
      million for the year, a decline of 94.1% from the prior year.

    * Noninterest income increased $312,000, or 7.5%, for the quarter and $1.2
      million, or 9.9%, for the year.

    * Other real estate owned ("OREO") expense totaled $152,000 for the
      quarter and a gain of $285,000 for the year, compared to an expense of
      $15.6 million the prior year.

    * Noninterest expense (excluding OREO related expense) declined $1.8
      million, or 11.2%, for the quarter and $604,000, or 1.4%, for the year.

  * Asset quality continued to improve.

    * Nonperforming assets declined $12.5 million, or 46.7%, from December 31,
      2012.

    * Nonperforming assets to total assets declined to 0.79% from 1.56% at
      December 31, 2012.

    * Allowance for credit losses increased to 220.0% of nonperforming loans
      from 124.7% at December 31, 2012.

  * Core retained loans increased 15.5% on an annualized basis compared to
    December 31, 2012.

    * Core retained loans (loans held for investment less classified loans)
      increased $69.9 million for the quarter, or 23.8% annualized.

    * The Charlotte and Raleigh operations continued to provide lift to loan
      production.

  * Net interest margin declined 12 basis points to 3.90% for the quarter
    compared to the same period a year ago. 

    * Noninterest-bearing deposits increased $16.2 million for the quarter and
      $35.2 million for the year, an annualized growth rate of 22.9% for the
      year.

    * Interest-bearing deposit costs declined to 0.25% for the quarter, down
      10 basis points compared to the same period a year ago. 

    * Loan yields declined 29 basis points to 4.52% for the quarter compared
      to the same period a year ago. 

  * Third quarter capital levels remained high.

    * Leverage capital was 9.47% at September 30, 2013 and 9.51% at June 30,
      2013.

    * Tier 1 risk-based capital was 11.82% at September 30, 2013 and 11.59% at
      June 30, 2013.

    * Total capital was 13.09% at September 30, 2013 and 12.87% at June 30,
      2013. 

  * On October 1, 2013, the Company announced completion of its acquisition of
    Security Savings Bank.

Net Interest Income

Net interest income increased $118,000 to $15.8 million for the quarter ending
September 30, 2013 compared to the quarter ending September 30, 2012. For the
nine-month period, net interest income declined $1.9 million to $46.3 million
compared to the nine-month period ended September 30, 2012. The reduction for
the year to date period was due primarily to compression of the net interest
margin, which declined 18 basis points to 3.93% for the nine-month period
compared to the prior year. For the three-month period, the net interest
margin declined 12 basis points to 3.90%, but this was more than offset by an
increase in average loans outstanding. Liability costs fell 10 basis points in
the three month comparisons; however, earning asset yields fell 21 basis
points.  The Bank's loan portfolio experienced the greatest decline. Loan
yields were 4.52% for the 2013 third quarter, a reduction of 29 basis points
compared to the same period a year ago, due to the sustained low interest rate
environment. The net interest margin decreased 7 basis points from 3.97% in
the 2013 second quarter to 3.90% for the 2013 third quarter due to a lower
yield on new and renewed loans in the loan portfolio.

Noninterest Income

Noninterest income totaled $4.5 million during the third quarter, a $312,000
improvement over the prior year's third quarter. The most recent quarter
benefited from $458,000 in gains on sales of securities. The Company's largest
source of fee income is retail banking revenue, which is up 13.3% for the
quarter and 10.2% for the year; however, the Company's mortgage banking
revenue has declined substantially as a large portion of our mortgage banking
business consists of refinancings and was down $430,000 for the quarter. The
Company's trust and wealth management services improved 5.7% for the quarter
and 7.3% for the year as the division continues to increase assets under
management to $215.5 million at September 30, 2013 from $190.4 million at
September 30, 2012.

Noninterest Expense & Taxes

Noninterest expense totaled $14.4 million for the third quarter and $42.0
million for the nine-month period. Compared to the prior year, noninterest
expense decreased $16.5 million due primarily to lower OREO related losses and
expense. Excluding the impact of OREO related expense, noninterest expense for
the year to date was down $604,000. In the prior year third quarter, the
Company recorded $1.9 million of one-time occupancy and other noninterest
expense. Personnel expense for the quarter and year were up $539,000 and $1.6
million, respectively. The increases in personnel expense were due primarily
to the hiring of commercial lenders in the Raleigh and Charlotte markets and
the addition of key lending personnel in the Piedmont Triad market. In the
2013 second quarter, the Company benefited from the reversal of $6.6 million
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 its asset disposition plan in 2012. In
addition, in the third quarter 2013, the state of North Carolina reduced its
corporate income tax rates, and, as a result, the Company expensed $740,000 to
adjust the value of its deferred tax assets.

Balance Sheet

Total assets increased $72.2 million for the quarter and $93.6 million for the
year to $1.80 billion at September 30, 2013. Loans held for investment
increased $66.7 million, or 5.6%. For the year, loans held for investment
increased $110.9 million, or 9.6%. For the quarter, total deposits increased
$46.5 million to $1.41 billion. Noninterest-bearing deposits increased $16.2
million, or 7.2%, for the quarter and $35.2 million, or 17.1%, for the
year. Core deposits, excluding time deposits, totaled 73.5% of total deposits
at September 30, 2013. Tangible common equity increased $2.3 million for the
quarter and $61.0 million for the year. This change in equity was due
primarily to $17.6 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 $6.0 million decline in accumulated other
comprehensive income for the year.  The Company has decided to eliminate tax
planning strategies from the calculation of the disallowed deferred tax asset
used in determining the regulatory capital levels of the Company and the Bank.
 The Company has revised its methodology accordingly, and prior period capital
percentages have been revised.

Asset Quality

In the third quarter of 2013, asset quality continued to
improve. Nonperforming assets as a percentage of total assets declined to
0.79% from 1.56% at December 31, 2012. Nonperforming loans totaled $11.5
million, and OREO totaled $2.7 million at September 30, 2013. The allowance
for credit losses was $25.4 million at September 30, 2013, or 220.0% 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 $33.3 million, or 18.3% of the Bank's total
capital, at September 30, 2013. Classified assets totaled 30.5% of the Bank's
total capital at December 31, 2012.

Outlook

We anticipate continued robust loan growth in the remainder of 2013 and into
2014. We believe that the Company's prior four quarters are indicators of our
future core earnings potential. We also believe our acquisition of Security
Savings Bank will increase the Company's net income, and Security Savings
former operations are anticipated to represent approximately 10% of next
year's earnings. 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. The yield on new and renewed loans has
averaged 4.09% for the year to date period and is increasingly variable in
nature. We intend to meet these challenges by continuing to grow 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. 

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."

As one of the largest community banks in North Carolina, 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.  Upon the closing of the
Security Savings Bank acquisition, NewBridge Bank has assets of approximately
$2.0 billion and 36 branches and several loan production offices 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                     Nine Months Ended                    
                    September 30                           September 30
                                                                                                
                    2013         2012                      2013         2012                    
Income Statement                                                                                
Data
(Dollars in
thousands, except                                                                               
share data)
Interest income:                                                                                
Loans                $ 13,969     $ 14,084                  $ 41,135     $ 43,587               
Investment           3,171        3,247                     9,122        10,565                 
securities
Other                2            10                        15           30                     
Total interest       17,142       17,341                    50,272       54,182                 
income
Interest expense:                                                                               
Deposits             737          1,088                     2,247        4,217                  
Borrowings from the  271          232                       768          760                    
FHLB
Other                338          343                       994          1,032                  
Total interest       1,346        1,663                     4,009        6,009                  
expense
Net interest income  15,796       15,678                    46,263       48,173                 
Provision for        33           28,881                    2,049        34,684                 
credit losses
Net interest income
after provision for  15,763       (13,203)                  44,214       13,489                 
credit losses
Noninterest income:                                                                             
Retail banking       2,614        2,308                     7,592        6,888                  
Mortgage banking     302          732                       1,347        1,848                  
services
Wealth management    682          645                       1,932        1,800                  
services
Gain on sale of
investment           458          3                         736          3                      
securities
Bank-owned life      317          326                       1,107        1,171                  
insurance
Other                124          171                       671          468                    
Total noninterest    4,497        4,185                     13,385       12,178                 
income
Noninterest                                                                                     
expense:
Personnel            8,052        7,513                     23,387       21,800                 
Occupancy            1,034        2,155                     3,073        4,183                  
Furniture and        840          832                       2,510        2,495                  
equipment
Technology and data  1,032        1,039                     3,071        3,074                  
processing
Legal and            603          858                       2,031        2,219                  
professional
FDIC insurance       444          444                       1,329        1,326                  
Real estate
acquired in          152          11,066                    (285)        15,573                 
settlement of loans
Other                2,254        3,225                     6,878        7,786                  
Total noninterest    14,411       27,132                    41,994       58,456                 
expense
Income before        5,849        (36,150)                  15,605       (32,789)               
income taxes
Income tax           2,861        (3,700)                   (3,740)      (2,771)                
(benefit) expense
Net income           2,988        (32,450)                  19,345       (30,018)               
Dividends and
accretion on         (208)        (729)                     (1,616)      (2,188)                
preferred stock
Net income
available to common  $ 2,780      $ (33,179)                $ 17,729     $ (32,206)             
shareholders
Net income per      $0.10        ($2.12)                   $0.68        ($2.06)                 
share - basic
Net income per      $0.10        ($2.12)                   $0.61        ($2.06)                 
share - diluted
                                                                                                
FINANCIAL SUMMARY                                                                               
                                                                                                
                    2013                                   2012                                 
                    Third        Second       First        Fourth       Third                   
                    Quarter      Quarter      Quarter      Quarter      Quarter                 
Period-End Balance                                                                              
Sheet
(Dollars in                                                                                     
thousands)
Assets                                                                                          
Loans held for sale  $ 3,744      $ 5,908      $ 2,439      $ 9,464      $ 7,074                
Loans held for       1,266,361    1,199,711    1,169,887    1,155,421    1,168,747              
investment
Allowance for       (25,385)      (26,395)     (26,067)     (26,630)     (35,016)               
credit losses
Net loans held for   1,240,976    1,173,316    1,143,820    1,128,791    1,133,731              
investment
Investment           357,537      378,011      398,382      393,815      387,376                
securities
Other earning        24,583       2,109        11,752       9,006        10,646                 
assets
Non-earning assets   175,502      170,751      155,686      167,631      175,082                
Total Assets         $ 1,802,342  $ 1,730,095  $ 1,712,079  $ 1,708,707  $ 1,713,909            
                                                                                                
Liabilities and
Shareholders'                                                                                   
Equity
Noninterest-bearing  $ 241,246    $ 225,089    $ 214,642    $ 206,023    $ 184,942              
deposits
Savings deposits     48,794       49,008       47,050       44,450       44,990                 
NOW accounts         413,268      425,129      425,307      424,720      429,792                
Money market         334,091      345,482      324,864      323,326      350,189                
accounts
Time deposits       374,611       320,759      341,091      333,974      379,823                
Total deposits       1,412,010    1,365,467    1,352,954    1,332,493    1,389,736              
Total borrowings     209,474      185,074      138,774      159,774      163,974                
Other liabilities    18,012       18,856       20,393       20,426       20,834                 
Shareholders'        162,846      160,698      199,958      196,014      139,365                
equity
Total Liabilities
and Shareholders'    $ 1,802,342  $ 1,730,095  $ 1,712,079  $ 1,708,707  $ 1,713,909            
Equity
                                                                                                
ASSET QUALITY DATA                                                                              
                                                                                                
(Dollars in                                                                                     
thousands)
Total nonperforming  $ 11,537     $ 13,832     $ 19,414     $ 21,360     $ 27,694               
loans
Other real estate    2,695        4,508        4,781        5,355        10,465                 
owned
Total nonperforming  $ 14,232     $ 18,340     $ 24,195     $ 26,715     $ 38,159               
assets
                                                                                                
Loans identified as  $ 9,607      $ 10,610     $ 15,772     $ 16,400     $ 22,644               
impaired
Other nonperforming  1,930        3,222        3,642        4,960        5,050                  
loans
Total nonperforming  11,537       13,832       19,414       21,360       27,694                 
loans
Performing           19,086       20,086       23,521       26,498       46,842                 
classified loans
Total classified     $ 30,623     $ 33,918     $ 42,935     $ 47,858     $ 74,536               
loans
Other real estate    2,695        4,508        4,781        5,355        10,465                 
owned
Total classified     $ 33,318     $ 38,426     $ 47,716     $ 53,213     $ 85,001               
assets
Classified          18.25%       20.56%       26.59%       30.53%       48.10%                  
percentage
Tier 1 capital       $ 182,549    $ 186,892    $ 179,428    $ 174,320    $ 176,729              
(Bank) and reserves
                                                                                                
Net chargeoffs       1,043        709          1,542        9,595        19,096                 
Allowance for        25,385       26,395       26,067       26,630       35,016                 
credit losses
Allowance for
credit losses to    2.00%        2.20%        2.23%        2.30%        3.00%                   
loans held for
investment
Nonperforming loans
to loans held for   0.91         1.15         1.66         1.85         2.37                    
investment
Nonperforming
assets to total     0.79         1.06         1.41         1.56         2.23                    
assets
Nonperforming loans 0.64         0.80         1.13         1.25         1.62                    
to total assets
Net chargeoff
percentage           0.34         0.24         0.54        3.26         6.52                    
(annualized)
Allowance for
credit losses to    220.03       190.83       134.27       124.67       126.44                  
nonperforming loans
                                                                                                
INVESTMENT                                                                                      
PORTFOLIO
                                                                                                
(Dollars in         As of September 30, 2013                                                    
thousands)
                                   Gross       Gross        Estimated                Average    
                    Amortized    Unrealized   Unrealized   Fair         Average      Duration   
                     Cost         gain          loss         value       Yield (%)    (years)   
US Agency*           $ 76,856     $ --         $ (3,621)    $ 73,235     2.08%        7.53      
Agency mortgage      34,650       1,392        --           36,042       3.79         4.74      
backed securities*
Collateralized
mortgage             7,248        175          (7)          7,416        5.67         1.62      
obligations
Commercial mortgage  38,597       1,256        (49)         39,804       3.32         3.54      
backed securities
Covered bonds        49,928       3,101        (210)        52,819       3.49         3.13      
Corporate bonds*     110,771      3,685        (862)        113,594      3.98         4.61      
Municipal            17,446       142          (348)        17,240       6.49**       7.58      
obligations*
Federal Home Loan    9,370        --           --           9,370                               
Bank stock
Other                7,672        759          (414)        8,017                               
Total                $ 352,538    $ 10,510     $ (5,511)    $ 357,537    3.55**       5.05      
                                                                                                
* 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                                 
                    Third        Second       First        Fourth       Third                   
                    Quarter      Quarter      Quarter      Quarter      Quarter                 
                                                                                                
Market value:                                                                                   
End of period        $ 7.29       $ 5.99       $ 5.89       $ 4.63       $ 4.84                 
High                 9.17         6.41         6.48         4.95         5.00                   
Low                  5.96         5.55         4.50         3.92         3.74                   
Book value           5.19         5.12         5.19         5.58         5.56                   
Tangible book value  5.10         5.02         5.09         5.38         5.35                   
Average shares       28,478,316   28,461,665   21,055,250   15,655,868   15,655,868             
outstanding
Average diluted      28,572,565   29,139,456   29,699,040   20,978,610   15,655,868             
shares outstanding
                                                                                                
OTHER DATA                                                                                      
                                                                                                
                    Three Months Ended                     Nine Months Ended                    
                    September 30                           September 30
                                                                                                
                    2013         2012                      2013         2012                    
                                                                                                
Tangible common      $ 145,311    $ 83,737                  $ 145,311    $ 83,737               
equity
Return on average    0.67%        (7.53)%                   1.50%        (2.32)%                
assets
Return on average    7.36         (75.72)                   14.29        (23.80)                
equity
Net yield on         3.90         4.02                      3.93         4.11                   
earning assets
Average loans to     69.73        67.95                     69.26        68.00                  
assets
Average loans to     88.21        82.25                     87.55        82.79                  
deposits
Average
noninterest-bearing  16.54        13.41                     16.20        13.51                  
deposits to total
deposits
Average equity to    9.15         9.94                      10.52        9.73                   
assets
Tangible common
equity as a          8.07         4.90                      8.07         4.90                   
percentage of
tangible assets
Tangible common
equity as a
percentage of total  10.51        6.28                      10.51        6.28                   
risk weighted
assets
                                                                                                
ANALYSIS OF YIELDS                                                                              
AND RATES
                                                                                                
                    Three Months Ended September 30, 2013               Three Months Ended September
                                                                        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     $ 1,226,469  $ 13,969    4.52%                      $ 1,165,080  $ 14,084 4.81%
Investment           388,108      3,269       3.37%                      385,750      3,340    3.46%
securities
Other earning        2,213        2           0.36%                      10,430       10       0.38%
assets
Total Earning        1,616,790    17,240      4.23%                      1,561,260    17,434   4.44%
Assets
 Non-Earning Assets  142,147                                             153,353                
Total Assets         $ 1,758,937  17,240                                 $ 1,714,613  17,434    
                                                                                                
Interest-Bearing                                                                                
Liabilities 
Deposits             $ 1,160,483  737         0.25%                      $ 1,226,510  1,088    0.35%
Borrowings           187,837      609         1.29%                      109,185      575      2.10%
Total
Interest-Bearing     1,348,320    1,346       0.40%                      1,335,695    1,663    0.50%
Liabilities 
Noninterest-bearing  229,972                                             189,979                
deposits
Other liabilities    19,644                                              18,442                 
Shareholders'        161,001                                             170,497                
equity
Total Liabilities                                                                               
and
Shareholders'        $ 1,758,937  1,346                                  $ 1,714,613  1,663     
Equity
Net Interest                      $ 15,894                                            $ 15,771  
Income 
Net Interest Margin                           3.90%                                            4.02%
Interest Rate                                 3.83%                                            3.94%
Spread
                                                                                                
                    Nine Months Ended September 30, 2013                Nine Months Ended September
                                                                        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     $ 1,192,263  $ 41,135    4.61%                      $ 1,177,334  $ 43,587 4.95%
Investment           385,586      9,409       3.25%                      382,365      10,846   3.78%
securities
Other earning        6,807        15          0.29%                      15,462       30       0.26%
assets
Total Earning        1,584,656    50,559      4.27%                      1,575,161    54,463   4.62%
Assets
 Non-Earning Assets  136,820                                             156,290                
 Total Assets        $ 1,721,476  50,559                                 $ 1,731,451  54,463    
                                                                                                
Interest-Bearing                                                                                
Liabilities 
Deposits             $ 1,141,146  2,247       0.26%                      $ 1,229,965  4,217    0.46%
Borrowings           159,230      1,762       1.48%                      121,548      1,792    1.97%
Total
Interest-Bearing     1,300,376    4,009       0.41%                      1,351,513    6,009    0.59%
Liabilities 
Noninterest-bearing  220,654                                             192,100                
deposits
Other liabilities    19,420                                              19,372                 
Shareholders'        181,026                                             168,466                
equity
Total Liabilities                                                                               
and
Shareholders'        $ 1,721,476  4,009                                  $ 1,731,451  6,009     
Equity
Net Interest                      $ 46,550                                            $ 48,454  
Income 
Net Interest Margin                           3.93%                                            4.11%
Interest Rate                                 3.86%                                            4.03%
Spread
                                                                                                
RISK BASED CAPITAL                                                                              
PERCENTAGES
                                                                                                
                    September 30, 2013        June 30, 2013 Revised*    June 30, 2013 As        
                                                                        Reported
                    Company      Bank         Company      Bank         Company      Bank       
                                                                                                
Total Capital       13.09%       12.65%       12.87%       12.40%       13.47%       12.97%     
Tier 1 Capital      11.82%       11.38%       11.59%       11.12%       12.19%       11.69%     
Leverage Capital    9.47%        9.11%        9.51%        9.12%        10.01%       9.60%      
                                                                                                
* Second quarter capital percentages were amended to eliminate tax planning strategies from     
the Company's regulatory risk based capital percentages

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