GuruFocus Premium Membership

Serving Intelligent Investors since 2004. Only 96 cents a day.

Free Trial

Free 7-day Trial
All Articles and Columns »

NewBridge Bancorp Reports Operating Results (10-Q)

August 11, 2010 | About:
insider

10qk

18 followers
NewBridge Bancorp (NBBC) filed Quarterly Report for the period ended 2010-06-30.

Newbridge Bancorp has a market cap of $58.4 million; its shares were traded at around $3.73 with and P/S ratio of 0.5. NBBC is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc.

Highlight of Business Operations:

Net interest income for the second quarter of 2010, on a taxable equivalent basis, was $17.9 million, an increase of $3.5 million or 24.4%, from $14.4 million for the second quarter of 2009. This was primarily due to an increase in net interest margin. Average earning assets in the second quarter of 2010 decreased $169.5 million, or 8.6%, to $1.81 billion, compared to $1.98 billion in the second quarter of 2009. Average interest-bearing liabilities for the second quarter of 2010 decreased $157.7 million, or 9.0%, to $1.59 billion, compared to $1.75 billion for the second quarter of 2009.

In the second quarter of 2010, noninterest income decreased to $4.3 million, from $4.7 million during the same period in 2009. Service charge income decreased 10.3% to $1.9 million in the second quarter of 2010 from $2.2 million in the second quarter of 2009. Bankcard income decreased to $173,000 in the second quarter of 2010 from $630,000 in the second quarter of 2009, as a result of the Companys sale of its merchant services portfolio in the third quarter of 2009.

In the second quarter of 2010, noninterest expense decreased to $15.8 million from $18.1 million in the second quarter of 2009. Insurance premiums to the Federal Deposit Insurance Corporation (the FDIC) were $900,000 in the second quarter of 2010, compared to $2.1 million in the second quarter of 2009, which included a special one-time assessment of $970,000. In addition, bankcard expense decreased as a result of the Companys sale of its merchant services portfolio described above, and the Company also reduced costs in the areas of personnel, furniture and equipment, occupancy and technology expense as a result of the closing of seven offices during the first half of 2010.

Net interest income for the first six months of 2010, on a taxable equivalent basis, was $35.6 million, an increase of $6.8 million or 23.6%, from $28.8 million for the first six months of 2009. This was primarily due to an improvement in net interest margin. The taxable-equivalent net interest margin for the first six months of 2010 increased to 3.96%, compared to 2.94% for the same period in 2009, an increase of 102 basis points. In the first six months of 2010, the average yield on earning assets increased by six basis points from the first six months of 2009, while the average rate on interest-bearing liabilities decreased by 109 basis points during the same time period. This resulted in an increase in the interest rate spread in the first six months of 2010 of 115 basis points compared to the first six months of 2009.

Average earning assets in the first six months of 2010 decreased $166.8 million, or 8.4%, to $1.81 billion, compared to $1.98 billion in the first six months of 2009. Average interest-bearing liabilities for the first six months of 2010 decreased $154.9 million, or 8.8%, to $1.60 billion, from $1.76 billion for the first six months of 2009. The following table provides an analysis of average volumes, yields and rates and net interest income on a tax-equivalent basis for the six months ended June 30, 2010 and 2009.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 4.5/5 (2 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK