NewBridge Bancorp (NBBC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Newbridge Bancorp has a market cap of $75.7 million; its shares were traded at around $4.83 with and P/S ratio of 0.7. NBBC is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc.
In the first quarter of 2010, noninterest income decreased to $3.4 million, from $4.0 million during the same period in 2009. Service charge income decreased 10.1% to $1.9 million in the first quarter of 2010 from $2.1 million in the first quarter of 2009. Bankcard income decreased to $183,000 in the first quarter of 2010 from $561,000 in the first quarter of 2009, as a result of the Companys sale of its merchant services portfolio in the third quarter of 2009.
In the first quarter of 2010, noninterest expense increased to $16.5 million from $16.0 million in the first quarter of 2009. Personnel expense increased to $7.8 million in the first quarter of 2010 from $7.5 million in the first quarter of 2009, primarily as a result of the addition of the employees of Bradford Mortgage Company. Real estate acquired in settlement of loans (OREO) writedowns increased from $45,000 in the first quarter of 2009 to $917,000 in the first quarter of 2010. This increase was partially offset by a decrease in bankcard expense as a result of the Companys sale of its merchant services portfolio described above, as well as decreases in automated services expense, legal and professional fees, postage, and stationary expenses, achieved as a result of the Companys implementation of a disciplined cost management culture.
At March 31, 2010, the allowance for credit losses was $35.5 million or 2.48% of loans outstanding compared to $35.8 million or 2.45% of loans outstanding at December 31, 2009, and $41.0 million or 2.60% of loans outstanding at March 31, 2009. At March 31, 2010, the allowance for credit losses was 62.64% of nonperforming loans compared to 61.56% at December 31, 2009 and 68.23% at March 31, 2009. The allowance for credit losses as a percentage of non-performing loans, net of non-performing loans for which the full anticipated loss has been charged off was 108.38% at March 31, 2010, compared to 104.52% at December 31, 2009 and 68.23% at March 31, 2009. Based on analysis of the current loan portfolio and levels of current problem assets and potential problem loans, management believes the allowance for credit losses to be adequate. Additional information regarding the allowance for credit losses is presented in the table headed Asset Quality Analysis, on the following page.
Nonperforming loans totaled $56.7 million at March 31, 2010, compared to $58.2 million at December 31, 2009 and $60.1 million at March 31, 2009. The decrease from the 2009 year end and from the prior year is primarily driven by decreases in non-accrual loans and, to a lesser extent, restructured loans. OREO was $29.3 million at March 31, 2010, $27.3 million at December 31, 2009, and $12.3 million at March 31, 2009. Restructured loans still accruing interest totaled $2.3 million at March 31, 2010, $1.4 million at December 31, 2009, and $3.9 million at March 31, 2009. Approximately $5.9 million was transferred from loans into OREO and approximately $3.9 million of such assets were disposed of during the first three months of 2010. A net loss of $525,000 has been recorded on disposition of OREO in the current year, compared to a net loss of $227,000 in the first quarter of 2009. The Company recorded $917,000 of writedowns of OREO during the first three months of 2010, compared to writedowns of $45,000 in the first quarter of 2009. Nonperforming assets (comprised of nonaccrual loans, restructured loans and OREO) totaled $86.0 million, or 4.40% of total assets, at March 31, 2010, compared to $85.6 million, or 4.40% of total assets, at December 31, 2009 and $72.5 million, or 3.39% of total assets, a year ago.
The provision for credit losses charged to operations for the three months ended March 31, 2010 totaled $3.7 million, compared to $8.5 million for the three months ended March 31, 2009. Net charge-offs for the three months ended March 31, 2010 were $4.0 million, or 1.13% of average loans outstanding on an annualized basis, compared to net charge-offs of $3.3 million, or 0.82% of average loans outstanding on an annualized basis, for the three months ended March 31, 2009.
Read the The complete Report
Newbridge Bancorp has a market cap of $75.7 million; its shares were traded at around $4.83 with and P/S ratio of 0.7. NBBC is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc.
Highlight of Business Operations:
Net interest income for the first quarter of 2010, on a taxable equivalent basis, was $17.7 million, an increase of $3.3 million or 22.8%, from $14.5 million for the first quarter of 2009. This was primarily due to an increase in net interest margin. Average earning assets in the first quarter of 2010 decreased $145.9 million, or 7.4%, to $1.81 billion, compared to $1.96 billion in the first quarter of 2009. Average interest-bearing liabilities for the first quarter of 2010 decreased $152.2 million, or 8.6%, to $1.61 billion, compared to $1.76 billion for the first quarter of 2009.In the first quarter of 2010, noninterest income decreased to $3.4 million, from $4.0 million during the same period in 2009. Service charge income decreased 10.1% to $1.9 million in the first quarter of 2010 from $2.1 million in the first quarter of 2009. Bankcard income decreased to $183,000 in the first quarter of 2010 from $561,000 in the first quarter of 2009, as a result of the Companys sale of its merchant services portfolio in the third quarter of 2009.
In the first quarter of 2010, noninterest expense increased to $16.5 million from $16.0 million in the first quarter of 2009. Personnel expense increased to $7.8 million in the first quarter of 2010 from $7.5 million in the first quarter of 2009, primarily as a result of the addition of the employees of Bradford Mortgage Company. Real estate acquired in settlement of loans (OREO) writedowns increased from $45,000 in the first quarter of 2009 to $917,000 in the first quarter of 2010. This increase was partially offset by a decrease in bankcard expense as a result of the Companys sale of its merchant services portfolio described above, as well as decreases in automated services expense, legal and professional fees, postage, and stationary expenses, achieved as a result of the Companys implementation of a disciplined cost management culture.
At March 31, 2010, the allowance for credit losses was $35.5 million or 2.48% of loans outstanding compared to $35.8 million or 2.45% of loans outstanding at December 31, 2009, and $41.0 million or 2.60% of loans outstanding at March 31, 2009. At March 31, 2010, the allowance for credit losses was 62.64% of nonperforming loans compared to 61.56% at December 31, 2009 and 68.23% at March 31, 2009. The allowance for credit losses as a percentage of non-performing loans, net of non-performing loans for which the full anticipated loss has been charged off was 108.38% at March 31, 2010, compared to 104.52% at December 31, 2009 and 68.23% at March 31, 2009. Based on analysis of the current loan portfolio and levels of current problem assets and potential problem loans, management believes the allowance for credit losses to be adequate. Additional information regarding the allowance for credit losses is presented in the table headed Asset Quality Analysis, on the following page.
Nonperforming loans totaled $56.7 million at March 31, 2010, compared to $58.2 million at December 31, 2009 and $60.1 million at March 31, 2009. The decrease from the 2009 year end and from the prior year is primarily driven by decreases in non-accrual loans and, to a lesser extent, restructured loans. OREO was $29.3 million at March 31, 2010, $27.3 million at December 31, 2009, and $12.3 million at March 31, 2009. Restructured loans still accruing interest totaled $2.3 million at March 31, 2010, $1.4 million at December 31, 2009, and $3.9 million at March 31, 2009. Approximately $5.9 million was transferred from loans into OREO and approximately $3.9 million of such assets were disposed of during the first three months of 2010. A net loss of $525,000 has been recorded on disposition of OREO in the current year, compared to a net loss of $227,000 in the first quarter of 2009. The Company recorded $917,000 of writedowns of OREO during the first three months of 2010, compared to writedowns of $45,000 in the first quarter of 2009. Nonperforming assets (comprised of nonaccrual loans, restructured loans and OREO) totaled $86.0 million, or 4.40% of total assets, at March 31, 2010, compared to $85.6 million, or 4.40% of total assets, at December 31, 2009 and $72.5 million, or 3.39% of total assets, a year ago.
The provision for credit losses charged to operations for the three months ended March 31, 2010 totaled $3.7 million, compared to $8.5 million for the three months ended March 31, 2009. Net charge-offs for the three months ended March 31, 2010 were $4.0 million, or 1.13% of average loans outstanding on an annualized basis, compared to net charge-offs of $3.3 million, or 0.82% of average loans outstanding on an annualized basis, for the three months ended March 31, 2009.
Read the The complete Report
