NewBridge Bancorp (Nasdaq: NBBC) Announces Fourth Quarter 2015 Results

Jan 28, 2016, 16:15 ET from NewBridge Bancorp

GREENSBORO, N.C., Jan. 28, 2016 /PRNewswire/ -- 

Fourth Quarter and Year-to-Date 2015 Highlights

  • Net income totaled $3.4 million, or $0.09 per share, for the quarter and $18.8 million, or $0.48 per share, for the year
  • Core (non-GAAP) earnings totaled $5.2 million, or $0.13 per share, for the quarter and $22.2 million, or $0.57 per share, for the year
  • Noninterest bearing deposits increased $23.9 million, or 6.3%, for the quarter
  • Total loans held for investment increased $63.5 million for the quarter, or 12.5% annualized
  • Acquisition related expenses totaled $2.1 million for the quarter and $4.6 million for the year
  • Other expense was elevated for the quarter due to accruals related to legal matters and the re-issuance of customer debit and credit cards with fraud protection chips
  • Nonperforming assets were 0.28% of total assets
  • A shareholders' meeting is scheduled for February 23, 2016 to vote on the proposed merger with Yadkin Financial Corporation ("Yadkin")

NewBridge Bancorp (the "Company") today reported earnings for the three month period ended December 31, 2015.  Net income available to common shareholders totaled $3.4 million, or $0.09 per diluted share, compared to $4.3 million, or $0.11 per diluted share, for the quarter ended December 31, 2014.  For the twelve months ended December 31, 2015, net income available to common shareholders totaled $18.8 million, or $0.48 per diluted share.  After-tax merger costs and a one-time tax expense related to the change in the State of North Carolina's tax rate combined to lower net income by $3.5 million for the year.  Per share data for 2015 are impacted by the issuance of 1.735 million shares in the Premier Commercial Bank ("Premier") acquisition.

Pressley A. Ridgill, President and CEO, commented:  "We look forward to meeting with our shareholders in February to seek their approval to merge NewBridge Bancorp with Yadkin Financial Corporation.  Our loan and core deposit growth trends from key markets in North Carolina will integrate well into the combined entity, and the combined revenues and efficiencies garnered through the merger will benefit both companies' shareholders." 

"Core operating net income totaled $5.2 million, or $0.13 per share, for the quarter and $22.2 million, or $0.57 per share, for the year.  Core earnings for the quarter would have been $0.14 per share except the Company recorded additional pre-tax expense of $395,000 to reissue debit and credit cards with imbedded fraud protection chips to all existing customers and $245,000 for legal matters."

Net Interest Income

Net interest income was $22.8 million for the fourth quarter of 2015, compared with $21.3 million for the quarter ended December 31, 2014 and $22.9 million for the quarter ended September 30, 2015.  The increase year over year was primarily due to loan growth and also reflected the effect of the Premier acquisition in the first quarter of 2015.  Total average interest-earning assets increased to $2.58 billion at December 31, 2015 from $2.30 billion at December 31, 2014.

For the fourth quarter of 2015, the net interest margin was 3.52%, compared with 3.69% for the fourth quarter of 2014 and 3.55% for the third quarter of 2015.  The decline in the net interest margin reflected the continuing pressure due to the low-interest rate environment and intense pricing competition for quality lending business.  Also, cost of wholesale funding increased in anticipation of a rise in Fed funds resulting in increased cost of liabilities without the related rate increase from variable rate assets, which moved primarily on news of the actual rate increase at the end of the quarter.  The cost of interest-bearing liabilities was 0.45% for the fourth quarter of 2015, up from 0.44% for the third quarter of 2015 and 0.40% for the fourth quarter of 2014. 

Noninterest Income

Total noninterest income for the fourth quarter of 2015 was $4.1 million, stable from the fourth quarter of 2014.  Mortgage banking revenue increased substantially to $422,000, up 94.5% from $217,000 a year earlier, and reflected strong growth in mortgage loan production.  Retail banking income decreased 6.2% to $2.4 million in the fourth quarter of 2015 from $2.5 million in the fourth quarter of 2014, but increased from $2.3 million in the third quarter of 2015.

Noninterest Expense

Total noninterest expense increased 13.1% to $21.0 million.  In the fourth quarter of 2015, noninterest expense included $2.1 million in acquisition related expenses primarily for the Yadkin merger; whereas in the fourth quarter of 2014 acquisition related expenses primarily for Premier were only $171,000.  Noninterest expense excluding acquisition related expenses increased 2.9% to $19.0 million from $18.4 million, which is reflective of a growing company with elevated levels in most all other noninterest expense categories, as the Company has invested in supporting a larger and more geographically diverse operation.

Balance Sheet

Total assets grew to $2.81 billion at December 31, 2015, up 1.3% from $2.77 billion at September 30, 2015, and up 11.5% from $2.52 billion at December 31, 2014.

Loans held for investment increased $63.5 million, or 12.5% annualized, to $2.09 billion compared to $2.03 billion at September 30, 2015.  Loans held for sale were stable from September 30, 2015 but increased 70.9% from December 31, 2014, reflecting the growth in mortgage banking.

Total deposits were $1.95 billion at December 31, 2015, down $52.8 million from September 30, 2015.  Core transaction, savings and money market accounts were 77.3% of the Company's deposits and totaled $1.51 billion at December 31, 2015.

During the quarter the Company relied on borrowings to fund loan growth, with total borrowings increasing $84.8 million to $576.0 million at December 31, 2015, compared to $491.3 million at September 30, 2015.  

Shareholders' equity decreased to $260.0 million at December 31, 2015, down $1.4 million from September 30, 2015.  Retained earnings rose $2.8 million during the quarter, due to net income of $3.4 million less the fourth quarter declared dividend of $586,000.  Accumulated other comprehensive loss increased $4.9 million during the fourth quarter of 2015 due primarily to lower unrealized gains in the investment portfolio and an increase in the liability of the pension plan due to a change in the mortality tables.  The Company's tangible book value per share declined to $5.92 per share at December 31, 2015 from $5.96 at September 30, 2015.

Asset Quality

Asset quality remained excellent.  Total nonperforming assets declined to $8.0 million at December 31, 2015 from $10.3 million a year earlier.  The percentage of nonperforming assets to total assets declined to 0.28% at December 31, 2015, compared to 0.41% a year earlier.  Total nonperforming loans declined to $6.6 million at December 31, 2015, compared to $7.2 million at December 31, 2014.  As a percentage of total assets, nonperforming loans declined to 0.23% compared to 0.29% a year earlier.  Net chargeoffs were $328,000 for the fourth quarter of 2015.  Net chargeoffs were $439,000 in the fourth quarter of 2014.  The Company's allowance for credit losses to total loans held for investment excluding acquired loans was 1.13%, slightly down from the third quarter of 2015 but in line with a consistent quarterly decline since March 31, 2014.  The ratio of the allowance for credit losses to nonperforming loans was 320% at December 31, 2015.

About NewBridge Bancorp

NewBridge Bancorp (NASDAQ: NBBC) is the holding company for NewBridge Bank, a $2.8 billion community focused bank headquartered in Greensboro, North Carolina.   Through 42 branches, NewBridge Bank provides a comprehensive array of personal financial solutions including banking, lending, and wealth management services.  The Bank's commercial teams provide customized lending services, including SBA loans, along with sophisticated deposit and treasury management solutions to small businesses and middle market corporations.  With continuous operations dating back to 1910 in the Piedmont Triad Region of North Carolina (Greensboro-Winston-Salem-High Point), NewBridge Bank's served markets have expanded to also include Charlotte-Gastonia-Concord, Raleigh-Durham-Chapel Hill, and Wilmington in North Carolina, and Greenville-Spartanburg and Charleston in South Carolina.  To make NewBridge Bank your preferred financial partner, please visit us in our offices or online at www.newbridgebank.com.

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 ability to obtain regulatory approvals and meet other closing conditions to the proposed merger, including approval by Yadkin and NewBridge shareholders, on the expected terms and schedule; delay in closing the merger; difficulties and delays in integrating the Yadkin and NewBridge businesses or fully realizing cost savings and other benefits; business disruption following the proposed merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; client borrowing, repayment, investment and deposit practices; client disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; the reaction to the merger of the companies' clients, employees and counterparties; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.  These forward looking statements express management's current expectations, plans or forecasts of future events, results and condition, including financial and other estimates and expectations regarding recently completed or proposed acquisitions and the general business strategy of engaging in bank acquisitions.  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  ("SEC"), 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.

Additional Information About the Proposed Merger and Where to Find It

In connection with the proposed merger, Yadkin filed with the SEC a Registration Statement on Form S-4 as amended, which included a joint proxy statement of Yadkin and NewBridge and a prospectus of Yadkin, as well as other relevant documents concerning the proposed merger.  Investors and shareholders are also urged to carefully review and consider each of Yadkin's and NewBridge's public filings with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K and their Quarterly Reports on Form 10-Q.  Both NewBridge and Yadkin have mailed the joint proxy statement/prospectus to their respective shareholders.  BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND SHAREHOLDERS OF YADKIN AND NEWBRIDGE ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.  Investors and shareholders may obtain a free copy of the joint proxy statement/prospectus and other filings containing information about Yadkin and NewBridge at the SEC's website at www.sec.gov.  The joint proxy statement/prospectus and the other filings may also be obtained free of charge at Yadkin's website at www.yadkinbank.com, or at NewBridge's website at www.newbridgebank.com.  Copies of the joint proxy statement/prospectus can also be obtained, free of charge, by directing your request to:

Yadkin Financial Corporation 3600 Glenwood Avenue, Suite 300 Raleigh, North Carolina 27612 (919) 659-9000

NewBridge Bancorp 1501 Highwoods Boulevard, Suite 400 Greensboro, North Carolina 27410 (336) 369-0900

Investors may contact:

Ramsey Hamadi, Chief Financial Officer

336-369-0975

Richard Cobb, Controller & Chief Accounting Officer

336-369-0914

 

 

Three Months Ended December 31

Twelve Months Ended December 31

2015

2014

2015

2014

Income Statement Data

(Dollars in thousands, except share data)

Interest income:

Loans

$        20,855

$         19,157

$        81,811

$         71,230

Investment securities

4,282

4,055

17,347

14,468

Other

25

38

136

118

       Total interest income

25,162

23,250

99,294

85,816

Interest expense:

Deposits

1,298

1,060

5,141

4,000

Borrowings from the FHLB

374

230

1,227

801

Other

695

656

2,681

2,344

      Total interest expense

2,367

1,946

9,049

7,145

Net interest income

22,795

21,304

90,245

78,671

Provision for credit losses

-

50

120

883

Net interest income after provision for credit losses

22,795

21,254

90,125

77,788

Noninterest income:

Retail banking

2,358

2,515

9,062

10,424

Mortgage banking services

422

217

1,749

870

Wealth management services

609

771

2,859

2,919

Gain on sale of investment securities

-

-

-

-

Bank-owned life insurance

354

316

2,126

1,385

Other

377

258

1,835

1,115

       Total noninterest income

4,120

4,077

17,631

16,713

Noninterest expense:

Personnel

10,011

9,946

40,445

36,617

Occupancy

1,431

1,218

5,614

4,910

Furniture and equipment

923

1,003

3,912

3,806

Technology and data processing

1,371

1,228

5,216

4,727

Legal and professional

874

816

3,569

2,994

FDIC insurance

393

382

1,634

1,602

Other real estate owned

138

376

636

870

Acquisition related expenses

2,074

171

4,608

5,081

Other

3,833

3,468

12,739

12,099

       Total noninterest expense

21,048

18,608

78,373

72,706

Income before income taxes

5,867

6,723

29,383

21,795

Income tax expense

2,453

2,458

10,626

7,819

Net income

3,414

4,265

18,757

13,976

Dividends on preferred stock

-

-

-

(337)

Net income available to common shareholders

$          3,414

$           4,265

$        18,757

$         13,639

Net income per share - basic

$            0.09

$             0.11

$            0.48

$0.39

Net income per share - diluted

$            0.09

$             0.11

$            0.48

$0.38

Cash dividends declared per share

$          0.015

$                -

$            0.06

$                -

 

 

FINANCIAL SUMMARY

2015

2014

Fourth

Third

Second

First

Fourth

Quarter

Quarter

Quarter

Quarter

Quarter

Period-End Balance Sheets

(Dollars in thousands)

Assets

Loans held for sale

$        10,566

$         10,562

$         15,100

$         11,739

$           6,181

Commercial loans

1,089,728

1,040,504

1,039,540

1,011,386

928,761

Real estate - construction loans

240,539

227,016

192,142

189,792

168,109

Real estate - mortgage loans

726,124

724,692

731,413

712,220

672,574

Consumer loans

23,531

24,556

24,637

25,576

26,164

Other loans

8,700

8,387

16,471

9,058

8,798

Total loans held for investment

2,088,622

2,025,155

2,004,203

1,948,032

1,804,406

Allowance for credit losses

(20,995)

(21,323)

(21,314)

(21,878)

(22,112)

Net loans held for investment

2,067,627

2,003,832

1,982,889

1,926,154

(1)

1,782,294

Investment securities

496,809

513,106

531,021

536,083

496,798

Other earning assets

9,721

15,187

18,028

23,911

17,131

Goodwill

24,480

24,480

24,480

24,480

22,063

Core deposit intangible

3,780

4,215

4,677

5,148

4,616

Other non-earning assets

195,911

201,062

202,490

207,528

191,149

Total Assets

$   2,808,894

$    2,772,444

$    2,778,685

$    2,735,043

$    2,520,232

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$      401,121

$       377,175

$       363,036

$       360,378

$       319,327

Savings deposits

70,295

69,234

69,364

69,510

67,639

NOW accounts

591,376

569,570

548,109

543,149

509,450

Money market accounts

443,325

478,380

470,186

473,671

386,733

Time deposits

442,538

507,058

544,115

580,077

549,415

Total deposits

1,948,655

2,001,417

1,994,810

2,026,785

(2)

1,832,564

Total borrowings

576,024

491,274

509,074

435,454

438,474

Other liabilities

24,240

18,347

19,184

21,591

17,839

Shareholders' equity (all common)

259,975

261,406

255,617

251,213

231,355

Total Liabilities and Shareholders' Equity

$   2,808,894

$    2,772,444

$    2,778,685

$    2,735,043

$    2,520,232

(1)

Includes $93.0 million from Premier Commercial Bank acquisition.

(2)

Includes $125.2 million from Premier Commercial Bank acquisition.

COMMON STOCK DATA

2015

2014

Fourth

Third

Second

First

Fourth

Quarter

Quarter

Quarter

Quarter

Quarter

Market value:

   End of period

$          12.18

$             8.53

$             8.93

$             8.92

$             8.71

   High

13.30

8.99

9.17

9.18

8.98

   Low

8.45

7.82

7.48

7.78

7.34

Book value

6.65

6.69

6.54

6.44

6.22

Tangible book value

5.92

5.96

5.80

5.68

5.50

Average shares outstanding

39,098,354

39,076,883

39,046,498

37,844,273

37,195,303

Average diluted shares outstanding

39,718,978

39,537,027

39,496,122

38,333,841

37,655,766

Class A shares at end of period

37,395,458

37,353,883

35,890,135

35,815,135

34,008,795

Class B shares at end of period

1,723,000

1,723,000

3,186,748

3,186,748

3,186,748

 

 

ASSET QUALITY DATA

2015

2014

Fourth

Third

Second

First

Fourth

Quarter

Quarter

Quarter

Quarter

Quarter

(Dollars in thousands)

Loans identified as impaired

$          4,379

$           5,216

$           3,648

$           3,701

$           4,227

Other nonperforming loans

2,180

2,229

2,035

2,240

2,985

Total nonperforming loans

6,559

7,445

5,683

5,941

7,212

Other real estate owned

1,397

1,788

2,142

2,484

3,057

Total nonperforming assets

$          7,956

$           9,233

$           7,825

$           8,425

$         10,269

Net chargeoffs

$             328

$                (9)

$              580

$              338

$              439

Allowance for credit losses

20,995

21,323

21,314

21,878

22,112

Allowance for credit losses to loans held for investment

1.01

%

1.05

%

1.06

%

1.12

%

1.23

Allowance for credit losses to loans held for investment

excluding acquired loans

1.13

1.20

1.23

1.35

1.43

Nonperforming loans to loans held for investment

0.31

0.37

0.28

0.30

0.40

Nonperforming assets to total assets

0.28

0.33

0.28

0.31

0.41

Nonperforming loans to total assets

0.23

0.27

0.20

0.22

0.29

Net chargeoff percentage (annualized)

0.06

(0.00)

0.12

0.07

0.10

Allowance for credit losses to nonperforming loans

320.09

286.41

375.05

368.25

306.60

Allowance for credit losses rollforward

Three Months Ended December 31

Twelve Months Ended December 31

2015

2014

2015

2014

Beginning balance

$        21,323

$         22,501

$        22,112

$         24,550

Chargeoffs

1,424

1,344

4,097

7,408

Recoveries

1,096

905

2,860

4,087

Net chargeoffs

328

439

1,237

3,321

Provision for credit losses

-

50

120

883

Ending balance

$        20,995

$         22,112

$        20,995

$         22,112

 

 

INVESTMENT PORTFOLIO

(Dollars in thousands)

 As of December 31, 2015 

 Amortized 

 Gross 

 Gross 

 Estimated 

Average

Average

 Cost 

 Unrealized Gain 

 Unrealized Loss 

 Fair Value 

 Yield (%) 

Duration (years)

Debt Securities(1)

Available for sale debt securities

$      322,758

$          6,008

$         (2,202)

$      326,564

3.46

(2)

3.10

Held to maturity debt securities

131,948

2,173

(511)

133,610

3.26

(2)

5.02

Total debt securities

454,706

8,181

(2,713)

460,174

3.40

(2)

3.75

Equity Securities(1)

Available for sale equity securities

37,978

328

(9)

38,297

Total Investment Portfolio(1)

$      492,684

$          8,509

$         (2,722)

$      498,471

(Dollars in thousands)

 As of December 31, 2014 

 Amortized 

 Gross 

 Gross 

 Estimated 

Average

Average

 Cost 

 Unrealized Gain 

 Unrealized Loss 

 Fair Value 

 Yield (%) 

Duration (years)

Debt Securities(1)

Available for sale debt securities

$       325,755

$           9,484

$          (2,097)

$       333,142

3.58

(2)

3.71

Held to maturity debt securities

130,701

1,711

(497)

131,915

2.89

(2)

5.00

Total debt securities

456,456

11,195

(2,594)

465,057

3.38

(2)

4.08

Equity Securities(1)

Available for sale equity securities

32,750

361

(156)

32,955

Total Investment Portfolio(1)

$       489,206

$         11,556

$          (2,750)

$       498,012

(1)

Available for sale securities are carried at fair value on the balance sheet while held to maturity securities are carried at amortized cost.

(2)

Fully taxable equivalent basis.

 

 

ANALYSIS OF YIELDS AND RATES

Three Months Ended December 31, 2015

Three Months Ended December 31, 2014

Average

Interest Income/

Average Yield/

Average

Interest Income/

Average Yield/

Balance

Expense(1)

Rate

Balance

Expense(1)

Rate

(Fully taxable equivalent basis, dollars in thousands)

Earning Assets

Loans receivable

$     2,062,643

$         20,855

4.01%

$     1,786,411

$         19,157

4.25%

Investment securities

504,297

4,399

3.49%

499,265

4,193

3.36%

Other earning assets

12,848

25

0.77%

18,430

38

0.82%

     Total Earning Assets

2,579,788

25,279

3.89%

2,304,106

23,388

4.03%

Non-Earning Assets

200,031

194,708

     Total Assets

$     2,779,819

25,279

$     2,498,814

23,388

Interest-Bearing Liabilities 

Deposits

$     1,590,252

1,298

0.32%

$     1,522,435

1,060

0.28%

Borrowings

510,364

1,069

0.83%

407,593

886

0.86%

     Total Interest-Bearing Liabilities 

2,100,616

2,367

0.45%

1,930,028

1,946

0.40%

Noninterest-bearing deposits

398,933

322,123

Other liabilities

18,418

15,840

Shareholders' equity

261,852

230,823

     Total Liabilities and Shareholders' Equity

$     2,779,819

2,367

$     2,498,814

1,946

Net Interest Income 

$         22,912

$         21,442

Net Interest Margin

3.52%

3.69%

Interest Rate Spread

3.44%

3.63%

Twelve Months Ended December 31, 2015

Twelve Months Ended December 31, 2014

Average

Interest Income/

Average Yield/

Average

Interest Income/

Average Yield/

Balance

Expense(1)

Rate

Balance

Expense(1)

Rate

(Fully taxable equivalent basis, dollars in thousands)

Earning Assets

Loans receivable

$     1,981,276

$         81,811

4.13%

$     1,670,113

$         71,230

4.26%

Investment securities

520,972

17,885

3.43%

455,262

14,965

3.29%

Other earning assets

18,158

136

0.75%

14,763

118

0.80%

     Total Earning Assets

2,520,406

99,832

3.96%

2,140,138

86,313

4.04%

Non-Earning Assets

201,466

192,412

     Total Assets

$     2,721,872

99,832

$     2,332,550

86,313

Interest-Bearing Liabilities 

Deposits

$     1,604,888

5,141

0.32%

$     1,489,293

4,000

0.27%

Borrowings

478,968

3,908

0.82%

318,858

3,145

0.99%

     Total Interest-Bearing Liabilities 

2,083,856

9,049

0.43%

1,808,151

7,145

0.40%

Noninterest-bearing deposits

366,558

294,704

Other liabilities

19,211

15,537

Shareholders' equity

252,247

214,158

     Total Liabilities and Shareholders' Equity

$     2,721,872

9,049

$     2,332,550

7,145

Net Interest Income 

$         90,783

$         79,168

Net Interest Margin

3.60%

3.70%

Interest Rate Spread

3.53%

3.64%

(1)

Income related to securities exempt from federal income taxes is stated on a fully taxable-equivalent basis, assuming a federal income tax rate of 35%, and is then reduced by the non-deductible portion of interest expense.  For the three months ended December 31, the adjustments made to convert to a fully taxable-equivalent basis were $117 for 2015 and $138 for 2014.  For the twelve months ended December 31, the adjustments made to convert to a fully taxable-equivalent basis were $538 for 2015 and $497 for 2014.

 

 

OTHER DATA

Three Months Ended December 31

Twelve Months Ended December 31

2015

2014

2015

2014

Tangible common equity

$      231,715

$       204,676

$      231,715

$       204,676

Return on average assets

0.49

%

0.68

%

0.69

%

0.60

%

Return on average equity

5.17

7.33

7.44

6.53

Net yield on earning assets

3.52

3.69

3.60

3.70

Average loans to assets

74.20

71.49

72.79

71.60

Average loans to deposits

103.69

96.85

100.50

93.62

Average noninterest - bearing deposits to total deposits

20.06

17.46

18.59

16.52

Average equity to assets

9.42

9.24

9.27

9.18

Common equity tier 1 capital as a percentage of total risk weighted assets

9.88

 N/A 

9.88

 N/A 

Total capital as a percentage of total risk weighted assets 

12.10

12.23

12.10

12.23

Tangible common equity as a percentage of tangible assets

8.33

8.21

8.33

8.21

Tangible common equity as a percentage of total risk weighted assets

9.75

10.13

9.75

10.13

NON-GAAP MEASURES

Operating net income, net income less acquisition related expenses

(Dollars in thousands)

Three Months Ended December 31

Twelve Months Ended December 31

2015

2014

2015

2014

Net income available to common shareholders

$          3,414

$           4,265

$        18,757

$         13,639

Add acquisition related expenses adjusted for tax

1,537

202

3,243

3,350

Tax rate change - DTA adjustment

231

-

231

-

Operating net income

$          5,182

$           4,467

$        22,231

$         16,989

Operating net income per share - diluted

$            0.13

$             0.12

$            0.57

$             0.48

Core efficiency percentage, efficiency percentage excluding acquisition related expenses

(Dollars in thousands)

Three Months Ended December 31

Twelve Months Ended December 31

2015

2014

2015

2014

Total noninterest expense (A)

$        21,048

$         18,608

$        78,373

$         72,706

Less acquisition related expenses

(2,074)

(171)

(4,608)

(5,081)

Numerator for calculation of core efficiency (B)

$        18,974

$         18,437

$        73,765

$         67,625

Net interest income

$        22,795

$         21,304

$        90,245

$         78,671

Total noninterest income

4,120

4,077

17,631

16,713

Denominator for calculations (C)

$        26,915

$         25,381

$      107,876

$         95,384

Efficiency percentage (A/C)

78.20

%

73.31

%

72.65

%

76.22

%

Core efficiency percentage (B/C)

70.50

%

72.64

%

68.38

%

70.90

%

 

SOURCE NewBridge Bancorp



RELATED LINKS

http://www.newbridgebank.com