NewBridge Bancorp (NASDAQ: NBBC) Announces Second Quarter 2015 Results Reflecting Strong Asset And Earnings Growth

Jul 23, 2015, 16:15 ET from NewBridge Bancorp

GREENSBORO, N.C., July 23, 2015 /PRNewswire/ --

Second Quarter 2015 Highlights

  • Net income totaled $6.0 million or $0.15 per share.
  • Excluding acquisition related expenses, net income available to common shareholders increased 44% to $6.1 million ($0.15 per share) from $4.2 million ($0.11 per share) a year ago.
  • Total assets grew $43.6 million to $2.78 billion, reflecting continued organic growth.
  • Core deposits increased 16% on a year-over-year basis. At June 30, 2015, core deposits were 73% of total deposits.
  • Total loans increased $56.2 million or 11.5% annualized, and now exceed $2.00 billion.
  • Core efficiency improved to 65.92% from 70.44% a year ago.
  • Mortgage banking revenue increased 44% from $356,000 in the first quarter to $511,000 in the second quarter.

Capital Adequacy, Shareholder Value

  • Tier 1 leverage and total risk-based capital ratios remain well above regulatory well-capitalized standards at 8.92% and 12.00% respectively, with tangible common equity to risk weighted assets at 9.88%.
  • Tangible book value per share increased $0.12 to $5.79 for the quarter.
  • Total shareholders' common equity rose 13.8% to $255.6 million from $224.7 million a year earlier.
  • A quarterly cash dividend of $.015 was paid on July 15, 2015.

NewBridge Bancorp (the "Company") today reported earnings for the three month period ended June 30, 2015.  Net income available to common shareholders totaled $6.0 million, or $0.15 per diluted share, compared to $1.2 million, or $0.03 per diluted share, for the quarter ended June 30, 2014.  Per share data for 2015 are impacted by the issuance of 1.735 million shares in the Premier Commercial Bank acquisition.  For the three and six months ended June 30, 2015, merger expenses totaled $171,000 and $2.4 million, compared to $4.8 million and $4.9 million for 2014.

Pressley A. Ridgill, President and CEO, commented:  "Building shareholder value by harvesting efficiencies from our recent mergers and added investments in the lending team remains our key focus in 2015.  The added revenue from these investments is translating into improved operating performance.  The core efficiency percentage fell to 66% in the second quarter from more than 70% a year ago, and our return on average assets was 0.88% for the second quarter of 2015.  Operating net income, a non-GAAP measure of net income less acquisition related expense, increased 44% to $6.1 million for the three months ended June 30, 2015 and 53% for the year to $11.3 million.  On an earnings per share basis, core earnings per share year-to-date of $0.29 are up 32% over the prior year."

Ridgill continued, "Our successes in the lending areas are evident in growth in earning assets and increased fee income.  For the third consecutive quarter, organic loan growth exceeded an annualized rate of 11%, boosting the Company's primary source of revenue, interest on loans.  Year to date, the Company originated $503 million in commercial and retail loans, a 64% increase over the prior year.  Commercial production represents approximately two thirds of the activity and was balanced out by retail lending.  Through six months, mortgage loans originated for sale increased 86% to $120 million which has led to a 134% increase in mortgage revenue." 

Net Interest Income

Net interest income increased to $22.8 million for the second quarter of 2015, compared with $20.3 million for the quarter ended June 30, 2014 and $21.7 million for the quarter ended March 31, 2015.  The increases were driven by growth in interest-earning assets, primarily loans.  Total average interest-earning assets increased to $2.53 billion at June 30, 2015 from $2.21 billion at June 30, 2014.

For the second quarter of 2015, the net interest margin was 3.64%, compared with 3.70% for the second quarter of 2014 and 3.69% for the first quarter of 2015.  The decline in the net interest margin reflects the continuing pressure due to the low-interest rate environment and intense pricing competition for quality lending business.  Also, there has been a slight increase in the cost of interest-bearing liabilities which was 0.43% for the second quarter of 2015, up from 0.41% for the first quarter of 2015 and 0.40% for the second quarter of 2014.  

Noninterest Income

Total noninterest income for the second quarter of 2015 was $4.8 million compared with $4.2 million for the second quarter of 2014.  Mortgage banking revenue increased substantially to $511,000, up 112% from $241,000 a year earlier and up 44% from the first quarter of 2015, reflecting continued strong growth in mortgage loan production.  Retail banking income decreased 14% to $2.3 million in the second quarter of 2015 from $2.7 million in the second quarter of 2014, but increased from $2.1 million in the first quarter of 2015.  The Company also recognized $433,000 in proceeds from bank-owned life insurance due to a policy maturity in the second quarter of 2015.

Noninterest Expense

Total noninterest expense decreased 16% to $18.4 million in the second quarter.  In the second quarter of 2014, noninterest expense included $4.8 million in acquisition related expenses for the Capstone Bank acquisition; whereas in the second quarter of 2015 acquisition-related expenses for Premier Commercial Bank had subsided and were only $171,000.  Noninterest expense excluding acquisition-related expenses increased 6% to $18.2 million from $17.2 million, reflecting the Company's growth and investments in supporting a larger and more geographically diverse operation.  Legal and professional expense in 2015 is relatively more elevated than other expense categories due to several internal projects which are now completed.

Balance Sheet

Total assets grew to $2.78 billion at June 30, 2015, up 1.6% from $2.74 billion at March 31, 2015, and up 14% from $2.43 billion at June 30, 2014.

Loans held for investment increased $56.2 million, or 11.5% annualized, to $2.00 billion compared to $1.95 billion at March 31, 2015.  Loans held for sale increased 29% reflecting the continued growth in mortgage banking.

Total deposits were $1.99 billion at June 30, 2015, down $32.0 million from March 31, 2015.  However, core deposits were up $4.0 million from March 31, 2015.  Core transaction, savings and money market accounts were 73% of the Company's deposits and totaled $1.45 billion at June 30, 2015.

During the quarter the Company relied on borrowings to fund loan growth, with total borrowings increasing $73.6 million to $509.1 million at June 30, 2015, compared to $435.5 million at March 31, 2015.  

Shareholders' equity increased to $255.6 million at June 30, 2015, up $4.4 million from March 31, 2015.  Retained earnings rose $5.4 million during the quarter, due to net income of $6.0 million and the second quarter declared dividend of $586,000.  Average diluted shares outstanding increased to 39,496,122 at June 30, 2015 from 38,333,841 at March 31, 2015, primarily due to the issuance of shares in the Premier Commercial Bank acquisition.  The Company's tangible book value per share rose from $5.67 per share at March 31, 2015 to $5.79 at June 30, 2015.

Asset Quality

Asset quality reflected continued improvement through the second quarter of 2015.  Nonperforming assets at June 30, 2015 declined to $7.8 million from $14.9 million a year earlier.  The percentage of nonperforming assets to total assets declined to 0.28% at June 30, 2015, compared to 0.61% a year earlier.  Total nonperforming loans declined to $5.7 million at June 30, 2015, compared to $11.3 million at June 30, 2014.  As a percentage of total assets, nonperforming loans declined to 0.20% compared to 0.46% a year earlier.  Net chargeoffs were $580,000 for the second quarter of 2015 and $2.1 million for the second quarter of 2014.  The Company's allowance for credit losses to total loans held for investment excluding acquired loans was 1.23%, slightly down from the first quarter of 2015 and in line with a consistent quarterly decline since March 31, 2014.  The ratio of the allowance for credit losses to nonperforming loans was 375% at June 30, 2015.  The improvement in asset quality is reflected in the reduced provision for credit losses in 2015.

Outlook

Mr. Ridgill affirmed his optimism regarding the Company's ability to compete successfully in its attractive market areas.  NewBridge operates in many key markets in both North Carolina and South Carolina which should enable good loan growth to continue for the foreseeable future.  Although the net interest margin remains under pressure, the Company's strong capital and excellent asset quality should continue to support future growth which is expected to remain in double digits through 2016.

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 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.  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, 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.

Investors may contact:  Ramsey Hamadi, Chief Financial Officer   336-369-0975 Richard Cobb, Controller & Chief Accounting Officer   336-369-0914

 

 

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

Income Statement Data

(Dollars in thousands, except share data)

Interest income:

Loans

$        20,553

$         18,506

$        40,016

$         33,617

Investment securities

4,505

3,577

8,740

6,529

Other

41

40

78

41

                 Total interest income

25,099

22,123

48,834

40,187

Interest expense:

Deposits

1,324

1,050

2,464

1,907

Borrowings from the FHLB

275

180

538

366

Other

670

638

1,315

1,023

                Total interest expense

2,269

1,868

4,317

3,296

Net interest income

22,830

20,255

44,517

36,891

Provision for credit losses

16

600

120

744

Net interest income after provision for credit losses

22,814

19,655

44,397

36,147

Noninterest income:

Retail banking

2,291

2,673

4,399

5,252

Mortgage banking services

511

241

867

370

Wealth management services

749

713

1,501

1,429

Gain on sale of investment securities

-

-

-

-

Bank-owned life insurance

922

329

1,229

777

Other

364

250

1,226

704

               Total noninterest income

4,837

4,206

9,222

8,532

Noninterest expense:

Personnel

9,725

9,645

19,794

17,986

Occupancy

1,360

1,241

2,739

2,427

Furniture and equipment

1,020

948

1,981

1,855

Technology and data processing

1,298

1,173

2,511

2,290

Legal and professional

1,274

925

2,014

1,463

FDIC insurance

453

416

864

813

Other real estate owned

219

(62)

396

336

Acquisition related expenses

171

4,812

2,428

4,900

Other

2,890

2,945

5,810

5,440

                 Total noninterest expense

18,410

22,043

38,537

37,510

Income before income taxes

9,241

1,818

15,082

7,169

Income tax expense

3,240

657

5,311

2,557

Net income

6,001

1,161

9,771

4,612

Dividends on preferred stock

-

-

-

(337)

Net income available to common shareholders

$          6,001

$           1,161

$          9,771

$           4,275

Net income per share - basic

$            0.15

$             0.03

$            0.25

$             0.13

Net income per share - diluted

$            0.15

$             0.03

$            0.25

$             0.13

Cash dividends declared per share

$          0.015

$                   -

$            0.03

$                   -

 

 

FINANCIAL SUMMARY

2015

2014

Second

First

Fourth

Third

Second

Quarter

Quarter

Quarter

Quarter

Quarter

Period-End Balance Sheet

(Dollars in thousands)

Assets

Loans held for sale

$        15,100

$         11,739

$           6,181

$           3,303

$           5,733

Commercial loans

1,039,540

1,011,386

928,761

839,696

835,248

Real estate - construction loans

192,142

189,792

168,109

157,841

151,078

Real estate - mortgage loans

731,413

712,220

672,574

689,356

703,390

Consumer loans

24,637

25,576

26,164

26,794

28,770

Other loans

16,471

9,058

8,798

7,277

8,064

Total loans held for investment

2,004,203

1,948,032

1,804,406

1,720,964

1,726,550

Allowance for credit losses

(21,314)

(21,878)

(22,112)

(22,501)

(22,944)

Net loans held for investment

1,982,889

1,926,154

(1)

1,782,294

1,698,463

1,703,606

(2)

Investment securities

531,021

536,083

496,798

496,914

469,198

Other earning assets

18,028

23,911

17,131

19,076

19,679

Goodwill

24,716

24,716

22,063

22,063

22,063

Core deposit intangible

4,677

5,148

4,616

5,040

5,489

Other non-earning assets

202,254

207,292

191,149

197,891

203,325

Total Assets

$   2,778,685

$     2,735,043

$     2,520,232

$     2,442,750

$     2,429,093

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$      363,036

$       360,378

$       319,327

$       310,441

$       301,038

Savings deposits

69,364

69,510

67,639

66,521

67,554

NOW accounts

548,109

543,149

509,450

499,184

477,372

Money market accounts

470,186

473,671

386,733

405,369

404,801

Time deposits

544,115

580,077

549,415

543,619

604,818

Total deposits

1,994,810

2,026,785

(3)

1,832,564

1,825,134

1,855,583

(4)

Total borrowings

509,074

435,454

438,474

373,974

332,274

Other liabilities

19,184

21,591

17,839

15,211

16,585

Shareholders' equity (all common)

255,617

251,213

231,355

228,431

224,651

Total Liabilities and Shareholders' Equity

$   2,778,685

$     2,735,043

$     2,520,232

$     2,442,750

$     2,429,093

(1)

Includes $93.0 million from Premier Commercial Bank acquisition.

(2)

Includes $260.7 million from CapStone Bank acquisition.

(3)

Includes $125.2 million from Premier Commercial Bank acquisition.

(4)

Includes $229.3 million from CapStone Bank acquisition.

 

COMMON STOCK DATA

2015

2014

Second

First

Fourth

Third

Second

Quarter

Quarter

Quarter

Quarter

Quarter

Market value:

   End of period

$            8.93

$             8.92

$             8.71

$             7.59

$             8.06

   High

9.17

9.18

8.98

8.46

8.69

   Low

7.48

7.78

7.34

7.20

6.99

Book value

6.54

6.44

6.22

6.14

6.05

Tangible book value

5.79

5.68

5.50

5.41

5.31

Average shares outstanding

39,046,498

37,844,273

37,195,303

37,166,736

36,808,785

Average diluted shares outstanding

39,496,122

38,333,841

37,655,766

37,576,669

37,382,568

Class A shares at end of period

35,890,135

35,815,135

34,008,795

34,007,093

33,949,443

Class B shares at end of period

3,186,748

3,186,748

3,186,748

3,186,748

3,186,748

 

ASSET QUALITY DATA

2015

2014

Second

First

Fourth

Third

Second

Quarter

Quarter

Quarter

Quarter

Quarter

(Dollars in thousands)

Loans identified as impaired

$          3,648

$           3,701

$           4,227

$           3,947

$           8,025

Other nonperforming loans

2,035

2,240

2,985

3,882

3,268

Total nonperforming loans

5,683

5,941

7,212

7,829

11,293

Other real estate owned

2,142

2,484

3,057

3,585

3,593

Total nonperforming assets

$          7,825

$           8,425

$         10,269

$         11,414

$         14,886

Net chargeoffs

$             580

$              338

$              439

$              532

$           2,091

Allowance for credit losses

21,314

21,878

22,112

22,501

22,944

Allowance for credit losses to loans held for investment

1.06

%

1.12

%

1.23

%

1.31

%

1.33

%

Allowance for credit losses to loans held for investment

excluding acquired loans

1.23

1.35

1.43

1.61

1.68

Nonperforming loans to loans held for investment

0.28

0.30

0.40

0.45

0.65

Nonperforming assets to total assets

0.28

0.31

0.41

0.47

0.61

Nonperforming loans to total assets

0.20

0.22

0.29

0.32

0.46

Net chargeoff percentage (annualized)

0.12

0.07

0.10

0.12

0.48

Allowance for credit losses to nonperforming loans

375.05

368.25

306.60

287.41

203.17

Allowance for credit losses rollforward

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

Beginning balance

$        21,878

$         24,435

$        22,112

$         24,550

Chargeoffs

935

3,023

2,120

3,981

Recoveries

355

932

1,202

1,631

Net chargeoffs

580

2,091

918

2,350

Provision for credit losses

16

600

120

744

Ending balance

$        21,314

$         22,944

$        21,314

$         22,944

 

INVESTMENT PORTFOLIO

(Dollars in thousands)

 As of June 30, 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

$      350,427

$          8,240

$         (1,723)

$      356,944

3.48

(2)

3.39

Held to maturity debt securities

138,633

1,766

(379)

140,020

3.19

(2)

5.37

Total debt securities

489,060

10,006

(2,102)

496,964

3.40

(2)

3.96

Equity Securities(1)

Available for sale equity securities

35,098

497

(151)

35,444

Total Investment Portfolio(1)

$      524,158

$        10,503

$         (2,253)

$      532,408

(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 June 30, 2015

Three Months Ended June 30, 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

$     1,972,979

$         20,553

4.18%

$     1,731,815

$         18,506

4.29%

Investment securities

536,569

4,662

3.48%

456,291

3,717

3.26%

Other earning assets

20,673

41

0.80%

20,193

40

0.79%

     Total Earning Assets

2,530,221

25,256

4.00%

2,208,299

22,263

4.04%

Non-Earning Assets

206,358

209,324

     Total Assets

$     2,736,579

25,256

$     2,417,623

22,263

Interest-Bearing Liabilities 

Deposits

$     1,636,750

1,324

0.32%

$     1,566,251

1,050

0.27%

Borrowings

461,926

945

0.82%

304,265

818

1.08%

     Total Interest-Bearing Liabilities 

2,098,676

2,269

0.43%

1,870,516

1,868

0.40%

Noninterest-bearing deposits

365,425

302,397

Other liabilities

19,629

15,139

Shareholders' equity

252,849

229,571

     Total Liabilities and

       Shareholders' Equity

$     2,736,579

2,269

$     2,417,623

1,868

Net Interest Income 

$         22,987

$         20,395

Net Interest Margin

3.64%

3.70%

Interest Rate Spread

3.57%

3.64%

Six Months Ended June 30, 2015

Six Months Ended June 30, 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

$     1,915,751

$         40,016

4.21%

$     1,581,176

$         33,617

4.29%

Investment securities

526,581

9,034

3.43%

417,207

6,747

3.23%

Other earning assets

20,844

78

0.75%

10,761

41

0.77%

     Total Earning Assets

2,463,176

49,128

4.02%

2,009,144

40,405

4.06%

Non-Earning Assets

202,529

189,302

     Total Assets

$     2,665,705

49,128

$     2,198,446

40,405

Interest-Bearing Liabilities 

Deposits

$     1,598,108

2,464

0.31%

$     1,453,209

1,907

0.26%

Borrowings

454,699

1,853

0.82%

256,298

1,389

1.09%

     Total Interest-Bearing Liabilities 

2,052,807

4,317

0.42%

1,709,507

3,296

0.39%

Noninterest-bearing deposits

348,301

273,841

Other liabilities

19,927

15,489

Shareholders' equity

244,670

199,609

     Total Liabilities and

       Shareholders' Equity

$     2,665,705

4,317

$     2,198,446

3,296

Net Interest Income 

$         44,811

$         37,109

Net Interest Margin

3.67%

3.72%

Interest Rate Spread

3.60%

3.67%

(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 June 30, the adjustments made to convert to a fully taxable-equivalent basis were $157 for 2015 and $140 for 2014. For the six months ended June 30, the adjustments made to convert to a fully taxable-equivalent basis were $294 for 2015 and $218 for 2014.

 

OTHER DATA

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

Tangible common equity

$      226,224

$       197,099

$      226,224

$       197,099

Return on average assets

0.88

%

0.19

%

0.74

%

0.42

%

Return on average equity

9.52

2.03

8.05

4.66

Net yield on earning assets

3.64

3.70

3.67

3.72

Average loans to assets

72.10

71.63

71.87

71.92

Average loans to deposits

98.54

92.68

98.42

91.55

Average noninterest - bearing deposits

   to total deposits

18.25

16.18

17.89

15.86

Average equity to assets

9.24

9.50

9.18

9.08

Common equity tier 1 capital as a percentage

of total risk weighted assets

9.79

 N/A 

9.79

 N/A 

Total capital as a percentage of total risk weighted assets 

12.00

12.54

12.00

12.54

Tangible common equity as a percentage 

of tangible assets

8.23

8.21

8.23

8.21

Tangible common equity as a percentage 

of total risk weighted assets

9.88

10.56

9.88

10.56

 

NON-GAAP MEASURES

Operating net income, net income less acquisition related expenses

(Dollars in thousands)

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

Net income available to common shareholders

$          6,001

$           1,161

$          9,771

$           4,275

Add acquisition related expenses adjusted for tax

111

3,073

1,573

3,152

Operating net income

$          6,112

$           4,234

$        11,344

$           7,427

Operating net income per share - diluted

$            0.15

$             0.11

$            0.29

$             0.22

Core efficiency percentage, efficiency percentage excluding acquisition related expenses

(Dollars in thousands)

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

Total noninterest expense

$        18,410

$         22,043

$        38,537

$         37,510

Less acquisition related expenses

(171)

(4,812)

(2,428)

(4,900)

Numerator for calculation of core efficiency (A)

$        18,239

$         17,231

$        36,109

$         32,610

Net interest income

$        22,830

$         20,255

$        44,517

$         36,891

Total noninterest income

4,837

4,206

9,222

8,532

Denominator for calculation of core efficiency (B)

$        27,667

$         24,461

$        53,739

$         45,423

Core efficiency percentage (A/B)

65.92

%

70.44

%

67.19

%

71.79

%

 

 

SOURCE NewBridge Bancorp



RELATED LINKS

http://www.newbridgebank.com