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NewBridge Bancorp (NASDAQ: NBBC) Announces Solid Fourth Quarter, Full Year 2014 Results Reflecting 24% Increase in Pre-tax Earnings for the Year


News provided by

NewBridge Bancorp

Jan 28, 2015, 04:30 ET

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GREENSBORO, N.C., Jan. 28, 2015 /PRNewswire/ --

Fourth Quarter 2014 Highlights (Quarterly, Year-Over-Year)

  • Net income available to common shareholders totaled $4.3 million, up from $1.2 million
  • Net income per diluted share rose to $0.11, up from $0.04
  • Net interest income grew 26% to $21.3 million
  • Noninterest-bearing deposits increased 33%, or $78.3 million, and total core deposits grew 16%
  • Loans held for investment increased by 4.8%, or $83.4 million, during the fourth quarter
  • Return on average equity was 7.33%, up from 3.45%
  • Tangible book value per share increased to $5.50, up from $5.04

Year-End 2014 Financial Highlights (December 31, 2014 vs. December 31, 2013)

  • Total assets increased by $555.0 million to $2.5 billion, driven by acquisitive and organic growth
  • Total loans held for investment were $1.8 billion, up from $1.4 billion
  • Nonperforming assets declined to 0.41% of total assets from 0.87%
  • Wealth management revenues increased 13.6%

Capital Adequacy, Shareholder Value (December 31, 2014 vs. December 31, 2013)

  • Tier one leverage and total risk-based capital ratios increased to 8.57% and 12.23%, respectively, from 8.30% and 11.67%
  • Tangible common equity to tangible assets increased to 8.21% from 7.33%
  • Total shareholders common equity increased to $231.4 million from $151.8 million

Key 2014 Accomplishments

  • Acquired CapStone Bank resulting in expanded operations in Raleigh, N.C.
  • Established middle market banking group, reorganized commercial banking operation into specialized teams
  • Named nation's #4 lender in the U.S. Treasury Department's State Small Business Credit Initiative
  • Opened Charleston and Greenville, S.C. loan production offices
  • Expanded operations in Charlotte and Winston-Salem, N.C.
  • Strengthened capital structure, redeeming preferred stock and issuing subordinated debt
  • Announced planned acquisition of Premier Commercial Bank, a $173 million asset bank based in Greensboro, N.C., to add commercial banking clients and assets, and residential mortgage banking in several North Carolina markets.  The acquisition is expected to close in first quarter 2015.

NewBridge Bancorp (the "Company") today reported earnings for the three and twelve month periods ended December 31, 2014.  Net income available to common shareholders totaled $4.3 million, or $0.11 per diluted share, for the quarter, compared to $1.2 million, or $0.04 per diluted share, for the quarter ended December 31, 2013.  For the twelve months ended December 31, 2014, net income available to common shareholders totaled $13.6 million compared to $18.9 million for the prior year period.  Acquisition related expenses totaled $171,000 for the quarter and $5.1 million for the year ended December 31, 2014 compared to $2.2 million for the quarter and year ended December 31, 2013.  Results for 2013 were positively affected by a tax benefit of $3.2 million that resulted from a reversal of a deferred tax asset valuation allowance of $10.5 million.  Pre-tax core net operating income, a non-GAAP measure that excludes tax provision and acquisition related expenses, increased 41% to $26.9 million for the twelve months ended December 31, 2014, from $19.1 million in the prior year.

Pressley A. Ridgill, President and CEO, commented:  "It was an eventful year for NewBridge as we strengthened our foundation for anticipated future growth through prudent acquisitions, organic market expansion, and by optimizing our operating structure.  We added teams of highly experienced commercial bankers with the potential to significantly increase revenue.  Asset growth of 28% year-over-year reflects our successful strategy to increase our geographic footprint in key selected markets.  We have expanded beyond our focus in the Triad region of North Carolina to serve the most rapidly growing commercial markets in North and South Carolina.  We enhanced the productivity and efficiency of our commercial and retail banking teams and continue to build upon our low-cost core deposit franchise.  The addition of a middle market banking team has been transformative, significantly bolstering our current and projected growth rates.  This team has also dramatically improved and expanded our treasury management operations, enabling us to better serve larger corporations in our markets."

Net Interest Income

Net interest income increased 26.0%, or $4.4 million, to $21.3 million for the quarter ended December 31, 2014 compared to the quarter ended December 31, 2013.  This increase was due primarily to a rise in the average balance of earning assets, primarily loans, following the acquisition of CapStone Bank and organic growth during the past year.  For the twelve months ended December 31, 2014, net interest income increased to $78.7 million compared to the $63.2 million for the prior year period.  For the twelve months ended December 31, 2014, net interest margin declined 19 basis points to 3.70%, compared to the prior year period.  Strong interest expense management helped mitigate margin pressure in a continued low interest rate environment.

Noninterest Income

Total noninterest income for the fourth quarter of 2014 was the same as for the fourth quarter of 2013.  Quarterly wealth management revenue grew to $771,000 from $638,000, or 20.8%, while retail banking decreased $121,000, or 4.6%, to $2.5 million and mortgage banking decreased $80,000, or 26.9%, to $217,000.  For the twelve months ended December 31, 2014, total noninterest income was $16.7 million compared to $17.5 million for the prior year.  Retail banking revenues in 2014 increased $196,000, or 1.9%, wealth management revenue climbed $349,000, or 13.6%, and other sources of noninterest income increased $268,000, or 31.6%.  Mortgage banking revenue decreased $774,000, or 47.1%, to $870,000 from $1.6 million during the same period last year due to a significantly lower level of mortgage loan production resulting from increases in mortgage interest rates.  The Company recognized gains on the sale of investment securities of $736,000 during 2013 while no gains or losses were recognized in 2014. 

Noninterest Expense

For the quarter, noninterest expense increased 1.2%, or $218,000, to $18.6 million; this includes $171,000 in acquisition related expenses and a 14.1% increase in personnel expenses, primarily reflecting additional employees from acquisition and new hires as the Company increased its presence within several markets.  The quarter's noninterest expense also reflected an elevated level of several categories of expense including legal and professional fees, other real estate owned write-downs, marketing expense and mortgage buyback and other miscellaneous losses compared to previous quarters of 2014.  In total, the excess of these expenses over the previous three quarters averages were $367,000 after-tax, or $0.01 per share.  For the year, noninterest expense was $72.7 million, an increase of $12.3 million, or 20.4%, compared to 2013, and included $5.1 million in acquisition related expenses.

Spence H. Broadhurst, Senior EVP and Chief Banking Officer, commented:  "We made significant investments during the year to build our team of talented, experienced bankers to serve a greatly expanded market. Simultaneously, we made numerous organizational changes to generate increased productivity and efficiency.  We realigned our retail banking operations, which included prudent headcount reductions and improved product and service cross-selling and training.  We also revamped our commercial banking organizational structure to align small business, commercial and industrial, real estate and middle market lending into specialized teams.  We expect the investments in personnel and operating enhancements to drive revenue growth in the coming periods."

Balance Sheet

Total assets grew $77.5 million during the quarter and $555.0 million during the year to $2.52 billion at December 31, 2014.  Loans held for investment increased $83.4 million, or 4.8%, for the fourth quarter and $387.7 million, or 27.4%, during the twelve month period, to $1.8 billion at December 31, 2014.  The Company's success in expanding its loan portfolio is attributed to a balanced strategy of organic and acquired loan growth.  In the most recent quarter, the middle market team, which focuses on commercial and industrial loan customers with revenues between $25 million and $250 million, had new loan production totaling $99.7 million, which included $75.7 million of credit relationships previously existing with the team.  The Company's investment portfolio increased during the year to $496.8 million at December 31, 2014, compared to $368.9 million a year earlier.  Growth in the investment portfolio was primarily attributable to increases in U.S. government agency issued securities and select corporate debt securities.  At December 31, 2014 the average duration of the investment portfolio declined to 4.08 years from 4.96 years at year-end 2013, and remains liquid, with an average yield of 3.38%.

Total liabilities increased $74.6 million during the quarter and $490.4 million during the twelve month period, including a $278.6 million increase in deposits.  Total deposits were $1.83 billion at December 31, 2014.  Core transaction, savings and money market accounts were 70% of the Company's deposits and totaled $1.28 billion at December 31, 2014.  Noninterest-bearing deposits increased $8.9 million, or 2.9%, to $319.3 million during the quarter ending December 31, 2014.  Time deposits were $549.4 million at December 31, 2014, compared to $451.9 million at December 31, 2013.  The average cost of interest bearing liabilities declined to 0.40% at December 31, 2014, from 0.43% at year-end 2013.  Total borrowings were $438.5 million at December 31, 2014, compared to $229.8 million at December 31, 2013, with the increase primarily reflecting the Company's use of attractively priced Federal Home Loan Bank borrowings as part of its overall funding strategy.  The Company's average cost of borrowings in 2014 was 0.99%, down from 1.50% in 2013.

In March 2014, the Company issued $15.5 million of subordinated debt.  The subordinated debt was issued as an efficient form of regulatory tier 2 eligible capital, and the proceeds were used to redeem the remaining TARP preferred stock.  The weighted average cost of the subordinated debt is 7.25%; however, the after tax cost to common shareholders is below 5.00%.

Shareholders' equity increased to $231.4 million at December 31, 2014, compared to $166.8 million at December 31, 2013.  Retained earnings increased $4.3 million and common equity increased $2.9 million during the fourth quarter.  Key events in 2014 that impacted shareholders equity included a first quarter decline of $10.0 million due to the redemption of $15.0 million of preferred stock, partially offset by total comprehensive income of $1.8 million during the quarter, and a $64.2 million increase in the second quarter of 2014 as a result of the acquisition of CapStone Bank and the exercise of stock options previously issued by CapStone Bank.  The Company's tangible book value rose from $5.04 per share at December 31, 2013 to $5.50 at December 31, 2014.

Asset Quality

Asset quality reflected continued improvement throughout 2014.  Nonperforming assets at December 31, 2014 declined to $10.3 million from $17.0 million a year earlier.  The percentage of nonperforming assets to total assets declined to 0.41% at December 31, 2014, compared to 0.87% a year earlier.  Total nonperforming loans declined to $7.2 million at December 31, 2014, compared to $9.4 million at December 31, 2013.  As a percentage of total assets, nonperforming loans decreased by 19 basis points, or 39.6% at December 31, 2014, compared to a year earlier.  Net chargeoffs were $439,000 for the three month period ending December 31, 2014, or 0.10% of loans on an annualized basis.  Net chargeoffs decreased from $4.8 million in 2013 to $3.3 million in 2014.  The allowance for credit losses was $22.1 million at December 31, 2014, or 1.23% of total loans held for investment and 306.6% of nonperforming loans.

Outlook

Mr. Ridgill commented on the outlook for NewBridge:  "As the Company expanded in 2014, we further established our position as a prudently managed regional franchise in key markets throughout the Carolinas.  Improvements in our retail banking operation are expected to take root in the coming year, and we expect to see tangible organic growth in the newer geographic markets we have entered.  The addition of our middle market commercial banking team, expansion of the Bank's treasury management capabilities, and enhanced commercial banking operational structure are expected to demonstrate continued momentum.  Concerning additional expansion efforts, we anticipate completing the Premier Commercial Bank acquisition in the first quarter of 2015 and then will focus on integration and gaining efficiencies from the recent initiatives.  We operate the Bank with guiding principles that promote excellence throughout the organization, and we expect these deep rooted values to deliver consistent growth in shareholder value."

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 headquartered 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.  NewBridge Bank has assets of approximately $2.5 billion and 40 branches and several loan production offices.

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

FINANCIAL SUMMARY























Three Months Ended December 31




Twelve Months Ended December 31



2014


2013




2014


2013

Income Statement Data










(Dollars in thousands, except share data)










Interest income:











Loans(1)

$         19,157


$          15,482




$         71,230


$          56,617


Investment securities

4,055


3,057




14,468


12,179


Other

38


8




118


23

       Total interest income

23,250


18,547




85,816


68,819

Interest expense:











Deposits

1,060


869




4,000


3,116


Borrowings from the FHLB

230


427




801


1,195


Other

656


338




2,344


1,332

      Total interest expense

1,946


1,634




7,145


5,643

Net interest income

21,304


16,913




78,671


63,176

Provision for credit losses

50


642




883


2,691

Net interest income after provision for credit losses

21,254


16,271




77,788


60,485

Noninterest income:











Retail banking

2,515


2,636




10,424


10,228


Mortgage banking services

217


297




870


1,644


Wealth management services

771


638




2,919


2,570


Gain on sale of investment securities

-


-




-


736


Bank-owned life insurance

316


322




1,385


1,429


Other

258


176




1,115


847

       Total noninterest income

4,077


4,069




16,713


17,454

Noninterest expense:











Personnel

9,946


8,717




36,617


32,104


Occupancy

1,218


1,135




4,910


4,208


Furniture and equipment

1,003


991




3,806


3,501


Technology and data processing

1,228


1,121




4,727


4,192


Legal and professional

816


652




2,994


2,683


FDIC insurance

382


236




1,602


1,565


Other real estate owned

376


159




870


(126)


Acquisition related expenses

171


2,163




5,081


2,232


Other

3,468


3,216




12,099


10,025

       Total noninterest expense

18,608


18,390




72,706


60,384

Income before income taxes

6,723


1,950




21,795


17,555

Income tax expense (benefit)

2,458


524




7,819


(3,216)

Net income

4,265


1,426




13,976


20,771

Dividends and accretion on preferred stock

-


(237)




(337)


(1,854)

Net income available to common shareholders

$           4,265


$            1,189




$         13,639


$          18,917

Net income per share - basic

$0.11


$0.04




$0.39


$0.71

Net income per share - diluted

$0.11


$0.04




$0.38


$0.65












(1)

Includes accelerated accretion (amortization) on purchased loans of $85,000 and $(44,000) for the three months ended December 31, 2014 and 2013, respectively, and $(115,000) and $(44,000) for the twelve months ended December 31, 2014 and 2013, respectively.
















FINANCIAL SUMMARY
























2014


2013




Fourth


Third


Second


First


Fourth




Quarter


Quarter


Quarter


Quarter


Quarter


Period-End Balance Sheet











(Dollars in thousands)











Assets











Loans held for sale

$           6,181


$            3,303


$            5,733


$            3,486


$            3,530


Commercial loans

928,761


839,696


835,248


684,643


656,440


Real estate - construction loans

168,109


157,841


151,078


115,748


115,396


Real estate - mortgage loans

672,574


689,356


703,390


610,365


610,179


Consumer loans

26,164


26,794


28,770


25,094


26,437


Other loans

8,798


7,277


8,064


7,991


8,251



Total loans held for investment

1,804,406


1,720,964


1,726,550


1,443,841


1,416,703


Allowance for credit losses

(22,112)


(22,501)


(22,944)


(24,435)


(24,550)



Net loans held for investment

1,782,294


1,698,463


1,703,606

(1)

1,419,406


1,392,153


Investment securities

496,798


496,914


469,198


410,122


368,866


Other earning assets

17,131


19,077


19,679


4,075


3,915


Intangible assets

26,679


27,108


27,942


8,046


8,388


Other non-earning assets

191,149


197,885


202,935


193,134


188,380



Total Assets

$    2,520,232


$     2,442,750


$     2,429,093


$     2,038,269


$     1,965,232














Liabilities and Shareholders' Equity











Noninterest-bearing deposits

$       319,327


$        310,441


$        301,038


$        258,058


$        240,979


Savings deposits

67,639


66,521


67,554


65,386


62,353


NOW accounts

509,450


499,184


477,372


454,198


439,624


Money market accounts

386,733


405,369


404,801


351,797


359,174


Time deposits

549,415


543,619


604,818


492,809


451,866



Total deposits

1,832,564


1,825,134


1,855,583

(2)

1,622,248


1,553,996


Total borrowings

438,474


373,974


332,274


244,774


229,774


Other liabilities

17,839


15,211


16,585


14,422


14,670


Shareholders' equity - preferred

-


-


-


-


15,000


Shareholders' equity - common

231,355


228,431


224,651


156,825


151,792



Total Liabilities and Shareholders' Equity

$    2,520,232


$     2,442,750


$     2,429,093


$     2,038,269


$     1,965,232














(1)

Includes $260.7 million from CapStone Bank acquisition.










(2)

Includes $229.3 million from CapStone Bank acquisition.










COMMON STOCK DATA
























2014


2013




Fourth


Third


Second


First


Fourth




Quarter


Quarter


Quarter


Quarter


Quarter














Market value:











   End of period

$             8.71


$              7.59


$              8.06


$              7.14


$              7.43


   High

8.98


8.46


8.69


7.62


7.92


   Low

7.34


7.20


6.99


6.55


6.40


Book value

6.22


6.14


6.05


5.50


5.33


Tangible book value

5.50


5.41


5.30


5.22


5.04


Average shares outstanding

37,195,303


37,166,736


36,808,785


28,487,709


28,478,316


Average diluted shares outstanding

37,655,766


37,576,669


37,382,568


28,597,530


28,584,755


Class A shares at end of period

34,008,795


34,007,093


33,949,443


25,303,820


25,291,568


Class B shares at end of period

3,186,748


3,186,748


3,186,748


3,186,748


3,186,748














INVESTMENT PORTFOLIO


























(Dollars in thousands)

 As of December 31, 2014 




 Amortized 


 Gross 


 Gross 


 Estimated 


Average


Average




 Cost 


 Unrealized Gain 


 Unrealized Loss 


 Fair Value 


 Yield (%) 


Duration (years)
















Available for Sale(1)













US Agency

$         49,599


$                   -


$         (1,485)


$         48,114


2.05

%

6.80


Agency mortgage backed securities

19,314


1,255


-


20,569


3.78


3.46


Collateralized mortgage obligations

10,492


217


-


10,709


3.81


3.72


Commercial mortgage backed securities

33,646


1,179


-


34,825


3.40


2.62


Covered bonds

49,976


2,017


(73)


51,920


3.49


1.98


Corporate bonds

128,798


3,612


(535)


131,875


3.78


3.50


Municipal obligations

33,930


1,204


(4)


35,130


5.17

(2)

3.75



Total debt securities

325,755


9,484


(2,097)


333,142


3.58

(2)

3.71


Federal Home Loan Bank stock

17,712


-


-


17,712






Federal Reserve Bank stock

5,702


-


-


5,702






Other

9,336


361


(156)


9,541






Total Available for Sale

$       358,505


$           9,845


$         (2,253)


$       366,097




















Held to Maturity(1)













US Agency

$         32,772


$                95


$            (416)


$         32,451


2.16

%

4.75


Agency mortgage backed securities

54,339


1,352


-


55,691


2.58


4.43


Covered bonds

4,984


25


-


5,009


2.08


3.92


Corporate bonds

23,455


123


(64)


23,514


2.72


4.19


Subordinated debt issues

14,000


50


(17)


14,033


6.26


9.35


Municipal obligations

1,151


66


-


1,217


4.28

(2)

7.60


Total Held to Maturity

$       130,701


$           1,711


$            (497)


$       131,915


2.89

(2)

5.00
















Total Investment Portfolio

$       489,206


$         11,556


$         (2,750)


$       498,012


3.38

(2)

4.08
















(Dollars in thousands)

 As of December 31, 2013 




 Amortized 


 Gross 


 Gross 


 Estimated 


Average


Average




 Cost 


 Unrealized Gain 


 Unrealized Loss 


 Fair Value 


 Yield (%) 


Duration (years)
















Available for Sale(1)













US Agency

$         49,094


$                   -


$         (4,562)


$         44,532


2.07

%

7.67


Agency mortgage backed securities

14,217


1,261


-


15,478


5.09


2.83


Collateralized mortgage obligations

6,611


163


-


6,774


5.63


2.60


Commercial mortgage backed securities

38,367


1,123


(102)


39,388


3.32


3.36


Covered bonds

49,937


2,924


(233)


52,628


3.49


2.90


Corporate bonds

105,772


4,066


(572)


109,266


3.83


4.13


Municipal obligations

15,836


161


(301)


15,696


6.46

(2)

7.94



Total debt securities

279,834


9,698


(5,770)


283,762


3.65

(2)

4.55


Federal Home Loan Bank stock

9,988


-


-


9,988






Other

7,672


596


(469)


7,799






Total Available for Sale

$       297,494


$         10,294


$         (6,239)


$       301,549




















Held to Maturity(1)













US Agency

$         28,729


$                   -


$         (1,920)


$         26,809


2.13

%

6.73


Agency mortgage backed securities

32,439


171


(34)


32,576


2.64


5.90


Subordinated debt issues

5,000


-


-


5,000


7.63


9.61


Municipal obligations

1,149


-


(95)


1,054


4.25

(2)

13.58


Total Held to Maturity

$         67,317


$              171


$         (2,049)


$         65,439


2.81

(2)

6.66
















Total Investment Portfolio

$       364,811


$         10,465


$         (8,288)


$       366,988


3.49

(2)

4.96
















(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, 2014




Three Months Ended December 31, 2013




Average


Interest Income/


Average Yield/




Average


Interest Income/


Average Yield/




Balance


Expense(1)


Rate




Balance


Expense


Rate


(Fully taxable equivalent basis, dollars in thousands)















Earning Assets
















Loans receivable

$     1,786,411


$          19,157


4.25%




$     1,409,800


$          15,482


4.36%



Investment securities

499,265


4,193


3.36%




359,510


3,140


3.49%



Other earning assets

18,430


38


0.82%




10,173


8


0.31%



     Total Earning Assets

2,304,106


23,388


4.03%




1,779,483


18,630


4.15%


Non-Earning Assets

194,708








166,517







     Total Assets

$     2,498,814


23,388






$     1,946,000


18,630




















Interest-Bearing Liabilities 
















Deposits

$     1,522,435


1,060


0.28%




$     1,313,088


869


0.26%



Borrowings

407,593


886


0.86%




197,630


765


1.54%



     Total Interest-Bearing Liabilities 

1,930,028


1,946


0.40%




1,510,718


1,634


0.43%



Noninterest-bearing deposits

322,123








252,320







Other liabilities

15,840








18,949







Shareholders' equity

230,823








164,013







     Total Liabilities and
















       Shareholders' Equity

$     2,498,814


1,946






$     1,946,000


1,634




Net Interest Income 



$          21,442








$          16,996




Net Interest Margin





3.69%








3.79%


Interest Rate Spread





3.63%








3.72%




















Twelve Months Ended December 31, 2014




Twelve Months Ended December 31, 2013




Average


Interest Income/


Average Yield/




Average


Interest Income/


Average Yield/




Balance


Expense(1)


Rate




Balance


Expense


Rate


(Fully taxable equivalent basis, dollars in thousands)















Earning Assets
















Loans receivable

$     1,670,113


$          71,230


4.26%




$     1,247,095


$          56,617


4.54%



Investment securities

455,262


14,965


3.29%




379,014


12,549


3.31%



Other earning assets

14,763


118


0.80%




7,656


23


0.30%



     Total Earning Assets

2,140,138


86,313


4.04%




1,633,765


69,189


4.24%


Non-Earning Assets

192,412








144,304







     Total Assets

$     2,332,550


86,313






$     1,778,069


69,189




















Interest-Bearing Liabilities 
















Deposits

$     1,489,293


4,000


0.27%




$     1,184,485


3,116


0.26%



Borrowings

318,858


3,145


0.99%




168,909


2,527


1.50%



     Total Interest-Bearing Liabilities 

1,808,151


7,145


0.40%




1,353,394


5,643


0.42%



Noninterest-bearing deposits

294,704








228,635







Other liabilities

15,537








19,302







Shareholders' equity

214,158








176,738







     Total Liabilities and
















       Shareholders' Equity

$     2,332,550


7,145






$     1,778,069


5,643




Net Interest Income 



$          79,168








$          63,546




Net Interest Margin





3.70%








3.89%


Interest Rate Spread





3.64%








3.82%


















(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, 2014, the adjustments made to convert to a fully taxable-equivalent basis were $138 for 2014 and $83 for 2013. For the twelve months ended December 31, 2014, the adjustments made to convert to a fully taxable-equivalent basis were $497 for 2014 and $370 for 2013.

























ASSET QUALITY DATA

























2014


2013




Fourth


Third


Second


First


Fourth




Quarter


Quarter


Quarter


Quarter


Quarter


(Dollars in thousands)











Loans identified as impaired

$           4,227


$            3,947


$            8,025


$            8,954


$            5,879


Other nonperforming loans

2,985


3,882


3,268


3,883


3,519



Total nonperforming loans

7,212


7,829


11,293


12,837


9,398


Other real estate owned

3,057


3,580


3,585


5,633


7,620



Total nonperforming assets

$         10,269


$          11,409


$          14,878


$          18,470


$          17,018














Net chargeoffs

$              439


$               532


$            2,091


$               259


$            1,477


Allowance for credit losses

22,112


22,501


22,944


24,435


24,550


Allowance for credit losses to loans held for investment

1.23

%

1.31

%

1.33

%

1.69

%

1.73

%

Nonperforming loans to loans held for investment

0.40


0.45


0.65


0.89


0.66


Nonperforming assets to total assets

0.41


0.47


0.61


0.91


0.87


Nonperforming loans to total assets

0.29


0.32


0.46


0.63


0.48


Net chargeoff percentage (annualized)

0.10


0.12


0.48


0.07


0.42


Allowance for credit losses to nonperforming loans

306.60


287.41


203.17


190.35


261.23














Allowance for credit losses rollforward

Three Months Ended December 31




Twelve Months Ended December 31




2014


2013




2014


2013















Beginning balance

$         22,501


$          25,385




$         24,550


$          26,630



Chargeoffs

1,344


2,621




7,408


8,526



Recoveries

905


1,144




4,087


3,755



Net chargeoffs

439


1,477




3,321


4,771



Provision for credit losses

50


642




883


2,691



Ending balance

$         22,112


$          24,550




$         22,112


$          24,550














OTHER DATA

























Three Months Ended December 31




Twelve Months Ended December 31




2014


2013




2014


2013














Tangible common equity

$       204,676


$        143,404




$       204,676


$        143,404


Return on average assets

0.68

%

0.29

%



0.60

%

1.17

%

Return on average equity

7.33


3.45




6.53


11.75


Net yield on earning assets

3.69


3.79




3.70


3.89


Average loans to assets

71.49


72.45




71.60


70.14


Average loans to deposits

96.85


90.06




93.62


88.25


Average noninterest - bearing deposits











   to total deposits

17.46


16.12




16.52


16.18


Average equity to assets

9.24


8.43




9.18


9.94


Total capital as a percentage of total risk weighted assets 

12.23


11.67




12.23


11.67


Tangible common equity as a percentage 












of tangible assets

8.21


7.33




8.21


7.33


Tangible common equity as a percentage 












of total risk weighted assets

10.13


9.44




10.13


9.44














OTHER NON-GAAP MEASURES




















Pre-tax core net operating income










(Dollars in thousands)












Three Months Ended December 31




Twelve Months Ended December 31



2014


2013




2014


2013












Pre-tax net income

$           6,723


$            1,950




$         21,795


$          17,555


Gain on sale of investment securities

-


-




-


(736)


Acquisition related expenses

171


2,163




5,081


2,232

Pre-tax core net operating income

$           6,894


$            4,113




$         26,876


$          19,051























SOURCE NewBridge Bancorp

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