newbridge bancorp (NBBC) Key Developments
NewBridge Bancorp Announces Earnings Results for the First Quarter Ended March 31, 2014; Announces Net Charge-offs for the First Quarter Ended March 31, 2014
Apr 24 14
NewBridge Bancorp announced earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net interest income of $16,636,000 against $15,057,000 a year ago. Income before income taxes was $5,351,000 against $4,731,000 a year ago. Net income available to common shareholders was $3,114,000 or $0.11 basic and diluted per share against $4,001,000 or $0.13 diluted per share a year ago. Book value per share was $5.50 against $5.19 a year ago. Tangible book value per share was $5.22 against $5.09 a year ago. Return on average assets was 0.71% against 1.13% a year ago. Return on average equity was 8.27% against 9.74% a year ago. Pre-tax core net income was $5,439,000 against $4,523,000 a year ago. The growth in net interest income was due primarily from a rise in the average balance of earning assets, principally loans, but was partially offset by a decline in the yield on loans.
For the quarter, the company reported net charge-offs of $259,000 against $1,542,000 a year ago.
NewBridge Bancorp Cutting 5% of its Jobs in Retail Restructuring
Apr 23 14
NewBridge Bancorp announced that it is planning to retool its retail banking operations in a move that will eliminate 5% of its work force. The company would replace its traditional branch staffing model, which consists of a manager surrounded by client service representatives, with a simplified structure that revolves around client service managers who will report to local retail banking managers. Each banking manager will oversee several branches within a designated market.
NewBridge Bank Appoints Laura Bailey as Senior Vice President, Retail Sales Manager
Apr 21 14
NewBridge Bank announced the appointment of Laura Bailey as Senior Vice President and Retail Sales Manager. These changes follow a comprehensive review to determine how to best meet the needs of new and existing retail clients who increasingly depend on online and mobile banking platforms. The appointment of Bailey represents a newly created position. She will be responsible for the integration of all marketing, sales and client support for the Bank's retail banking line of business. Bailey joins the Bank with over 15 years of sales and service leadership experience, primarily with a large financial institution. She recently led a sales team consisting of 38 retail locations and over 300 team members in the Piedmont Triad and Triangle regions of N.C. In addition, Ann Warren and Nicky Casteen have also been promoted to retail banking manager to help manage regional operations in North Davidson and Brunswick Counties, respectively. Over time, these changes will result in an estimated 5% reduction in the Company's work force.
NewBridge Bancorp, Annual General Meeting, May 14, 2014
Apr 4 14
NewBridge Bancorp, Annual General Meeting, May 14, 2014., at 10:00 US Eastern Standard Time. Location: O.Henry Hotel, Caldwell Ballroom. Agenda: To consider the election of seventeen members to the board of directors; to consider the appointment of Dixon Hughes Goodman LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2014; to consider advisory proposal; and to consider the such other business as may properly come before the annual meeting, the board of directors is not aware of any other business to be conducted at the annual meeting.
NewBridge Bancorp Announces Executive Changes
Apr 1 14
CapStone Bank's acquisition by Greensboro-based NewBridge Bancorp has officially closed, creating a $2.4 billion community bank. Michael Patterson, former chairman, president and CEO of CapStone, becomes a director of NewBridge Patterson, who will also serve as a member of the executive committees of NewBridge Bancorp and NewBridge Bank, will be joined by two former CapStone directors on the NewBridge board: Robert Boyette and Richard Urquhart.