Shares of NewBridge Bancorp in Greensboro, N.C., edged up Friday, even though the company reported a fourth-quarter loss of $8.1 million.
Its loss shrunk by 24% from a year earlier.
The loan-loss provision was flat, at $14.6 million, but nonperforming assets increased 183%, to $48.6 million, or 2.25% of total assets.
NewBridge's full-year loss grew 15.8%, to $6.6 million.
It cited the weak economy and continued deterioration in the real estate market.
The $2.1 billion-asset NewBridge was formed in July 2007, when LSB Bancshares Inc. of Lexington bought FNB Financial Services Corp. of Greensboro.
Pressley A. Ridgill, NewBridge's president and chief executive officer, said in a press release that it has closed some branches, eliminated lines of business, and reduced staff to cut costs.
Fourth-quarter noninterest expenses dropped 20%, to $20.3 million, but full-year noninterest expenses rose 16%, to $72.8 million.
"Despite the extremely difficult operating environment, we continue to work diligently to position the company for long-term success," Mr. Ridgill said.
The results were issued late Thursday. On Friday, NewBridge's stock climbed 5.1% from Thursday's close, to $2.29 a share.
