NewBridge falls on lower Q2 earnings, slashed quarterly dividend
Bank holding company NewBridge Bancorp (Nasdaq:NBBC) is off 16% today after reporting after Friday’s close its second quarter earnings had dropped. For the quarter ended June 30, the North Carolina-based company posted net income of $0.26 million, or $0.02 per share, compared with $1.7 million, or $0.20 per share, for the same period a year earlier.
The company said weakness in the economy was the primary cause for its lower results. Because of this, NewBridge announced it would be cutting its quarterly cash dividend to $0.05 per share from $0.17 per share. The dividend is payable on Oct. 15 to shareholders of record on Oct. 1.
At 11:17 a.m. ET, shares are at $7.07, down $1.37 from Friday’s close. Trading volume is at about 26,000 shares, well above the average of 19,000.
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