NEWPORT, NH--(Marketwire - Jul 15, 2011) - New Hampshire Thrift Bancshares, Inc. (the
Company) (
Financial Highlights
-- Total assets increased $35,946,151, or 3.61%, to $1,031,000,035 at June 30, 2011 from $995,053,884 at December 31, 2010. -- Net loans increased $34,914,814, or 5.17%, to $710,428,601 at June 30, 2011 from $675,513,787 at December 31, 2010. -- The Bank originated $84,221,539 in loans during the six months ended June 30, 2011, compared to $90,640,860 for the same period in 2010. -- The Bank's loan servicing portfolio was $365,847,721 at June 30, 2011 compared to $370,331,523 at December 31, 2010. -- Total deposits increased $3,838,769, or 0.49%, to $782,057,886 at June 30, 2011 from $778,219,117 at December 31, 2010. -- Net interest and dividend income for the six months ended June 30, 2011 was $14,344,875 compared to $15,183,282 for the same period in 2010. Net interest and dividend income for the three months ended June 30, 2011 was $7,142,425 compared to $7,605,457 for the same period in 2010. Tax-equivalent net interest income and dividend income for the three months ended June 30, 2011 was $7,504,024 compared to $7,729,990 for the same period in 2010. -- The Company earned $4,025,140, or $0.65 per common share, assuming dilution, for the six months ended June 30, 2011, compared to $3,723,971, or $0.60 per common share, assuming dilution, for the six months ended June 30, 2010. Net income available to common stockholders was $3,767,051 for the six months ended June 30, 2011, compared to $3,588,716 for the same period in 2010. -- The Company's returns on average assets and average equity for the six months ended June 30, 2011 were 0.79% and 8.72%, respectively, compared to 0.76% and 8.38%, respectively, for the same period in 2010.
Earnings Summary
Net income of $4,025,140 for the six months ended June 30, 2011 includes a decrease of $838,407 in net interest and dividend income. Since the six months ended June 30, 2010, the Company has increased its holdings in tax-exempt investments and loans resulting in lower realized yields for the six months ended June 30, 2011, which are offset in the Company's effective tax rate. Tax-equivalent net interest income and dividend income for the six months ended June 30, 2011 was $15,068,360 compared to $15,411,184 for the same period in 2010. The provision for loan losses decreased $1,135,000 to $410,000 for the six months ended June 30, 2011 compared to $1,545,000 for the same period in 2010. Noninterest income increased $768,476, or 17.76%, to $5,095,131 for the six months ended June 30, 2011 compared to $4,326,655 for the same period in 2010. The improved noninterest income figure reflects an increase of (i) $871,060, or 198.68%, in net gain on sales and calls of securities and (ii) $210,762, or 169.19%, in income from equity interest in Charter Holding Corp., partially offset by a decrease of (i) $159,570, or 6.08%, in customer service fees and (ii) $149,334, or 25.78%, in net gain on sales of loans. Noninterest expense increased $788,747, or 6.31%, to $13,289,117 for the six months ended June 30, 2011 compared to $12,500,369 for the same period in 2010. This increase includes an increase of (i) $589,462 in salaries and benefits which represents increases of 6.49% in salaries and 3.39% in employee benefits, (ii) an increase of $43,107, or 20.05%, in advertising and promotion, (iii) an increase of $112,375, or 21.42%, in depositors' insurance, (iv) a net increase of $80,653, or 8.12%, in outside and professional services, offset in part by a decrease of $56,275, or 2.54%, in other expenses.
Balance Sheet Summary
Total assets were $1,031,000,035 at June 30, 2011, compared to $995,053,884 at December 31, 2010, an increase of $35,946,151, or 3.61%. Securities available-for-sale decreased $5,817,377, or 2.97%, to $190,167,138 at June 30, 2011 from $195,984,515 at December 31, 2010. Net unrealized gains on securities available-for-sale were $1,688,580 at June 30, 2011, compared to net unrealized losses of $317,372 at December 31, 2010. During the six months ended June 30, 2011, the Company sold securities with a total book value of $57,082,372 for a net gain on sales of $1,309,491. During the same period, the Company purchased $23,409,920 of other bonds and debentures and $39,850,317 of mortgage-backed securities.
Net loans held in portfolio increased $34,914,814, or 5.17%, to $710,428,601 at June 30, 2011, from $675,513,787 at December 31, 2010. The allowance for loan losses increased $229,247 to $10,093,151 at June 30, 2011, from $9,863,904 at December 31, 2010. The change in the allowance for loan losses is the net of the effect of provisions of $410,000, charge-offs of $373,855, and recoveries of $193,102. As a percentage of total loans, non-performing loans decreased from 1.45% at December 31, 2010 to 1.32% at June 30, 2011. Total loan production for the six months ended June 30, 2011 was $84,221,539 compared to $90,640,860 for the same period in 2010.
Total deposits increased $3,838,769, or 0.49%, to $782,057,886 at June 30, 2011 from $778,219,117 at December 31, 2010. Advances from the Federal Home Loan Bank increased $35,004,064, or 46.08%, from $75,959,361 at December 31, 2010 to $110,963,425 at June 30, 2011.
Stockholders' equity of $95,931,534 resulted in a book value of $14.88 per common share at June 30, 2011 based on 5,773,772 shares of common stock outstanding as of that date, an increase of $0.62, or 4.35%, per common share, compared to $14.26 at December 31, 2010. As previously announced, a regular quarterly dividend of $0.13 per share is payable on July 29, 2011 to stockholders of record of July 22, 2011. The Bank remains well-capitalized with a Tier I (Core) Capital ratio of 8.46% at June 30, 2011.
About New Hampshire Thrift Bancshares, Inc.
New Hampshire Thrift Bancshares, Inc. is the parent company of Lake Sunapee Bank, fsb, a federally-chartered stock savings bank providing a wide range of banking and financial services through twenty-eight offices strategically located within the greater Dartmouth-Lake Sunapee-Kearsarge and Monadnock regions of west-central New Hampshire and central Vermont. New Hampshire Thrift Bancshares, Inc. has total assets of approximately $1.0 billion.
Forward-looking Statements
Statements included in this press release that are not historical or current fact are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. New Hampshire Thrift Bancshares, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.
New Hampshire Thrift Bancshares, Inc.
Selected Financial Highlights
For the three months For the six months
ended June 30, ended June 30,
2011 2010 2011 2010
---------- ---------- ---------- ----------
Net Income $2,000,156 $2,002,473 $4,025,140 $3,723,971
Per Share Data:
Basic Earnings $ 0.32 $ 0.32 $ 0.65 $ 0.60
Diluted Earnings (1) 0.32 0.32 0.65 0.60
Dividends Paid 0.13 0.13 0.26 0.26
Dividend Payout Ratio 40.63% 40.63% 40.00% 43.33%
June 30, December 31,
As of 2011 2010
--------------- ---------------
Total Assets $ 1,031,000,035 $ 995,053,884
Total Securities (2) 197,781,738 203,599,115
Loans, Net 710,428,601 675,513,787
Total Deposits 782,057,886 778,219,117
Federal Home Loan Bank Advances 110,963,425 75,959,361
Stockholders' Equity 95,931,534 92,391,419
Book Value per Common Share $ 14.88 $ 14.26
Common Shares Outstanding 5,773,772 5,773,772
Tier I (Core) Capital 8.46% 8.28%
Return on Average Assets 0.79% 0.79%
Return on Average Equity 8.72% 8.71%
Number of Branch Locations 28 28
(1) Diluted earnings per share are calculated using the weighted-average
number of shares outstanding for the period, including common stock
equivalents.
(2) Includes available-for-sale securities shown at fair value,
held-to-maturity securities at cost and Federal Home Loan Bank stock at
cost.
New Hampshire Thrift Bancshares, Inc.
Consolidated Balance Sheets
June 30, December 31,
2011 2010
--------------- ---------------
ASSETS (unaudited)
Cash and due from banks $ 21,073,491 $ 21,512,894
Federal Reserve overnight deposit 21,000,000 11,700,000
--------------- ---------------
Total cash and cash equivalents 42,073,491 33,212,894
Securities available-for-sale 190,167,138 195,984,515
Federal Home Loan Bank stock 7,614,600 7,614,600
Loans held-for-sale 1,236,000 5,887,141
Loans receivable, net 710,428,601 675,513,787
Accrued interest receivable 3,307,681 2,986,348
Bank premises and equipment, net 16,461,292 16,671,896
Investments in real estate 3,500,895 3,550,427
Other real estate owned 191,948 75,000
Goodwill and other intangible assets 28,626,670 28,843,609
Investment in partially owned Charter
Holding Corp., at equity 5,242,407 4,898,869
Bank-owned life insurance 13,075,844 10,358,288
Other assets 9,073,468 9,456,510
--------------- ---------------
Total assets $ 1,031,000,035 $ 995,053,884
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $ 61,056,240 $ 53,265,124
Interest-bearing 721,001,646 724,953,993
--------------- ---------------
Total deposits 782,057,886 778,219,117
Federal Home Loan Bank advances 110,963,425 75,959,361
Securities sold under agreements to
repurchase 11,644,999 16,165,074
Subordinated debentures 20,620,000 20,620,000
Accrued expenses and other liabilities 9,782,191 11,698,913
--------------- ---------------
Total liabilities 935,068,501 902,662,465
--------------- ---------------
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value per
share: 2,500,000 shares authorized,
10,000 shares issued and outstanding
at June 30, 2011 and December 31,
2010 100 100
Common stock, $.01 par value, per
share: 10,000,000 shares authorized,
6,234,051 shares issued and 5,773,772
shares outstanding as of June 30, 2011
and December 31, 2010 62,341 62,341
Warrants 85,020 85,020
Paid-in capital 55,928,753 55,920,664
Retained earnings 48,266,603 46,000,732
Accumulated other comprehensive loss (1,260,560) (2,526,715)
Treasury stock, at cost, 460,279 shares
as of June 30, 2011 and December 31,
2010 (7,150,723) (7,150,723)
--------------- ---------------
Total stockholders' equity 95,931,534 92,391,419
--------------- ---------------
Total liabilities and stockholders'
equity $ 1,031,000,035 $ 995,053,884
=============== ===============
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended June
June 30, 30,
2011 2010 2011 2010
---------- ---------- ----------- -----------
Interest and dividend
Income
Interest and fees on
loans $7,884,371 $8,085,205 $15,849,488 $16,177,289
Interest on debt
investments:
Taxable 1,224,575 1,870,794 2,457,893 3,795,937
Dividends 9,869 4,047 19,689 8,931
Other 219,337 11,751 454,037 16,759
---------- ---------- ----------- -----------
Total interest and
dividend income 9,338,152 9,971,797 18,781,107 19,998,916
---------- ---------- ----------- -----------
Interest expense
Interest on deposits 1,442,261 1,606,112 2,945,194 3,315,852
Interest on advances and
other borrowed money 753,466 760,228 1,491,038 1,499,782
---------- ---------- ----------- -----------
Total interest expense 2,195,727 2,366,340 4,436,232 4,815,634
---------- ---------- ----------- -----------
Net interest and dividend
income 7,142,425 7,605,457 14,344,875 15,183,282
Provision for loan losses 167,500 531,000 410,000 1,545,000
---------- ---------- ----------- -----------
Net interest and
dividend income
after provision for loan
losses 6,974,925 7,074,457 13,934,875 13,638,282
---------- ---------- ----------- -----------
Noninterest income
Customer service fees 1,287,873 1,329,375 2,465,100 2,624,670
Net gain on sales of
loans 110,000 260,203 429,925 579,259
Gain on sales of
securities, net 869,244 221,663 1,309,491 438,431
Gain on sales of other
real estate and property
owned, net 5,526 420 9,363 39,355
Rental income 169,164 167,752 340,840 339,729
Income from equity
interest in Charter
Holding Corp. 179,332 69,420 335,334 124,572
Brokerage service income 547 567 1,127 1,179
Bank owned life
insurance income 109,059 90,800 203,951 179,460
---------- ---------- ----------- -----------
Total noninterest income 2,730,745 2,140,200 5,095,131 4,326,655
---------- ---------- ----------- -----------
Noninterest expenses
Salaries and employee
benefits 3,552,249 3,172,791 6,834,047 6,244,585
Occupancy expenses 931,414 938,125 1,969,099 1,943,235
Advertising and
promotion 146,732 99,931 258,059 214,952
Depositors' insurance 320,773 254,574 636,938 524,563
Outside services 261,493 278,486 496,563 534,828
Professional services 266,111 272,434 577,575 458,657
ATM processing fees 130,020 129,345 256,449 254,508
Supplies 81,498 98,887 165,427 192,316
Mortgage servicing
income, net of
amortization of
mortgage servicing
rights (54,217) (51,884) (61,314) (79,824)
Other expenses 1,217,700 1,205,439 2,156,274 2,212,549
---------- ---------- ----------- -----------
Total noninterest
expenses 6,853,773 6,398,128 13,289,117 12,500,369
---------- ---------- ----------- -----------
Income before provision
for income taxes 2,851,897 2,816,529 5,740,889 5,464,568
Provision for income
taxes 851,741 814,056 1,715,749 1,740,597
---------- ---------- ----------- -----------
Net income $2,000,156 $2,002,473 $ 4,025,140 $ 3,723,971
---------- ---------- ----------- -----------
Net income available to
common stockholders $1,871,111 $1,873,771 $ 3,767,051 $ 3,467,936
---------- ---------- ----------- -----------
Contact Information:
For additional information contact:
Laura Jacobi
Senior Vice President
Chief Financial Officer
603-863-0886