NEWPORT, NH--(Marketwired - Jul 15, 2013) - New Hampshire Thrift Bancshares, Inc. (the "Company") (
Financial Highlights
- Total assets were $1.2 billion at June 30, 2013, from $1.3 billion at December 31, 2012, a decrease of $50.5 million, or 3.97%.
- Net loans were $909.6 million at June 30, 2013, from $902.2 million at December 31, 2012, an increase of $7.3 million, or 0.81%.
- During the six months ended June 30, 2013, the Company originated $177.5 million in loans compared to $206.8 million for the same period in 2012. During the quarter ended June 30, 2013, the Company originated $99.8 million in loans compared to $134.1 million for the same period in 2012.
- The Company's loan servicing portfolio was $405.1 million at June 30, 2013, compared to $385.4 million at December 31, 2012.
- Total deposits were $912.4 million at June 30, 2013, from $949.3 million at December 31, 2012, a decrease of $36.9 million, or 3.89%.
- Net interest and dividend income for the six months ended June 30, 2013, was $16.0 million compared to $14.4 million for the same period in 2012, an increase of $1.6 million, or 10.53%. Net interest and dividend income for the quarter ended June 30, 2013, was $7.8 million compared to $7.3 million for the same period in 2012, an increase of $480 thousand, or 6.54%.
- Net income available to common stockholders increased $52 thousand to $3.6 million for the six months ended June 30, 2013, compared to the same period in 2012. Common shares outstanding, assuming dilution, were 7,069,896 at June 30, 2013, compared to 5,850,456 at June 30, 2012, due primarily to the issuance of 1,153,544 shares in conjunction with the acquisition of The Nashua Bank on December 21, 2012. Net income available to common stockholders was $1.7 million for the quarter ended June 30, 2013, compared to $1.8 million for the same period in 2012. Common shares outstanding, assuming dilution for the quarter, were 7,079,171 at June 30, 2013, compared to 5,857,022 at June 30, 2012.
Earnings Summary
Net income of $3.8 million for the six months ended June 30, 2013, included an increase of $1.6 million, or 10.53%, in net interest and dividend income. The provision for loan losses decreased $653 thousand, or 53.13%, to $576 thousand for the six months ended June 30, 2013, compared to $1.2 million for the same period in 2012. Noninterest income was $6.6 million for the six months ended June 30, 2013, compared to $6.9 million for the same period in 2012, a decrease of $354 thousand, or 5.11%. This decrease includes increases of: $853 thousand, or 112.98%, in net gains on the sales of loans; $15 thousand, or 6.47%, in realized gain in Charter Holding Corp.; $113 thousand, or 16.01%, in insurance commission income; and $43 thousand, or 18.45%, in bank-owned life insurance income, offset by decreases of $1.5 million, or 66.38%, in net gains on sales and calls of securities and $7 thousand, or 0.29%, in customer service fees. Additionally, a net gain on sales of other real estate owned and property owned of $28 thousand was recorded during the six months ended June 30, 2013, compared to a net loss on sales of other real estate owned of $150 thousand during the same period in 2012. Noninterest expense increased $2.0 million, or 14.19%, to $16.3 million for the six months ended June 30, 2013, compared to $14.3 million for the same period in 2012. Expenses for the six months ended June 30, 2013, includes $454 thousand of non-recurring expenses associated with the acquisition of Central Financial Corporation. Within noninterest expense, salaries and employee benefits increased $937 thousand, or 12.56%, to $8.4 million for the six months ended June 30, 2013, compared to $7.5 million for the same period in 2012. This includes ordinary wage increases and increases in benefit costs, as well as the additional staffing expenses associated with The Nashua Bank division, which was not part of the Company's expenses during the six months ended June 30, 2012. Despite lower income before provision for income taxes, the provision for income taxes was $41 thousand higher for the six months ended June 30, 2013, compared to the same period in 2012, due in significant part to the non-tax-deductibility of $454 thousand of previously referenced non-recurring expenses related to the acquisition of Central Financial Corp.
Net income of $1.8 million for the quarter ended June 30, 2013, included an increase of $480 thousand, or 6.54%, in net interest and dividend income. The provision for loan losses decreased $912 thousand, or 84.92%, to $162 thousand for the quarter ended June 30, 2013, compared to $1.1 million for the same period in 2012. Noninterest income was $3.4 million for the quarter ended June 30, 2013, compared to $3.6 million for the same period in 2012, a decrease of $195 thousand, or 5.43%. This decrease includes increases of: $13 thousand, or 1.04%, in customer service fees; $265 thousand, or 63.57%, in net gains on the sales of loans; $28 thousand, or 24.35%, in realized gain in Charter Holding Corp.; $37 thousand, or 12.50%, in insurance commission income; and $18 thousand, or 13.95%, in bank-owned life insurance income, offset by a decrease of $559 thousand, or 47.66%, in net gains on sales and calls of securities. Noninterest expense increased $1.3 million, or 18.95%, to $8.3 million for the quarter ended June 30, 2013, compared to $7.0 million for the same period in 2012. Expenses for the quarter ended June 30, 2013, includes $344 thousand of non-recurring expenses associated with the acquisition of Central Financial Corporation. Within noninterest expense, salaries and employee benefits increased $425 thousand, or 11.57%, to $4.1 million for the quarter ended June 30, 2013, compared to $3.7 million for the same period in 2012. This includes ordinary wage increases and increases in benefit expenses, as well as the additional staffing expenses associated with The Nashua Bank division, which was not part of the Company's expenses during the quarter ended June 30, 2012.
Balance Sheet Summary
Total assets were $1.2 billion at June 30, 2013, compared to $1.3 billion at December 31, 2012, a decrease of $50.5 million, or 3.97%. Securities available-for-sale decreased $61.1 million to $151.3 million at June 30, 2013, from $212.4 million at December 31, 2012, as a result of the sales of $91.4 million of investments, purchases of $52.7 million, and ordinary amortization of mortgage-backed securities. Loans held-for-sale decreased $9.4 million to $2.6 million at June 30, 2013, from $12.0 million at December 31, 2012. Net loans held in portfolio increased $7.3 million, or 0.81%, to $909.6 million at June 30, 2013, from $902.2 million at December 31, 2012. The allowance for loan losses, excluding provisions for overdrafts, was $9.5 million at June 30, 2013, compared to $9.9 million at December 31, 2012. The change in the allowance for loan losses is the net effect of provisions of $550 thousand, charge-offs of $1.2 million, and recoveries of $298 thousand. Total loan production for the six months ended June 30, 2013, was $177.5 million compared to $206.8 million for the same period in 2012. Total loan production for the quarter ended June 30, 2013, was $99.8 million in loans compared to $134.1 million for the same period in 2012.
Total deposits were $912.4 million at June 30, 2013, from $949.3 million at December 31, 2012, a decrease of $36.9 million, or 3.89%. This decrease reflects the call of $15.0 million of brokered deposits during the six months ended June 30, 2013. Advances from the Federal Home Loan Bank decreased $15.5 million, or 10.86%, to $127.2 million at June 30, 2013, from $142.7 million at December 31, 2012. Securities sold under agreements to repurchase increased $4.3 million, or 29.48%, to $18.9 million at June 30, 2013, from $14.6 million at December 31, 2012.
Stockholders' equity of $129.4 million resulted in a book value of $15.01 per common share at June 30, 2013, based on 7,088,896 shares of common stock outstanding. The Bank remains well-capitalized with a Leverage (Tier I) Capital ratio of 9.24% at June 30, 2013.
Acquisition of Central Financial Corporation
On April 3, 2013, the Company and Central Financial Corporation jointly announced that they entered into a definitive agreement in which the Company will acquire Central Financial Corporation in an all-stock transaction. Following the merger, Central Financial Corporation's wholly owned subsidiary, The Randolph National Bank, will be merged with and into the Bank, with the Bank surviving. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of Central Financial Corporation's shareholders. The transaction is expected to close in the fourth quarter of 2013.
For additional information, please see the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 3, 2013.
Quarterly Dividend
On July 11, 2013, the Company announced a regular quarterly cash dividend of $0.13 per share payable July 31, 2013, to stockholders of record as of July 24, 2013.
About New Hampshire Thrift Bancshares, Inc.
New Hampshire Thrift Bancshares, Inc. is the savings and loan holding company of Lake Sunapee Bank, fsb, a federally chartered savings bank that provides a wide range of banking and financial services. Lake Sunapee Bank has three wholly owned subsidiaries: Lake Sunapee Financial Services Corp., Lake Sunapee Group, Inc., which owns and maintains all buildings and investment properties, and McCrillis & Eldredge Insurance, Inc., a full-line independent insurance agency acquired in 2011, which offers a complete range of commercial insurance services and consumer products. New Hampshire Thrift Bancshares, Inc., through its direct and indirect subsidiaries, operates 22 locations in New Hampshire in Grafton, Hillsborough, Merrimack and Sullivan counties and 8 locations in Vermont in Rutland and Windsor counties. New Hampshire Thrift Bancshares, Inc. has total assets of approximately $1.2 billion as of June 30, 2013.
Forward-Looking Statements
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year-ended December 31, 2012, and in subsequent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date of this release. The Company and the Bank do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to 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.
| New Hampshire Thrift Bancshares, Inc. | ||||||||||||||||||
| Selected Financial Highlights | ||||||||||||||||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| (in thousands, except for per share data) | ||||||||||||||||||
| Net Income | $ | 1,796 | $ | 2,012 | $ | 3,847 | $ | 4,094 | ||||||||||
| Net Income Available to Common Stockholders | $ | 1,736 | $ | 1,762 | $ | 3,647 | $ | 3,594 | ||||||||||
| Per Share Data: | ||||||||||||||||||
| Earnings per common share, basic | $ | 0.25 | $ | 0.30 | $ | 0.52 | $ | 0.62 | ||||||||||
| Average number of shares, basic | 7,077,239 | 5,847,908 | 7,068,828 | 5,841,040 | ||||||||||||||
| Earnings per common share, assuming dilution (1) | $ | 0.25 | $ | 0.30 | $ | 0.52 | $ | 0.61 | ||||||||||
| Average number of shares, assuming dilution | 7,079,171 | 5,857,022 | 7,069,896 | 5,850,456 | ||||||||||||||
| Dividends Paid | 0.13 | 0.13 | 0.26 | 0.26 | ||||||||||||||
| Dividend Payout Ratio | 52.00 | % | 43.33 | % | 50.00 | % | 42.62 | % | ||||||||||
| As of | ||||||||
| (in thousands, except for per share data) | June 30, 2013 |
December 31, 2012 | ||||||
| Total Assets | $ | 1,220,005 | $ | 1,270,477 | ||||
| Total Securities (2) | 160,551 | 221,875 | ||||||
| Loans, Net | 909,552 | 902,236 | ||||||
| Total Deposits | 912,432 | 949,341 | ||||||
| Federal Home Loan Bank Advances | 127,231 | 142,730 | ||||||
| Stockholders' Equity | 129,409 | 129,494 | ||||||
| Book Value per Common Share | $ | 15.01 | $ | 15.09 | ||||
| Common Shares Outstanding | 7,088,896 | 7,055,946 | ||||||
| Leverage (Tier I) Capital | 9.24 | % | 8.87 | % | ||||
| Number of Locations | 30 | 30 | ||||||
| (1) | Diluted earnings per share are calculated using the weighted-average number of shares outstanding for the period, including common stock equivalents, as appropriate. |
| (2) | Includes available-for-sale securities shown at fair value and Federal Home Loan Bank stock at cost. |
| New Hampshire Thrift Bancshares, Inc. | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| June 30, | December 31, | ||||||||||
| (in thousands, except for share data) | 2013 | 2012 | |||||||||
| ASSETS | (unaudited) | ||||||||||
| Cash and due from banks | $ | 18,714 | $ | 26,147 | |||||||
| Overnight deposits | 32,000 | 13,265 | |||||||||
| Total cash and cash equivalents | 50,714 | 39,412 | |||||||||
| Securities available-for-sale | 151,258 | 212,369 | |||||||||
| Federal Home Loan Bank stock | 9,293 | 9,506 | |||||||||
| Loans held-for-sale | 2,556 | 11,983 | |||||||||
| Loans receivable, net | 909,552 | 902,236 | |||||||||
| Accrued interest receivable | 2,919 | 2,845 | |||||||||
| Bank premises and equipment, net | 18,772 | 17,261 | |||||||||
| Investments in real estate | 3,810 | 4,074 | |||||||||
| Other real estate owned | - | 102 | |||||||||
| Goodwill and other intangible assets | 38,471 | 38,811 | |||||||||
| Investment in partially owned Charter Holding Corp., at equity | 5,152 | 4,909 | |||||||||
| Bank-owned life insurance | 19,197 | 18,905 | |||||||||
| Other assets | 8,311 | 8,064 | |||||||||
| Total assets | $ | 1,220,005 | $ | 1,270,477 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| LIABILITIES | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing | $ | 80,267 | $ | 74,133 | |||||||
| Interest-bearing | 832,165 | 875,208 | |||||||||
| Total deposits | 912,432 | 949,341 | |||||||||
| Federal Home Loan Bank advances | 127,231 | 142,730 | |||||||||
| Securities sold under agreements to repurchase | 18,929 | 14,619 | |||||||||
| Subordinated debentures | 20,620 | 20,620 | |||||||||
| Accrued expenses and other liabilities | 11,384 | 13,673 | |||||||||
| Total liabilities | 1,090,596 | 1,140,983 | |||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Preferred stock, $.01 par value per share: 2,500,000 shares authorized: Series B, fixed rate noncumulative perpetual, fixed rate cumulative perpetual, 23,000 shares issued and outstanding at June 30, 2013, and 20,000 shares issued and outstanding at December 31, 2012 | - | - | |||||||||
| Common stock, $.01 par value, per share: 10,000,000 shares authorized, 7,523,225 shares issued and 7,088,896 shares outstanding as of June 30, 2013, and 7,486,225 shares issued and 7,055,946 shares outstanding as of December 31, 2012 | 75 |
75 |
|||||||||
| Paid-in capital | 84,463 | 83,977 | |||||||||
| Retained earnings | 55,743 | 53,933 | |||||||||
| Accumulated other comprehensive loss | (3,562 | ) | (1,444 | ) | |||||||
| Unearned stock awards | (437 | ) | (377 | ) | |||||||
| Treasury stock, at cost, 434,329 shares as of June 30, 2013, and 430,279 shares as of December 31, 2012 | (6,874 | ) | (6,670 | ) | |||||||
| Total stockholders' equity | 129,409 | 129,494 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,220,005 | $ | 1,270,477 | |||||||
| New Hampshire Thrift Bancshares, Inc. | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||
| (unaudited) | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||
| (in thousands, except for per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||
| Interest and dividend income | ||||||||||||||
| Interest and fees on loans | $ | 9,025 | $ | 8,041 | $ | 18,205 | $ | 15,748 | ||||||
| Interest on debt investments: | ||||||||||||||
| Taxable | 322 | 984 | 810 | 2,128 | ||||||||||
| Dividends | 10 | 14 | 23 | 31 | ||||||||||
| Other | 175 | 145 | 351 | 310 | ||||||||||
| Total interest and dividend income | 9,532 | 9,184 | 19,389 | 18,217 | ||||||||||
| Interest expense | ||||||||||||||
| Interest on deposits | 1,081 | 1,096 | 2,106 | 2,283 | ||||||||||
| Interest on advances and other borrowed money | 636 | 752 | 1,317 | 1,488 | ||||||||||
| Total interest expense | 1,717 | 1,848 | 3,423 | 3,771 | ||||||||||
| Net interest and dividend income | 7,815 | 7,336 | 15,966 | 14,446 | ||||||||||
| Provision for loan losses | 162 | 1,074 | 576 | 1,229 | ||||||||||
| Net interest and dividend income after provision for loan losses | 7,653 | 6,262 | 15,390 | 13,217 | ||||||||||
| Noninterest income | ||||||||||||||
| Customer service fees | 1,267 | 1,254 | 2,452 | 2,459 | ||||||||||
| Net gain on sales of loans | 674 | 409 | 1,608 | 755 | ||||||||||
| Gain on sales and calls of securities, net | 614 | 1,173 | 781 | 2,324 | ||||||||||
| Gain (loss) on sales of other real estate and | ||||||||||||||
| property owned, net of writedown | 28 | 31 | 28 | (150 | ) | |||||||||
| Rental income | 186 | 180 | 368 | 374 | ||||||||||
| Income from equity interest in Charter Holding Corp. | 143 | 115 | 241 | 226 | ||||||||||
| Insurance commission income | 333 | 296 | 819 | 706 | ||||||||||
| Bank owned life insurance income | 147 | 129 | 276 | 233 | ||||||||||
| Total noninterest income | 3,392 | 3,587 | 6,573 | 6,927 | ||||||||||
| Noninterest expenses | ||||||||||||||
| Salaries and employee benefits | 4,100 | 3,675 | 8,396 | 7,459 | ||||||||||
| Occupancy and equipment expenses | 1,052 | 932 | 2,154 | 1,949 | ||||||||||
| Advertising and promotion | 213 | 128 | 312 | 255 | ||||||||||
| Depositors' insurance | 202 | 205 | 379 | 399 | ||||||||||
| Data processing and outside services | 346 | 267 | 665 | 548 | ||||||||||
| Professional services | 317 | 273 | 653 | 515 | ||||||||||
| ATM processing fees | 162 | 121 | 313 | 237 | ||||||||||
| Supplies | 120 | 94 | 250 | 187 | ||||||||||
| Telephone | 172 | 151 | 335 | 365 | ||||||||||
| Non-deductible acquisition | 344 | - | 454 | - | ||||||||||
| Other expenses | 1,241 | 1,105 | 2,393 | 2,365 | ||||||||||
| Total noninterest expenses | 8,269 | 6,951 | 16,304 | 14,279 | ||||||||||
| Income before provision for income taxes | 2,776 | 2,898 | 5,659 | 5,865 | ||||||||||
| Provision for income taxes | 981 | 886 | 1,812 | 1,771 | ||||||||||
| Net income | $ | 1,795 | $ | 2,012 | $ | 3,847 | $ | 4,094 | ||||||
Contact Information:
For additional information contact:
Stephen R. Theroux
President and CEO
(603) 863-0886