KEENE, N.H., Oct. 10, 2001 (PRIMEZONE) -- Granite State Bankshares, Inc. (Nasdaq:GSBI) today announced net earnings for the three and nine months ended September 30, 2001 of $2,864,000 and $8,251,000, compared to net earnings of $2,516,000 and $7,547,000 for the three and nine months ended September 30,2000. Basic earnings per share were $.54 and $1.56 for the three and nine months ended September 30, 2001, compared to $.47 and $1.36 for the three and nine months ended September 30, 2000. Diluted earnings per share were $.53 and $1.52 for the three and nine months ended September 30, 2001 compared to $.46 and $1.35 for the three and nine months ended September 30, 2000, representing increases of 15.22% and 12.59%, respectively.
Net interest and dividend income for the three and nine months ended September 30, 2001 was $9,393,000 and $27,015,000, compared with $8,116,000 and $24,128,000 for the three and nine months ended September 30, 2000. The net interest margin for the three and nine months ended September 30, 2001 was 3.92% and 3.94%, compared with 3.89% and 3.92% for the three and nine months ended September 30, 2000.
The provision for possible loan losses for the three and nine months ended September 30, 2001 was $180,000 and $360,000, compared with $150,000 and $230,000 for the three and nine months ended September 30, 2000.
Total assets at September 30, 2001 were $1,033,477,000 compared to $955,009,000 at December 31, 2000.
Total nonperforming assets were $3,656,000 or 0.35% of total assets at September 30, 2001 and consisted of $3,491,000 of nonperforming loans and $165,000 of other real estate owned. At December 31, 2000, total nonperforming assets were $3,617,000 or 0.38% of total assets and consisted of $3,201,000 of nonperforming loans and $416,000 of other real estate owned. The allowance for possible loan losses was $7,883,000 or 225.81% of nonperforming loans at September 30, 2001. At December 31, 2000, the allowance for possible loan losses was $7,854,000, or 245.36% of nonperforming loans.
Stockholders' equity at September 30, 2001 and December 31, 2000 was $81,046,000 and $73,464,000, respectively, representing 7.84% and 7.69% of total assets, respectively.
Chairman and CEO Charles W. Smith said, "We are pleased with the increase in net earnings and earnings per share for the three and nine months ended September 30, 2001 over the same periods in 2000. The Olde Port acquisition, completed December 31, 2000, continues to be accretive to earnings in 2001. This addition to our franchise is on the seacoast, which represents a strong growth area and a desirable part of the state to do business. Additionally, we are delighted to report that strong asset growth during the year has enabled Granite State Bankshares, Inc. to report assets in excess of $1 billion at quarter end for the first time in its history."
Granite State Bankshares, Inc. is the parent company for Granite Bank, a New Hampshire state-chartered commercial bank and the largest independent bank in the state of New Hampshire with 19 offices operating throughout southern New Hampshire.
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions which 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.
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY
Selected Balance Sheet and Other Data
($ in thousands, except per share data)
September 30, December 31,
2001 2000
------- -------
(unaudited)
Total assets $1,033,477 $ 955,009
Securities held
to maturity 5,007 18,011
Securities available
for sale 248,579 196,522
Stock in Federal Home
Loan Bank of Boston 7,201 7,201
Loans held for sale 8,155 657
Loans 673,439 657,385
Unearned income 1,123 1,177
Allowance for
possible loan losses 7,883 7,854
Net loans 664,433 648,354
Nonperforming loans 3,491 3,201
Other real estate
owned 165 416
Total nonperforming
assets 3,656 3,617
Nonperforming assets as a percent of
total assets 0.35% 0.38%
Allowance for possible loan losses as a
percent of nonperforming loans 225.81% 245.36%
Total deposits $ 721,119 $ 683,334
Securities sold under
agreements to repurchase 92,059 90,811
Other borrowings-Federal Home Loan Bank
of Boston 135,477 100,515
Stockholders' equity 81,046 73,464
Book value per share 15.34 13.76
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY
Selected Operating Statement and Other Data
($ in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2001 2000 2001 2000
----- ----- ----- -----
(unaudited) (unaudited)
Interest and
dividend income $ 17,519 $ 16,042 $ 51,980 $ 46,935
Interest expense 8,126 7,926 24,965 22,807
---------- ---------- ---------- ----------
Net interest and
dividend income 9,393 8,116 27,015 24,128
Provision for
possible loan
losses 180 150 360 230
---------- ---------- ---------- ----------
Net interest and
dividend income
after provision
for possible loan
losses 9,213 7,966 26,655 23,898
Net gains on sales
of securities
available for sale 37 83 457 89
Other noninterest
income 1,838 1,337 4,810 3,979
Other noninterest
expenses 6,489 5,448 18,885 16,202
---------- ---------- ---------- ----------
Earnings before
income taxes 4,599 3,938 13,037 11,764
Income taxes 1,735 1,422 4,786 4,217
---------- ---------- ---------- ----------
Net earnings $ 2,864 $ 2,516 $ 8,251 $ 7,547
========== ========== ========== ==========
Weighted average
shares
outstanding
Basic 5,260,103 5,396,932 5,290,183 5,553,735
Diluted 5,401,308 5,423,346 5,416,488 5,586,705
Net earnings per
share-basic $ 0.54 $ 0.47 $ 1.56 $ 1.36
========== ========== ========== ==========
Net earnings per
share-diluted $ 0.53 $ 0.46 $ 1.52 $ 1.35
========== ========== ========== ==========
Dividends declared
per share $ 0.17 $ 0.16 $ 0.51 $ 0.48
========== ========== ========== ==========
Average Balance
Sheet Data:
Average interest
earning assets $ 949,588 $ 829,061 $ 916,377 $ 821,443
========== ========== ========== ==========
Average interest
bearing
liabilities $ 839,315 $ 724,604 $ 811,630 $ 720,089
========== ========== ========== ==========
Average
stockholders'
equity $ 80,103 $ 70,016 $ 78,071 $ 70,255
========== ========== ========== ==========
Average assets $1,013,366 $ 878,413 $ 978,767 $ 869,334
========== ========== ========== ==========
Key Operating
Ratios:
Return on
Average Assets 1.12% 1.14% 1.13% 1.16%
========== ========== ========== ==========
Return on
Average Equity 14.18% 14.30% 14.13% 14.35%
========== ========== ========== ==========
Weighted Average
Interest
Rate Spread 3.48% 3.35% 3.47% 3.40%
========== ========== ========== ==========
Net Interest
Margin 3.92% 3.89% 3.94% 3.92%
========== ========== ========== ==========