NEWPORT, NH--(Marketwire - Oct 14, 2011) - New Hampshire Thrift Bancshares, Inc. (the "Company") (
Financial Highlights
- Total assets increased $46,167,390, or 4.64%, to $1,041,221,274 at September 30, 2011 from $995,053,884 at December 31, 2010.
- Net loans increased $29,097,734, or 4.31%, to $704,611,521 at September 30, 2011 from $675,513,787 at December 31, 2010.
- The Bank originated $195,848,403 in loans during the nine months ended September 30, 2011, compared to $219,451,274 for the same period in 2010.
- The Bank's loan servicing portfolio was $365,529,203 at September 30, 2011 compared to $370,331,523 at December 31, 2010.
- Total deposits increased $11,697,529, or 1.50%, to $789,916,646 at September 30, 2011 from $778,219,117 at December 31, 2010.
- Net interest and dividend income for the nine months ended September 30, 2011 was $21,503,077 compared to $22,290,680 for the same period in 2010. Net interest and dividend income for the three months ended September 30, 2011 was $7,158,202 compared to $7,107,400 for the same period in 2010.
- The Company earned $6,038,630, or $0.96 per common share, assuming dilution, for the nine months ended September 30, 2011, compared to $5,827,086, or $0.94 per common share, assuming dilution, for the nine months ended September 30, 2010. Net income available to common stockholders was $5,566,677 for the nine months ended September 30, 2011, compared to $5,452,086 for the same period in 2010.
- The Company's returns on average assets and average equity for the nine months ended September 30, 2011 were 0.78% and 8.43%, respectively, compared to 0.79% and 8.71%, respectively, for the same period in 2010.
Earnings Summary
Net income of $6,038,630 for the nine months ended September 30, 2011 includes a decrease of $787,603 in net interest and dividend income compared to the same period in 2010. The provision for loan losses decreased $1,036,000 to $984,000 for the nine months ended September 30, 2011 compared to $2,020,000 for the same period in 2010. Noninterest income increased $433,191, or 5.75%, to $7,969,038 for the nine months ended September 30, 2011 compared to $7,535,847 for the same period in 2010. The improvement in noninterest income reflects an increase of (i) $584,875, or 35.35%, in net gain on sales and calls of securities and (ii) $293,151, or 176.92%, in income from equity interest in Charter Holding Corp., partially offset by a decrease of (i) $125,332, or 3.18%, in customer service fees and (ii) $379,256, or 40.25%, in net gain on sales of loans. Noninterest expense increased $880,528, or 4.60%, to $20,043,162 for the nine months ended September 30, 2011 compared to $19,162,634 for the same period in 2010. This increase includes increases of (i) $845,514 in salaries and benefits which includes an increase of 7.19% in salary expense, (ii) $62,706, or 20.47%, in advertising and promotion, and (iii) a net increase of $50,849, or 3.35%, in outside and professional services, offset in part by decreases of (i) $172,456, or 22.05%, in depositors' insurance and $41,594, or 14.23%, in supplies.
Balance Sheet Summary
Total assets were $1,041,221,274 at September 30, 2011, compared to $995,053,884 at December 31, 2010, an increase of $46,167,390, or 4.64%. Securities available-for-sale increased $9,151,120, or 4.67%, to $205,135,635 at September 30, 2011 from $195,984,515 at December 31, 2010. Net unrealized gains on securities available-for-sale were $2,847,601 at September 30, 2011, compared to net unrealized losses of $317,372 at December 31, 2010. During the nine months ended September 30, 2011, the Company sold securities with a total book value of $86,208,216 for a net gain on sales of $2,239,313. During the same period, the Company purchased $26,417,150 of other bonds and debentures and $99,287,263 of mortgage-backed securities.
Net loans held in portfolio increased $29,097,734, or 4.31%, to $704,611,521 at September 30, 2011, from $675,513,787 at December 31, 2010. The allowance for loan losses decreased $159,607 to $9,704,297 at September 30, 2011, from $9,863,904 at December 31, 2010. The change in the allowance for loan losses is the net of provisions of $984,000, charge-offs of $1,366,357, and recoveries of $222,750. As a percentage of total loans, non-performing loans increased from 1.45% at December 31, 2010 to 1.66% at September 30, 2011. Total loan production for the nine months ended September 30, 2011 was $195,848,403 compared to $219,451,274 for the same period in 2010.
Total deposits increased $11,697,529, or 1.50%, to $789,916,646 at September 30, 2011 from $778,219,117 at December 31, 2010. Advances from the Federal Home Loan Bank increased $20,006,096, or 26.34%, from $75,959,361 at December 31, 2010 to $95,965,457 at September 30, 2011.
Stockholders' equity of $107,762,827 resulted in a book value of $15.20 per common share at September 30, 2011 based on 5,773,772 shares of common stock outstanding as of that date, an increase of $0.94, or 6.59%, 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 October 28, 2011 to stockholders of record of October 21, 2011. The Bank remains well-capitalized with a Tier I (Core) Capital ratio of 9.42% at September 30, 2011.
Other Recent Events
On August 29, 2011, the Company announced that it received $20.0 million from the Small Business Lending Fund ("SBLF"). The SBLF is the U.S. Department of the Treasury's (the "Treasury") effort to bring Main Street banks and small businesses together to help create jobs and promote economic growth in local communities. The Company used $10.0 million of the SBLF proceeds to repurchase approximately $10.0 million of outstanding preferred shares issued under the Treasury's Capital Purchase Program.
On October 11, 2011, the Company announced it had entered an agreement to acquire McCrillis & Eldredge Insurance, Inc., ("McCrillis & Eldredge") of Newport, New Hampshire. McCrillis & Eldredge is a full-line independent insurance agency which offers a complete range of commercial insurance services and consumer products, including life, health, auto, and homeowner insurances. As a division of the Bank, the agency will operate under the name McCrillis & Eldredge Insurance. The transaction is expected to close by mid-November.
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
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, 2010 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 September 30, |
For the nine months ended September 30, |
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| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| Net Income | $ | 2,013,490 | $ | 2,103,116 | $ | 6,038,630 | $ | 5,827,086 | |||||||||
| Per Share Data: | |||||||||||||||||
| Basic Earnings | $ | 0.31 | $ | 0.34 | $ | 0.96 | $ | 0.94 | |||||||||
| Diluted Earnings(1) | 0.31 | 0.34 | 0.96 | 0.94 | |||||||||||||
| Dividends Paid | 0.13 | 0.13 | 0.39 | 0.39 | |||||||||||||
| Dividend Payout Ratio | 41.94 | % | 38.24 | % | 40.63 | % | 41.49 | % | |||||||||
| As of | September 30, 2011 | December 31, 2010 | |||||||
| Total Assets | $ | 1,041,221,274 | $ | 995,053,884 | |||||
| Total Securities(2) | 212,750,235 | 203,599,115 | |||||||
| Loans, Net | 704,611,521 | 675,513,787 | |||||||
| Total Deposits | 789,916,646 | 778,219,117 | |||||||
| Federal Home Loan Bank Advances | 95,965,457 | 75,959,361 | |||||||
| Stockholders' Equity | 107,762,827 | 92,391,419 | |||||||
| Book Value per Common Share | $ | 15.20 | $ | 14.26 | |||||
| Common Shares Outstanding | 5,773,772 | 5,773,772 | |||||||
| Tier I (Core) Capital | 9.42 | % | 8.28 | % | |||||
| Return on Average Assets | 0.78 | % | 0.79 | % | |||||
| Return on Average Equity | 8.43 | % | 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 | |||||||||||
| September 30, 2011 | December 31, 2010 | ||||||||||
| ASSETS | (unaudited) | ||||||||||
| Cash and due from banks | $ | 18,476,349 | $ | 21,512,894 | |||||||
| Federal Reserve overnight deposit | 12,700,000 | 11,700,000 | |||||||||
| Total cash and cash equivalents | 31,176,349 | 33,212,894 | |||||||||
| Securities available-for-sale | 205,135,635 | 195,984,515 | |||||||||
| Federal Home Loan Bank stock | 7,614,600 | 7,614,600 | |||||||||
| Loans held-for-sale | 5,287,637 | 5,887,141 | |||||||||
| Loans receivable, net | 704,611,521 | 675,513,787 | |||||||||
| Accrued interest receivable | 2,818,504 | 2,986,348 | |||||||||
| Bank premises and equipment, net | 16,572,788 | 16,671,896 | |||||||||
| Investments in real estate | 3,476,134 | 3,550,427 | |||||||||
| Other real estate owned | 1,045,795 | 75,000 | |||||||||
| Goodwill and other intangible assets | 28,527,579 | 28,843,609 | |||||||||
| Investment in partially owned Charter Holding Corp., at equity | 5,336,267 | 4,898,869 | |||||||||
| Bank-owned life insurance | 13,204,655 | 10,358,288 | |||||||||
| Other assets | 16,413,810 | 9,456,510 | |||||||||
| Total assets | $ | 1,041,221,274 | $ | 995,053,884 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| LIABILITIES | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing | $ | 65,410,696 | $ | 53,265,124 | |||||||
| Interest-bearing | 724,505,950 | 724,953,993 | |||||||||
| Total deposits | 789,916,646 | 778,219,117 | |||||||||
| Federal Home Loan Bank advances | 95,965,457 | 75,959,361 | |||||||||
| Securities sold under agreements to repurchase | 13,001,824 | 16,165,074 | |||||||||
| Subordinated debentures | 20,620,000 | 20,620,000 | |||||||||
| Accrued expenses and other liabilities | 13,954,520 | 11,698,913 | |||||||||
| Total liabilities | 933,458,447 | 902,662,465 | |||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Preferred stock, $.01 par value per share: 2,500,000 shares authorized: | |||||||||||
| Series B, 20,000 shares issued and outstanding at September 30, 2011 and no shares issued and outstanding at December 31, 2010 | 200 | - | |||||||||
| Series A, no shares issued and outstanding at September 30, 2011 and 10,000 shares issued and outstanding at December 31, 2010 | - | 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 September 30, 2011 and December 31, 2010 | 62,341 | 62,341 | |||||||||
| Warrants | 85,020 | 85,020 | |||||||||
| Paid-in capital | 65,973,227 | 55,920,664 | |||||||||
| Retained earnings | 49,346,040 | 46,000,732 | |||||||||
| Accumulated other comprehensive loss | (553,278 | ) | (2,526,715 | ) | |||||||
| Treasury stock, at cost, 460,279 shares as of September 30, 2011 and December 31, 2010 | (7,150,723 | ) | (7,150,723 | ) | |||||||
| Total stockholders' equity | 107,762,827 | 92,391,419 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,041,221,274 | $ | 995,053,884 | |||||||
| New Hampshire Thrift Bancshares, Inc. | ||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended September 30, | Nine months Ended September 30, | |||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||
| Interest and dividend income | ||||||||||||||||||
| Interest and fees on loans | $ | 7,947,275 | $ | 8,006,884 | $ | 23,796,763 | $ | 24,184,173 | ||||||||||
| Interest on debt investments: | ||||||||||||||||||
| Taxable | 1,153,990 | 1,584,995 | 3,611,883 | 5,380,932 | ||||||||||||||
| Dividends | 9,175 | 4,034 | 28,864 | 12,964 | ||||||||||||||
| Other | 225,316 | 11,638 | 679,353 | 37,942 | ||||||||||||||
| Total interest and dividend income | 9,335,756 | 9,607,551 | 28,116,863 | 29,616,011 | ||||||||||||||
| Interest expense | ||||||||||||||||||
| Interest on deposits | 1,465,659 | 1,694,495 | 4,410,853 | 5,010,347 | ||||||||||||||
| Interest on advances and other borrowed money | 711,895 | 805,656 | 2,202,933 | 2,314,984 | ||||||||||||||
| Total interest expense | 2,177,554 | 2,500,151 | 6,613,786 | 7,325,331 | ||||||||||||||
| Net interest and dividend income | 7,158,202 | 7,107,400 | 21,503,077 | 22,290,680 | ||||||||||||||
| Provision for loan losses | 574,000 | 475,000 | 984,000 | 2,020,000 | ||||||||||||||
| Net interest and dividend income after provision for loan losses | 6,584,202 | 6,632,400 | 20,519,077 | 20,270,680 | ||||||||||||||
| Noninterest income | ||||||||||||||||||
| Customer service fees | 1,348,195 | 1,313,957 | 3,813,295 | 3,938,627 | ||||||||||||||
| Net gain on sales of loans | 133,017 | 362,939 | 562,942 | 942,198 | ||||||||||||||
| Gain on sales of securities, net | 929,822 | 1,216,008 | 2,239,313 | 1,654,438 | ||||||||||||||
| Gain on sales of other real estate and property owned, net | 17,918 | 6,006 | 27,281 | 45,362 | ||||||||||||||
| Rental income | 210,230 | 178,718 | 551,070 | 518,447 | ||||||||||||||
| Income from equity interest in Charter Holding Corp. | 123,513 | 41,124 | 458,847 | 165,696 | ||||||||||||||
| Brokerage service income | 901 | 649 | 2,028 | 1,828 | ||||||||||||||
| Bank owned life insurance income | 110,311 | 89,791 | 314,262 | 269,251 | ||||||||||||||
| Total noninterest income | 2,873,907 | 3,209,192 | 7,969,038 | 7,535,847 | ||||||||||||||
| Noninterest expenses | ||||||||||||||||||
| Salaries and employee benefits | 3,691,043 | 3,434,991 | 10,525,090 | 9,679,576 | ||||||||||||||
| Occupancy expenses | 880,639 | 885,876 | 2,849,738 | 2,829,112 | ||||||||||||||
| Advertising and promotion | 111,017 | 91,418 | 369,076 | 306,370 | ||||||||||||||
| Depositors' insurance | (27,409 | ) | 257,423 | 609,529 | 781,985 | |||||||||||||
| Outside services | 266,033 | 249,034 | 762,596 | 783,862 | ||||||||||||||
| Professional services | 230,158 | 276,961 | 807,733 | 735,618 | ||||||||||||||
| ATM processing fees | 106,799 | 141,233 | 363,248 | 395,741 | ||||||||||||||
| Supplies | 85,326 | 100,031 | 250,753 | 292,347 | ||||||||||||||
| Mortgage servicing income, net of amortization of mortgage servicing rights | (66,873 | ) | (21,880 | ) | (128,187 | ) | (101,705 | ) | ||||||||||
| Other expenses | 1,477,312 | 1,247,179 | 3,633,586 | 3,459,728 | ||||||||||||||
| Total noninterest expenses | 6,754,045 | 6,662,266 | 20,043,162 | 19,162,634 | ||||||||||||||
| Income before provision for income taxes | 2,704,064 | 3,179,326 | 8,444,953 | 8,643,893 | ||||||||||||||
| Provision for income taxes | 690,574 | 1,076,210 | 2,406,323 | 2,816,807 | ||||||||||||||
| Net income | $ | 2,013,490 | $ | 2,103,116 | $ | 6,038,630 | $ | 5,827,086 | ||||||||||
| Net income available to common stockholders | $ | 1,799,626 | $ | 1,978,115 | $ | 5,566,677 | $ | 5,452,086 | ||||||||||
Contact Information:
For additional information contact:
Laura Jacobi
Senior Vice President
Chief Financial Officer
603-863-0886