New Hampshire Thrift Bancshares, Inc. (the "Company") (NASDAQ:
NHTB), the holding company for Lake Sunapee Bank, fsb (the "Bank"),
today reported consolidated net income for the six months ended
June 30, 2012, of $4.1 million, or $0.61 per diluted diluted common
share compared to $4.0 million, or $0.65 per diluted common share
for same period in 2011, an increase of $69 thousand, or 1.71%. For
the quarter ended June 30, 2012, the Company reported consolidated
net income of $2.0 million, or $0.30 per diluted common share
compared to $2.0 million, or $0.32 per diluted common share for the
quarter ended June 30, 2011, an increase of $12 thousand, or 0.60%.
Financial Highlights
- Total assets increased $100.0 million, or 9.60%, to $1.1
billion at June 30, 2012, from $1.0 billion at December 31,
2011.
- Net loans increased $76.7 million, or 10.72%, to $791.6 million
at June 30, 2012, from $715.0 million at December 31, 2011.
- The Company originated $206.8 million in loans for the six
months ended June 30, 2012, compared to $132.0 million for the same
period in 2011.
- The Company's loan servicing portfolio was $349.0 million at
June 30, 2012, compared to $365.8 million at December 31,
2011.
- Total deposits increased $23.8 million, or 2.97%, to $826.9
million at June 30, 2012, from $803.0 million at December 31,
2011.
- Net interest and dividend income for the six months ended June
30, 2012, was $14.4 million compared to $14.3 million for the same
period in 2011.
- Net income available to common stockholders was $3.6 million
for the six months ended June 30, 2012, compared to $3.8 million
for the same period in 2011.
- The Company's returns on average assets and average equity for
the six months ended June 30, 2012, were 0.82% and 6.94%,
respectively, compared to 0.79% and 8.72%, respectively, for the
same period in 2011.
- As a percentage of total loans, non-performing loans decreased
from 2.32% at December 31, 2011, to 1.91% at June 30, 2012.
Earnings Summary
Net income of $4.1 million for the six months ended June 30,
2012, includes an increase of $101 thousand, or 0.71%, in net
interest and dividend income compared to the same period in 2011.
The provision for loan losses increased $819 thousand, to $1.2
million for the six months ended June 30, 2012, compared to $410
thousand for the same period in 2011. Noninterest income increased
$1.8 million, or 35.96%, to $6.9 million for the six months ended
June 30, 2012, compared to $5.1 million for the same period in
2011. This increase includes increases of $325 thousand in net
gains on the sales of loans, $1.0 million in net gains on sales and
calls of securities, and $704 thousand in insurance commission
income. Noninterest expense increased $990 thousand, or 7.45%, to
$14.3 million for the six months ended June 30, 2012, compared to
$13.3 million for the same period in 2011. Within noninterest
expense, salaries and employee benefits increased $625 thousand, or
9.15%, to $7.5 million for the six months ended June 30, 2012,
compared to $6.8 million for the same period in 2011, including
$343 thousand of salaries and employees benefits of the insurance
agency, which was acquired on November 10, 2011.
Net income of $2.0 million for the quarter ended June 30, 2012,
includes an increase of $196 thousand, or 2.74%, in net interest
and dividend income compared to the same period in 2011. The
provision for loan losses increased $906 thousand to $1.1 million
for the quarter ended June 30, 2012, compared to $168 thousand for
the same period in 2011. Noninterest income increased $857
thousand, or 31.39%, to $3.6 million for the quarter ended June 30,
2012, compared to $2.7 million for the same period in 2011. This
increase includes increases of $299 thousand in net gains on the
sales of loans, $304 thousand in net gains on sales and calls of
securities, and $294 thousand in insurance commission income.
Noninterest expense increased $100 thousand, or 1.46%, to $7.0
million for the quarter ended June 30, 2012, compared to $6.9
million for the same period in 2011.
Balance Sheet Summary
Total assets were $1.1 billion at June 30, 2012, compared to
$1.0 billion at December 31, 2011, an increase of 9.60%. Securities
available-for-sale decreased $23.4 million to $186.9 million at
June 30, 2012, from $210.3 million at December 31, 2011. Net loans
held in portfolio increased $76.7 million, or 10.72% to $791.6
million at June 30, 2012, from $715.0 million at December 31, 2011.
The allowance for loan losses was $9.1 million at June 30, 2012,
compared to $9.1 million at December 31, 2011. Within the allowance
for loan losses is the net effect of provisions of $1.2 million,
charge-offs of $1.4 million, and recoveries of $173 thousand during
the six months ended June 30, 2012. As a percentage of total loans,
non-performing loans decreased from 2.32% at December 31, 2011 to
1.91% at June 30, 2012. Total loan production for the six months
ended June 30, 2012, was $206.8 million compared to $132.0 million
for the six months ended June 30, 2011. Loan production during the
second quarter of 2012 was $134.1 million compared to $63.1 million
for the same period in 2011.
Total deposits increased $23.8 million, or 2.97%, to $826.9
million at June 30, 2012, from $803.0 million at December 31, 2011.
Within deposits, savings and money market accounts increased $14.5
million, transaction accounts increased $9.6 million, brokered
deposits increased $15.0 million, and time deposits decreased $15.3
million. Advances from the Federal Home Loan Bank increased $70.0
million, or 86.46%, to $151.0 million at June 30, 2012, from $81.0
million at December 31, 2011.
Stockholders' equity of $110.2 million resulted in a book value
of $15.27 per common share at June 30, 2012, based on 5,907,402
shares of common stock outstanding, an increase of $0.07, or 0.46%,
per common share from December 31, 2011. As previously announced, a
regular quarterly dividend of $0.13 per share is payable on July
31, 2012 to stockholders of record of July 24, 2012. The Bank
remains well-capitalized with a Tier I (Leverage) Capital ratio of
8.79% at June 30, 2012.
About New Hampshire Thrift Bancshares,
Inc.
New Hampshire Thrift Bancshares, Inc. is the bank holding
company of Lake Sunapee Bank, fsb, a federally-chartered stock
savings bank, which provides a wide range of banking and financial
service, and McCrillis & Eldredge Insurance, Inc., a full-line
independent insurance agency which offers a complete range of
commercial insurance services and consumer products. These
wholly-owned subsidiaries operate through 29 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 $1.1 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, 2011, 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
(Dollars in thousands except for per share data)
For the three months For the six months
ended June 30, ended June 30,
2012 2011 2012 2011
--------- --------- --------- ---------
Net Income $ 2,012 $ 2,000 $ 4,094 $ 4,025
Per Share Data:
Basic Earnings $ 0.30 $ 0.32 $ 0.62 $ 0.65
Diluted Earnings (1) 0.30 0.32 0.61 0.65
Dividends Paid 0.13 0.13 0.26 0.26
Dividend Payout Ratio 43.33% 40.63% 42.62% 40.00%
As of
June 30, December 31,
2012 2011
------------ ------------
(Dollars in thousands except for per share data)
Total Assets $ 1,141,875 $ 1,041,819
Total Securities (2) 196,113 217,933
Loans, Net 791,607 714,952
Total Deposits 826,863 803,023
Federal Home Loan Bank Advances 150,972 80,967
Stockholders' Equity 110,219 108,660
Book Value per Common Share $ 15.27 $ 15.20
Common Shares Outstanding 5,907,402 5,832,360
Tier I (Core) Capital 8.79% 9.58%
Number of Locations 29 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
As of
June 30, December 31,
2012 2011
------------ ------------
ASSETS (unaudited)
Cash and due from banks $ 22,404 $ 21,841
Federal Reserve Bank interest-bearing deposit 18,000 2,899
------------ ------------
Total cash and cash equivalents 40,404 24,740
Securities available-for-sale 186,990 210,318
Federal Home Loan Bank stock 9,123 7,615
Loans held-for-sale 9,683 3,434
Loans receivable, net 791,607 714,952
Accrued interest receivable 2,840 2,669
Bank premises and equipment, net 16,664 16,450
Investments in real estate 3,926 3,451
Other real estate owned - 1,344
Goodwill and intangible assets 30,180 30,352
Investment in partially owned Charter Holding
Corp., at equity 5,143 4,895
Bank-owned life insurance 18,598 13,347
Due from brokers, net 18,257 -
Other assets 8,460 8,252
------------ ------------
Total assets $ 1,141,875 $ 1,041,819
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $ 65,918 $ 64,356
Interest-bearing 760,945 738,667
------------ ------------
Total deposits 826,863 803,023
Federal Home Loan Bank advances 150,972 80,967
Other borrowings 272 543
Securities sold under agreements to repurchase 21,278 15,514
Subordinated debentures 20,620 20,620
Accrued expenses and other liabilities 11,651 12,492
------------ ------------
Total liabilities 1,031,656 933,159
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value per share:
2,500,000 shares authorized:Series B, non-
cumulative perpetual, 20,000 shares issued
and outstanding at June 30, 2012 and at
December 31, 2011, liquidation value $1,000
per share - -
Common stock, $.01 par value, per share:
10,000,000 shares authorized, 6,332,681
shares issued and 5,907,402 shares
outstanding as of June 30, 2012, and
6,292,639 shares issued and 5,832,360 shares
outstanding as of December 31, 2011 63 63
Warrants - 85
Paid-in capital 66,292 66,658
Retained earnings 51,922 49,892
Accumulated other comprehensive loss (1,011) (887)
Unearned Stock Awards (440) -
Treasury stock, at cost, 425,279 shares as of
June 30, 2012, and 460,279 at December 31,
2011 (6,607) (7,151)
------------ ------------
Total stockholders' equity 110,219 108,660
------------ ------------
Total liabilities and stockholders' equity $ 1,141,875 $ 1,041,819
============ ============
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income (unaudited)
Three months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands except for
per share data) 2012 2011 2012 2011
---------- ---------- --------- ----------
INTEREST AND DIVIDEND INCOME
Interest and fees on loans $ 8,041 $ 7,884 $ 15,748 $ 15,849
Interest and dividends on debt
investments
Taxable 984 1,225 2,128 2,458
Dividends 14 10 31 20
Other 145 219 310 454
---------- ---------- --------- ----------
Total interest and dividend
income 9,184 9,338 18,217 18,781
---------- ---------- --------- ----------
INTEREST EXPENSE
Interest on deposits 1,096 1,442 2,283 2,945
Interest on advances and other
borrowed money 749 753 1,488 1,491
---------- ---------- --------- ----------
Total interest expense 1,845 2,195 3,771 4,436
---------- ---------- --------- ----------
Net interest and dividend
income 7,339 7,143 14,446 14,345
PROVISION FOR LOAN LOSSES 1,074 168 1,229 410
---------- ---------- --------- ----------
Net interest and dividend
income after provision for
loan losses 6,265 6,975 13,217 13,935
---------- ---------- --------- ----------
OTHER INCOME
Customer service fees 1,255 1,288 2,457 2,465
Net gain on sales of loans 409 110 755 430
Net gain on sales and calls of
securities 1,173 869 2,324 1,310
Net gain (loss) on sales of
other real estate owned and
fixed assets 31 6 (150) 9
Rental income 180 169 374 341
Realized gain in Charter
Holding Corp. 115 179 226 335
Insurance commission income 293 - 706 -
Brokerage service income 2 - 2 1
Bank owned life insurance
income 129 109 233 204
---------- ---------- --------- ----------
Total noninterest income 3,587 2,730 6,927 5,095
---------- ---------- --------- ----------
Three months Ended Six Months Ended
(unaudited) June 30, June 30,
(Dollars in thousands except for
per share data) 2012 2011 2012 2011
---------- --------- ---------- ---------
NONINTEREST EXPENSES
Salaries and employee benefits 3,675 3,552 7,459 6,834
Occupancy and equipment expenses 933 931 1,949 1,969
Advertising and promotion 128 147 255 258
Depositors' insurance 205 321 399 637
Data processing and outside
services 267 261 548 497
Professional services 273 266 515 578
ATM processing fees 121 130 237 256
Mortgage servicing (income), net
of amortization of mortgage
servicing rights 39 (54) 45 (61)
Supplies 94 81 187 165
Other expenses 1,219 1,218 2,685 2,156
---------- --------- ---------- ---------
Total noninterest expenses 6,954 6,853 14,279 13,289
---------- --------- ---------- ---------
INCOME BEFORE PROVISION FOR
INCOME TAXES 2,898 2,852 5,865 5,741
PROVISION FOR INCOME TAXES 886 852 1,771 1,716
---------- --------- ---------- ---------
NET INCOME $ 2,012 $ 2,000 $ 4,094 $ 4,025
========== ========= ========== =========
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $ 1,762 $ 1,871 $ 3,594 $ 3,767
Earnings Per Common Share, basic $ 0.30 $ 0.32 $ 0.62 $ 0.65
Earnings Per Common Share,
assuming dilution (1) $ 0.30 $ 0.32 $ 0.61 $ 0.65
Dividends Declared per common
share $ 0.13 $ 0.13 $ 0.26 $ 0.26
(1) Diluted earnings per share are calculated using the weighted-average
number of shares outstanding for the period, including common stock
equivalents, as appropriate.
For additional information contact: Laura Jacobi Senior Vice
President Chief Financial Officer 603-863-0886
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