New Hampshire Thrift Bancshares, Inc. Announces Earnings for First
Quarter of 2014
NEWPORT, NH--(Marketwired - Apr 14, 2014) - 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 three months ended March 31, 2014,
of $2.1 million, or $0.25 per common share, assuming dilution,
compared to $2.1 million, or $0.27 per common share, assuming
dilution, for same period in 2013, an increase of $92 thousand, or
4.49%. The weighted average numbers of common shares, assuming
dilution, were 8,231,992 and 7,060,234 for the three periods ended
March 31, 2014, and 2013, respectively.
"We are pleased by the positive impact of our 2013 acquisitions
on earnings during the first quarter of 2014," President and Chief
Executive Officer, Steve Theroux, stated. "Amidst a
challenging residential market with refinancing demand waning, we
experienced an increase in commercial lending which resulted in
higher loan production volume during the first quarter compared to
the same period last year. We continually strive to enhance
our franchise value by taking advantage of our product platforms
which offer a full array of financial products and services to
benefit customers at any stage of their financial lives."
2013 Financial Highlights
- Total assets increased $11.6 million, or 0.82%, to $1.4
billion at March 31, 2014, from $1.4 billion at December 31,
2013.
- Net loans increased $20.9 million, or 1.85%, to $1.2
billion at March 31, 2014, from $1.1 billion at December 31,
2013.
- In the three months ended March 31, 2014, the Company
originated $79.9 million in loans, compared to $77.7 million
during to the same period in 2013.
- The Company's loan servicing portfolio was $413.2 million
at March 31, 2014, compared to $417.3 million at December 31,
2013.
- Total deposits decreased $19.9 million, or 1.83%, to $1.1
billion at March 31, 2014, from $1.1 billion at December 31,
2013.
- Net interest and dividend income for the three months
ended March 31, 2014, was $10.3 million compared to $8.2
million for the same period in 2013.
- Net income available to common stockholders was
$2.1 million for the three months ended March 31, 2014,
compared to $2.0 million for the same period in 2013
- As a percentage of total loans, non-performing loans
decreased to 1.73% at March 31, 2014, from 1.86% at December
31, 2013.
Earnings Summary
Net income of $2.1 million for the three months ended March 31,
2014, includes an increase of $2.1 million, or 25.85%, in net
interest and dividend income. The provision for loan losses
decreased $414 thousand with no provisions required based on
adequacy calculations for the three months ended March 31, 2014,
compared to $414 thousand for the same period in 2013. Noninterest
income increased $1.2 million, or 37.80%, to $4.4 million for the
three months ended March 31, 2014, compared to $3.2 million for the
same period in 2013. This increase includes the addition of $2.1
million from trust and investment management fees earned by Charter
Trust Company during the three months ended March 31, 2014 and an
increase of $252 thousand, or 21.25%, in customer service fees,
partially offset by decreases of $159 thousand in net gains on
sales and calls of securities, $881 thousand on net gains on sales
of loans, and $98 thousand from our former equity position in
Charter Holding Corp.
Noninterest expense increased $3.6 million, or 44.35%, to $11.6
million for the three months ended March 31, 2014, compared to $8.0
million for the same period in 2013. Within noninterest expense,
salaries and employee benefits increased $1.7 million, or 39.73%,
to $6.0 million for the three months ended March 31, 2014, compared
to $4.3 million for the same period in 2013. This increase includes
expenses related to additional staff and operations for Charter
Trust Company, acquired in September 2013, and The Randolph
National Bank and its eight branches, acquired in October 2013,
which represent over 85% of the increase in salaries and employees
benefits. Occupancy expense increased $502 thousand, or
46.65%, to $1.6 million for the three month period ended March 31,
2014, compared to the same period in 2013. The occupancy
expenses from Charter Holding Corp. and former The Randolph
National Bank branches represent $205 thousand and $281 thousand,
respectively, representing nearly 97% of the increase in occupancy
expenses. Depositors' insurance increased $94 thousand, or
53.11%, due to the growth in deposits comparing March 31, 2014 to
March 31, 2013. The increase of $384 thousand in outside
services for the three months ended March 31, 2014, compared to the
same period in 2013 includes $246 thousand related to Charter Trust
Company operations and an increase of $65 thousand related to our
core processing provider. Amortization of intangible assets
increased $243 thousand, or 126.56%, to $435 thousand for the three
months ended March 31, 2014, compared to the same period in 2013
due to the additional core deposit intangible from the acquisition
of The Randolph National Bank and the customer list intangible from
the acquisition of Charter Holding Corp. Other expenses
increased $403 thousand to $1.5 million for the three months ended
March 31, 2014, including $221 thousand from Charter Trust Company
operations and an increase of $80 thousand in tax-qualified
contributions.
Balance Sheet Summary
Total assets were $1.4 billion at March 31, 2014, compared to
$1.4 billion at December 31, 2013, an increase of $11.6 million, or
0.82%. Securities available-for-sale decreased $11.1 million to
$114.1 million at March 31, 2014, from $125.2 million at December
31, 2013. Net loans held in portfolio increased $20.9 million, or
1.85%, to $1.2 billion million at March 31, 2014, from $1.1 billion
at December 31, 2013. The allowance for loan losses was $9.8
million at March 31, 2014, compared to $9.8 million at December 31,
2013. The change of $20 thousand in the allowance for loan losses
is the net effect of charge-offs of $223 thousand and recoveries of
$243 thousand in addition to a net decrease of $3 thousand to the
reserve for the overdraft protection program. Additionally,
the Bank had a credit mark of $6.5 million at March 31, 2014
related to acquired loan balances of $184.1 million. Total
loan production for the three months ended March 31, 2014 was 79.9
million in loans, compared to $77.7 million for the same period in
2013.
Goodwill increased $70 thousand, or 0.16%, to $44.7 million at
March 31, 2014, from $44.6 million at December 31,
2013. Intangible assets decreased $435 thousand, or 3.95%, to
$10.6 million at March 31, 2014, compared to $11.0 million at
December 31, 2013. This reflects amortizations of intangible
assets of $435 thousand for the three months ended March 31,
2014.
Total deposits decreased $19.9 million, or 1.83%, to $1.1
billion at March 31, 2014, from $1.1 billion at December 31,
2013. Advances from the Federal Home Loan Bank increased $34.3
million, or 28.14%, to $156.0 million at March 31, 2014, from
$121.7 million at December 31, 2013. Securities sold under
agreements to repurchase decreased $5.2 million, or 18.71%, to
$22.7 million at March 31, 2014 from $27.9 million at December 31,
2013.
Stockholders' equity of $150.8 million resulted in a book value
of $15.55 per common share at March 31, 2014, based on 8,219,442
shares of common stock outstanding. The Bank remains well
capitalized with a Leverage Capital ratio of 8.42% at March 31,
2014.
Quarterly Dividend
On April 10, 2014, the Company declared a regular quarterly cash
dividend of $0.13 per share payable April 30, 2014 to stockholders
of record as of April 23, 2014.
About New Hampshire Thrift Bancshares, Inc.
New Hampshire Thrift Bancshares, Inc. is the holding company of
Lake Sunapee Bank, fsb, a federally chartered savings bank that
provides a wide range of life-cycle banking and financial services.
Lake Sunapee Bank has four wholly owned subsidiaries: Lake Sunapee
Financial Services Corp., Lake Sunapee Group, Inc., which owns and
maintains all buildings and investment properties, McCrillis &
Eldredge Insurance, Inc., a full-line independent insurance agency,
and Charter Holding Corp., which wholly owns Charter Trust Company,
a trust services and wealth management company. New Hampshire
Thrift Bancshares, Inc., through its direct and indirect
subsidiaries, operates 29 offices in New Hampshire in Grafton,
Hillsborough, Merrimack and Sullivan counties and 18 offices in
Vermont in Orange, Rutland and Windsor counties.
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, 2013, 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 Lake
Sunapee 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 March 31, |
|
2014 |
|
|
2013 |
|
| (Dollars in thousands except for per share
data) |
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
2,143 |
|
|
$ |
2,052 |
|
| Per Share Data: |
|
|
|
|
|
|
|
|
| |
Basic Earnings |
|
|
0.25 |
|
|
|
0.27 |
|
| |
Diluted Earnings (1) |
|
|
0.25 |
|
|
|
0.27 |
|
| |
Dividends Paid |
|
|
0.13 |
|
|
|
0.13 |
|
| |
Dividend Payout Ratio |
|
|
52.00 |
% |
|
|
48.15 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
|
As of |
|
| (Dollars in thousands except for per share
data) |
|
March 31, 2014 |
|
December 31, 2013 |
|
| Total Assets |
|
$ |
1,435,469 |
|
$ |
1,422,207 |
|
| Total Securities (2) |
|
|
123,935 |
|
|
134,998 |
|
| Loans, Net |
|
|
1,155,053 |
|
|
1,134,110 |
|
| Total Deposits |
|
|
1,068,218 |
|
|
1,088,092 |
|
| Federal Home Loan Bank Advances |
|
|
155,986 |
|
|
121,734 |
|
| Stockholders' Equity |
|
|
150,778 |
|
|
149,257 |
|
| Book Value per Common Share |
|
$ |
15.55 |
|
$ |
15.37 |
|
| Common Shares Outstanding |
|
|
8,219,442 |
|
|
8,216,747 |
|
| |
|
|
|
|
|
|
|
| Leverage (Tier I) Capital |
|
|
8.42 |
% |
|
8.29 |
% |
| |
|
|
|
|
|
|
|
| Number of Offices: |
|
|
|
|
|
|
|
| |
Banking Offices |
|
|
38 |
|
|
38 |
|
| |
Insurance Offices |
|
|
3 |
|
|
3 |
|
| |
Trust
Offices |
|
|
6 |
|
|
6 |
|
| |
|
|
|
|
|
|
|
|
(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 |
|
| |
|
| |
|
March 31, |
|
|
December 31, |
|
| (Dollars in thousands) |
|
2014 |
|
|
2013 |
|
| ASSETS |
|
(unaudited) |
|
|
|
|
| |
Cash and due from banks |
|
$ |
20,697 |
|
|
$ |
12,005 |
|
| |
Overnight deposits |
|
|
15,179 |
|
|
|
21,573 |
|
| |
|
|
Total
cash and cash equivalents |
|
|
35,876 |
|
|
|
33,578 |
|
| |
Interest-bearing time deposits with other banks |
|
|
1,245 |
|
|
|
1,743 |
|
| |
Securities available-for-sale |
|
|
114,117 |
|
|
|
125,238 |
|
| |
Federal Home Loan Bank stock |
|
|
9,818 |
|
|
|
9,760 |
|
| |
Loans held-for-sale |
|
|
406 |
|
|
|
680 |
|
| |
Loans receivable, net of the allowance for loan losses
of $9.8 million as of March 31, 2014, and $9.8 million as of
December 31, 2013 |
|
|
1,155,053 |
|
|
|
1,134,110 |
|
| |
Accrued interest receivable |
|
|
3,292 |
|
|
|
2,628 |
|
| |
Bank premises and equipment, net |
|
|
24,576 |
|
|
|
23,842 |
|
| |
Investments in real estate |
|
|
3,644 |
|
|
|
3,681 |
|
| |
Other real estate owned |
|
|
1,208 |
|
|
|
1,343 |
|
| |
Goodwill |
|
|
44,702 |
|
|
|
44,632 |
|
| |
Intangible assets |
|
|
10,585 |
|
|
|
11,020 |
|
| |
Bank-owned life insurance |
|
|
19,702 |
|
|
|
19,544 |
|
| |
Other assets |
|
|
11,244 |
|
|
|
12,071 |
|
| |
|
Total assets |
|
$ |
1,435,468 |
|
|
$ |
1,423,870 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
|
|
| |
|
|
Noninterest-bearing |
|
$ |
94,394 |
|
|
$ |
101,446 |
|
| |
|
|
Interest-bearing |
|
|
973,824 |
|
|
|
986,646 |
|
| |
|
|
Total
deposits |
|
|
1,068,218 |
|
|
|
1,088,092 |
|
| |
Federal Home Loan Bank advances |
|
|
155,986 |
|
|
|
121,734 |
|
| |
Securities sold under agreements to repurchase |
|
|
22,667 |
|
|
|
27,885 |
|
| |
Subordinated debentures |
|
|
20,620 |
|
|
|
20,620 |
|
| |
Accrued expenses and other liabilities |
|
|
17,201 |
|
|
|
16,282 |
|
| |
|
Total liabilities |
|
|
1,284,692 |
|
|
|
1,274,613 |
|
| |
|
|
|
|
|
|
|
|
| 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 March 31, 2014, and December 31,
2013 |
|
|
- |
|
|
|
- |
|
| |
Common stock, $.01 par value per share: 10,000,000
shares authorized, 8,653,771 shares issued and 8,219,442 shares
outstanding as of March 31, 2014 and 8,651,076 shares issued and
8,216,747 shares outstanding as of December 31, 2013 |
|
|
87 |
|
|
|
87 |
|
| |
Paid-in capital |
|
|
100,998 |
|
|
|
100,961 |
|
| |
Retained earnings |
|
|
59,363 |
|
|
|
58,347 |
|
| |
Accumulated other comprehensive loss |
|
|
(2,443 |
) |
|
|
(2,897 |
) |
| |
Unearned stock awards |
|
|
(478 |
) |
|
|
(490 |
) |
| |
Treasury stock, at cost, 434,329 shares as of March 31,
2014 and December 31, 2013 |
|
|
(6,751 |
) |
|
|
(6,751 |
) |
| |
|
Total stockholders' equity |
|
|
150,776 |
|
|
|
149,257 |
|
| |
|
Total liabilities and stockholders' equity |
|
$ |
1,435,468 |
|
|
$ |
1,423,870 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| New Hampshire Thrift Bancshares, Inc. |
| Consolidated Statements of Income (unaudited) |
| |
| |
|
For the Three Months Ended March 31, |
| (Dollars in thousands except for per share
data) |
|
2014 |
|
|
2013 |
| INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
11,350 |
|
|
$ |
9,181 |
| |
Interest and dividends on debt investments |
|
|
|
|
|
|
|
| |
|
Taxable |
|
|
325 |
|
|
|
524 |
| |
|
Dividends |
|
|
35 |
|
|
|
13 |
| |
|
Other |
|
|
170 |
|
|
|
139 |
| |
Total interest and dividend income |
|
|
11,880 |
|
|
|
9,857 |
| |
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
| |
Interest on deposits |
|
|
1,102 |
|
|
|
1,025 |
| |
Interest on advances and other borrowed money |
|
|
525 |
|
|
|
684 |
| |
Total interest expense |
|
|
1,627 |
|
|
|
1,709 |
| |
|
|
|
|
|
|
|
| |
Net interest and dividend income |
|
|
10,253 |
|
|
|
8,148 |
| |
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
- |
|
|
|
414 |
| |
|
|
|
|
|
|
|
| |
Net interest and dividend income after provision for
loan losses |
|
|
10,253 |
|
|
|
7,734 |
| |
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
| |
Customer service fees |
|
|
1,438 |
|
|
|
1,186 |
| |
Net gain on sales and calls of securities |
|
|
8 |
|
|
|
167 |
| |
Net gain on sales of loans |
|
|
52 |
|
|
|
933 |
| |
Net gain on sales of premises and equipment |
|
|
2 |
|
|
|
- |
| |
Net loss on sales of other real estate owned |
|
|
(2 |
) |
|
|
- |
| |
Rental income |
|
|
175 |
|
|
|
183 |
| |
Realized gain in Charter Holding Corp. |
|
|
- |
|
|
|
98 |
| |
Bank owned life insurance income |
|
|
149 |
|
|
|
128 |
| |
Insurance commission income |
|
|
484 |
|
|
|
485 |
| |
Trust and investment management fees |
|
|
2,076 |
|
|
|
- |
| |
Total noninterest income |
|
|
4,382 |
|
|
|
3,180 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
(Dollars in thousands except for per share data) |
|
2014 |
|
2013 |
|
NONINTEREST EXPENSES |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
6,002 |
|
|
4,295 |
|
Occupancy and equipment expenses |
|
|
1,578 |
|
|
1,076 |
|
Advertising and promotion |
|
|
155 |
|
|
99 |
|
Depositors' insurance |
|
|
271 |
|
|
177 |
|
Professional services |
|
|
272 |
|
|
336 |
| Data
processing and outside services |
|
|
703 |
|
|
319 |
|
Telephone |
|
|
295 |
|
|
163 |
| ATM
processing fees |
|
|
221 |
|
|
151 |
|
Supplies |
|
|
164 |
|
|
129 |
|
Amortization of intangible assets |
|
|
435 |
|
|
192 |
| Other
expenses |
|
|
1,497 |
|
|
1,094 |
| Total
noninterest expenses |
|
|
11,593 |
|
|
8,031 |
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
3,042 |
|
|
2,883 |
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES |
|
|
899 |
|
|
831 |
|
|
|
|
|
|
|
|
| NET
INCOME |
|
$ |
2,143 |
|
$ |
2,052 |
| NET
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
|
$ |
2,085 |
|
$ |
1,911 |
|
|
|
|
|
|
|
|
|
Earnings Per Common Share, basic |
|
$ |
0.25 |
|
$ |
0.27 |
|
Earnings Per Common Share, assuming dilution (1) |
|
$ |
0.25 |
|
$ |
0.27 |
|
Dividends Declared per common share |
|
$ |
0.13 |
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
(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 First Senior
Vice President Chief Financial Officer 603-863-0886
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