NEWPORT, NH--(Marketwire - Jan 27, 2012) - New Hampshire Thrift Bancshares, Inc. (the "Company") (
2011 Financial Highlights
- Total assets increased $46.8 million, or 4.70%, to $1.0 billion at December 31, 2011 from $995.1 million at December 31, 2010.
- Net loans increased $39.5 million, or 5.85%, to $715.0 million at December 31, 2011 from $675.5 million at December 31, 2010.
- In 2011, the Company originated $289.1 million in loans, compared to $341.5 million in 2010.
- The Company's loan servicing portfolio was $365.8 million at December 31, 2011 compared to $370.3 million at December 31, 2010.
- Total deposits increased $24.8 million, or 3.19%, to $803.0 million at December 31, 2011 from $778.2 million at December 31, 2010.
- Net interest and dividend income for the year ended December 31, 2011 was $28.5 million compared to $28.9 million for the same period in 2010.
- The Company's returns on average assets and average equity for the twelve months ended December 31, 2011 were 0.74% and 7.96%, respectively, compared to 0.79% and 8.71%, respectively, for the same period in 2010.
- As a percentage of total loans, non-performing loans increased from 1.45% at December 31, 2010 to 2.32% at December 31, 2011, primarily as a result of an increase in troubled debt restructurings.
- Net income available to common stockholders was $7.0 million for the year ended December 31, 2011 compared to $7.4 million for the same period in 2010.
Earnings Summary
Net income of $7.7 million for the twelve months ended December 31, 2011 includes a decrease of $413 thousand, or 1.43%, in net interest and dividend income. The provision for loan losses decreased $831 thousand, or 38.08%, to $1.4 million for the twelve months ended December 31, 2011 compared to $2.2 million for the same period in 2010. Noninterest income increased $184 thousand, or 1.79%, to $10.5 million for the twelve months ended December 31, 2011 compared to $10.3 million for the same period in 2010. This increase includes decreases of $127 thousand in customer service fees and $761 thousand in net gains on the sales of loans partially offset by increases of $505 thousand in net gains on sales and calls of securities, $381 thousand in realized gain in Charter Holding Corp., $119 thousand in insurance commission income and $76 thousand in bank-owned life insurance income. Noninterest expense increased $1.6 million, or 6.32%, to $27.1 million for the twelve months ended December 31, 2011 compared to $25.5 million for the same period in 2010. Within noninterest expense, salaries and employee benefits increased $936 thousand, or 7.00%, to $14.3 million for the twelve months ended December 31, 2011 compared to $13.4 million for the same period in 2010.
Net income of $1.6 million for the quarter ended December 31, 2011 includes an increase of $375 thousand, or 5.65%, in net interest and dividend income compared to the same period in 2010. The provision for loan losses increased $205 thousand to $367 thousand for the quarter ended December 31, 2011 compared to $162 thousand for the same period in 2010. Noninterest income decreased $249 thousand, or 9.09%, to $2.5 million for the quarter ended December 31, 2011 compared to $2.7 million for the same period in 2010. This decrease includes decreases of $78 thousand in net gains on sales and calls of securities and $382 thousand in net gain on sales of loans partially offset by increases of $88 thousand in realized gain in Charter Holding Corp., $119 thousand in insurance commission income, and $31 thousand in bank-owned life insurance income. Noninterest expense increased $734 thousand, or 11.55%, to $7.1 million for the quarter ended December 31, 2011 compared to $6.4 million for the same period in 2010.
Balance Sheet Summary
Total assets were $1.0 billion at December 31, 2011, compared to $995.1 million at December 31, 2010, an increase of 4.70%. Securities available-for-sale increased $14.3 million to $210.3 million at December 31, 2011 from $196.0 million at December 31, 2010. Net loans held in portfolio increased $39.5 million, or 5.85%, to $715.0 million at December 31, 2011, from $675.5 million at December 31, 2010. The allowance for loan losses was $9.1 million at December 31, 2011, compared to $9.9 million at December 31, 2010. The change in the allowance for loan losses is the net effect of provisions of $1.4 million, charge-offs of $2.4 million, and recoveries of $365 thousand. As a percentage of total loans, non-performing loans increased from 1.45% at December 31, 2010 to 2.32% at December 31, 2011, primarily as a result of an increase in troubled debt restructurings. Total loan production for the twelve months ended December 31, 2011 was $289.1 million compared to $341.5 million for the twelve months ended December 31, 2010. Loan production during the fourth quarter of 2011 was $93.2 million compared to $122.0 million for the same period in 2010.
Total deposits increased $24.8 million, or 3.19%, to $803.0 million at December 31, 2011 from $778.2 million at December 31, 2010. Within deposits, savings and money market accounts increased $21.6 million, transaction accounts increased $18.9 million and time deposits decreased $15.7 million. Advances from the Federal Home Loan Bank increased $5.0 million, or 6.59%, to $81.0 million at December 31, 2011 from $76.0 million at December 31, 2010.
Stockholders' equity of $108.7 million resulted in a book value of $15.20 per common share at December 31, 2011 based on 5,832,360 shares of common stock outstanding, an increase of $0.94, or 6.58%, per common share from a year ago. As previously announced, a regular quarterly dividend of $0.13 per share is payable on January 31, 2012 to stockholders of record of January 24, 2012. The Bank remains well-capitalized with a Tier I (Core) Capital ratio of 9.75% at December 31, 2011. Tier I (Core) Capital at December 31, 2011 includes additional investment from the U.S. Department of the Treasury (the "Treasury") during 2011.
Other 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 Treasury's 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 November 10, 2011, the Company announced it had completed its acquisition of 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. McCrillis & Eldredge will retain its name and operate as a division of the Bank.
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 services including 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 30 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 Years Ended December 31, | 2011 | 2010 | ||||||
(Dollars in thousands except for per share data) | ||||||||
Net Income | $ | 7,669 | $ | 7,947 | ||||
Per Share Data: | ||||||||
Basic Earnings | 1.20 | 1.29 | ||||||
Diluted Earnings (1) | 1.20 | 1.29 | ||||||
Dividends Paid | 0.52 | 0.52 | ||||||
Dividend Payout Ratio | 43.33 | % | 40.31 | % | ||||
Return on Average Assets | 0.74 | % | 0.79 | % | ||||
Return on Average Equity | 7.96 | % | 8.71 | % | ||||
As of December 31, | 2011 | 2010 | |||||
(Dollars in thousands except for per share data) | |||||||
Total Assets | $ | 1,041,819 | $ | 995,054 | |||
Total Securities (2) | 217,933 | 203,600 | |||||
Loans, Net | 714,952 | 675,514 | |||||
Total Deposits | 803,023 | 778,219 | |||||
Federal Home Loan Bank Advances | 80,967 | 75,959 | |||||
Stockholders' Equity | 108,660 | 92,391 | |||||
Book Value per Common Share | $ | 15.20 | $ | 14.26 | |||
Shares Outstanding | 5,832,360 | 5,773,772 | |||||
Tier I (Core) Capital | 9.75 | % | 8.28 | % | |||
Number of Locations | 30 | 28 | |||||
(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 December 31, | ||||||||||
(Dollars in thousands) | 2011 | 2010 | ||||||||
ASSETS | (unaudited) | |||||||||
Cash and due from banks | $ | 21,841 | $ | 21,513 | ||||||
Federal Home Loan Bank overnight deposit | 2,899 | 11,700 | ||||||||
Total cash and cash equivalents | 24,740 | 33,213 | ||||||||
Securities available-for-sale | 210,318 | 195,985 | ||||||||
Federal Home Loan Bank stock | 7,615 | 7,615 | ||||||||
Loans held-for-sale | 3,434 | 5,887 | ||||||||
Loans receivable, net of the allowance for loan losses of $9.1 million as of December 31, 2011 and $9.9 million as of December 31, 2010 | 714,952 |
675,514 |
||||||||
Accrued interest receivable | 2,669 | 2,986 | ||||||||
Bank premises and equipment, net | 16,450 | 16,672 | ||||||||
Investments in real estate | 3,451 | 3,550 | ||||||||
Other real estate owned | 1,344 | 75 | ||||||||
Goodwill | 28,597 | 27,293 | ||||||||
Intangible assets | 1,755 | 1,550 | ||||||||
Investment in partially owned Charter Holding Corp., at equity | 4,895 | 4,899 | ||||||||
Bank-owned life insurance | 13,347 | 10,358 | ||||||||
Other assets | 8,252 | 9,457 | ||||||||
Total assets | $ | 1,041,819 | $ | 995,054 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
LIABILITIES | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 64,356 | $ | 53,265 | ||||||
Interest-bearing | 738,667 | 724,954 | ||||||||
Total deposits | 803,023 | 778,219 | ||||||||
Federal Home Loan Bank advances | 80,967 | 75,959 | ||||||||
Other borrowings | 543 | - | ||||||||
Securities sold under agreements to repurchase | 15,514 | 16,165 | ||||||||
Subordinated debentures | 20,620 | 20,620 | ||||||||
Accrued expenses and other liabilities | 12,492 | 11,699 | ||||||||
Total liabilities | 933,159 | 902,662 | ||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Preferred stock, $.01 par value per share: 2,500,000 shares authorized: | ||||||||||
Series B, fixed rate noncumulative perpetual, fixed rate cumulative perpetual, 20,000 shares issued and outstanding at December 31, 2011 and no shares issued and outstanding at December 31, 2010 | - | - | ||||||||
Series A, no shares issued and outstanding at December 31, 2011 and 10,000 shares issued and outstanding at December 31, 2010 | - | - | ||||||||
Common stock, $.01 par value, per share: 10,000,000 shares authorized, 6,292,639 shares issued and 5,832,360 shares outstanding as of December 31, 2011 and 6,234,051 shares issued and 5,773,772 shares outstanding as of December 31, 2010 | 63 |
62 |
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Warrants | 85 | 85 | ||||||||
Paid-in capital | 66,658 | 55,921 | ||||||||
Retained earnings | 49,892 | 46,001 | ||||||||
Accumulated other comprehensive loss | (887 | ) | (2,527 | ) | ||||||
Treasury stock, at cost, 460,279 shares as of December 31, 2011 and 2010 | (7,151 | ) | (7,151 | ) | ||||||
Total stockholders' equity | 108,660 | 92,391 | ||||||||
Total liabilities and stockholders' equity | $ | 1,041,819 | $ | 995,054 |
New Hampshire Thrift Bancshares, Inc. | ||||||||||||||
Consolidated Statements of Income | ||||||||||||||
For the Twelve Months Ended December 31, |
Three Months Ended December 31, |
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(Dollars in thousands except for per share data) | 2011 | 2010 | 2011 | 2010 | ||||||||||
INTEREST AND DIVIDEND INCOME | (unaudited) | (unaudited) | ||||||||||||
Interest and fees on loans | $ | 31,640 | $ | 31,955 | $ | 7,844 | $ | 7,773 | ||||||
Interest and dividends on debt investments | ||||||||||||||
Taxable | 4,601 | 6,085 | 989 | 1,215 | ||||||||||
Dividends | 35 | 17 | 6 | 4 | ||||||||||
Other | 912 | 599 | 232 | 49 | ||||||||||
Total interest and dividend income | 37,188 | 38,656 | 9,071 | 9,041 | ||||||||||
INTEREST EXPENSE | ||||||||||||||
Interest on deposits | 5,771 | 6,634 | 1,360 | 1,624 | ||||||||||
Interest on advances and other borrowed money | 1,863 | 2,040 | 450 | 526 | ||||||||||
Interest expenses on debentures | 1,008 | 1,011 | 256 | 254 | ||||||||||
Interest on securities sold under agreements to repurchase | 47 | 59 | 9 | 15 | ||||||||||
Total interest expense | 8,689 | 9,744 | 2,075 | 2,419 | ||||||||||
Net interest and dividend income | 28,499 | 28,912 | 6,996 | 6,622 | ||||||||||
PROVISION FOR LOAN LOSSES | 1,351 | 2,182 | 367 | 162 | ||||||||||
Net interest and dividend income after provision for loan losses | 27,148 | 26,730 | 6,629 | 6,460 | ||||||||||
OTHER INCOME | ||||||||||||||
Customer service fees | 5,071 | 5,198 | 1,258 | 1,259 | ||||||||||
Net gain on sales and calls of securities | 2,588 | 2,083 | 348 | 426 | ||||||||||
Net gain on sales of loans | 931 | 1,692 | 368 | 750 | ||||||||||
Net gain on sales of other real estate owned and fixed assets | 27 |
50 |
- |
7 |
||||||||||
Rental income | 714 | 701 | 163 | 182 | ||||||||||
Realized gain in Charter Holding Corp. | 573 | 192 | 114 | 26 | ||||||||||
Insurance commission income | 122 | 2 | 120 | 1 | ||||||||||
Bank owned life insurance income | 432 | 356 | 118 | 87 | ||||||||||
Total noninterest income | 10,458 | 10,274 | 2,489 | 2,738 |
For the Twelve Months Ended December 31, |
Three Months Ended December 31, |
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(Dollars in thousands except for per share data) | 2011 | 2010 | 2011 | 2010 | |||||||||||
NONINTEREST EXPENSES | (unaudited) | (unaudited) | |||||||||||||
Salaries and employee benefits | 14,306 | 13,370 | 3,781 | 3,691 | |||||||||||
Occupancy and equipment expenses | 3,807 | 3,743 | 957 | 914 | |||||||||||
Advertising and promotion | 510 | 432 | 141 | 126 | |||||||||||
Depositors' insurance | 793 | 1,020 | 184 | 238 | |||||||||||
Professional services | 1,122 | 953 | 315 | 218 | |||||||||||
Data processing and outside services | 1,048 | 934 | 285 | 215 | |||||||||||
Telephone | 799 | 676 | 294 | 164 | |||||||||||
ATM processing fees | 481 | 520 | 118 | 124 | |||||||||||
Mortgage servicing (income), net of amortization of mortgage servicing rights | (117 |
) | (113 |
) | 11 |
(11 |
) | ||||||||
Supplies | 344 | 408 | 93 | 115 | |||||||||||
Other expenses | 4,034 | 3,570 | 905 | 557 | |||||||||||
Total noninterest expenses | 27,127 | 25,513 | 7,084 | 6,352 | |||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 10,480 | 11,491 | 2,034 | 2,846 | |||||||||||
PROVISION FOR INCOME TAXES | 2,811 | 3,544 | 404 | 726 | |||||||||||
NET INCOME | $ | 7,669 | $ | 7,947 | $ | 1,630 | $ | 2,120 | |||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 6,956 | $ | 7,431 | $ | 1,393 | $ | 1,990 | |||||||
Earnings Per Common Share, basic | $ | 1.20 | $ | 1.29 | $ | 0.24 | $ | 0.34 | |||||||
Earnings Per Common Share, assuming dilution (1) | $ | 1.20 | $ | 1.29 | $ | 0.24 | $ | 0.34 | |||||||
Dividends Declared per common share | $ | 0.52 | $ | 0.52 | $ | 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. |
Contact Information:
For additional information contact:
Stephen R. Theroux
President
603-863-0886