KEENE, New Hampshire, July 11, 2000 (PRIMEZONE) -- Granite State Bankshares, Inc. (Nasdaq:GSBI) today announced net earnings for the three and six months ended June 30, 2000 of $2,522,000 and $5,031,000 compared to net earnings of $2,557,000 and $4,827,000 for the three and six months ended June 30, 1999. Basic earnings per share were $.45 and $.89 for the three and six months ended June 30, 2000, compared to $.44 and $.83 for the three and six months ended June 30, 1999. Diluted earnings per share were $.45 and $.89 for the three and six months ended June 30, 2000 compared to $.43 and $.81 for the three and six months ended June 30, 1999.
Earnings before income taxes, exclusive of net gains on sales of securities available for sale (core earnings), were $3,933,000 and $7,820,000, respectively, for the three and six months ended June 30, 2000, compared to $3,683,000 and $7,204,000, respectively, for the three and six months ended June 30, 1999, representing increases of 6.79% and 8.55%, respectively.
Net interest and dividend income for the three and six months ended June 30, 2000 was $8,081,000 and $16,012,000, compared with $7,970,000 and $15,878,000 for the three and six months ended June 30, 1999. Interest rate spread for the three and six months ended June 30, 2000 was 3.46% and 3.43%, compared with 3.54% and 3.53% for the three and six months ended June 30, 1999.
The provision for possible loan losses for the three and six months ended June 30, 2000 was $50,000 and $80,000, compared with $0 and $50,000 for the three and six months ended June 30, 1999.
Total assets at June 30, 2000 were $876,738,000 compared to $867,677,000 at December 31, 1999.
Total nonperforming assets were $1,928,000 or 0.22% of total assets at June 30, 2000 and consisted of $1,315,000 of nonperforming loans and $613,000 of other real estate owned. At December 31, 1999, total nonperforming assets were $2,804,000 or 0.32% of total assets and consisted of $1,516,000 of nonperforming loans and $1,288,000 of other real estate owned. The allowance for possible loan losses was $7,032,000 or 534.75% of nonperforming loans at June 30, 2000. At December 31, 1999, the allowance for possible loan losses was $7,032,000, or 463.85% of nonperforming loans.
Stockholders' equity at June 30, 2000 and December 31, 1999 was $68,997,000 and $70,369,000, respectively, representing 7.87% and 8.11% of total assets, respectively.
Chairman and CEO Charles W. Smith said, "We are pleased with the continued increase in core earnings and the continued reduction in the level of nonperforming assets. We are also pleased that in a period of rising interest rates, our interest rate spread and the net yield on interest earning assets increased for the three months ended June 30, 2000 compared to the three months ended March 31, 2000."
Granite State Bankshares, Inc. is the parent company for Granite Bank, a New Hampshire state-chartered commercial bank and the largest independent bank in the state of New Hampshire with 18 offices operating throughout southern New Hampshire.
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY Selected Balance Sheet Data ($ in thousands, except per share data) June 30, December 31, 2000 1999 -------- ------------ (unaudited) Total assets $ 876,738 $ 867,677 Securities held to maturity 18,014 18,017 Securities available for sale 201,276 215,572 Stock in Federal Home Loan Bank of Boston 7,201 7,201 Loans held for sale 141 479 Loans 587,100 568,694 Unearned income 1,156 1,248 Allowance for possible loan losses 7,032 7,032 Net loans 578,912 560,414 Nonperforming loans 1,315 1,516 Other real estate owned 613 1,288 Total nonperforming assets 1,928 2,804 Nonperforming assets as a percent of total assets 0.22% 0.32% Allowance for possible loan losses as a percent of nonperforming loans 534.75% 463.85% Total deposits 650,260 628,018 Securities sold under agreements to repurchase 74,097 75,042 Other borrowings-Federal Home Loan Bank of Boston 80,539 90,563 Stockholders' equity 68,997 70,369 Book value per share 12.51 12.24 GRANITE STATE BANKSHARES, INC. and SUBSIDIARY Selected Operating Statement Data ($ in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- 2000 1999 2000 1999 ------ ------ ------ ------ (unaudited) (unaudited) Interest and dividend income $ 15,579 $ 14,753 $ 30,893 $ 29,623 Interest expense 7,498 6,783 14,881 13,745 ------ ------ ------ ------ Net interest and dividend income 8,081 7,970 16,012 15,878 Provision for possible loan losses 50 0 80 50 Net gains on sales of Securities available for sale 0 286 6 291 Other noninterest income 1,376 1,188 2,642 2,297 Other noninterest expenses 5,474 5,475 10,754 10,921 ------ ------ ------ ------ Earnings before income taxes 3,933 3,969 7,826 7,495 Income taxes 1,411 1,412 2,795 2,668 ------ ------ ------ ------ Net earnings $ 2,522 $ 2,557 $ 5,031 $ 4,827 ====== ====== ====== ====== Weighted average shares outstanding Basic 5,561,220 5,804,985 5,632,999 5,817,752 Diluted 5,585,656 5,967,108 5,669,282 5,972,978 Net earnings per share - basic $ 0.45 $ 0.44 $ 0.89 $ 0.83 ==== ==== ==== ==== Net earnings per share - diluted $ 0.45 $ 0.43 $ 0.89 $ 0.81 ==== ==== ==== ==== Dividends declared per share $ 0.16 $ 0.14 $ 0.32 $ 0.28 ==== ==== ==== ==== Key Operating Ratios: Return on Average Assets 1.17% 1.21% 1.17% 1.14% ===== ===== ===== ===== Return on Average Equity 14.50% 13.96% 14.38% 13.27% ====== ====== ====== ====== Weighted Average Interest Rate Spread 3.46% 3.54% 3.43% 3.53% ===== ===== ===== ===== Net Yield on Average Interest Earning Assets 3.98% 4.01% 3.94% 3.99% ===== ===== ===== =====