NEWPORT, NH--(Marketwire - Oct 15, 2012) - New Hampshire Thrift Bancshares, Inc. (the "Company") (
Financial Highlights
- Total assets increased $76.5 million, or 7.34%, to $1.1 billion at September 30, 2012, from $1.0 billion at December 31, 2011.
- Net loans increased $95.3 million, or 13.34%, to $810.3 million at September 30, 2012, from $715.0 million at December 31, 2011.
- The Company originated $323.3 million in loans for the nine months ended September 30, 2012, compared to $195.8 million for the same period in 2011.
- The Company's loan servicing portfolio was $361.1 million at September 30, 2012, compared to $365.8 million at December 31, 2011.
- Total deposits increased $27.6 million, or 3.44%, to $830.7 million at September 30, 2012, from $803.0 million at December 31, 2011.
- Net interest and dividend income for the nine months ended September 30, 2012, was $21.7 million compared to $21.5 million for the same period in 2011.
- Net income available to common stockholders was $5.5 million for the nine months ended September 30, 2012, compared to $5.6 million for the same period in 2011.
- The Company's returns on average assets and average equity for the nine months ended September 30, 2012, were 0.82% and 7.24%, respectively, compared to 0.88% and 7.91%, 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 2.04% at September 30, 2012.
Earnings Summary
Net income of $6.1 million for the nine months ended September 30, 2012 includes an increase of $196 thousand, or 0.91%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $1.3 million, to $2.3 million for the nine months ended September 30, 2012, compared to $984 thousand for the same period in 2011. Noninterest income increased $2.9 million, or 36.11%, to $10.8 million for the nine months ended September 30, 2012, compared to $8.0 million for the same period in 2011. This increase includes increases of $971 thousand in net gains on the sales of loans, $1.2 million in net gains on sales and calls of securities, and $1.0 million in insurance commission income. Noninterest expense increased $1.5 million, or 7.50%, to $21.5 million for the nine months ended September 30, 2012, compared to $20.0 million for the same period in 2011. Within noninterest expense, salaries and employee benefits increased $628 thousand, or 5.97%, to $11.2 million for the nine months ended September 30, 2012, compared to $10.5 million for the same period in 2011, including $532 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 September 30, 2012 includes an increase of $98 thousand, or 1.37%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $458 thousand to $1.0 million for the quarter ended September 30, 2012, compared to $574 thousand for the same period in 2011. Noninterest income increased $1.0 million, or 36.40%, to $3.9 million for the quarter ended September 30, 2012, compared to $2.9 million for the same period in 2011. This increase includes increases of $645 thousand in net gains on the sales of loans, $162 thousand in net gains on sales and calls of securities, and $343 thousand in insurance commission income. Noninterest expense increased $513 thousand, or 7.60%, to $7.3 million for the quarter ended September 30, 2012, compared to $6.8 million for the same period in 2011.
Balance Sheet Summary
Total assets were $1.1 billion at September 30, 2012, compared to $1.0 billion at December 31, 2011, an increase of 7.34%. Securities available-for-sale decreased $36.1 million to $174.2 million at September 30, 2012, from $210.3 million at December 31, 2011. Net loans held in portfolio increased $95.3 million, or 13.34% to $810.3 million at September 30, 2012, from $715.0 million at December 31, 2011. The allowance for loan losses was $9.8 million at September 30, 2012, compared to $9.1 million at December 31, 2011. Within the allowance for loan losses is the net effect of provisions of $2.2 million, charge-offs of $1.9 million, and recoveries of $390 thousand during the nine months ended September 30, 2012. As a percentage of total loans, non-performing loans decreased from 2.32% at December 31, 2011, to 2.04% at September 30, 2012. The Company originated $323.3 million in loans for the nine months ended September 30, 2012, compared to $195.8 million for the same period in 2011. Loan production during the second quarter of 2012 was $116.5 million compared to $63.8 million for the same period in 2011.
Total deposits increased $27.6 million, or 3.44%, to $830.7 million at September 30, 2012, from $803.0 million at December 31, 2011. Within deposits, savings and money market accounts increased $29.2 million, transaction accounts increased $7.8 million, brokered deposits increased $15.0 million, and time deposits decreased $24.4 million. Advances from the Federal Home Loan Bank increased $40.0 million, or 49.41% to $121.0 million at September 30, 2012, from $81.0 million at December 31, 2011.
Stockholders' equity of $112.0 million resulted in a book value of $15.58 per common share at September 30, 2012, based on 5,902,402 shares of common stock outstanding, an increase of $0.38, or 2.50%, per common share from December 31, 2011. As previously announced, a regular quarterly dividend of $0.13 per share is payable on October 31, 2012 to stockholders of record of October 24, 2012. The Bank remains well-capitalized with a Tier I (Leverage) Capital ratio of 9.22% at September 30, 2012.
Acquisition of The Nashua Bank
On August 1, 2012, the Company announced the execution of a definitive agreement in which it will acquire The Nashua Bank in an exchange of cash and stock (the "Merger"). The Nashua Bank will merge with and into the Bank and will operate under the name "The Nashua Bank, a division of Lake Sunapee Bank." Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of The Nashua Bank's shareholders. The transaction is expected to close in the fourth quarter of 2012.
For additional information, please see the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 7, 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 ended September 30, |
For the nine months ended September 30, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Income | $ | 2,030 | $ | 2,013 | $ | 6,124 | $ | 6,038 | ||||||||
Per Share Data: | ||||||||||||||||
Basic Earnings | $ | 0.32 | $ | 0.31 | $ | 0.94 | $ | 0.96 | ||||||||
Diluted Earnings (1) | 0.32 | 0.31 | 0.94 | 0.96 | ||||||||||||
Dividends Declared | 0.13 | 0.13 | 0.39 | 0.39 | ||||||||||||
Dividend Payout Ratio | 40.63 | % | 41.94 | % | 41.49 | % | 40.63 | % | ||||||||
As of | ||||||||
September 30, 2012 | December 31, 2011 | |||||||
(Dollars in thousands except for per share data) | ||||||||
Total Assets | $ | 1,118,361 | $ | 1,041,819 | ||||
Total Securities (2) | 183,370 | 217,933 | ||||||
Loans, Net | 810,307 | 714,952 | ||||||
Total Deposits | 830,664 | 803,023 | ||||||
Federal Home Loan Bank Advances | 120,974 | 80,967 | ||||||
Stockholders' Equity | 111,986 | 108,660 | ||||||
Book Value per Common Share | $ | 15.58 | $ | 15.20 | ||||
Common Shares Outstanding | 5,902,402 | 5,832,360 | ||||||
Tier I (Core) Capital | 9.21 | % | 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 | |||||||||||
(Dollars in thousands, except for per share data) | September 30, 2012 | December 31, 2011 | |||||||||
ASSETS | (unaudited) | ||||||||||
Cash and due from banks | $ | 16,839 | $ | 21,841 | |||||||
Federal Reserve Bank interest-bearing deposit | 12,000 | 2,899 | |||||||||
Total cash and cash equivalents | 28,839 | 24,740 | |||||||||
Securities available-for-sale | 174,247 | 210,318 | |||||||||
Federal Home Loan Bank stock | 9,123 | 7,615 | |||||||||
Loans held-for-sale | 10,718 | 3,434 | |||||||||
Loans receivable, net | 810,307 | 714,952 | |||||||||
Accrued interest receivable | 2,616 | 2,669 | |||||||||
Bank premises and equipment, net | 16,573 | 16,450 | |||||||||
Investments in real estate | 3,863 | 3,451 | |||||||||
Other real estate owned | - | 1,344 | |||||||||
Goodwill and intangible assets | 30,077 | 30,352 | |||||||||
Investment in partially owned Charter Holding Corp., at equity | 5,217 | 4,895 | |||||||||
Bank-owned life insurance | 18,758 | 13,347 | |||||||||
Other assets | 8,023 | 8,252 | |||||||||
Total assets | $ | 1,118,361 | $ | 1,041,819 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 68,465 | $ | 64,356 | |||||||
Interest-bearing | 762,199 | 738,667 | |||||||||
Total deposits | 830,664 | 803,023 | |||||||||
Federal Home Loan Bank advances | 120,974 | 80,967 | |||||||||
Other borrowings | 272 | 543 | |||||||||
Securities sold under agreements to repurchase | 18,330 | 15,514 | |||||||||
Subordinated debentures | 20,620 | 20,620 | |||||||||
Accrued expenses and other liabilities | 15,515 | 12,492 | |||||||||
Total liabilities | 1,006,375 | 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 September 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 5,902,402 shares outstanding as of September 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 | 53,067 | 49,892 | |||||||||
Accumulated other comprehensive loss | (389 | ) | (887 | ) | |||||||
Unearned Stock Awards | (377 | ) | - | ||||||||
Treasury stock, at cost, 430,279 shares as of September 30, 2012, and 460,279 at December 31, 2011 | (6,670 | ) | (7,151 | ) | |||||||
Total stockholders' equity | 111,986 | 108,660 | |||||||||
Total liabilities and stockholders' equity | $ | 1,118,361 | $ | 1,041,819 | |||||||
New Hampshire Thrift Bancshares, Inc. | |||||||||||||||
Consolidated Statements of Income (unaudited) | |||||||||||||||
Three months Ended September 30, | Nine months Ended September 30, |
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(Dollars in thousands except for per share data) | 2012 | 2011 | 2012 | 2011 | |||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||
Interest and fees on loans | $ | 8,305 | $ | 7,947 | $ | 24,053 | $ | 23,797 | |||||||
Interest and dividends on debt investments | |||||||||||||||
Taxable | 628 | 1,154 | 2,757 | 3,612 | |||||||||||
Dividends | 15 | 9 | 47 | 29 | |||||||||||
Other | 134 | 226 | 443 | 679 | |||||||||||
Total interest and dividend income | 9,082 | 9,336 | 27,300 | 28,117 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Interest on deposits | 1,072 | 1,466 | 3,358 | 4,411 | |||||||||||
Interest on advances and other borrowed money | 755 | 712 | 2,243 | 2,203 | |||||||||||
Total interest expense | 1,827 | 2,178 | 5,601 | 6,614 | |||||||||||
Net interest and dividend income | 7,255 | 7,158 | 21,699 | 21,503 | |||||||||||
PROVISION FOR LOAN LOSSES | 1,032 | 574 | 2,261 | 984 | |||||||||||
Net interest and dividend income after provision for loan losses | 6,223 | 6,584 | 19,438 | 20,519 | |||||||||||
OTHER INCOME | |||||||||||||||
Customer service fees | 1,306 | 1,348 | 3,764 | 3,813 | |||||||||||
Net gain on sales of loans | 778 | 133 | 1,534 | 563 | |||||||||||
Net gain on sales and calls of securities | 1,091 | 929 | 3,415 | 2,239 | |||||||||||
Net gain (loss) on sales of other real estate owned and fixed assets | - | 18 | (150 | ) | 27 | ||||||||||
Rental income | 187 | 210 | 560 | 551 | |||||||||||
Realized gain in Charter Holding Corp. | 72 | 124 | 298 | 459 | |||||||||||
Insurance commission income | 343 | - | 1,048 | - | |||||||||||
Brokerage service income | 1 | 1 | 3 | 2 | |||||||||||
Bank-owned life insurance income | 141 | 110 | 374 | 314 | |||||||||||
Total noninterest income | 3,919 | 2,873 | 10,846 | 7,968 | |||||||||||
(unaudited) | Three months Ended September 30, | Nine months Ended September 30, |
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(Dollars in thousands except for per share data) | 2012 | 2011 | 2012 | 2011 | ||||||||||
NONINTEREST EXPENSES | ||||||||||||||
Salaries and employee benefits | 3,694 | 3,691 | 11,153 | 10,525 | ||||||||||
Occupancy and equipment expenses | 876 | 881 | 2,767 | 2,850 | ||||||||||
Advertising and promotion | 96 | 111 | 350 | 369 | ||||||||||
Depositors' insurance | 204 | (27 | ) | 603 | 610 | |||||||||
Data processing and outside services | 301 | 266 | 848 | 763 | ||||||||||
Professional services | 404 | 230 | 919 | 808 | ||||||||||
ATM processing fees | 130 | 107 | 367 | 363 | ||||||||||
Mortgage servicing (income), net of amortization of mortgage servicing rights | 50 | (67 | ) | 96 | (128 | ) | ||||||||
Supplies | 93 | 85 | 279 | 251 | ||||||||||
Other expenses | 1,419 | 1,477 | 4,162 | 3,632 | ||||||||||
Total noninterest expenses | 7,267 | 6,754 | 21,544 | 20,043 | ||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 2,875 | 2,703 | 8,740 | 8,444 | ||||||||||
PROVISION FOR INCOME TAXES | 845 | 690 | 2,616 | 2,406 | ||||||||||
NET INCOME | $ | 2,030 | $ | 2,013 | $ | 6,124 | $ | 6,038 | ||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 1,914 | $ | 1,800 | $ | 5,508 | $ | 5,567 | ||||||
Earnings Per Common Share, basic | $ | 0.32 | $ | 0.31 | $ | 0.94 | $ | 0.96 | ||||||
Earnings Per Common Share, assuming dilution (1) | $ | 0.32 | $ | 0.31 | $ | 0.94 | $ | 0.96 | ||||||
Dividends Declared per common share | $ | 0.13 | $ | 0.13 | $ | 0.39 | $ | 0.39 |
(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:
Laura Jacobi
Senior Vice President
Chief Financial Officer
603-863-0886