Business & Finance
Business and Finance
Business and Finance
Wed, July 14, 2010
Tue, July 13, 2010 New Hampshire Thrift Bancshares, Inc. Announces Earnings for Second Quarter
NEWPORT, NH--(Marketwire - July 13, 2010) - New Hampshire Thrift Bancshares, Inc. (
Net income of $3,723,971 for the six months ended June 30, 2010 includes an increase of $2,035,798, or 15.49%, in net interest and dividend income. This increase was partially offset by a decrease of $652,630 in net gains on the sales of investment securities and other real estate owned and a decrease of $753,291 in gains on sales of loans. Net income of $2,002,473 for the quarter ended June 30, 2010 includes an increase of $1,033,615, or 15.74%, in net interest and dividend income. This increase was partially offset by a decrease of $48,840 in net gains on the sales of investment securities and other real estate owned and a decrease of $611,737 in gains on sales of loans. The Bank's interest rate margin increased to 3.52% at June 30, 2010, compared to 3.39% at June 30, 2009. Total loan production for the six months ended June 30, 2010 was $137,296,129, compared to $182,317,191 for the six months ended June 30, 2009 which reflects a reduced demand for the refinancing of loans.
Total assets amounted to $993,206,447 at June 30, 2010, compared to $912,271,721 at June 30, 2009, an increase of 8.87%. Net loans held in portfolio increased $18,639,009, or 2.95%, to $649,783,266 at June 30, 2010, from $631,144,257 at June 30, 2009. The allowance for loan losses increased $2,814,116 to $10,046,853 at June 30, 2010, from $7,232,737 at June 30, 2009. Non-performing loans as a percentage of total loans amounted to 1.48% at June 30, 2010 compared to 1.03% at June 30, 2009. Total deposits increased $45,386,883, or 6.64%, to $729,209,321 at June 30, 2010 from $683,822,438 at June 30, 2009. Advances from the Federal Home Loan Bank increased by $29,868,863, or 31.08%, from $96,090,498 at June 30, 2009 to $125,959,361 at June 30, 2010.
Stockholders' equity of $92,470,840 resulted in a book value of $14.27 per common share at June 30, 2010 based on 5,771,772 shares of common stock outstanding, an increase of $1.07, or 8.11%, per common share from a year ago and a tangible book value of $9.25 per common share at June 30, 2010, an increase of $1.16, or 14.34%, per common share from a year ago. As previously announced, a regular quarterly dividend of $.13 per share is payable on July 30, 2010 to stockholders of record of July 23, 2010. The Bank remains well-capitalized with a Tier I Capital ratio of 8.25% at June 30, 2010.
New Hampshire Thrift Bancshares, Inc. is the parent company of Lake Sunapee Bank, fsb, a federally-chartered stock savings bank providing a wide range of banking and financial services through twenty-eight 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. Selected Financial Highlights Three Months Ended Six Months Ended 6/30/2010 6/30/2009 6/30/2010 6/30/2009 ------------ ------------ ------------ ------------ Interest and Dividend Income $ 9,981,343 $ 9,766,033 $ 20,008,462 $ 19,658,161 Interest Expense 2,380,262 3,198,567 4,829,555 6,515,052 Net Interest and Dividend Income 7,601,081 6,567,466 15,178,907 13,143,109 Provision for Loan Losses 531,000 630,000 1,545,000 2,395,000 Noninterest Income 2,144,575 2,826,695 4,331,030 5,661,598 Noninterest Expense 6,398,127 6,299,994 12,500,369 11,994,520 Provision for Income Tax 814,056 781,908 1,740,597 1,400,776 Net Income $ 2,002,473 $ 1,682,258 $ 3,723,971 $ 3,014,412 Net Income Available to Common Stockholders $ 1,994,551 $ 1,557,258 $ 3,588,716 $ 2,784,340 Earnings Per Common Share, basic $ 0.32 $ 0.27 $ 0.60 $ 0.48 Earnings Per Common Share, assuming dilution (1) $ 0.32 $ 0.27 $ 0.60 $ 0.48 Dividends Declared $ 0.13 $ 0.13 $ 0.26 $ 0.26 As of 6/30/2010 As of 6/30/2009 --------------- --------------- Total Assets $ 993,206,447 $ 912,271,721 Loans receivable, net 649,783,266 631,144,257 Securities 237,939,718 174,562,241 Total Deposits 729,209,321 683,822,438 Federal Home Loan Bank Advances 125,959,361 96,090,498 Stockholders' Equity 92,470,840 86,251,510 Book Value of Common Shares Outstanding $ 14.27 $ 13.20 Tangible Book Value of Common Shares Outstanding $ 9.25 $ 8.09 Tier I Core Capital to Assets 8.25% 8.45% Common Shares Outstanding 5,771,772 5,769,772 Return on Average Assets 0.76% 0.68% Return on Average Equity 8.38% 7.18% Non-performing Loans as a % of Total Loans 1.48% 1.03% (1) Diluted earnings per share are calculated using the weighted-average number of shares outstanding for the period, including common stock equivalents, as appropriate.
Statements included in this press release that are not historical or current fact are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. New Hampshire Thrift Bancshares, Inc. disclaims any obligation to subsequently revise 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 or circumstances.
