New Hampshire Thrift Bancshares, Inc. Announces Earnings for Third Quarter
Performance Reflects Loan and Deposit Growth
(firmenpresse) - NEWPORT, NH -- (Marketwire) -- 10/15/12 -- 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 nine months ended September 30, 2012, of $6.1 million, or $0.94 per diluted common share, compared to $6.0 million, or $0.96 per diluted common share for same period in 2011, an increase of $86 thousand, or 1.42%. For the quarter ended September 30, 2012, the Company reported consolidated net income of $2.0 million, or $0.32 per diluted common share compared to $2.0 million, or $0.31 per diluted common share, for the quarter ended September 30, 2011, an increase of $17 thousand, or 0.84%.
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.
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.
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.
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.
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.
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.
Laura Jacobi
Senior Vice President
Chief Financial Officer
603-863-0886
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Datum: 15.10.2012 - 14:59 Uhr
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