NEWPORT, NH — (Marketwire) — 02/01/13 — 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 twelve months ended December 31, 2012, of $7.8 million, or $1.20 per common share, assuming dilution, compared to $7.7 million, or $1.20 per common share, assuming dilution, for same period in 2011, an increase of $90 thousand, or 1.18%. For the quarter ended December 31, 2012, the Company reported consolidated net income of $1.6 million, or $0.26 per common share, assuming dilution, compared to $1.6 million, or $0.24 per common share, assuming dilution, for the quarter ended December 31, 2011, an increase of $5 thousand, or 0.31%.
Total assets increased $228.7 million, or 21.95%, to $1.3 billion at December 31, 2012, from $1.0 billion at December 31, 2011.
Net loans increased $187.3 million, or 26.20%, to $902.2 million at December 31, 2012, from $715.0 million at December 31, 2011.
In 2012, the Company originated $426.8 million in loans, compared to $289.1 million in 2011.
The Company-s loan servicing portfolio was $385.4 million at December 31, 2012, compared to $365.8 million at December 31, 2011.
Total deposits increased $146.3 million, or 18.22%, to $949.3 million at December 31, 2012, from $803.0 million at December 31, 2011.
Net interest and dividend income for the year ended December 31, 2012, was $29.0 million compared to $28.5 million for the same period in 2011.
Net income available to common stockholders was $7.1 million for the year ended December 31, 2012, compared to $7.0 million for the same period in 2011
The Company-s returns on average assets and average equity for the twelve months ended December 31, 2012, were 0.84% and 7.51%, respectively, compared to 0.74% and 7.96%, respectively, for the same period in 2011.
As a percentage of total loans, non-performing loans decreased to 1.59% at December 31, 2012, from 2.32% at December 31, 2011.
Net income of $7.8 million for the twelve months ended December 31, 2012, includes an increase of $523 thousand, or 1.84%, in net interest and dividend income. The provision for loan losses increased $1.3 million, or 100.22%, to $2.7 million for the twelve months ended December 31, 2012, compared to $1.4 million for the same period in 2011. Noninterest income increased $4.2 million, or 39.69%, to $14.6 million for the twelve months ended December 31, 2012, compared to $10.5 million for the same period in 2011. This increase includes a net loss on sales of other real estate owned of $150 thousand and decreases of $4 thousand in customer service fees and $129 thousand in realized gain in Charter Holding Corp partially offset by increases of $1.2 million in net gains on sales and calls of securities, $1.9 million in net gains on the sales of loans, $1.2 million in insurance commission income and $79 thousand in bank-owned life insurance income. Noninterest expense increased $2.4 million, or 8.69%, to $29.5 million for the twelve months ended December 31, 2012, compared to $27.1 million for the same period in 2011. Within noninterest expense, salaries and employee benefits increased $682 thousand, or 4.78%, to $15.0 million for the twelve months ended December 31, 2012, compared to $14.3 million for the same period in 2011. The Company recorded approximately $1.2 million of expenses related to the fourth quarter acquisition of The Nashua Bank.
Net income of $1.6 million for the quarter ended December 31, 2012, includes an increase of $325 thousand, or 4.64%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $77 thousand to $444 thousand for the quarter ended December 31, 2012, compared to $367 thousand for the same period in 2011. Noninterest income increased $1.3 million, or 51.23%, to $3.8 million for the quarter ended December 31, 2012, compared to $2.5 million for the same period in 2011. This increase includes increases of $20 thousand in customer service fees, $56 thousand in net gains on sales and calls of securities, $965 thousand in net gain on sales of loans, $13 thousand in rental income, $32 thousand in realized gain in Charter Holding Corp., $146 thousand in insurance commission income, and $19 thousand in bank-owned life insurance income. Noninterest expense increased $853 thousand, or 12.04%, to $7.9 million for the quarter ended December 31, 2012, compared to $7.1 million for the same period in 2011, including approximately $1.0 million of expenses related to the acquisition of The Nashua Bank.
Total assets were $1.3 billion at December 31, 2012, compared to $1.0 billion at December 31, 2011, an increase of 21.95%. Securities available-for-sale increased $2.1 million to $212.4 million at December 31, 2012, from $210.3 million at December 31, 2011. Net loans held in portfolio increased $187.3 million, or 26.20%, to $902.2 million at December 31, 2012, from $715.0 million at December 31, 2011. This increase in loans includes approximately $91.5 million of loans from the acquisition of The Nashua Bank. The allowance for loan losses was $9.9 million at December 31, 2012, compared to $9.1 million at December 31, 2011. The change in the allowance for loan losses is the net effect of provisions of $2.7 million, charge-offs of $2.5 million, and recoveries of $596 thousand. As a percentage of total loans, non-performing loans decreased from 2.32% at December 31, 2011 to 1.59% at December 31, 2012. Total loan production for the twelve months ended December 31, 2012, was $426.8 million compared to $289.1 million for the twelve months ended December 31, 2011. Loan production during the fourth quarter of 2012 was $103.5 million compared to $93.2 million for the same period in 2011.
Total deposits increased $146.3 million, or 18.22%, to $949.3 million at December 31, 2012, from $803.0 million at December 31, 2011. This increase in deposits includes approximately $94.4 million of deposits from the acquisition of The Nashua Bank. Within deposits, savings and money market accounts increased $87.2 million, transaction accounts increased $41.7 million and time deposits increased $17.4 million. Advances from the Federal Home Loan Bank increased $61.8 million, or 76.32%, to $142.7 million at December 31, 2012, from $81.0 million at December 31, 2011.
Stockholders- equity of $129.5 million resulted in a book value of $15.09 per common share at December 31, 2012, based on 7,055,946 shares of common stock outstanding. The Bank remains well-capitalized with a Leverage (Tier I) Capital ratio of 8.87% at December 31, 2012.
On December 21, 2012, the Company announced it had completed its acquisition of The Nashua Bank in Nashua, New Hampshire, expanding the Company-s presence in southern New Hampshire. The Company issued approximately 1.15 million shares of its common stock and paid approximately $3.68 million in cash to Nashua Bank shareholders in the transaction. The Nashua Bank now operates under the name “The Nashua Bank, a division of Lake Sunapee Bank, fsb.”
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 banking and insurance 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 $1.3 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.
Stephen R. Theroux
President
603-863-0886