NEWPORT, NH — (Marketwire) — 07/15/11 — 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 six months ended
June 30, 2011 of $4,025,140, or $0.65 per common share (assuming dilution),
compared to $3,723,971, or $0.60 per common share (assuming dilution), for
same period in 2010, an increase of $301,169, or 8.09%. For the three
months ended June 30, 2011, NHTB reported consolidated net income of
$2,000,156, or $0.32 per common share (assuming dilution), compared to
$2,002,473, or $0.32 per common share (assuming dilution), for the three
months ended June 30, 2010.
Financial Highlights
Earnings Summary
Net income of $4,025,140 for the six months ended June 30, 2011 includes a
decrease of $838,407 in net interest and dividend income. Since the six
months ended June 30, 2010, the Company has increased its holdings in
tax-exempt investments and loans resulting in lower realized yields for the
six months ended June 30, 2011, which are offset in the Company-s effective
tax rate. Tax-equivalent net interest income and dividend income for the
six months ended June 30, 2011 was $15,068,360 compared to $15,411,184 for
the same period in 2010. The provision for loan losses decreased $1,135,000
to $410,000 for the six months ended June 30, 2011 compared to $1,545,000
for the same period in 2010. Noninterest income increased $768,476, or
17.76%, to $5,095,131 for the six months ended June 30, 2011 compared to
$4,326,655 for the same period in 2010. The improved noninterest income
figure reflects an increase of (i) $871,060, or 198.68%, in net gain on
sales and calls of securities and (ii) $210,762, or 169.19%, in income from
equity interest in Charter Holding Corp., partially offset by a decrease of
(i) $159,570, or 6.08%, in customer service fees and (ii) $149,334, or
25.78%, in net gain on sales of loans. Noninterest expense increased
$788,747, or 6.31%, to $13,289,117 for the six months ended June 30, 2011
compared to $12,500,369 for the same period in 2010. This increase includes
an increase of (i) $589,462 in salaries and benefits which represents
increases of 6.49% in salaries and 3.39% in employee benefits, (ii) an
increase of $43,107, or 20.05%, in advertising and promotion, (iii) an
increase of $112,375, or 21.42%, in depositors- insurance, (iv) a net
increase of $80,653, or 8.12%, in outside and professional services, offset
in part by a decrease of $56,275, or 2.54%, in other expenses.
Balance Sheet Summary
Total assets were $1,031,000,035 at June 30, 2011, compared to $995,053,884
at December 31, 2010, an increase of $35,946,151, or 3.61%. Securities
available-for-sale decreased $5,817,377, or 2.97%, to $190,167,138 at June
30, 2011 from $195,984,515 at December 31, 2010. Net unrealized gains on
securities available-for-sale were $1,688,580 at June 30, 2011, compared to
net unrealized losses of $317,372 at December 31, 2010. During the six
months ended June 30, 2011, the Company sold securities with a total book
value of $57,082,372 for a net gain on sales of $1,309,491. During the same
period, the Company purchased $23,409,920 of other bonds and debentures and
$39,850,317 of mortgage-backed securities.
Net loans held in portfolio increased $34,914,814, or 5.17%, to
$710,428,601 at June 30, 2011, from $675,513,787 at December 31, 2010. The
allowance for loan losses increased $229,247 to $10,093,151 at June 30,
2011, from $9,863,904 at December 31, 2010. The change in the allowance for
loan losses is the net of the effect of provisions of $410,000, charge-offs
of $373,855, and recoveries of $193,102. As a percentage of total loans,
non-performing loans decreased from 1.45% at December 31, 2010 to 1.32% at
June 30, 2011. Total loan production for the six months ended June 30, 2011
was $84,221,539 compared to $90,640,860 for the same period in 2010.
Total deposits increased $3,838,769, or 0.49%, to $782,057,886 at June 30,
2011 from $778,219,117 at December 31, 2010. Advances from the Federal Home
Loan Bank increased $35,004,064, or 46.08%, from $75,959,361 at December
31, 2010 to $110,963,425 at June 30, 2011.
Stockholders- equity of $95,931,534 resulted in a book value of $14.88 per
common share at June 30, 2011 based on 5,773,772 shares of common stock
outstanding as of that date, an increase of $0.62, or 4.35%, per common
share, compared to $14.26 at December 31, 2010. As previously announced, a
regular quarterly dividend of $0.13 per share is payable on July 29, 2011
to stockholders of record of July 22, 2011. The Bank remains
well-capitalized with a Tier I (Core) Capital ratio of 8.46% at June 30,
2011.
About New Hampshire Thrift Bancshares, Inc.
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. has total assets of approximately
$1.0 billion.
Forward-looking Statements
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.
For additional information contact:
Laura Jacobi
Senior Vice President
Chief Financial Officer
603-863-0886