SOURCE: Hampshire First Bank

Hampshire First Bank

August 17, 2010 11:49 ET

Earnings and Assets at Hampshire First Bank Continue to Increase

MANCHESTER, NH--(Marketwire - August 17, 2010) -  Hampshire First Bank's (OTCBB: HFBN) (www.hampshirefirst.com) net income for the six months ending June 30, 2010 totaled $440,000 or $0.16 (basic) per share compared to a net loss of $40,000 or ($0.01) (basic) per share for the same period last year. For the three months ending June 30, 2010, net income totaled $266,000, more than a 50% increase over the first three months of the year. Enhancements to earnings were recognized through an increase in net interest income which climbed from $1,561,000 during the first three months of the year to $1,776,000 in last three months of the year.

Total assets as of June 30, 2010 amounted to $201.5 million compared to $147.1 million as of June 30, 2009. This represents a 37% growth rate and was gained by continued strong loan demand and deposit growth year over year of 40% and 54%, respectively. 

The Bank's book value per common shares (basic) increased to $9.56 at June 30, 2010 compared to $9.33 at March 31, 2010. This represents a quarter over quarter increase of 2.5% and is a result of quarterly net profits and treasury stock purchases of 207,341 shares. Return on average assets (ROA) and average common equity (ROE) as of June 30, 2010 stands at .45% and 3.25%, respectively. 

"Hampshire First Bank's tier one leverage capital ratio at 13.3% remains more than double the 5% regulatory requirement to be considered 'well capitalized' and is indicative of an institution that is well positioned to take advantage of further growth opportunities," said Hampshire First Bank President and CEO Jim Dunphy. 

The bank's allowance for bad debt as a percent of total loans has remained relatively unchanged from year-end and as of the latest quarter-end, this ratio was 1.14%. Nonperforming loans over the same period have declined from $4,727,000 to $1,716,000. Charged off loans year to date amounted to $138,000 or .08% of total loans.

About Hampshire First Bank:
Hampshire First Bank is a New Hampshire-chartered commercial bank that serves customers throughout Southern New Hampshire. The Bank operates its main banking office in Manchester, with locations in Nashua, Londonderry, Keene and Portsmouth. The bank also provides state of the art electronic banking services, such as Online Account Origination and Remote Deposit Automation. The Bank's common stock is traded on the OTC electronic bulletin board, under the symbol HFBN.

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