SOURCE: Hampshire First Bank

Hampshire First Bank

April 27, 2011 13:00 ET

Hampshire First Bank Earnings Increase 115%

MANCHESTER, NH--(Marketwire - Apr 27, 2011) - Hampshire First Bank's (the "Bank") (OTCBB: HFBN) net income for the three months ending March 31, 2011 totaled $374,000 or $0.13 (basic and diluted) per share compared to net income of $174,000 or $0.06 (basic and diluted) per share for the same period last year. Net interest income for the first quarter of 2011 amounted to $2,146,000 while fee income totaled $87,000. These amounts show increases of $585,000 and $39,000 respectively over first quarter of 2010 results. "The improvement in net interest income is primarily a result of the Bank's overall growth," said James Dunphy, President and CEO of Hampshire First Bank. "Fee income increases came from gains on residential loan sales."

The Bank saw total assets climb to $249,631,000, an increase of 6% for the quarter and 31% year over year. Growth was recognized primarily in loans and deposits. Net loans after the allowance for loan losses as of the latest quarter-end stood at $207,576,000 while deposits totaled $201,342,000. "We are pleased with the Bank's continued growth and positive market acceptance," said Dunphy.

The Bank's book value per common share increased to $9.98 as of March 31, 2011 in comparison to $9.82 as of year-end 2010 and $9.33 as of March 31, 2010. The year over year increase in book value per share was 7%. Annualized return on average assets (ROA) and average common equity (ROE) for the first three months of 2011 stood at .62% and 5.43% respectively.

Hampshire First Bank's tier one leverage capital ratio of 11% remains more than double the 5% regulatory requirement to be considered "well capitalized."

The Bank's complete financial statements are available at www.hampshirefirst.com.

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 at 80 Canal Street, Manchester and maintains locations at 221 Main Street in Downtown Nashua, 391 West Street in Keene, 68 Nashua Road in Londonderry, and 77 Hanover Street in 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.

Contact Information

  • Contact:
    Thomas B. Wiggins
    Treasurer and Chief Financial Officer
    (603) 263-1442
    Email Contact