SOURCE: Hampshire First Bank

November 17, 2010 15:11 ET

Hampshire First Bank Releases 3rd Quarter 2010 Results

MANCHESTER, NH--(Marketwire - November 17, 2010) - Hampshire First Bank (OTCBB: HFBN) ("Bank") earnings and assets continue to grow. The Bank's net income for the nine months ending September 30, 2010 totaled $803,000 or $0.29 (basic and diluted) per share compared to net income of $261,000 or $0.09 (basic and diluted) per share for the same period last year. For the three months ending September 30, 2010, net income totaled $363,000, more than a 36% increase over the prior quarter results of $266,000. Enhancements to earnings were recognized through an increase in fee income on interest rate swaps. Swap fee income for the quarter totaled $188,000. The Bank's net interest income has grown to $5,266,000 for the nine months ended September 30, 2010 from $3,492,000 for the nine months ended September 30, 2009. The net interest margin was 3.66% and 3.44% for each period, respectively.

Total assets as of September 30, 2010 amounted to $219.7 million compared to $168.8 million as of September 30, 2009. This represents a 30% growth rate and was represented by strong loan demand and deposit growth year over year of 35% and 36%, respectively. "Despite uncertainty in the national economy, Hampshire First Bank continues to post strong growth and asset quality. The results are a reflection of the market's acceptance of our personalized products and services," commented President and CEO James Dunphy. "Hampshire First Bank is appreciative of the support and is dedicated to working hard and providing the highest quality service to all our clients in Southern New Hampshire."

"Hampshire First Bank's tier one leverage capital ratio at 12.7% remains more than double the 5% regulatory requirement to be considered 'well capitalized' and is indicative of an institution that is well positioned," Mr. Dunphy said.

"Hampshire First Bank is a local community Bank that is well capitalized and ready to lend support to our communities, clients and shareholders alike. We thank all our clients and stockholders for the trust you have placed in us and look forward to sharing further successes with you," Mr. Dunphy said. "We are also proud to be the leading SBA lender in the State of New Hampshire, demonstrating our commitment to providing funding to our local community businesses, while managing our credit risk exposure with the enhancements provided by the various SBA programs."

The Bank's complete financial statements can be found at

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 with 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.

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