SOURCE: Hampshire First Bank

Hampshire First Bank

July 22, 2011 15:38 ET

Hampshire First Bank Reports Second Quarter Results

MANCHESTER, NH--(Marketwire - Jul 22, 2011) - Hampshire First Bank (the "Bank") (OTCBB: HFBN) today announced net income of $430,000, or $0.15 per share (basic and diluted), for the quarter ended June 30, 2011 compared to $266,000, or $.10 per share (basic and diluted), for the quarter ended June 30, 2010. For the six months ended June 30, 2011, net income was $804,000, or $0.29 per share (basic and diluted) compared to net income of $440,000 or $0.16 per share (basic and diluted) for the same period last year.

"I am pleased to report that our financial results for the second quarter of 2011 demonstrate sound performance and continued year over year growth," said James Dunphy, President and Chief Executive Officer. "Despite a sluggish real estate market and a slow economic recovery, the demand for Hampshire First Bank's loan and deposit services has been strong."

The Bank saw total assets climb to $271,581,000, an increase of nearly 9% for the quarter and 35% 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 $218,234,000 while deposits totaled $224,934,000.

The Bank's book value per common share increased to $10.25 as of June 30, 2011 in comparison to $9.98 as of March 31, 2011 and $9.56 as of June 30, 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 three months ended June 30, 2011 stood at .65% and 6.11%, respectively. For the six months ended June 30, 2011, ROA and ROE were .63% and 5.84%, respectively.

Hampshire First Bank's tier one leverage capital ratio of 10.6% 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.

Contact Information

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