SOURCE: Hampshire First Bank

Hampshire First Bank

February 15, 2011 16:44 ET

Hampshire First Bank's Assets Continue to Climb

MANCHESTER, NH--(Marketwire - February 15, 2011) -  Hampshire First Bank's (OTCBB: HFBN) net income for the twelve months ending December 31, 2010 totaled $1,109,000 or $0.39 (basic and diluted) per share compared to net income of $1,471,000 or $0.49 per share for 2009. Earnings per share decreased as a result of a one-time income tax benefit in 2009. Excluding income taxes, the Bank's net operating income increased from $362,000 in 2009 to $1,818,000 in 2010. Net interest income of $7,374,000 and fee income of $476,000 reflected increases of 45% and 353%, respectively. 

Other operating expenses increased due to increases in staffing and occupancy expenses for the Bank's Londonderry and Portsmouth, NH Offices which opened in 2009. Provision expenses increased to $1,135,000. President Dunphy said the "increased provisions reflect the growing loan portfolio and relative weakness in the economy." The Bank's allowance for loan losses as of December 31 was 1.3% of gross loans.

During the year, the Bank's total assets, net loans, and total deposits climbed 29%, 36%, and 35%, respectively. "We are pleased at the market's acceptance of Hampshire First Bank," said Mr. Dunphy, "All of our Offices have grown."

The Bank's book value per common share increased to $9.82, As of December 31, the Bank had repurchased 237,400 shares of its stock at an average of $8 per share. Annualized ROA and ROE for 2010 were .54% and 4.05%, respectively.

"Hampshire First Bank thanks all our clients and stockholders and we look forward to sharing further successes with you," Dunphy said. "We are also proud to be the top dollar volume SBA lender in the State of New Hampshire, demonstrating our commitment to helping local businesses."

The Bank's complete financial statements can be found 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 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.

Contact Information

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