SOURCE: New Hampshire Thrift Bancshares

April 15, 2011 14:00 ET

New Hampshire Thrift Bancshares, Inc. Announces Earnings for First Quarter

NEWPORT, NH--(Marketwire - Apr 15, 2011) - New Hampshire Thrift Bancshares, Inc. (the Company) (NASDAQ: NHTB), the holding company for Lake Sunapee Bank, fsb (the Bank), today reported consolidated net income for the quarter ended March 31, 2011 of $2,024,984, or $0.33 per common share (assuming dilution), compared to $1,721,496, or $0.28 per common share (assuming dilution), for the same period in 2010, an increase of $303,488, or 17.63%.

Financial Highlights

  • Total assets increased $6,512,772, or 0.65%, to $1,001,566,656 at March 31, 2011 from $995,053,884 at December 31, 2010.

  • Net loans increased $15,097,419, or 2.24%, to $690,611,206 at March 31, 2011 from $675,513,787 at December 31, 2010.

  • As a percentage of total loans, non-performing loans decreased from 1.46% at December 31, 2010 to 1.22% at March 31, 2011. As a percentage of assets, non-performing loans decreased from 1.01% at the December 31, 2010 to 0.86% at March 31, 2011.

  • The Bank originated $68,955,726 in loans during the three months ended March 31, 2011, compared to $65,849,984 for the same period in 2010.

  • The Bank's loan servicing portfolio decreased to $369,051,336 at March 31, 2011 from $370,331,523 at December 31, 2010, a decrease of $1,280,187, or 0.35%.

  • Total deposits decreased $37,711,175, or 4.85%, to $740,507,942 at March 31, 2011 from $778,219,117 at December 31, 2010.

  • Net interest and dividend income for the quarter ended March 31, 2011 decreased $375,375, or 4.95%, to $7,202,450 from $7,577,825 for the same period in 2010.

  • The Company earned $2,024,984, or $0.33 per common share, assuming dilution, for the quarter ended March 31, 2011, compared to $1,721,496, or $0.28 per common share, assuming dilution, for the quarter ended March 31, 2010. Net income available to common stockholders was $1,895,940 for the quarter ended March 31, 2011, compared to $1,594,045 for the same period in 2010.

  • The Company's returns on average assets and average equity for the three months ended March 31, 2011 were 0.80% and 8.91%, respectively, compared to 0.71% and 7.74%, respectively, for the same period in 2010.

Earnings Summary

Net income of $2,024,984 for the quarter ended March 31, 2011 includes a decrease of $375,375, or 4.95%, in net interest and dividend income. The provision for loan losses decreased $771,500 to $242,500 for the quarter ended March 31, 2011 compared to $1,014,000 for the same period in 2010. Noninterest income increased $177,932, or 8.14%, to $2,364,386 for the quarter ended March 31, 2011 compared to $2,186,454 for the same period in 2010. The improved noninterest income figure reflects an increase of (i) $223,479, or 103.10%, in net gain on sales and calls of securities and (ii) $100,850, or 182.86%, in income from equity interest in Charter Holding Corp., and a decrease of $118,067, or 9.12%, in customer service fees. Noninterest expense increased $333,102, or 5.46%, to $6,435,344 for the quarter ended March 31, 2011 compared to $6,102,242 for the same period in 2010. This increase includes an increase of $210,004, or 6.84%, in salaries and employee benefits, an increase of $32,574, or 3.24%, in occupancy, an increase of $46,177, or 17.10%, in depositors' insurance, a net increase of $77,436, or 17.50%, in outside and professional services, and a decrease of $42,003, or 4.17%, in other expenses.

Balance Sheet Summary

Total assets were $1,001,566,656 at March 31, 2011, compared to $995,053,884 at December 31, 2010, an increase of $6,512,772, or 0.65%. Securities available-for-sale increased $10,145,696, or 5.18%, to $206,130,211 at March 31, 2011 from $195,984,515 at December 31, 2010. Net unrealized losses on securities available-for-sale were $316,819 at March 31, 2011, compared to $317,372 at December 31, 2010. During the quarter ended March 31, 2011, the Company sold securities with a total book value of $15,427,316 for a net gain on sales of $40,427. During the same period, the Company purchased $23,409,920 of other bonds and debentures and $10,241,015 of mortgage-backed securities.

Net loans held in portfolio increased $15,097,419, or 2.24%, to $690,611,206 at March 31, 2011, from $675,513,787 at December 31, 2010. The allowance for loan losses increased $81,820 to $9,945,724 at March 31, 2011, from $9,863,904 at December 31, 2010. The change in the allowance for loan losses is the net of the effect of provisions of $242,500, charge-offs of $235,500, and recoveries of $74,820. Non-performing loans as a percentage of total loans amounted to 1.22% at March 31, 2011, compared to 1.46% at December 31, 2010. Total loan production for the three months ended March 31, 2011 was $68,955,726 compared to $65,849,984 for the same period in 2010.

Total deposits decreased $37,711,175, or 4.85%, to $740,507,942 at March 31, 2011 from $778,219,117 at December 31, 2010, which is consistent with historical first quarter seasonal fluctuations. Advances from the Federal Home Loan Bank increased $45,702,032, or 60.17%, from $75,959,361 at December 31, 2010 to $121,661,393 at March 31, 2011.

Stockholders' equity of $93,601,172 resulted in a book value of $14.47 per common share at March 31, 2011 based on 5,773,772 shares of common stock outstanding as of that date, an increase of $0.21, or 1.47%, per common share, compared to $14.26 at December 31, 2010. As previously announced, a regular quarterly dividend of $0.13 per share is payable on April 29, 2011 to stockholders of record of April 19, 2011. The Bank remains well-capitalized with a Tier I (Core) Capital ratio of 8.45% at March 31, 2011.

About New Hampshire Thrift Bancshares, Inc.

New Hampshire Thrift Bancshares, Inc. is the parent company of Lake Sunapee Bank, fsb, a federally-chartered stock savings bank providing a wide range of banking and financial services through twenty-eight offices strategically located within the greater Dartmouth-Lake Sunapee-Kearsarge and Monadnock regions of west-central New Hampshire and central Vermont. New Hampshire Thrift Bancshares, Inc. has total assets of approximately $1.0 billion.

Forward-looking Statements

Statements included in this press release that are not historical or current fact are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. New Hampshire Thrift Bancshares, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.

New Hampshire Thrift Bancshares, Inc.
Selected Financial Highlights
For the Quarter Ended March 31,20112010
Net Income$2,024,984$1,721,496
Per Share Data:
Basic Earnings$0.33$0.28
Diluted Earnings (1)0.330.28
Dividends Paid0.130.13
Dividend Payout Ratio39.39%46.43%
Return on Average Assets0.80%0.71%
Return on Average Equity8.91%7.74%
As ofMarch 31, 2011December 31, 2010
Total Assets$1,001,566,656$995,053,884
Total Securities (2)213,744,811203,599,115
Loans, Net690,611,206675,513,787
Total Deposits740,507,942778,219,117
Federal Home Loan Bank Advances121,661,39375,959,361
Stockholders' Equity93,601,17292,391,419
Book Value per Common Share$14.47$14.26
Common Shares Outstanding5,773,7725,773,772
Tier I (Core) Capital8.45%8.28%
Number of Branch Locations2828
  1. Diluted earnings per share are calculated using the weighted-average number of shares outstanding for the period, including common stock equivalents.
  2. Includes available-for-sale securities shown at fair value, held-to-maturity securities at cost and Federal Home Loan Bank stock at cost.
New Hampshire Thrift Bancshares, Inc.
Consolidated Balance Sheets
March 31, 2011December 31, 2010
ASSETS(unaudited)
Cash and due from banks$17,691,977$21,512,894
Federal Reserve overnight deposit-11,700,000
Total cash and cash equivalents17,691,97733,212,894
Securities available-for-sale206,130,211195,984,515
Federal Home Loan Bank stock7,614,6007,614,600
Loans held-for-sale850,0005,887,141
Loans receivable, net690,611,206675,513,787
Accrued interest receivable3,383,3412,986,348
Bank premises and equipment, net16,527,15116,671,896
Investments in real estate3,525,6613,550,427
Other real estate owned-75,000
Goodwill and other intangible assets28,733,26428,843,609
Investment in partially owned Charter Holding Corp., at equity5,062,6244,898,869
Bank-owned life insurance12,959,93710,358,288
Other assets8,476,6849,456,510
Total assets$1,001,566,656$995,053,884
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$49,070,916$53,265,124
Interest-bearing691,437,026724,953,993
Total deposits740,507,942778,219,117
Federal Home Loan Bank advances121,661,39375,959,361
Other borrowings--
Securities sold under agreements to repurchase14,550,21416,165,074
Subordinated debentures20,620,00020,620,000
Accrued expenses and other liabilities10,625,93511,698,913
Total liabilities907,965,484902,662,465
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value per share: 2,500,000 shares authorized, 10,000 shares issued and outstanding at March 31, 2011 and December 31, 2010100100
Common stock, $.01 par value, per share: 10,000,000 shares authorized, 6,234,051 shares issued and 5,773,772 shares outstanding as of March 31, 2011 and 6,234,051 shares issued and 5,773,772 shares outstanding as of December 31, 201062,34162,341
Warrants85,02085,020
Paid-in capital55,924,70955,920,664
Retained earnings47,146,08246,000,732
Accumulated other comprehensive loss(2,466,357)(2,526,715)
Treasury stock, at cost, 460,279 shares as of March 31, 2011 and December 31, 2010(7,150,723)(7,150,723)
Total stockholders' equity93,601,17292,391,419
Total liabilities and stockholders' equity$1,001,566,656$995,053,884
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31,
20112010
Interest and dividend income
Interest and fees on loans$7,965,117$8,092,084
Interest and dividends on debt investments
Taxable1,233,3181,925,144
Dividends9,8204,883
Other234,7005,008
Total interest and dividend income9,442,95510,027,119
Interest expense
Interest on deposits1,502,9331,709,740
Interest on advances and other borrowed money737,572739,554
Total interest expense2,240,5052,449,294
Net interest and dividend income7,202,4507,577,825
Provision for loan losses242,5001,014,000
Net interest and dividend income after provision for loan losses6,959,9506,563,825
Noninterest income
Customer service fees1,177,2271,295,294
Net gain on sales of loans319,925319,056
Net gain on sales and calls of securities440,247216,768
Net gain on fixed assets and other real estate and property owned3,83736,658
Rental income171,676171,977
Realized gain in Charter Holding Corp.156,00255,152
Brokerage service income580612
Bank owned life insurance income94,89288,660
Total noninterest income2,364,3862,186,454
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income (continued)
(Unaudited)
Three Months Ended
March 31,
20112010
Noninterest expenses
Salaries and employee benefits$3,281,798$3,071,794
Occupancy and equipment expenses1,037,6851,005,111
Advertising and promotion111,327115,021
Depositors' insurance316,165269,988
Outside services208,537256,342
Professional services311,464186,223
ATM processing fees126,429125,163
Supplies83,92993,430
Mortgage servicing income, net of amortization of mortgage servicing rights(7,097)(27,940)
Other expenses965,1071,007,110
Total noninterest expenses6,435,3446,102,242
Income before provision for income taxes2,888,9922,648,037
Provision for income taxes864,008926,541
Net income$2,024,984$1,721,496
Net income available to common stockholders$1,895,940$1,594,045

Contact Information

  • For additional information contact:
    Stephen R. Theroux
    President
    603-863-0886