NEWPORT, NH--(Marketwired - Apr 11, 2013) - New Hampshire Thrift Bancshares, Inc. (the "Company") (
Financial Highlights
- Total assets were $1.2 billion at March 31, 2013, from $1.3 billion at December 31, 2012, a decrease of $39.3 million, or 3.09%.
- Net loans were $900.1 million at March 31, 2013, from $902.2 million at December 31, 2012, a decrease of $2.1 million, or 0.23%.
- During the three month period ended March 31, 2012, the Company originated $77.7 million in loans, compared to $72.7 million for the same period in 2012, an increase of $5.0 million, or 6.81%.
- The Company's loan servicing portfolio was $395.4 million at March 31, 2013, compared to $385.4 million at December 31, 2012.
- Total deposits were $912.4 million at March 31, 2013, from $949.3 million at December 31, 2012, a decrease of $36.9 million, or 3.89%.
- Net interest and dividend income for the three month period ended March 31, 2013, was $8.2 million compared to $7.1 million for the same period in 2012, an increase of $1.0 million, or 14.66%.
- Net income available to common stockholders was $1.9 million for the three month period ended March 31, 2013, compared to $1.8 million for the same period in 2012. Common shares outstanding, assuming dilution, were 7,060,650 at March 31, 2013, compared to 5,844,014 at March 31, 2012, due primarily to the issuance of 1,153,544 shares in conjunction with the acquisition of The Nashua Bank on December 21, 2012.
- As a percentage of total loans, non-performing loans decreased to 2.00% at March 31, 2013, from 2.22% at December 31, 2012.
Earnings Summary
Net income of $2.1 million for the three months ended March 31, 2013, includes an increase of $1.0 million, or 14.66%, in net interest and dividend income. The provision for loan losses increased $259 thousand, or 167.10%, to $414 thousand for the three months ended March 31, 2013, compared to $155 thousand for the same period in 2012. Noninterest income was $3.2 million for the three months ended March 31, 2013, compared to $3.3 million for the same period in 2012, a decrease of $158 thousand, or 4.73%. This decrease includes increases of $587 thousand, or 169.65%, in net gains on the sales of loans, $75 thousand, or 18.29%, insurance commission income and $24 thousand, or 23.08%, in bank-owned life insurance income offset by decreases of $984 thousand, or 85.49%, in net gains on sales and calls of securities, $17 thousand, or 1.41%, in customer service fees, and $13 thousand, or 11.71%, in realized gain in Charter Holding Corp; additionally, a net loss on sales of other real estate owned of $181 thousand was recorded during the period in 2012. Noninterest expense increased $710 thousand, or 9.70%, to $8.0 million for the three months ended March 31, 2013, compared to $7.3 million for the same period in 2012. Within noninterest expense, salaries and employee benefits increased $511 thousand, or 13.51%, to $4.3 million for the three months ended March 31, 2013, compared to $3.8 million for the same period in 2012. This includes the additional staffing expenses associated with The Nashua Bank division, which was not part of our expenses during the three months ended March 31, 2012.
Balance Sheet Summary
Total assets were $1.2 billion at March 31, 2013, compared to $1.3 billion at December 31, 2012, a decrease of 39.3 million, or 3.09%. Securities available-for-sale decreased $18.5 million to $193.9 million at March 31, 2013, from $212.4 million at December 31, 2012, as a result of ordinary amortization and our sale of $7.6 million of a mortgage backed investment. Net loans held in portfolio decreased $2.1 million, or 0.23%, to $900.1 million at March 31, 2013, from $902.2 million at December 31, 2012. The allowance for loan losses was $9.8 million at March 31, 2013, compared to $9.9 million at December 31, 2012. The change in the allowance for loan losses is the net effect of provisions of $400 thousand, charge-offs of $734 thousand, and recoveries of $180 thousand. As a percentage of total loans, non-performing loans decreased from 2.22% at December 31, 2012, to 2.00% at March 31, 2013. Total loan production for the three months ended March 31, 2013, was $77.7 million compared to $72.7 million for the three months ended March 31, 2012.
Total deposits were $912.4 million at March 31, 2013, from $949.3 million at December 31, 2012, a decrease of $36.9 million, or 3.89%. This decrease in deposits is not an atypical occurrence during our first quarter. Within deposits, savings and money market accounts decreased $9.3 million, transaction accounts decreased $20.0 million and time deposits decreased $5.7 million. Advances from the Federal Home Loan Bank decreased $10.5 million, or 7.36%, to $132.2 million at March 31, 2013, from $142.7 million at December 31, 2012. Securities sold under agreements to repurchase increased $4.7 million, or 32.05%, to $19.3 million at March 31, 2013, from $14.6 million at December 31, 2012.
Stockholders' equity of $130.3 million resulted in a book value of $15.19 per common share at March 31, 2013, based on 7,064,489 shares of common stock outstanding. The Bank remains well-capitalized with a Leverage (Tier I) Capital ratio of 9.28% at March 31, 2013.
Acquisition of Central Financial Corporation
On April 3, 2013, the Company and Central Financial Corporation jointly announced that they entered into a definitive agreement in which the Company will acquire Central Financial Corporation in an all-stock transaction. Following the merger, Central Financial Corporation's wholly owned subsidiary, The Randolph National Bank, will be merged with and into the Bank, with the Bank surviving. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of Central Financial Corporation's shareholders. The transaction is expected to close in the fourth quarter of 2013.
For additional information, please see the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 3, 2013.
Quarterly Dividend
The Company has declared a regular quarterly cash dividend of $0.13 per share payable April 30, 2013, to stockholders of record as of April 23, 2013.
About New Hampshire Thrift Bancshares, Inc.
New Hampshire Thrift Bancshares, Inc. is the bank holding company of Lake Sunapee Bank, fsb, a federally chartered stock savings bank that provides a wide range of banking and financial services. Lake Sunapee Bank has three wholly owned subsidiaries: Lake Sunapee Financial Services Corp., Lake Sunapee Group, Inc., which owns and maintains all buildings and investment properties, and McCrillis & Eldredge Insurance, Inc., a full-line independent insurance agency acquired in 2012, which offers a complete range of commercial insurance services and consumer products. New Hampshire Thrift Bancshares, Inc., through its direct and indirect subsidiaries, operates 22 locations in New Hampshire in Grafton, Hillsborough, Merrimack and Sullivan counties and 8 locations in Vermont in Rutland and Windsor counties. New Hampshire Thrift Bancshares, Inc. has total assets of approximately $1.2 billion as of March 31, 2013.
Forward-Looking Statements
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the twelve month period ended December 31, 2012, and in subsequent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date of this release. The Company and the Bank do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to 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.
| New Hampshire Thrift Bancshares, Inc. | |||||||||
| Selected Financial Highlights | |||||||||
| For the Quarter Ended March 31, | 2013 | 2012 | |||||||
| (Dollars in thousands except for per share data) | |||||||||
| Net Income | $ | 2,052 | $ | 2,082 | |||||
| Per Share Data: | |||||||||
| Basic Earnings | 0.27 | 0.31 | |||||||
| Diluted Earnings (1) | 0.27 | 0.31 | |||||||
| Dividends Paid | 0.13 | 0.13 | |||||||
| Dividend Payout Ratio | 48.15 | % | 41.94 | % | |||||
| Return on Average Assets | 0.74 | % | 0.87 | % | |||||
| Return on Average Equity | 6.29 | % | 7.27 | % | |||||
| As of | |||||||||
| (Dollars in thousands except for per share data) | March 31, 2013 | December 31, 2012 | |||||||
| Total Assets | $ | 1,231,214 | $ | 1,270,477 | |||||
| Total Securities (2) | 203,151 | 221,875 | |||||||
| Loans, Net | 900,124 | 902,236 | |||||||
| Total Deposits | 912,407 | 949,341 | |||||||
| Federal Home Loan Bank Advances | 132,231 | 142,730 | |||||||
| Stockholders' Equity | 130,288 | 129,494 | |||||||
| Book Value per Common Share | $ | 15.19 | $ | 15.09 | |||||
| Common Shares Outstanding | 7,064,489 | 7,055,946 | |||||||
| Leverage (Tier I) Capital | 9.28 | % | 8.87 | % | |||||
| Number of Locations | 30 | 30 | |||||||
| (1) | Diluted earnings per share are calculated using the weighted-average number of shares outstanding for the period, including common stock equivalents, as appropriate. | |
| (2) | Includes available-for-sale securities shown at fair value and Federal Home Loan Bank stock at cost. | |
| New Hampshire Thrift Bancshares, Inc. | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| March 31, | December 31, | ||||||||||
| (Dollars in thousands) | 2013 | 2012 | |||||||||
| ASSETS | (unaudited) | ||||||||||
| Cash and due from banks | $ | 18,359 | $ | 26,147 | |||||||
| Overnight deposits | 3,934 | 13,265 | |||||||||
| Total cash and cash equivalents | 22,293 | 39,412 | |||||||||
| Securities available-for-sale | 193,858 | 212,369 | |||||||||
| Federal Home Loan Bank stock | 9,293 | 9,506 | |||||||||
| Loans held-for-sale | 8,556 | 11,983 | |||||||||
| Loans receivable, net of the allowance for loan losses of $9.9 million as of March 31, 2013, and $9.1 million as of December 31, 2012 | 900,124 | 902,236 | |||||||||
| Accrued interest receivable | 3,221 | 2,845 | |||||||||
| Bank premises and equipment, net | 18,597 | 17,261 | |||||||||
| Investments in real estate | 3,892 | 4,074 | |||||||||
| Other real estate owned | 102 | 102 | |||||||||
| Goodwill and other intangible assets | 38,660 | 38,811 | |||||||||
| Investment in partially owned Charter Holding Corp., at equity | 5,013 | 4,909 | |||||||||
| Bank-owned life insurance | 19,041 | 18,905 | |||||||||
| Other assets | 8,564 | 8,064 | |||||||||
| Total assets | $ | 1,231,214 | $ | 1,270,477 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| LIABILITIES | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing | $ | 69,792 | $ | 74,133 | |||||||
| Interest-bearing | 842,615 | 875,208 | |||||||||
| Total deposits | 912,407 | 949,341 | |||||||||
| Federal Home Loan Bank advances | 132,231 | 142,730 | |||||||||
| Securities sold under agreements to repurchase | 19,305 | 14,619 | |||||||||
| Subordinated debentures | 20,620 | 20,620 | |||||||||
| Accrued expenses and other liabilities | 16,363 | 13,673 | |||||||||
| Total liabilities | 1,100,926 | 1,140,983 | |||||||||
