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 twelve months ended
December 31, 2012, of $7.8 million, or $1.20 per common share,
assuming dilution, compared to $7.7 million, or $1.20 per common
share, assuming dilution, for same period in 2011, an increase of
$90 thousand, or 1.18%. For the quarter ended December 31, 2012,
the Company reported consolidated net income of $1.6 million, or
$0.26 per common share, assuming dilution, compared to $1.6
million, or $0.24 per common share, assuming dilution, for the
quarter ended December 31, 2011, an increase of $5 thousand, or
0.31%.
2012 Financial Highlights
- Total assets increased $228.7 million, or 21.95%, to $1.3
billion at December 31, 2012, from $1.0 billion at December 31,
2011.
- Net loans increased $187.3 million, or 26.20%, to $902.2
million at December 31, 2012, from $715.0 million at December 31,
2011.
- In 2012, the Company originated $426.8 million in loans,
compared to $289.1 million in 2011.
- The Company's loan servicing portfolio was $385.4 million at
December 31, 2012, compared to $365.8 million at December 31,
2011.
- Total deposits increased $146.3 million, or 18.22%, to $949.3
million at December 31, 2012, from $803.0 million at December 31,
2011.
- Net interest and dividend income for the year ended December
31, 2012, was $29.0 million compared to $28.5 million for the same
period in 2011.
- Net income available to common stockholders was $7.1 million
for the year ended December 31, 2012, compared to $7.0 million for
the same period in 2011
- The Company's returns on average assets and average equity for
the twelve months ended December 31, 2012, were 0.84% and 7.51%,
respectively, compared to 0.74% and 7.96%, respectively, for the
same period in 2011.
- As a percentage of total loans, non-performing loans decreased
to 1.59% at December 31, 2012, from 2.32% at December 31,
2011.
Earnings Summary
Net income of $7.8 million for the twelve months ended December
31, 2012, includes an increase of $523 thousand, or 1.84%, in net
interest and dividend income. The provision for loan losses
increased $1.3 million, or 100.22%, to $2.7 million for the twelve
months ended December 31, 2012, compared to $1.4 million for the
same period in 2011. Noninterest income increased $4.2 million, or
39.69%, to $14.6 million for the twelve months ended December 31,
2012, compared to $10.5 million for the same period in 2011. This
increase includes a net loss on sales of other real estate owned of
$150 thousand and decreases of $4 thousand in customer service fees
and $129 thousand in realized gain in Charter Holding Corp
partially offset by increases of $1.2 million in net gains on sales
and calls of securities, $1.9 million in net gains on the sales of
loans, $1.2 million in insurance commission income and $79 thousand
in bank-owned life insurance income. Noninterest expense increased
$2.4 million, or 8.69%, to $29.5 million for the twelve months
ended December 31, 2012, compared to $27.1 million for the same
period in 2011. Within noninterest expense, salaries and employee
benefits increased $682 thousand, or 4.78%, to $15.0 million for
the twelve months ended December 31, 2012, compared to $14.3
million for the same period in 2011. The Company recorded
approximately $1.2 million of expenses related to the fourth
quarter acquisition of The Nashua Bank.
Net income of $1.6 million for the quarter ended December 31,
2012, includes an increase of $325 thousand, or 4.64%, in net
interest and dividend income compared to the same period in 2011.
The provision for loan losses increased $77 thousand to $444
thousand for the quarter ended December 31, 2012, compared to $367
thousand for the same period in 2011. Noninterest income increased
$1.3 million, or 51.23%, to $3.8 million for the quarter ended
December 31, 2012, compared to $2.5 million for the same period in
2011. This increase includes increases of $20 thousand in customer
service fees, $56 thousand in net gains on sales and calls of
securities, $965 thousand in net gain on sales of loans, $13
thousand in rental income, $32 thousand in realized gain in Charter
Holding Corp., $146 thousand in insurance commission income, and
$19 thousand in bank-owned life insurance income. Noninterest
expense increased $853 thousand, or 12.04%, to $7.9 million for the
quarter ended December 31, 2012, compared to $7.1 million for the
same period in 2011, including approximately $1.0 million of
expenses related to the acquisition of The Nashua Bank.
Balance Sheet Summary
Total assets were $1.3 billion at December 31, 2012, compared to
$1.0 billion at December 31, 2011, an increase of 21.95%.
Securities available-for-sale increased $2.1 million to $212.4
million at December 31, 2012, from $210.3 million at December 31,
2011. Net loans held in portfolio increased $187.3 million, or
26.20%, to $902.2 million at December 31, 2012, from $715.0 million
at December 31, 2011. This increase in loans includes approximately
$91.5 million of loans from the acquisition of The Nashua Bank. The
allowance for loan losses was $9.9 million at December 31, 2012,
compared to $9.1 million at December 31, 2011. The change in the
allowance for loan losses is the net effect of provisions of $2.7
million, charge-offs of $2.5 million, and recoveries of $596
thousand. As a percentage of total loans, non-performing loans
decreased from 2.32% at December 31, 2011 to 1.59% at December 31,
2012. Total loan production for the twelve months ended December
31, 2012, was $426.8 million compared to $289.1 million for the
twelve months ended December 31, 2011. Loan production during the
fourth quarter of 2012 was $103.5 million compared to $93.2 million
for the same period in 2011.
Total deposits increased $146.3 million, or 18.22%, to $949.3
million at December 31, 2012, from $803.0 million at December 31,
2011. This increase in deposits includes approximately $94.4
million of deposits from the acquisition of The Nashua Bank. Within
deposits, savings and money market accounts increased $87.2
million, transaction accounts increased $41.7 million and time
deposits increased $17.4 million. Advances from the Federal Home
Loan Bank increased $61.8 million, or 76.32%, to $142.7 million at
December 31, 2012, from $81.0 million at December 31, 2011.
Stockholders' equity of $129.5 million resulted in a book value
of $15.09 per common share at December 31, 2012, based on 7,055,946
shares of common stock outstanding. The Bank remains
well-capitalized with a Leverage (Tier I) Capital ratio of 8.87% at
December 31, 2012.
Other Events
On December 21, 2012, the Company announced it had completed its
acquisition of The Nashua Bank in Nashua, New Hampshire, expanding
the Company's presence in southern New Hampshire. The Company
issued approximately 1.15 million shares of its common stock and
paid approximately $3.68 million in cash to Nashua Bank
shareholders in the transaction. The Nashua Bank now operates under
the name "The Nashua Bank, a division of Lake Sunapee Bank,
fsb."
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 which provides a wide range of banking and financial
services including McCrillis & Eldredge Insurance, Inc., a
full-line independent insurance agency which offers a complete
range of commercial insurance services and consumer products. These
wholly owned subsidiaries operate through 30 banking and insurance
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 $1.3 billion.
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 year ended December 31, 2011, 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 Years Ended December 31, 2012 2011
---------- ----------
(Dollars in thousands except for per share data)
Net Income $ 7,759 $ 7,669
Per Share Data:
Basic Earnings 1.20 1.20
Diluted Earnings (1) 1.20 1.20
Dividends Paid 0.52 0.52
Dividend Payout Ratio 43.33% 43.33%
Return on Average Assets 0.84% 0.74%
Return on Average Equity 7.51% 7.96%
As of December 31, 2012 2011
---------- ----------
(Dollars in thousands except for per share data)
Total Assets $1,270,477 $1,041,819
Total Securities (2) 221,875 217,933
Loans, Net 902,236 714,952
Total Deposits 949,341 803,023
Federal Home Loan Bank Advances 142,730 80,967
Stockholders' Equity 129,494 108,660
Book Value per Common Share $ 15.09 $ 15.20
Common Shares Outstanding 7,055,946 5,832,360
Leverage (Tier I) Capital 8.87% 9.75%
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
As of December 31,
(Dollars in thousands) 2012 2011
----------- -----------
ASSETS (unaudited)
Cash and due from banks $ 26,147 $ 21,841
Overnight deposits 13,265 2,899
----------- -----------
Total cash and cash equivalents 39,412 24,740
Securities available-for-sale 212,369 210,318
Federal Home Loan Bank stock 9,506 7,615
Loans held-for-sale 11,983 3,434
Loans receivable, net of the allowance for loan
losses of $9.9 million as of December 31, 2012,
and $9.1 million as of December 31, 2011 902,236 714,952
Accrued interest receivable 2,845 2,669
Bank premises and equipment, net 17,261 16,450
Investments in real estate 4,074 3,451
Other real estate owned 102 1,344
Goodwill 35,395 28,597
Intangible assets 3,416 1,755
Investment in partially owned Charter Holding
Corp., at equity 4,909 4,895
Bank-owned life insurance 18,905 13,347
Other assets 8,064 8,252
----------- -----------
Total assets $ 1,270,477 $ 1,041,819
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $ 74,133 $ 64,356
Interest-bearing 875,208 738,667
----------- -----------
Total deposits 949,341 803,023
Federal Home Loan Bank advances 142,730 80,967
Other borrowings - 543
Securities sold under agreements to repurchase 14,619 15,514
Subordinated debentures 20,620 20,620
Accrued expenses and other liabilities 13,673 12,492
----------- -----------
Total liabilities 1,140,983 933,159
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value per share:
2,500,000 shares authorized:
Series B, fixed rate noncumulative
perpetual, fixed rate cumulative perpetual,
23,000 shares issued and outstanding at
December 31, 2012, and 20,000 shares issued
and outstanding at December 31, 2011 - -
Common stock, $.01 par value, per share:
10,000,000 shares authorized, 7,486,225 shares
issued and 7,055,946 shares outstanding as of
December 31, 2012, and 6,292,639 shares issued
and 5,832,360 shares outstanding as of December
31, 2011 75 63
Warrants - 85
Paid-in capital 83,977 66,658
Retained earnings 53,933 49,892
Accumulated other comprehensive loss (1,444) (887)
Unearned stock awards (377) -
Treasury stock, at cost, 430,279 shares as of
December 31, 2012, and 460,279 shares as of
December 31, 2011 (6,670) (7,151)
----------- -----------
Total stockholders' equity 129,494 108,660
----------- -----------
Total liabilities and stockholders' equity $ 1,270,477 $ 1,041,819
=========== ===========
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income
For the Twelve Months Three Months Ended
Ended December 31, December 31,
(Dollars in thousands except
for per share data) 2012 2011 2012 2011
----------- ---------- ----------- ----------
INTEREST AND DIVIDEND INCOME (unaudited) (unaudited)
Interest and fees on loans $ 32,542 $ 31,640 $ 8,489 $ 7,844
Interest and dividends on
debt investments
Taxable 3,223 4,601 466 989
Dividends 62 35 15 6
Other 594 912 135 232
----------- ---------- ----------- ----------
Total interest and dividend
income 36,421 37,188 9,105 9,071
----------- ---------- ----------- ----------
INTEREST EXPENSE
Interest on deposits 4,381 5,771 1,026 1,360
Interest on advances and
other borrowed money 1,944 1,863 495 450
Interest expense on
debentures 1,027 1,008 252 256
Interest on securities sold
under agreements to
repurchase 47 47 12 9
----------- ---------- ----------- ----------
Total interest expense 7,399 8,689 1,785 2,075
----------- ---------- ----------- ----------
Net interest and dividend
income 29,022 28,499 7,320 6,996
PROVISION FOR LOAN LOSSES 2,705 1,351 444 367
----------- ---------- ----------- ----------
Net interest and dividend
income after provision for
loan losses 26,317 27,148 6,876 6,629
----------- ---------- ----------- ----------
OTHER INCOME
Customer service fees 5,068 5,071 1,300 1,258
Net gain on sales and calls
of securities 3,819 2,588 404 348
Net gain on sales of loans 2,867 931 1,333 368
Net (loss) gain on sales of
other real estate owned
and fixed assets (150) 27 - -
Rental income 736 714 176 163
Realized gain in Charter
Holding Corp. 444 573 146 114
Insurance commission income 1,315 122 267 120
Bank owned life insurance
income 511 432 137 118
----------- ---------- ----------- ----------
Total noninterest income 14,609 10,458 3,763 2,489
----------- ---------- ----------- ----------
For the Twelve Months Three Months Ended
Ended December 31, December 31,
(Dollars in thousands except
for per share data) 2012 2011 2012 2011
----------- ---------- ----------- ----------
NONINTEREST EXPENSES (unaudited) (unaudited)
Salaries and employee
benefits 14,988 14,307 3,836 3,781
Occupancy and equipment
expenses 3,648 3,806 937 957
Advertising and promotion 481 510 131 141
Depositors' insurance 802 793 198 184
Professional services 1,208 1,122 289 315
Data processing and outside
services 1,117 1,048 268 285
Telephone 664 799 153 294
ATM processing fees 498 481 130 118
Mortgage servicing (income),
net of amortization of
mortgage servicing rights 92 (117) (4) 11
Supplies 373 344 94 93
Other expenses 5,612 4,034 1,905 905
----------- ---------- ----------- ----------
Total noninterest expenses 29,483 27,126 7,937 7,084
----------- ---------- ----------- ----------
INCOME BEFORE PROVISION FOR
INCOME TAXES 11,443 10,480 2,703 2,034
PROVISION FOR INCOME TAXES 3,684 2,811 1,068 404
----------- ---------- ----------- ----------
NET INCOME $ 7,759 $ 7,669 $ 1,635 $ 1,630
=========== ========== =========== ==========
NET INCOME AVAILABLE TO
COMMON STOCKHOLDERS $ 7,093 $ 6,956 $ 1,584 $ 1,393
Earnings Per Common Share,
basic $ 1.20 $ 1.20 $ 0.26 $ 0.24
Earnings Per Common Share,
assuming dilution (1) $ 1.20 $ 1.20 $ 0.26 $ 0.24
Dividends Declared per
common share $ 0.52 $ 0.52 $ 0.13 $ 0.13
(1) Diluted earnings per share are calculated using the weighted-average
number of shares outstanding for the period, including common stock
equivalents, as appropriate.
For additional information contact: Stephen R. Theroux
President 603-863-0886
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