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 three months ended
March 31, 2013, of $2.1 million, or $0.27 per common share,
assuming dilution, compared to $2.1 million, or $0.31 per common
share, assuming dilution, for same period in 2012.
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
March 31, December 31,
(Dollars in thousands except for per share data) 2013 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
------------ ------------
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 March 31, 2013, and 20,000
shares issued and outstanding at December
31, 2012
Common stock, $.01 par value, per share:
10,000,000 shares authorized, 7,490,268
shares issued and 7,064,489 shares
outstanding as of March 31, 2013, and
7,486,225 shares issued and 7,055,946 shares
outstanding as of December 31, 2012 75 75
Warrants - -
Paid-in capital 84,028 83,977
Retained earnings 54,927 53,933
Accumulated other comprehensive loss (1,695) (1,444)
Unearned stock awards (438) (377)
Treasury stock, at cost, 425,779 shares as of
March 31, 2013, and 430,279 shares as of
December 31, 2012 (6,609) (6,670)
------------ ------------
Total stockholders' equity 130,288 129,494
------------ ------------
Total liabilities and stockholders' equity $ 1,231,214 $ 1,270,477
============ ============
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income
For the Three months
Ended
March 31, March 31,
(Dollars in thousands except for per share data) 2013 2012
------------ ------------
Interest and dividend income
Interest and fees on loans $ 9,181 $ 7,707
Interest on debt investments:
Taxable 524 1,144
Dividends 13 17
Other 139 166
------------ ------------
Total interest and dividend income 9,857 9,034
------------ ------------
Interest expense
Interest on deposits 1,025 1,187
Interest on advances and other borrowed money 684 739
------------ ------------
Total interest expense 1,709 1,926
------------ ------------
Net interest and dividend income 8,148 7,108
Provision for loan losses 414 155
------------ ------------
Net interest and dividend income after provision
for loan losses 7,734 6,953
------------ ------------
Noninterest income
Customer service fees 1,186 1,203
Gain on sales of securities, net 167 1,151
Net gain on sales of loans 933 346
Loss on other real estate and property owned, net - (181)
Rental income 183 194
Income from equity interest in Charter Holding
Corp. 98 111
Insurance and brokerage service income 485 410
Bank-owned life insurance income 128 104
------------ ------------
Total noninterest income 3,180 3,338
------------ ------------
Noninterest expenses
Salaries and employee benefits 4,295 3,784
Occupancy expenses 1,076 982
Advertising and promotion 99 127
Depositors' insurance 177 193
Outside services 319 281
Professional services 336 242
ATM processing fees 151 116
Supplies 129 92
Telephone expense 163 214
Other expenses 1,236 1,292
------------ ------------
Total noninterest expense 8,031 7,323
------------ ------------
Income before provision for income taxes 2,883 2,968
Provision for income taxes 831 886
------------ ------------
Net income $ 2,052 $ 2,082
------------ ------------
Net income available to common stockholders $ 1,911 $ 1,832
------------ ------------
Earnings per common share, basic $ 0.27 $ 0.31
------------ ------------
Earnings per common share, assuming dilution(1) $ 0.27 $ 0.31
------------ ------------
Dividends declared per common share $ 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 and CEO 603-863-0886
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