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 six months ended
June 30, 2013, of $3.8 million, or $0.52 per diluted common share,
compared to $4.1 million, or $0.61 per diluted common share for
same period in 2012, a decrease of $248 thousand, or 6.06%. For the
quarter ended June 30, 2013, the Company reported consolidated net
income of $1.8 million, or $0.25 per diluted common share compared
to $2.0 million, or $0.30 per diluted common share, for the quarter
ended June 30, 2012, a decrease of $215 thousand, or 10.71%. The
decrease of earnings during the six- and three-month periods are in
part due to non-recurring expenses associated with the pending
acquisition of Charter Holding Corp. and Central Financial
Corporation. President and Chief Executive Officer, Steve Theroux,
stated, "We are pleased with the results of the second quarter
considering the costs incurred associated with the pending
acquisitions of Charter Holding Corp. and Central Financial
Corporation. These investments in our future will provide the
opportunity to offer more customers access to comprehensive
financial solutions with experienced well-respected providers."
Financial Highlights
- Total assets were $1.2 billion at June 30, 2013, from $1.3
billion at December 31, 2012, a decrease of $50.5 million, or
3.97%.
- Net loans were $909.6 million at June 30, 2013, from $902.2
million at December 31, 2012, an increase of $7.3 million, or
0.81%.
- During the six months ended June 30, 2013, the Company
originated $177.5 million in loans compared to $206.8 million for
the same period in 2012. During the quarter ended June 30, 2013,
the Company originated $99.8 million in loans compared to $134.1
million for the same period in 2012.
- The Company's loan servicing portfolio was $405.1 million at
June 30, 2013, compared to $385.4 million at December 31,
2012.
- Total deposits were $912.4 million at June 30, 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 six months ended June
30, 2013, was $16.0 million compared to $14.4 million for the same
period in 2012, an increase of $1.6 million, or 10.53%. Net
interest and dividend income for the quarter ended June 30, 2013,
was $7.8 million compared to $7.3 million for the same period in
2012, an increase of $480 thousand, or 6.54%.
- Net income available to common stockholders increased $52
thousand to $3.6 million for the six months ended June 30, 2013,
compared to the same period in 2012. Common shares outstanding,
assuming dilution, were 7,069,896 at June 30, 2013, compared to
5,850,456 at June 30, 2012, due primarily to the issuance of
1,153,544 shares in conjunction with the acquisition of The Nashua
Bank on December 21, 2012. Net income available to common
stockholders was $1.7 million for the quarter ended June 30, 2013,
compared to $1.8 million for the same period in 2012. Common shares
outstanding, assuming dilution for the quarter, were 7,079,171 at
June 30, 2013, compared to 5,857,022 at June 30, 2012.
Earnings Summary
Net income of $3.8 million for the six months ended June 30,
2013, included an increase of $1.6 million, or 10.53%, in net
interest and dividend income. The provision for loan losses
decreased $653 thousand, or 53.13%, to $576 thousand for the six
months ended June 30, 2013, compared to $1.2 million for the same
period in 2012. Noninterest income was $6.6 million for the six
months ended June 30, 2013, compared to $6.9 million for the same
period in 2012, a decrease of $354 thousand, or 5.11%. This
decrease includes increases of: $853 thousand, or 112.98%, in net
gains on the sales of loans; $15 thousand, or 6.47%, in realized
gain in Charter Holding Corp.; $113 thousand, or 16.01%, in
insurance commission income; and $43 thousand, or 18.45%, in
bank-owned life insurance income, offset by decreases of $1.5
million, or 66.38%, in net gains on sales and calls of securities
and $7 thousand, or 0.29%, in customer service fees. Additionally,
a net gain on sales of other real estate owned and property owned
of $28 thousand was recorded during the six months ended June 30,
2013, compared to a net loss on sales of other real estate owned of
$150 thousand during the same period in 2012. Noninterest expense
increased $2.0 million, or 14.19%, to $16.3 million for the six
months ended June 30, 2013, compared to $14.3 million for the same
period in 2012. Expenses for the six months ended June 30, 2013,
includes $454 thousand of non-recurring expenses associated with
the acquisition of Central Financial Corporation. Within
noninterest expense, salaries and employee benefits increased $937
thousand, or 12.56%, to $8.4 million for the six months ended June
30, 2013, compared to $7.5 million for the same period in 2012.
This includes ordinary wage increases and increases in benefit
costs, as well as the additional staffing expenses associated with
The Nashua Bank division, which was not part of the Company's
expenses during the six months ended June 30, 2012. Despite lower
income before provision for income taxes, the provision for income
taxes was $41 thousand higher for the six months ended June 30,
2013, compared to the same period in 2012, due in significant part
to the non-tax-deductibility of $454 thousand of previously
referenced non-recurring expenses related to the acquisition of
Central Financial Corp.
Net income of $1.8 million for the quarter ended June 30, 2013,
included an increase of $480 thousand, or 6.54%, in net interest
and dividend income. The provision for loan losses decreased $912
thousand, or 84.92%, to $162 thousand for the quarter ended June
30, 2013, compared to $1.1 million for the same period in 2012.
Noninterest income was $3.4 million for the quarter ended June 30,
2013, compared to $3.6 million for the same period in 2012, a
decrease of $195 thousand, or 5.43%. This decrease includes
increases of: $13 thousand, or 1.04%, in customer service fees;
$265 thousand, or 63.57%, in net gains on the sales of loans; $28
thousand, or 24.35%, in realized gain in Charter Holding Corp.; $37
thousand, or 12.50%, in insurance commission income; and $18
thousand, or 13.95%, in bank-owned life insurance income, offset by
a decrease of $559 thousand, or 47.66%, in net gains on sales and
calls of securities. Noninterest expense increased $1.3 million, or
18.95%, to $8.3 million for the quarter ended June 30, 2013,
compared to $7.0 million for the same period in 2012. Expenses for
the quarter ended June 30, 2013, includes $344 thousand of
non-recurring expenses associated with the acquisition of Central
Financial Corporation. Within noninterest expense, salaries and
employee benefits increased $425 thousand, or 11.57%, to $4.1
million for the quarter ended June 30, 2013, compared to $3.7
million for the same period in 2012. This includes ordinary wage
increases and increases in benefit expenses, as well as the
additional staffing expenses associated with The Nashua Bank
division, which was not part of the Company's expenses during the
quarter ended June 30, 2012.
Balance Sheet Summary
Total assets were $1.2 billion at June 30, 2013, compared to
$1.3 billion at December 31, 2012, a decrease of $50.5 million, or
3.97%. Securities available-for-sale decreased $61.1 million to
$151.3 million at June 30, 2013, from $212.4 million at December
31, 2012, as a result of the sales of $91.4 million of investments,
purchases of $52.7 million, and ordinary amortization of
mortgage-backed securities. Loans held-for-sale decreased $9.4
million to $2.6 million at June 30, 2013, from $12.0 million at
December 31, 2012. Net loans held in portfolio increased $7.3
million, or 0.81%, to $909.6 million at June 30, 2013, from $902.2
million at December 31, 2012. The allowance for loan losses,
excluding provisions for overdrafts, was $9.5 million at June 30,
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
$550 thousand, charge-offs of $1.2 million, and recoveries of $298
thousand. Total loan production for the six months ended June 30,
2013, was $177.5 million compared to $206.8 million for the same
period in 2012. Total loan production for the quarter ended June
30, 2013, was $99.8 million in loans compared to $134.1 million for
the same period in 2012.
Total deposits were $912.4 million at June 30, 2013, from $949.3
million at December 31, 2012, a decrease of $36.9 million, or
3.89%. This decrease reflects the call of $15.0 million of brokered
deposits during the six months ended June 30, 2013. Advances from
the Federal Home Loan Bank decreased $15.5 million, or 10.86%, to
$127.2 million at June 30, 2013, from $142.7 million at December
31, 2012. Securities sold under agreements to repurchase increased
$4.3 million, or 29.48%, to $18.9 million at June 30, 2013, from
$14.6 million at December 31, 2012.
Stockholders' equity of $129.4 million resulted in a book value
of $15.01 per common share at June 30, 2013, based on 7,088,896
shares of common stock outstanding. The Bank remains
well-capitalized with a Leverage (Tier I) Capital ratio of 9.24% at
June 30, 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
On July 11, 2013, the Company announced a regular quarterly cash
dividend of $0.13 per share payable July 31, 2013, to stockholders
of record as of July 24, 2013.
About New Hampshire Thrift Bancshares,
Inc.
New Hampshire Thrift Bancshares, Inc. is the savings and loan
holding company of Lake Sunapee Bank, fsb, a federally chartered
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 2011, 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 June 30, 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 year-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 Three Months For the Six Months
Ended Ended
June 30, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
(in thousands, except for
per share data)
Net Income $ 1,796 $ 2,012 $ 3,847 $ 4,094
Net Income Available to
Common Stockholders $ 1,736 $ 1,762 $ 3,647 $ 3,594
Per Share Data:
Earnings per common share,
basic $ 0.25 $ 0.30 $ 0.52 $ 0.62
Average number of
shares, basic 7,077,239 5,847,908 7,068,828 5,841,040
Earnings per common share,
assuming dilution (1) $ 0.25 $ 0.30 $ 0.52 $ 0.61
Average number of
shares, assuming
dilution 7,079,171 5,857,022 7,069,896 5,850,456
Dividends Paid 0.13 0.13 0.26 0.26
Dividend Payout Ratio 52.00% 43.33% 50.00% 42.62%
As of
June 30, December 31,
(in thousands, except for per share data) 2013 2012
------------ ------------
Total Assets $ 1,220,005 $ 1,270,477
Total Securities (2) 160,551 221,875
Loans, Net 909,552 902,236
Total Deposits 912,432 949,341
Federal Home Loan Bank Advances 127,231 142,730
Stockholders' Equity 129,409 129,494
Book Value per Common Share $ 15.01 $ 15.09
Common Shares Outstanding 7,088,896 7,055,946
Leverage (Tier I) Capital 9.24% 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
June 30, December 31,
(in thousands, except for share data) 2013 2012
------------ ------------
ASSETS (unaudited)
Cash and due from banks $ 18,714 $ 26,147
Overnight deposits 32,000 13,265
------------ ------------
Total cash and cash equivalents 50,714 39,412
Securities available-for-sale 151,258 212,369
Federal Home Loan Bank stock 9,293 9,506
Loans held-for-sale 2,556 11,983
Loans receivable, net 909,552 902,236
Accrued interest receivable 2,919 2,845
Bank premises and equipment, net 18,772 17,261
Investments in real estate 3,810 4,074
Other real estate owned - 102
Goodwill and other intangible assets 38,471 38,811
Investment in partially owned Charter Holding
Corp., at equity 5,152 4,909
Bank-owned life insurance 19,197 18,905
Other assets 8,311 8,064
------------ ------------
Total assets $ 1,220,005 $ 1,270,477
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $ 80,267 $ 74,133
Interest-bearing 832,165 875,208
------------ ------------
Total deposits 912,432 949,341
Federal Home Loan Bank advances 127,231 142,730
Securities sold under agreements to repurchase 18,929 14,619
Subordinated debentures 20,620 20,620
Accrued expenses and other liabilities 11,384 13,673
------------ ------------
Total liabilities 1,090,596 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 June 30, 2013, and 20,000
shares issued and outstanding at December 31,
2012 - -
Common stock, $.01 par value, per share:
10,000,000 shares authorized, 7,523,225
shares issued and 7,088,896 shares
outstanding as of June 30, 2013, and
7,486,225 shares issued and 7,055,946 shares
outstanding as of December 31, 2012 75 75
Paid-in capital 84,463 83,977
Retained earnings 55,743 53,933
Accumulated other comprehensive loss (3,562) (1,444)
Unearned stock awards (437) (377)
Treasury stock, at cost, 434,329 shares as of
June 30, 2013, and 430,279 shares as of
December 31, 2012 (6,874) (6,670)
------------ ------------
Total stockholders' equity 129,409 129,494
------------ ------------
Total liabilities and stockholders' equity $ 1,220,005 $ 1,270,477
============ ============
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(in thousands, except for per share
data) 2013 2012 2013 2012
--------- --------- --------- ---------
Interest and dividend income
Interest and fees on loans $ 9,025 $ 8,041 $ 18,205 $ 15,748
Interest on debt investments:
Taxable 322 984 810 2,128
Dividends 10 14 23 31
Other 175 145 351 310
--------- --------- --------- ---------
Total interest and dividend income 9,532 9,184 19,389 18,217
--------- --------- --------- ---------
Interest expense
Interest on deposits 1,081 1,096 2,106 2,283
Interest on advances and other
borrowed money 636 752 1,317 1,488
--------- --------- --------- ---------
Total interest expense 1,717 1,848 3,423 3,771
--------- --------- --------- ---------
Net interest and dividend income 7,815 7,336 15,966 14,446
Provision for loan losses 162 1,074 576 1,229
--------- --------- --------- ---------
Net interest and dividend income
after provision for loan losses 7,653 6,262 15,390 13,217
--------- --------- --------- ---------
Noninterest income
Customer service fees 1,267 1,254 2,452 2,459
Net gain on sales of loans 674 409 1,608 755
Gain on sales and calls of
securities, net 614 1,173 781 2,324
Gain (loss) on sales of other real
estate and
property owned, net of writedown 28 31 28 (150)
Rental income 186 180 368 374
Income from equity interest in
Charter Holding Corp. 143 115 241 226
Insurance commission income 333 296 819 706
Bank owned life insurance income 147 129 276 233
--------- --------- --------- ---------
Total noninterest income 3,392 3,587 6,573 6,927
--------- --------- --------- ---------
Noninterest expenses
Salaries and employee benefits 4,100 3,675 8,396 7,459
Occupancy and equipment expenses 1,052 932 2,154 1,949
Advertising and promotion 213 128 312 255
Depositors' insurance 202 205 379 399
Data processing and outside
services 346 267 665 548
Professional services 317 273 653 515
ATM processing fees 162 121 313 237
Supplies 120 94 250 187
Telephone 172 151 335 365
Non-deductible acquisition 344 - 454 -
Other expenses 1,241 1,105 2,393 2,365
--------- --------- --------- ---------
Total noninterest expenses 8,269 6,951 16,304 14,279
--------- --------- --------- ---------
Income before provision for income
taxes 2,776 2,898 5,659 5,865
Provision for income taxes 981 886 1,812 1,771
--------- --------- --------- ---------
Net income $ 1,795 $ 2,012 $ 3,847 $ 4,094
--------- --------- --------- ---------
For additional information contact: Stephen R. Theroux
President and CEO (603) 863-0886
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