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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New England Bancshares, Inc. (MM) | NASDAQ:NEBS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.73 | 0 | 01:00:00 |
New England Bancshares, Inc. (the “Company”) (NASDAQ GM: NEBS), the holding company for New England Bank, today announced net income for the quarter ended June 30, 2012 of $801,000, or $0.14 per diluted share, compared to $779,000, or $0.13 per diluted share, for the quarter ended June 30, 2011. Excluding acquisition related expenses of $510,000, net income would have been $1.3 million, or $0.23 per diluted share, for the quarter ended June 30, 2012.
President’s Comments:
President and CEO David J. O’Connor commented, “We have continued to report consistent profits over the past three years. This is the result of growing net interest income, controlling overhead expenses and focusing on improving asset quality.”
Results:
Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. Subject to applicable laws and regulation, the Company does not undertake – and specifically disclaims any obligation – to publicly release the results of any revisions which 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 England Bancshares, Inc. is headquartered in Enfield, Connecticut, and operates New England Bank with fifteen banking centers servicing the communities of Bristol, Cheshire, East Windsor, Ellington, Enfield, Manchester, Plymouth, Southington, Suffield, Wallingford and Windsor Locks. For more information regarding New England Bank’s products and services, please visit www.nebankct.com.
Selected Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
Income Statement DataThree Months EndedJune 30,
2012 2011 Net interest and dividend income $5,708 $5,560 Provision for loan losses 360 359 Non-interest income 904 580 Non-interest expense 4,721(1) 4,591 Net income 801 779 Earnings per share: Basic $0.14 $0.13 Diluted 0.14 0.13 Dividends per share $0.03 $0.03 Balance Sheet Data June 30, 2012 March 31, 2012 Total assets $733,022 $726,502 Total loans, net 559,562 552,246 Allowance for loan losses 5,815 5,697 Other real estate owned 931 1,491 Total deposits 587,488 581,628 Repurchase agreements 28,477 27,752 FHLB advances 32,508 33,044 Total equity 72,684 73,370 Non-accrual loans 14,882 15,173 Non-performing assets 15,813 16,664 Book value per share 12.52 12.34 Tangible book value per share 9.48 9.36 Key RatiosThree Months EndedJune 30,
2012 2011 Return on average assets 0.44%(2) 0.45% Return on average equity 4.42%(2) 4.39% Net interest margin 3.45% 3.53%(1) Includes acquisition related expenses totaling $510,000 for the quarter ended June 30, 2012.
(2) Exclusive of acquisition related expenses totaling $510,000 for the quarter ended June 30, 2012, the return on average assets would have been 0.72% and the return on average equity would have been 7.23%.
1 Year New England Bancshares, Inc. (MM) Chart |
1 Month New England Bancshares, Inc. (MM) Chart |
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