Newmil Bancorp (NASDAQ:NMIL)
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From May 2019 to May 2024
The Board of Directors of NewMil Bancorp, Inc.
(NASDAQ/NM:NMIL) today announced results of its second quarter ended
June 30, 2005.
Diluted earnings per share increased 10% to $0.53 for the second
quarter ended June 30, 2005 from $0.48 for the second quarter ended
June 30, 2004.
Net income increased 9% to $2.2 million for the second quarter of
2005, compared with $2.1 million for the second quarter of 2004. The
strong results were attributable to increases in net interest income
and non-interest income. Net interest income increased primarily due
to an increase of $84.5 million in average earning assets, which more
than offset the 27 basis point decrease in the net interest margin to
3.61%, compared with 3.88% at June 30, 2004. Non-interest income
increased primarily due to a gain on sale of a foreclosed residential
real estate property and increased deposit fees. Non interest expense
was also lower in the six month period ended June 30, 2005,
contributing to an efficiency ratio of 57% for this period.
NewMil's assets increased to $812 million, up $67 million since
December 31, 2004. Total gross loans were $495 million at June 30,
2005, which increased $13 million, or 2.7%, since December 31, 2004.
Credit quality remains strong, as evidenced by nonperforming assets at
3 basis points of total assets at June 30, 2005. Deposits increased
$17 million to $604 million from $587 million at December 31, 2004. At
June 30, 2005, book value and tangible book value per common share
were $13.18 and $11.21, respectively, and tier 1 leverage and total
risk-based capital ratios were 7.14% and 13.12%, respectively. Return
on average shareholder's equity was 16% for the second quarter of
2005.
Francis J. Wiatr, NewMil's Chairman, President and CEO noted, "We
are very pleased with our results for the quarter. Our commercial
lending business had an excellent quarter, as activity remained strong
in all of the markets we serve. Our residential mortgage business has
also gained steam recently as the rate environment remains favorable
to the housing market.
"Our competitive deposit product programs and excellent customer
service are continuing to attract many new business and personal
household accounts to the Bank. We continue to build market share as
people appreciate the difference dealing with a local bank who can
deliver excellent and timely service.
"The economy in the markets we serve remains strong. We expect
short-term interest rates will increase over the next few quarters as
the Federal Reserve tries to strike a balance between a growing
economy and an acceptable inflation level. Despite the slope of the
present yield curve, the outlook for longer-term interest rates is
becoming clearer and we expect continued demand for quality lending
projects.
"We will open our 20th office in Shelton in August and are
optimistic about our growth expectations for the balance of the year."
The Board of Directors also announced a quarterly dividend of 20
cents per common share, payable on August 16, 2005 to shareholders of
record on July 29, 2005.
NewMil Bancorp is the parent company of NewMil Bank, which has
served western Connecticut since 1858, and operates 19 full-service
banking offices.
Statements in this news release concerning future results,
performance, expectations or intentions are forward-looking
statements. Actual results, performance or developments may differ
materially from forward-looking statements as a result of known or
unknown risks, uncertainties, and other factors, including those
identified from time to time in the Company's other filings with the
Securities and Exchange Commission, press releases and other
communications.
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NewMil Bancorp, Inc
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands except ratios and per share amounts)
(unaudited)
Three month Six month
period ended period ended
June 30 June 30
STATEMENT OF INCOME 2005 2004 2005 2004
------- ------ ------- --------
Interest and dividend income $9,836 $8,697 $19,115 $17,528
Interest expense 3,285 2,301 6,004 4,622
Net interest income 6,551 6,396 13,111 12,906
Provision for loan losses - - - -
Non-interest income
Service fees on deposit accounts 741 746 1,443 1,430
Gains on sales of mortgage loans 39 68 91 108
Gains on sale of OREO 65 - 65 -
Other non-interest income 196 198 389 391
Total non-interest income 1,041 1,012 1,988 1,929
Non-interest expense
Compensation 2,441 2,419 4,753 4,885
Occupancy and equipment 783 741 1,570 1,471
Postage and telecommunication 145 157 278 288
Professional services,
collection & OREO 188 217 414 514
Printing and office supplies 113 113 217 214
Marketing 81 100 148 221
Service bureau EDP 97 98 190 192
Amortization of intangible assets 36 49 73 98
Other 536 492 1,032 968
Total non-interest expense 4,420 4,386 8,675 8,851
Income before income taxes 3,172 3,022 6,424 5,984
Provision for income taxes 923 960 1,940 1,899
Net income $ 2,249 $ 2,062 $ 4,484 $ 4,085
Per common share
Diluted earnings $ 0.53 $ 0.48 $ 1.04 $ 0.94
Basic earnings 0.53 0.49 1.07 0.97
Cash dividends 0.20 0.17 0.40 0.32
Statistical data
Net interest margin,
(fully tax equivalent) 3.61% 3.88% 3.68% 3.96%
Efficiency ratio 58.22 59.21 57.45 59.66
Return on average assets 1.13 1.16 1.16 1.16
Return on average common
shareholders' equity 16.34 15.30 16.21 15.23
Weighted average equivalent common
shares outstanding, diluted 4,275 4,332 4,298 4,334
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NewMil Bancorp, Inc.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands except ratios and per share amounts)
June 30, June 30, December 31,
FINANCIAL CONDITION 2005 2004 2004
----------- ----------- ------------
Unaudited Unaudited
Total assets $812,312 $730,756 $744,599
Loans, net 490,255 474,941 476,660
Allowance for loan losses 4,981 5,165 5,048
Securities 264,162 192,713 216,558
Cash and cash equivalents 24,091 29,947 18,493
Intangible assets 8,167 8,601 8,240
Deposits 603,577 584,696 587,010
Federal Home Loan Bank advances 128,836 70,403 75,654
Repurchase agreements 12,416 8,932 13,147
Long term debt 9,836 9,776 9,806
Shareholders' equity 54,541 53,185 55,613
Non-performing assets 280 1,506 922
Deposits
Demand (non-interest bearing) $ 76,549 $ 65,830 $ 66,895
NOW accounts 79,316 89,011 85,889
Money market 146,571 152,723 147,375
Savings and other 84,903 88,413 85,829
Certificates of deposit 216,238 188,719 201,022
Total deposits 603,577 584,696 587,010
Per common share
Book value $13.18 $12.64 $13.25
Tangible book value 11.21 10.59 11.29
Statistical data
Non-performing assets to
total assets 0.03% 0.21% 0.12%
Allowance for loan losses to
total loans 1.01 1.08 1.05
Allowance for loan losses to
non-performing loans 1778.93 342.96 547.51
Common shareholders' equity
to assets 6.71 7.28 7.47
Tangible common shareholders'
equity to assets 5.71 6.10 6.36
Tier 1 leverage capital 7.14 7.61 7.79
Total risk-based capital 13.12 13.77 14.40
Common shares outstanding, net
(period end) 4,138 4,208 4,197
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