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Name | Symbol | Market | Type |
---|---|---|---|
South32 Ltd (PK) | USOTC:SOUHY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.23% | 12.93 | 12.53 | 13.17 | 13.00 | 12.4301 | 12.70 | 39,212 | 21:31:36 |
Financial Highlights
Earnings Summary
Net income of $4.1 million for the six months ended June 30, 2012, includes an increase of $101 thousand, or 0.71%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $819 thousand, to $1.2 million for the six months ended June 30, 2012, compared to $410 thousand for the same period in 2011. Noninterest income increased $1.8 million, or 35.96%, to $6.9 million for the six months ended June 30, 2012, compared to $5.1 million for the same period in 2011. This increase includes increases of $325 thousand in net gains on the sales of loans, $1.0 million in net gains on sales and calls of securities, and $704 thousand in insurance commission income. Noninterest expense increased $990 thousand, or 7.45%, to $14.3 million for the six months ended June 30, 2012, compared to $13.3 million for the same period in 2011. Within noninterest expense, salaries and employee benefits increased $625 thousand, or 9.15%, to $7.5 million for the six months ended June 30, 2012, compared to $6.8 million for the same period in 2011, including $343 thousand of salaries and employees benefits of the insurance agency, which was acquired on November 10, 2011.
Net income of $2.0 million for the quarter ended June 30, 2012, includes an increase of $196 thousand, or 2.74%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $906 thousand to $1.1 million for the quarter ended June 30, 2012, compared to $168 thousand for the same period in 2011. Noninterest income increased $857 thousand, or 31.39%, to $3.6 million for the quarter ended June 30, 2012, compared to $2.7 million for the same period in 2011. This increase includes increases of $299 thousand in net gains on the sales of loans, $304 thousand in net gains on sales and calls of securities, and $294 thousand in insurance commission income. Noninterest expense increased $100 thousand, or 1.46%, to $7.0 million for the quarter ended June 30, 2012, compared to $6.9 million for the same period in 2011.
Balance Sheet Summary
Total assets were $1.1 billion at June 30, 2012, compared to $1.0 billion at December 31, 2011, an increase of 9.60%. Securities available-for-sale decreased $23.4 million to $186.9 million at June 30, 2012, from $210.3 million at December 31, 2011. Net loans held in portfolio increased $76.7 million, or 10.72% to $791.6 million at June 30, 2012, from $715.0 million at December 31, 2011. The allowance for loan losses was $9.1 million at June 30, 2012, compared to $9.1 million at December 31, 2011. Within the allowance for loan losses is the net effect of provisions of $1.2 million, charge-offs of $1.4 million, and recoveries of $173 thousand during the six months ended June 30, 2012. As a percentage of total loans, non-performing loans decreased from 2.32% at December 31, 2011 to 1.91% at June 30, 2012. Total loan production for the six months ended June 30, 2012, was $206.8 million compared to $132.0 million for the six months ended June 30, 2011. Loan production during the second quarter of 2012 was $134.1 million compared to $63.1 million for the same period in 2011.
Total deposits increased $23.8 million, or 2.97%, to $826.9 million at June 30, 2012, from $803.0 million at December 31, 2011. Within deposits, savings and money market accounts increased $14.5 million, transaction accounts increased $9.6 million, brokered deposits increased $15.0 million, and time deposits decreased $15.3 million. Advances from the Federal Home Loan Bank increased $70.0 million, or 86.46%, to $151.0 million at June 30, 2012, from $81.0 million at December 31, 2011.
Stockholders' equity of $110.2 million resulted in a book value of $15.27 per common share at June 30, 2012, based on 5,907,402 shares of common stock outstanding, an increase of $0.07, or 0.46%, per common share from December 31, 2011. As previously announced, a regular quarterly dividend of $0.13 per share is payable on July 31, 2012 to stockholders of record of July 24, 2012. The Bank remains well-capitalized with a Tier I (Leverage) Capital ratio of 8.79% at June 30, 2012.
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 service, and 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 29 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 $1.1 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 (Dollars in thousands except for per share data) For the three months For the six months ended June 30, ended June 30, 2012 2011 2012 2011 --------- --------- --------- --------- Net Income $ 2,012 $ 2,000 $ 4,094 $ 4,025 Per Share Data: Basic Earnings $ 0.30 $ 0.32 $ 0.62 $ 0.65 Diluted Earnings (1) 0.30 0.32 0.61 0.65 Dividends Paid 0.13 0.13 0.26 0.26 Dividend Payout Ratio 43.33% 40.63% 42.62% 40.00% As of June 30, December 31, 2012 2011 ------------ ------------ (Dollars in thousands except for per share data) Total Assets $ 1,141,875 $ 1,041,819 Total Securities (2) 196,113 217,933 Loans, Net 791,607 714,952 Total Deposits 826,863 803,023 Federal Home Loan Bank Advances 150,972 80,967 Stockholders' Equity 110,219 108,660 Book Value per Common Share $ 15.27 $ 15.20 Common Shares Outstanding 5,907,402 5,832,360 Tier I (Core) Capital 8.79% 9.58% Number of Locations 29 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 June 30, December 31, 2012 2011 ------------ ------------ ASSETS (unaudited) Cash and due from banks $ 22,404 $ 21,841 Federal Reserve Bank interest-bearing deposit 18,000 2,899 ------------ ------------ Total cash and cash equivalents 40,404 24,740 Securities available-for-sale 186,990 210,318 Federal Home Loan Bank stock 9,123 7,615 Loans held-for-sale 9,683 3,434 Loans receivable, net 791,607 714,952 Accrued interest receivable 2,840 2,669 Bank premises and equipment, net 16,664 16,450 Investments in real estate 3,926 3,451 Other real estate owned - 1,344 Goodwill and intangible assets 30,180 30,352 Investment in partially owned Charter Holding Corp., at equity 5,143 4,895 Bank-owned life insurance 18,598 13,347 Due from brokers, net 18,257 - Other assets 8,460 8,252 ------------ ------------ Total assets $ 1,141,875 $ 1,041,819 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Noninterest-bearing $ 65,918 $ 64,356 Interest-bearing 760,945 738,667 ------------ ------------ Total deposits 826,863 803,023 Federal Home Loan Bank advances 150,972 80,967 Other borrowings 272 543 Securities sold under agreements to repurchase 21,278 15,514 Subordinated debentures 20,620 20,620 Accrued expenses and other liabilities 11,651 12,492 ------------ ------------ Total liabilities 1,031,656 933,159 ------------ ------------ STOCKHOLDERS' EQUITY Preferred stock, $.01 par value per share: 2,500,000 shares authorized:Series B, non- cumulative perpetual, 20,000 shares issued and outstanding at June 30, 2012 and at December 31, 2011, liquidation value $1,000 per share - - Common stock, $.01 par value, per share: 10,000,000 shares authorized, 6,332,681 shares issued and 5,907,402 shares outstanding as of June 30, 2012, and 6,292,639 shares issued and 5,832,360 shares outstanding as of December 31, 2011 63 63 Warrants - 85 Paid-in capital 66,292 66,658 Retained earnings 51,922 49,892 Accumulated other comprehensive loss (1,011) (887) Unearned Stock Awards (440) - Treasury stock, at cost, 425,279 shares as of June 30, 2012, and 460,279 at December 31, 2011 (6,607) (7,151) ------------ ------------ Total stockholders' equity 110,219 108,660 ------------ ------------ Total liabilities and stockholders' equity $ 1,141,875 $ 1,041,819 ============ ============ New Hampshire Thrift Bancshares, Inc. Consolidated Statements of Income (unaudited) Three months Ended Six Months Ended June 30, June 30, (Dollars in thousands except for per share data) 2012 2011 2012 2011 ---------- ---------- --------- ---------- INTEREST AND DIVIDEND INCOME Interest and fees on loans $ 8,041 $ 7,884 $ 15,748 $ 15,849 Interest and dividends on debt investments Taxable 984 1,225 2,128 2,458 Dividends 14 10 31 20 Other 145 219 310 454 ---------- ---------- --------- ---------- Total interest and dividend income 9,184 9,338 18,217 18,781 ---------- ---------- --------- ---------- INTEREST EXPENSE Interest on deposits 1,096 1,442 2,283 2,945 Interest on advances and other borrowed money 749 753 1,488 1,491 ---------- ---------- --------- ---------- Total interest expense 1,845 2,195 3,771 4,436 ---------- ---------- --------- ---------- Net interest and dividend income 7,339 7,143 14,446 14,345 PROVISION FOR LOAN LOSSES 1,074 168 1,229 410 ---------- ---------- --------- ---------- Net interest and dividend income after provision for loan losses 6,265 6,975 13,217 13,935 ---------- ---------- --------- ---------- OTHER INCOME Customer service fees 1,255 1,288 2,457 2,465 Net gain on sales of loans 409 110 755 430 Net gain on sales and calls of securities 1,173 869 2,324 1,310 Net gain (loss) on sales of other real estate owned and fixed assets 31 6 (150) 9 Rental income 180 169 374 341 Realized gain in Charter Holding Corp. 115 179 226 335 Insurance commission income 293 - 706 - Brokerage service income 2 - 2 1 Bank owned life insurance income 129 109 233 204 ---------- ---------- --------- ---------- Total noninterest income 3,587 2,730 6,927 5,095 ---------- ---------- --------- ---------- Three months Ended Six Months Ended (unaudited) June 30, June 30, (Dollars in thousands except for per share data) 2012 2011 2012 2011 ---------- --------- ---------- --------- NONINTEREST EXPENSES Salaries and employee benefits 3,675 3,552 7,459 6,834 Occupancy and equipment expenses 933 931 1,949 1,969 Advertising and promotion 128 147 255 258 Depositors' insurance 205 321 399 637 Data processing and outside services 267 261 548 497 Professional services 273 266 515 578 ATM processing fees 121 130 237 256 Mortgage servicing (income), net of amortization of mortgage servicing rights 39 (54) 45 (61) Supplies 94 81 187 165 Other expenses 1,219 1,218 2,685 2,156 ---------- --------- ---------- --------- Total noninterest expenses 6,954 6,853 14,279 13,289 ---------- --------- ---------- --------- INCOME BEFORE PROVISION FOR INCOME TAXES 2,898 2,852 5,865 5,741 PROVISION FOR INCOME TAXES 886 852 1,771 1,716 ---------- --------- ---------- --------- NET INCOME $ 2,012 $ 2,000 $ 4,094 $ 4,025 ========== ========= ========== ========= NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 1,762 $ 1,871 $ 3,594 $ 3,767 Earnings Per Common Share, basic $ 0.30 $ 0.32 $ 0.62 $ 0.65 Earnings Per Common Share, assuming dilution (1) $ 0.30 $ 0.32 $ 0.61 $ 0.65 Dividends Declared per common share $ 0.13 $ 0.13 $ 0.26 $ 0.26 (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: Laura Jacobi Senior Vice President Chief Financial Officer 603-863-0886
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