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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.96 | 9.79 | 10.06 | 0.00 | 12:17:05 |
From Jul 2019 to Jul 2024
Financial Highlights
Earnings Summary
Net income of $6.1 million for the nine months ended September 30, 2012 includes an increase of $196 thousand, or 0.91%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $1.3 million, to $2.3 million for the nine months ended September 30, 2012, compared to $984 thousand for the same period in 2011. Noninterest income increased $2.9 million, or 36.11%, to $10.8 million for the nine months ended September 30, 2012, compared to $8.0 million for the same period in 2011. This increase includes increases of $971 thousand in net gains on the sales of loans, $1.2 million in net gains on sales and calls of securities, and $1.0 million in insurance commission income. Noninterest expense increased $1.5 million, or 7.50%, to $21.5 million for the nine months ended September 30, 2012, compared to $20.0 million for the same period in 2011. Within noninterest expense, salaries and employee benefits increased $628 thousand, or 5.97%, to $11.2 million for the nine months ended September 30, 2012, compared to $10.5 million for the same period in 2011, including $532 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 September 30, 2012 includes an increase of $98 thousand, or 1.37%, in net interest and dividend income compared to the same period in 2011. The provision for loan losses increased $458 thousand to $1.0 million for the quarter ended September 30, 2012, compared to $574 thousand for the same period in 2011. Noninterest income increased $1.0 million, or 36.40%, to $3.9 million for the quarter ended September 30, 2012, compared to $2.9 million for the same period in 2011. This increase includes increases of $645 thousand in net gains on the sales of loans, $162 thousand in net gains on sales and calls of securities, and $343 thousand in insurance commission income. Noninterest expense increased $513 thousand, or 7.60%, to $7.3 million for the quarter ended September 30, 2012, compared to $6.8 million for the same period in 2011.
Balance Sheet Summary
Total assets were $1.1 billion at September 30, 2012, compared to $1.0 billion at December 31, 2011, an increase of 7.34%. Securities available-for-sale decreased $36.1 million to $174.2 million at September 30, 2012, from $210.3 million at December 31, 2011. Net loans held in portfolio increased $95.3 million, or 13.34% to $810.3 million at September 30, 2012, from $715.0 million at December 31, 2011. The allowance for loan losses was $9.8 million at September 30, 2012, compared to $9.1 million at December 31, 2011. Within the allowance for loan losses is the net effect of provisions of $2.2 million, charge-offs of $1.9 million, and recoveries of $390 thousand during the nine months ended September 30, 2012. As a percentage of total loans, non-performing loans decreased from 2.32% at December 31, 2011, to 2.04% at September 30, 2012. The Company originated $323.3 million in loans for the nine months ended September 30, 2012, compared to $195.8 million for the same period in 2011. Loan production during the second quarter of 2012 was $116.5 million compared to $63.8 million for the same period in 2011.
Total deposits increased $27.6 million, or 3.44%, to $830.7 million at September 30, 2012, from $803.0 million at December 31, 2011. Within deposits, savings and money market accounts increased $29.2 million, transaction accounts increased $7.8 million, brokered deposits increased $15.0 million, and time deposits decreased $24.4 million. Advances from the Federal Home Loan Bank increased $40.0 million, or 49.41% to $121.0 million at September 30, 2012, from $81.0 million at December 31, 2011.
Stockholders' equity of $112.0 million resulted in a book value of $15.58 per common share at September 30, 2012, based on 5,902,402 shares of common stock outstanding, an increase of $0.38, or 2.50%, per common share from December 31, 2011. As previously announced, a regular quarterly dividend of $0.13 per share is payable on October 31, 2012 to stockholders of record of October 24, 2012. The Bank remains well-capitalized with a Tier I (Leverage) Capital ratio of 9.22% at September 30, 2012.
Acquisition of The Nashua Bank
On August 1, 2012, the Company announced the execution of a definitive agreement in which it will acquire The Nashua Bank in an exchange of cash and stock (the "Merger"). The Nashua Bank will merge with and into the Bank and will operate under the name "The Nashua Bank, a division of Lake Sunapee Bank." Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of The Nashua Bank's shareholders. The transaction is expected to close in the fourth quarter of 2012.
For additional information, please see the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 7, 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.
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New Hampshire Thrift Bancshares, Inc.
Selected Financial Highlights
(Dollars in thousands except for per share data)
For the three months For the nine months
ended September 30, ended September 30,
2012 2011 2012 2011
----------- ------------ ----------- ------------
Net Income $ 2,030 $ 2,013 $ 6,124 $ 6,038
Per Share Data:
Basic Earnings $ 0.32 $ 0.31 $ 0.94 $ 0.96
Diluted Earnings (1) 0.32 0.31 0.94 0.96
Dividends Declared 0.13 0.13 0.39 0.39
Dividend Payout Ratio 40.63% 41.94% 41.49% 40.63%
As of
September 30, December 31,
2012 2011
--------------- ---------------
(Dollars in thousands except for per share
data)
Total Assets $ 1,118,361 $ 1,041,819
Total Securities (2) 183,370 217,933
Loans, Net 810,307 714,952
Total Deposits 830,664 803,023
Federal Home Loan Bank Advances 120,974 80,967
Stockholders' Equity 111,986 108,660
Book Value per Common Share $ 15.58 $ 15.20
Common Shares Outstanding 5,902,402 5,832,360
Tier I (Core) Capital 9.21% 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
(Dollars in thousands, except for per September 30, December 31,
share data) 2012 2011
----------------- ----------------
ASSETS (unaudited)
Cash and due from banks $ 16,839 $ 21,841
Federal Reserve Bank interest-bearing
deposit 12,000 2,899
----------------- ----------------
Total cash and cash equivalents 28,839 24,740
Securities available-for-sale 174,247 210,318
Federal Home Loan Bank stock 9,123 7,615
Loans held-for-sale 10,718 3,434
Loans receivable, net 810,307 714,952
Accrued interest receivable 2,616 2,669
Bank premises and equipment, net 16,573 16,450
Investments in real estate 3,863 3,451
Other real estate owned - 1,344
Goodwill and intangible assets 30,077 30,352
Investment in partially owned Charter
Holding Corp., at equity 5,217 4,895
Bank-owned life insurance 18,758 13,347
Other assets 8,023 8,252
----------------- ----------------
Total assets $ 1,118,361 $ 1,041,819
================= ================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $ 68,465 $ 64,356
Interest-bearing 762,199 738,667
----------------- ----------------
Total deposits 830,664 803,023
Federal Home Loan Bank advances 120,974 80,967
Other borrowings 272 543
Securities sold under agreements to
repurchase 18,330 15,514
Subordinated debentures 20,620 20,620
Accrued expenses and other
liabilities 15,515 12,492
----------------- ----------------
Total liabilities 1,006,375 933,159
----------------- ----------------
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 September 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
5,902,402 shares outstanding as of
September 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 53,067 49,892
Accumulated other comprehensive loss (389) (887)
Unearned Stock Awards (377) -
Treasury stock, at cost, 430,279
shares as of September 30, 2012, and
460,279 at December 31, 2011 (6,670) (7,151)
----------------- ----------------
Total stockholders' equity 111,986 108,660
----------------- ----------------
Total liabilities and stockholders'
equity $ 1,118,361 $ 1,041,819
================= ================
New Hampshire Thrift Bancshares, Inc.
Consolidated Statements of Income (unaudited)
Three months Ended Nine months Ended
September 30, September 30,
(Dollars in thousands except
for per share data) 2012 2011 2012 2011
---------- ---------- ---------- ----------
INTEREST AND DIVIDEND INCOME
Interest and fees on loans $ 8,305 $ 7,947 $ 24,053 $ 23,797
Interest and dividends on
debt investments
Taxable 628 1,154 2,757 3,612
Dividends 15 9 47 29
Other 134 226 443 679
---------- ---------- ---------- ----------
Total interest and dividend
income 9,082 9,336 27,300 28,117
---------- ---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits 1,072 1,466 3,358 4,411
Interest on advances and
other borrowed money 755 712 2,243 2,203
---------- ---------- ---------- ----------
Total interest expense 1,827 2,178 5,601 6,614
---------- ---------- ---------- ----------
Net interest and dividend
income 7,255 7,158 21,699 21,503
PROVISION FOR LOAN LOSSES 1,032 574 2,261 984
---------- ---------- ---------- ----------
Net interest and dividend
income after provision for
loan losses 6,223 6,584 19,438 20,519
---------- ---------- ---------- ----------
OTHER INCOME
Customer service fees 1,306 1,348 3,764 3,813
Net gain on sales of loans 778 133 1,534 563
Net gain on sales and calls
of securities 1,091 929 3,415 2,239
Net gain (loss) on sales of
other real estate owned and
fixed assets - 18 (150) 27
Rental income 187 210 560 551
Realized gain in Charter
Holding Corp. 72 124 298 459
Insurance commission income 343 - 1,048 -
Brokerage service income 1 1 3 2
Bank-owned life insurance
income 141 110 374 314
---------- ---------- ---------- ----------
Total noninterest income 3,919 2,873 10,846 7,968
---------- ---------- ---------- ----------
Three months Ended Nine months Ended
(unaudited) September 30, September 30,
(Dollars in thousands except
for per share data) 2012 2011 2012 2011
---------- ---------- ---------- ----------
NONINTEREST EXPENSES
Salaries and employee benefits 3,694 3,691 11,153 10,525
Occupancy and equipment
expenses 876 881 2,767 2,850
Advertising and promotion 96 111 350 369
Depositors' insurance 204 (27) 603 610
Data processing and outside
services 301 266 848 763
Professional services 404 230 919 808
ATM processing fees 130 107 367 363
Mortgage servicing (income),
net of amortization of
mortgage servicing rights 50 (67) 96 (128)
Supplies 93 85 279 251
Other expenses 1,419 1,477 4,162 3,632
---------- ---------- ---------- ----------
Total noninterest expenses 7,267 6,754 21,544 20,043
---------- ---------- ---------- ----------
INCOME BEFORE PROVISION FOR
INCOME TAXES 2,875 2,703 8,740 8,444
PROVISION FOR INCOME TAXES 845 690 2,616 2,406
---------- ---------- ---------- ----------
NET INCOME $ 2,030 $ 2,013 $ 6,124 $ 6,038
========== ========== ========== ==========
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $ 1,914 $ 1,800 $ 5,508 $ 5,567
========== ========== ========== ==========
Earnings Per Common Share,
basic $ 0.32 $ 0.31 $ 0.94 $ 0.96
Earnings Per Common Share,
assuming dilution (1) $ 0.32 $ 0.31 $ 0.94 $ 0.96
Dividends Declared per common
share $ 0.13 $ 0.13 $ 0.39 $ 0.39
(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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