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Name | Symbol | Market | Type |
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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 | |
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0.00 | 0.00% | 9.96 | 9.79 | 10.01 | 0.00 | 12:14:56 |
Financial Highlights
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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