New Hampshire Thrift Bancshares Inc. (NHTB, Financial) filed Quarterly Report for the period ended 2010-09-30.
New Hampshire Thrift Bancshares Inc. has a market cap of $73.3 million; its shares were traded at around $12.7 with a P/E ratio of 10.41 and P/S ratio of 1.1. The dividend yield of New Hampshire Thrift Bancshares Inc. stocks is 4.09%. New Hampshire Thrift Bancshares Inc. had an annual average earning growth of 0.7% over the past 10 years.
Securities available-for-sale decreased $3,714,471 to $214,578,630 at September 30, 2010, compared to $218,293,101 as of December 31, 2009. The Banks net unrealized gain (after tax) on its investment portfolio was $1,973,404 at September 30, 2010 compared to an unrealized loss (after tax) of $505,761 at December 31, 2009. The investments in the Banks securities portfolio that are temporarily impaired as of September 30, 2010 consist of debt securities issued by U.S. government corporations and agencies, debt securities issued by municipalities, and government sponsored enterprises with strong credit ratings and stable credit outlooks. Within the portfolio, the unrealized losses are primarily attributable to changes in market interest rates and prolonged uncertainties in the financial markets. Management does not intend to sell these securities in the near term. Since the Bank has the ability to hold debt securities until maturity and equity securities for the foreseeable future, no declines are deemed to be other than temporary.
Deposits increased $13,801,210 to $748,229,978 at September 30, 2010, from $734,428,768 at year-end December 31, 2009. Non-interest bearing deposit accounts increased $5,045,181, or 10.42%, primarily within business checking accounts while interest-bearing deposit accounts increased $8,756,028, or 1.28%, over the same period primarily due to an increase in time deposits, including municipal time deposits, and savings accounts.
The allowance for loan losses (not including allowance for losses from the overdraft program described below) at September 30, 2010 was $10,111,616 compared to $9,494,007 at December 31, 2009. At $10.1 million, the allowance for loan losses represents 1.55% of total loans, up from 1.51% at December 31, 2009. Changes in economic and market conditions, coupled with internal risk rating changes, resulted in the Bank adding $1,950,000 to the allowance for loan and lease losses during the first nine months of 2010 compared to $3,246,000 for the same period in 2009. The provisions during the nine months ended September 30, 2010 have been offset by loan charge-offs of $1,364,484 and recoveries of $32,093 during the same period. The overall increase is not specific to any individual credit. The effects of national economic issues continue to be felt in the Banks local communities, and the national recession as well as portfolio performance and charge-offs influenced the Banks decision to continue to increase its allowance for loan losses during 2010.
Loan charge-offs (excluding the overdraft program) were $1,364,484 during the nine months ended September 30, 2010 compared to $1,008,352 for the same period in 2009 and $2,131,758 for the twelve month period ended December 31, 2009. Recoveries were $32,093 during the nine months ended September 30, 2010 compared to $195,291 for the same period in 2009 and $211,906 for the twelve month period ended December 31, 2009. This activity resulted in net charge-offs of $1,332,391 for the nine months ended September 30, 2010 compared to $813,061 for the same period in 2009 and $1,919,852 for the twelve month period ended December 31, 2009. One-to-four family residential mortgages, commercial real estate mortgages and commercial loans accounted for 64%, 20%, and 8%, respectively, of the amounts charged-off during the nine months ended September 30, 2010.
Loans over 90 days past due were $1,029,959 at September 30, 2010 compared to $2,151,527 at December 31, 2009 and $2,883,168 at September 30, 2009. Loans 30 to 89 days past due were $5,001,961 at September 30, 2010 compared to $9,883,831 at December 31, 2009 and $6,207,510 at September 30, 2009. The level of loan losses and loan delinquencies and changes in loan risk ratings resulting in more classified loans, combined with weaker economic and commercial and residential real estate market conditions all contributed to the decision to increase the amount of the allowance. As previously noted, the Bank anticipates more charge-offs as loan issues are resolved.
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New Hampshire Thrift Bancshares Inc. has a market cap of $73.3 million; its shares were traded at around $12.7 with a P/E ratio of 10.41 and P/S ratio of 1.1. The dividend yield of New Hampshire Thrift Bancshares Inc. stocks is 4.09%. New Hampshire Thrift Bancshares Inc. had an annual average earning growth of 0.7% over the past 10 years.
Highlight of Business Operations:
Net loans increased $22,945,610, or 3.70%, from $620,332,606 at December 31, 2009 to $643,278,216, at September 30, 2010. The increase of loans held in portfolio was primarily due to increases in residential mortgages, municipal loans, and commercial real estate loans. For the nine months ended September 30, 2010, the Bank originated $219.5 million in loans, compared to $249.0 million in loans for the nine months ended September 30, 2009 due primarily to higher mortgage refinancing activity in the first half of 2009. During the quarter ended September 30, 2010, the Bank originated $56.6 million in loans, compared to $54.6 million in originated loans for the same period in 2009 as lower rates during the third quarter of 2010 resulted in increased mortgage refinancing activity. The Banks loan servicing portfolio totaled $359,765,833 at September 30, 2010, an increase from $340,612,786 at September 30, 2009. The Bank expects to continue to sell fixed-rate loans into the secondary market in an effort to manage interest rate risk. Market risk exposure during the production cycle is managed through the use of secondary market forward commitments. At September 30, 2010, adjustable-rate mortgages comprised approximately 69.6% of the Banks real estate mortgage loan portfolio. This is consistent with prior periods.Securities available-for-sale decreased $3,714,471 to $214,578,630 at September 30, 2010, compared to $218,293,101 as of December 31, 2009. The Banks net unrealized gain (after tax) on its investment portfolio was $1,973,404 at September 30, 2010 compared to an unrealized loss (after tax) of $505,761 at December 31, 2009. The investments in the Banks securities portfolio that are temporarily impaired as of September 30, 2010 consist of debt securities issued by U.S. government corporations and agencies, debt securities issued by municipalities, and government sponsored enterprises with strong credit ratings and stable credit outlooks. Within the portfolio, the unrealized losses are primarily attributable to changes in market interest rates and prolonged uncertainties in the financial markets. Management does not intend to sell these securities in the near term. Since the Bank has the ability to hold debt securities until maturity and equity securities for the foreseeable future, no declines are deemed to be other than temporary.
Deposits increased $13,801,210 to $748,229,978 at September 30, 2010, from $734,428,768 at year-end December 31, 2009. Non-interest bearing deposit accounts increased $5,045,181, or 10.42%, primarily within business checking accounts while interest-bearing deposit accounts increased $8,756,028, or 1.28%, over the same period primarily due to an increase in time deposits, including municipal time deposits, and savings accounts.
The allowance for loan losses (not including allowance for losses from the overdraft program described below) at September 30, 2010 was $10,111,616 compared to $9,494,007 at December 31, 2009. At $10.1 million, the allowance for loan losses represents 1.55% of total loans, up from 1.51% at December 31, 2009. Changes in economic and market conditions, coupled with internal risk rating changes, resulted in the Bank adding $1,950,000 to the allowance for loan and lease losses during the first nine months of 2010 compared to $3,246,000 for the same period in 2009. The provisions during the nine months ended September 30, 2010 have been offset by loan charge-offs of $1,364,484 and recoveries of $32,093 during the same period. The overall increase is not specific to any individual credit. The effects of national economic issues continue to be felt in the Banks local communities, and the national recession as well as portfolio performance and charge-offs influenced the Banks decision to continue to increase its allowance for loan losses during 2010.
Loan charge-offs (excluding the overdraft program) were $1,364,484 during the nine months ended September 30, 2010 compared to $1,008,352 for the same period in 2009 and $2,131,758 for the twelve month period ended December 31, 2009. Recoveries were $32,093 during the nine months ended September 30, 2010 compared to $195,291 for the same period in 2009 and $211,906 for the twelve month period ended December 31, 2009. This activity resulted in net charge-offs of $1,332,391 for the nine months ended September 30, 2010 compared to $813,061 for the same period in 2009 and $1,919,852 for the twelve month period ended December 31, 2009. One-to-four family residential mortgages, commercial real estate mortgages and commercial loans accounted for 64%, 20%, and 8%, respectively, of the amounts charged-off during the nine months ended September 30, 2010.
Loans over 90 days past due were $1,029,959 at September 30, 2010 compared to $2,151,527 at December 31, 2009 and $2,883,168 at September 30, 2009. Loans 30 to 89 days past due were $5,001,961 at September 30, 2010 compared to $9,883,831 at December 31, 2009 and $6,207,510 at September 30, 2009. The level of loan losses and loan delinquencies and changes in loan risk ratings resulting in more classified loans, combined with weaker economic and commercial and residential real estate market conditions all contributed to the decision to increase the amount of the allowance. As previously noted, the Bank anticipates more charge-offs as loan issues are resolved.
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