New England Bancshares Inc. (NEBS, Financial) filed Quarterly Report for the period ended 2009-09-30.
NEW ENGLAND BANCSHARES, INC. is the holding company for Enfield Federal Savings and Loan Association and Valley Bank. Enfield Federal Savings and Loan Association operates eight banking centers serving the communities of Enfield, Ellington, Manchester, Suffield, East Windsor and Windsor Locks, Connecticut. Valley Bank operates four offices in Bristol, Terryville and Southington, Connecticut. The Association is engaged principally in the business of attracting deposits from the general public and investing those deposits primarily in residential and commercial real estate loans, and to a lesser extent, in consumer, construction, commercial and small business loans. Valley Bank is a state-chartered commercial bank headquartered in Bristol, Connecticut. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits primarily in commercial real estate loans, and commercial and small business loans. New England Bancshares Inc. has a market cap of $31 million; its shares were traded at around $4.85 with and P/S ratio of 1.2. The dividend yield of New England Bancshares Inc. stocks is 1.7%.
September 30, March 31,
2009 2009
- -
ASSETS (Unaudited)
Cash and due from banks ............................................... $ 7,848 $ 7,872
Interest-bearing demand deposits with other banks ..................... 56,700 33,554
Money market mutual funds ............................................. 36 7
- -
Total cash and cash equivalents .................................. 64,584 41,433
Interest-bearing time deposits with other banks ....................... 1,599 99
Investments in available-for-sale securities, at fair value ........... 64,377 71,821
Federal Home Loan Bank stock, at cost ................................. 4,396 3,896
Loans, net of allowance for loan losses of $4,145 as of
September 30, 2009 and $6,458 as of March 31, 2009 ....... 490,141 413,566
Premises and equipment, net ........................................... 7,586 5,990
Other real estate owned ............................................... 922 141
Accrued interest receivable ........................................... 2,570 2,321
Deferred income taxes, net ............................................ 5,026 3,769
Cash surrender value of life insurance ................................ 9,394 9,211
Identifiable intangible assets ........................................ 1,927 2,165
Goodwill .............................................................. 16,629 14,701
Other assets .......................................................... 3,091 2,551
- -
Total assets ..................................................... $ 672,242 $ 571,664
= =
The accompanying notes are an integral part of these condensed consolidated
financial statements.
NEW ENGLAND BANCSHARES, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
September 30, September 30,
- -
2009 2008 2009 2008
- - - -
Interest and dividend income:
Interest on loans .................................... $ 7,365 $ 6,130 $ 13,873 $ 12,232
Interest and dividends on securities:
Taxable ........................................... 641 819 1,313 1,562
Tax-exempt 143 201 299 370
Interest on federal funds sold, interest-bearing
deposits and dividends on money market mutual funds
and FHLB stock .................................... 155 124 200 299
- - - -
Total interest and dividend income ................ 8,304 7,274 15,685 14,463
- - - -
Interest expense:
Interest on deposits ................................. 2,835 2,543 5,527 5,067
Interest on advanced payments by borrowers for
taxes and insurance ............................ 3 3 7 7
Interest on Federal Home Loan Bank advances .......... 681 669 1,370 1,348
Interest on subordinated debentures .................. 68 68 137 136
Interest on securities sold under agreements to
repurchase ......................................... 52 36 96 73
- - - -
Total interest expense ............................ 3,639 3,319 7,137 6,631
- - - -
Net interest and dividend income .................. 4,665 3,955 8,548 7,832
Provision for loan losses .................................. 704 159 1,384 307
- - - -
Net interest and dividend income after provision
for loan losses ................................. 3,961 3,796 7,164 7,525
- - - -
Noninterest income (charge):
Service charges on deposit accounts .................. 345 276 599 545
Gain on securities, net .............................. 40 4 99 12
Gain on sale of loans ................................ 3 18 8 30
Increase in cash surrender value of life insurance
policies ........................................... 99 91 183 175
Impairment loss on securities (includes total losses
of $222, net of $170 recognized in other
comprehensive loss, pretax) ....................... (24) (2,473) (41) (2,473)
Other income ......................................... 148 90 449 184
- - - -
Total noninterest income (charge) ................. 611 (1,994) 1,297 (1,527)
- - - -
Noninterest expense:
Salaries and employee benefits ....................... 1,927 1,925 3,785 3,840
Occupancy and equipment expense ...................... 836 742 1,554 1,454
Advertising and promotion ............................ 28 81 66 174
Professional fees .................................... 212 123 510 247
Data processing expense .............................. 183 128 333 237
FDIC insurance ....................................... 205 51 745 89
Stationery and supplies .............................. 98 44 133 80
Amortization of identifiable intangible assets ....... 115 126 238 260
Other expense ........................................ 583 398 1,116 781
Total noninterest expense ......................... 4,187 3,618 8,480 7,162
- - - -
Income (loss) before income taxes ................. 385 (1,816) (19) (1,164)
- - - -
Income tax expense (benefit) ............................... 84 178 (139) 378
- - - -
Net income (loss) ................................. $ 301 $(1,994) $ 120 $ (1,542)
= = = =
Earnings (loss) per share:
Basic .......................................... $ 0.05 $ (0.35) $ 0.02 $ (0.27)
Diluted ........................................ 0.05 (0.35) 0.02 (0.27)
Dividends per share ..................................... 0.02 0.04 0.04 0.07
The accompanying notes are an integral part of these condensed consolidated
financial statements.
On July 12, 2007 the Company acquired Valley Bank, Bristol, Connecticut,
through a merger with Valley Bank's holding company, First Valley Bancorp. Under
the terms of the transaction, shareholders of First Valley Bancorp received
0.8907 shares of Company common stock and $9.00 in cash for each share of First
Valley Bancorp common stock for a total of 1,068,625 shares and $10.8 million.
In addition, the Company incurred cash payments for deal expenses, payout of
stock options and employee expenses totaling $2.4 million, creating $13.6
million of goodwill, none of which is deductible for tax purposes. As a result
of the acquisition of Valley Bank, the Company became the holding company for
both Enfield Federal, a federal savings bank, and Valley Bank, a Connecticut
chartered commercial bank.
Quarter Ended Six Months Ended
September 30, September 30,
- -
(In thousands, except per share data) 2009 2008 2009 2008
- - - -
Net income (loss) $ 301 $ (1,994) 120 $(1,542)
Weighted average common shares
outstanding for computation of basic
EPS
6,087 5,644 5,893 5,676
Effect of dilutive stock options and
stock awards
46 - 52 -
- - - -
Weighted average common shares for
computation of diluted EPS 6,133 5,644 5,945 5,676
- - - -
Earnings (loss) per share:
Basic $ 0.05 $ (0.35) $ 0.02 $ (0.27)
Diluted $ 0.05 $ (0.35) $ 0.02 $ (0.27)
-
Less than 12 Months 12 Months or Longer Total
- - -
Fair Unrealized Fair Unrealized Fair Unrealized
Value Losses Value Losses Value Losses
- - - - - -
(In Thousands)
Debt securities issued by states of the
United States and political subdivisions
of the states $ 932 $ 80 $5,663 $ 439 $ 6,595 $ 519
Debt securities issued by the U.S. Treasury
and other U.S. government corporations
and agencies 1,233 22 - - 1,233 22
Mortgage-backed securities 1,749 32 3,251 611 5,000 643
- - - - - -
Total temporarily impaired securities $ 3,914 $ 134 $8,914 $ 1,050 $12,828 $1,184
= = = = = =
Read the The complete Report
NEW ENGLAND BANCSHARES, INC. is the holding company for Enfield Federal Savings and Loan Association and Valley Bank. Enfield Federal Savings and Loan Association operates eight banking centers serving the communities of Enfield, Ellington, Manchester, Suffield, East Windsor and Windsor Locks, Connecticut. Valley Bank operates four offices in Bristol, Terryville and Southington, Connecticut. The Association is engaged principally in the business of attracting deposits from the general public and investing those deposits primarily in residential and commercial real estate loans, and to a lesser extent, in consumer, construction, commercial and small business loans. Valley Bank is a state-chartered commercial bank headquartered in Bristol, Connecticut. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits primarily in commercial real estate loans, and commercial and small business loans. New England Bancshares Inc. has a market cap of $31 million; its shares were traded at around $4.85 with and P/S ratio of 1.2. The dividend yield of New England Bancshares Inc. stocks is 1.7%.
Highlight of Business Operations:
September 30, March 31,
2009 2009
- -
ASSETS (Unaudited)
Cash and due from banks ............................................... $ 7,848 $ 7,872
Interest-bearing demand deposits with other banks ..................... 56,700 33,554
Money market mutual funds ............................................. 36 7
- -
Total cash and cash equivalents .................................. 64,584 41,433
Interest-bearing time deposits with other banks ....................... 1,599 99
Investments in available-for-sale securities, at fair value ........... 64,377 71,821
Federal Home Loan Bank stock, at cost ................................. 4,396 3,896
Loans, net of allowance for loan losses of $4,145 as of
September 30, 2009 and $6,458 as of March 31, 2009 ....... 490,141 413,566
Premises and equipment, net ........................................... 7,586 5,990
Other real estate owned ............................................... 922 141
Accrued interest receivable ........................................... 2,570 2,321
Deferred income taxes, net ............................................ 5,026 3,769
Cash surrender value of life insurance ................................ 9,394 9,211
Identifiable intangible assets ........................................ 1,927 2,165
Goodwill .............................................................. 16,629 14,701
Other assets .......................................................... 3,091 2,551
- -
Total assets ..................................................... $ 672,242 $ 571,664
= =
The accompanying notes are an integral part of these condensed consolidated
financial statements.
NEW ENGLAND BANCSHARES, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
September 30, September 30,
- -
2009 2008 2009 2008
- - - -
Interest and dividend income:
Interest on loans .................................... $ 7,365 $ 6,130 $ 13,873 $ 12,232
Interest and dividends on securities:
Taxable ........................................... 641 819 1,313 1,562
Tax-exempt 143 201 299 370
Interest on federal funds sold, interest-bearing
deposits and dividends on money market mutual funds
and FHLB stock .................................... 155 124 200 299
- - - -
Total interest and dividend income ................ 8,304 7,274 15,685 14,463
- - - -
Interest expense:
Interest on deposits ................................. 2,835 2,543 5,527 5,067
Interest on advanced payments by borrowers for
taxes and insurance ............................ 3 3 7 7
Interest on Federal Home Loan Bank advances .......... 681 669 1,370 1,348
Interest on subordinated debentures .................. 68 68 137 136
Interest on securities sold under agreements to
repurchase ......................................... 52 36 96 73
- - - -
Total interest expense ............................ 3,639 3,319 7,137 6,631
- - - -
Net interest and dividend income .................. 4,665 3,955 8,548 7,832
Provision for loan losses .................................. 704 159 1,384 307
- - - -
Net interest and dividend income after provision
for loan losses ................................. 3,961 3,796 7,164 7,525
- - - -
Noninterest income (charge):
Service charges on deposit accounts .................. 345 276 599 545
Gain on securities, net .............................. 40 4 99 12
Gain on sale of loans ................................ 3 18 8 30
Increase in cash surrender value of life insurance
policies ........................................... 99 91 183 175
Impairment loss on securities (includes total losses
of $222, net of $170 recognized in other
comprehensive loss, pretax) ....................... (24) (2,473) (41) (2,473)
Other income ......................................... 148 90 449 184
- - - -
Total noninterest income (charge) ................. 611 (1,994) 1,297 (1,527)
- - - -
Noninterest expense:
Salaries and employee benefits ....................... 1,927 1,925 3,785 3,840
Occupancy and equipment expense ...................... 836 742 1,554 1,454
Advertising and promotion ............................ 28 81 66 174
Professional fees .................................... 212 123 510 247
Data processing expense .............................. 183 128 333 237
FDIC insurance ....................................... 205 51 745 89
Stationery and supplies .............................. 98 44 133 80
Amortization of identifiable intangible assets ....... 115 126 238 260
Other expense ........................................ 583 398 1,116 781
Total noninterest expense ......................... 4,187 3,618 8,480 7,162
- - - -
Income (loss) before income taxes ................. 385 (1,816) (19) (1,164)
- - - -
Income tax expense (benefit) ............................... 84 178 (139) 378
- - - -
Net income (loss) ................................. $ 301 $(1,994) $ 120 $ (1,542)
= = = =
Earnings (loss) per share:
Basic .......................................... $ 0.05 $ (0.35) $ 0.02 $ (0.27)
Diluted ........................................ 0.05 (0.35) 0.02 (0.27)
Dividends per share ..................................... 0.02 0.04 0.04 0.07
The accompanying notes are an integral part of these condensed consolidated
financial statements.
On July 12, 2007 the Company acquired Valley Bank, Bristol, Connecticut,
through a merger with Valley Bank's holding company, First Valley Bancorp. Under
the terms of the transaction, shareholders of First Valley Bancorp received
0.8907 shares of Company common stock and $9.00 in cash for each share of First
Valley Bancorp common stock for a total of 1,068,625 shares and $10.8 million.
In addition, the Company incurred cash payments for deal expenses, payout of
stock options and employee expenses totaling $2.4 million, creating $13.6
million of goodwill, none of which is deductible for tax purposes. As a result
of the acquisition of Valley Bank, the Company became the holding company for
both Enfield Federal, a federal savings bank, and Valley Bank, a Connecticut
chartered commercial bank.
Quarter Ended Six Months Ended
September 30, September 30,
- -
(In thousands, except per share data) 2009 2008 2009 2008
- - - -
Net income (loss) $ 301 $ (1,994) 120 $(1,542)
Weighted average common shares
outstanding for computation of basic
EPS
6,087 5,644 5,893 5,676
Effect of dilutive stock options and
stock awards
46 - 52 -
- - - -
Weighted average common shares for
computation of diluted EPS 6,133 5,644 5,945 5,676
- - - -
Earnings (loss) per share:
Basic $ 0.05 $ (0.35) $ 0.02 $ (0.27)
Diluted $ 0.05 $ (0.35) $ 0.02 $ (0.27)
-
Less than 12 Months 12 Months or Longer Total
- - -
Fair Unrealized Fair Unrealized Fair Unrealized
Value Losses Value Losses Value Losses
- - - - - -
(In Thousands)
Debt securities issued by states of the
United States and political subdivisions
of the states $ 932 $ 80 $5,663 $ 439 $ 6,595 $ 519
Debt securities issued by the U.S. Treasury
and other U.S. government corporations
and agencies 1,233 22 - - 1,233 22
Mortgage-backed securities 1,749 32 3,251 611 5,000 643
- - - - - -
Total temporarily impaired securities $ 3,914 $ 134 $8,914 $ 1,050 $12,828 $1,184
= = = = = =
Read the The complete Report
