Bank of New Hampshire reports record profits for the second quarter and six months ended June 30, 1995.MANCHESTER Manchester, city, England Manchester (măn`chəstər, –chĕs'tər), city and metropolitan district (1991 pop. 397,400), NW England, on the Irwell, Medlock, Irk, and Tib rivers. , N.H.--(BUSINESS WIRE)--July 17, 1995--Bank of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Corp. today reported second quarter net income of $3.3 million, an increase of $1.3 million, or 65 percent, over last year's second quarter net income of $2.0 million. Net income for the first half of 1995 was $6.1 million, up $2.4 million over last year's $3.7 million. The company also reported that nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. decreased by $9.2 million, or 32 percent, over the last 12 months. Davis P. Thurber Thur·ber , James Grover 1894-1961. American writer and cartoonist who was long associated with the New Yorker magazine. His essays, short stories, such as "The Secret Life of Walter Mitty" (1939), and drawings humorously depict the , chairman, commenting on the results stated that, "Our record earnings and strong balance sheet are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of quality lending, conservative investing Conservative Investing An investing strategy that seeks to preserve an investment portfolio's value by investing in lower risk securities such as fixed-income and money market securities, and often blue-chip or large-cap equities. and New Hampshire's economic recovery." Thurber also stated that "Bank of New Hampshire is well-positioned for lending growth and the bank will continue making its resources available to the businesses and consumers of New Hampshire." Bank of New Hampshire Corp. is the parent company of Bank of New Hampshire, the largest locally owned and operated bank in the state with 29 banking offices throughout the southern, central, coastal and lakes regions of New Hampshire. -0-
Bank of New Hampshire Corporation
Summary of Selected Financial Data
(Dollars in thousands, except per share data)
Quarter Ended June 30: 1995 1994 Net Income $3,291 $2,011 Earnings Per Share 0.81 0.49 Loan Loss Provision 450 431 Net Interest Margin 5.41% 4.48% Six Months Ended June 30: Net Income $6,088 $3,714 Earnings Per Share 1.50 0.91 Loan Loss Provision 900 880 Net Interest Margin 5.41% 4.37% As of June 30: Total Assets $960,052 $974,404 Liquid Assets (Cash, Cash Equivalents and Securities) 426,273 434,936 Total Loans 510,050 514,758 Allowance for Possible Loan Losses (Reserve) 12,550 13,090 Total Deposits 836,630 855,273 Shareholders' Equity 80,071 71,341 Nonaccrual Loans $8,461 $14,367 90 Days Past Due Loans 1,933 2,603 Restructured Loans --- 281 Nonperforming Loans 10,394 17,251 Other Real Estate Owned 9,011 11,312 Nonperforming Assets $19,405 $28,563 Reserve/Nonperforming Assets 65% 46% Reserve/Nonperforming Loans 121% 76% Reserve/Nonaccrual Loans 148% 91% -0-
Bank of New Hampshire Corp.
Supplemental 1995 Second Quarter Financial Data
Second
Quarter
Average Balance Sheet 1995
Average Assets: Securities $289,980 Domestic Loans 511,435 Other earning assets 55,335 Total earning assets 856,750 Allowance for loan losses (12,995) Non-earning assets 84,642 Total average assets $928,397 Average liabilities and equity: Savings/NOW accounts $403,414 Money-market deposits 45,626 Other consumer time 200,546 CD's $100,000 & over 10,926 Short-term borrowings 41,026 Total interest bearing liabilities 701,538 Demand deposits 138,156 Other liabilities 10,318 Common equity 78,385 Total average liabilities and equity $928,397
Second
Quarter
Income Statement 1995
Interest income-FTE $17,394 Interest expense 5,832 Net interest income-FTE 11,562 Loan loss provision 450 Trust revenue 1,089 Service charges on deposits 815 Other non-interest revenue 620 Total non-interest income 2,524 Staff expense 4,688 Occupancy & equipment 1,280 Deposit insurance expense 466 OREO expense (28) Other expenses 2,223 Total non-interest expense 8,629 Pre-tax income-FTE 5,007 Tax equivalent adjustment 34 Reported pre-tax income 4,973 Tax expense 1,682 Net income $3,291 -0-
Bank of New Hampshire Corporation
End of Quarter Data
June 30, 1995
(Dollars in thousands, except per share data)
Capital Book Value Per Share $19.70 Market Value Per Share: Second Quarter High $26.75 Second Quarter Low $24.75 Second Quarter Close $26.50 Shares Outstanding 4,064,156 Risk-Adjusted Total Assets 457,955 Tier I Capital 78,365 Tier II Capital 5,809 Leverage Ratio 8.46% Credit Quality Data Nonaccrual Loans $8,461 90 days past due loans 1,933 Restructured Loans --- Total Nonperforming Loans 10,394 Other Real Estate Owned 9,011 Total Non-Performing Assets $19,405 Nonaccrual and Restructured Loans: Commercial Mortgages $ 4,442 Commercial Loans 814 Other 3,205 Total $ 8,461 Loan Portfolio Construction & Land Development $ 4,803 Commercial Mortgages 126,504 Commercial Loans 62,799 Residential Mortgages 227,104 Home Equity Loans 28,959 Credit Card Outstanding 8,234 Other Consumer 51,567 Total Loans $510,050 Net Loan Losses (Recoveries) Gross Loan Losses $ 1,266 Net Loan losses 650 Recoveries (616) Parent Company Data Investment in Subsidiary $74,663 Goodwill 1,672 Employees (FTE) 502 Offices 29 -0- CONTACT: Bank of New Hampshire, Manchester Gregory D. Landroche, EVP/CFO or Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. R. Shea, Senior EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. A. Boulay, VP/Controller 603/695-3000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion