Bank of New Hampshire reports record profits for the year and fourth quarter ended Dec. 31, 1994.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)--Jan. 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 record earnings for 1994 of $8.6 million, up 35 percent over last year's $6.4 million. Earnings per share for the year stood at $2.12 versus $1.80 in 1993. Fourth quarter earnings were also a record for the company and totalled $2.7 million compared to $1.6 million in 1993, a 63 percent increase. Earnings per share increased 65 percent and stood at $.66 per share versus $.40 per share for the same period last year. 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 breaking performance this past year serves to reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. Bank of New Hampshire's strategy of qualitative qualitative /qual·i·ta·tive/ (kwahl´i-ta?tiv) pertaining to quality. Cf. quantitative. qualitative pertaining to observations of a categorical nature, e.g. breed, sex. and profitable lending and investing, without sacrificing any of the sound fundamental principles for which Bank of New Hampshire has historically been known." 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 region of New Hampshire.
Bank of New Hampshire Corporation
Summary of Selected Financial Data
(Dollars in thousands, except per share data)
Quarter Ended December 31: 1994 1993 Net Income $2,667 $1,637 Earnings Per Share 0.66 0.40 Loan Loss Provision 400 250 Net Interest Margin 4.96% 4.36% Year Ended December 31: Net Income $8,611 $6,392 Earnings Per Share 2.12(A) 1.80(A) Loan Loss Provision 1,580 4,200 Net Interest Margin 4.61% 4.62% As of December 31: Total Assets $953,456 $976,719 Liquid Assets (Cash, Cash Equivalents and Securities) 384,228 424,391 Total Loans 541,284 524,843 Allowance for Possible Loan Losses (Reserve) 13,191 14,581 Total Deposits 825,856 865,335 Shareholders' Equity 75,174 68,242 Nonaccrual Loans $9,732 $13,039 90 Days Past Due Loans 3,003 2,006 Restructured Loans 1,251 1,012 Nonperforming Loans 13,986 16,057 Other Real Estates 11,319 13,393 Nonperforming Assets 25,305 29,450 Reserve Coverages (as of December 31): Reserve/Nonperforming Assets 52% 50% Reserve/Nonperforming Loans 94% 91% Reserve/Nonaccrual Loans 136% 112% (A) The company issued 690,000 shares of common stock on Sept. 30, 1993 which had a dilutive effect of $0.43 on 1994 earnings per share and a $.09 on 1993 per share.
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Bank of New Hampshire Corp.
Supplemental 1994 Fourth Quarter Financial Data
Fourth
Quarter
Average Balance Sheet (Dollars in thousands) 1994
Average Assets: Taxable securities $287,717 Tax exempt securities 2,865 Domestic loans 531,524 Other earning assets 58,438 Total earning assets 880,544 Allowance for loan losses (13,509) Non-earning assets 91,016 Total average assets $958,051 Average liabilities and equity: Savings/now accounts $434,218 Money-market deposits 52,565 Other consumer time 191,084 CD's $100,000 & over 9,430 Short-term borrowings 42,549 Total interest bearing liabilities 729,846 Demand deposits 145,845 Other liabilities 8,485 Common equity 73,875 Total average liabilities and equity $958,051
Fourth
Quarter
Income Statement 1994
Interest income-FTE $16,420 Interest expense 5,404 Net interest income-FTE 11,016 Loan loss provision 400 Trust revenue 990 Service charges on deposits 847 Other non-interest revenue 565 Total non-interest income 2,402 Staff expense 4,591 Occupancy & equipment 1,079 Deposit insurance expense 540 ORE expense 212 Other expenses 2,534 Total non-interest expense 8,956 Pre-tax income-PTE 4,062 Tax equivalent adjustment 39 Reported pre-tax income 4,023 Taxes 1,356 Net income $2,667
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Bank of New Hampshire Corporation
End of Period Data
Dec. 31, 1994
(Dollars in thousands, except per share data)
Capital Book Value Per Share $18.50 Market Value Per Share: Fourth Quarter High $27.00 Fourth Quarter Low $18.25 Fourth Quarter Close $22.25 Shares Outstanding 4,064,103 Risk-Adjusted Total Assets 460,863 Tier I Capital 73,440 Tier II Capital 5,853 Leverage Ratio 7.68%
Credit Quality Data
Nonaccrual Loans $9,732
Renegotiated Loans 1,251
90 Days Past Due Loans 3,003
Total Nonperforming Loans 13,986
Other Real Estate Owned 10,024
In-Substance
Foreclosures ("ISF") 1,295
Total Non-Performing
Assets $25,305
Nonaccrual and Renegotiated Loans: Commercial Mortgages $ 5,557 Commercial Loans 798 Other 4,628 Total $10,983 Loan Portfolio Construction & Land Development $ 3,544 Commercial Mortgages 132,321 Commercial Loans 58,764 Residential Mortgages 230,866 Home Equity Loans 29,863 Credit Card Outstanding 9,300 Other Consumer 76,626 Total Loans 541,284 Net Loan Losses (Recoveries) Gross Loan Losses $ 5,333 Recoveries (2,363) Net Loan Losses 2,970 Parent Company Data Investment in Subsidiaries $69,640 Goodwill 1,728 Employees (FTE) 514 Offices 29 CONTACT: Bank of New Hampshire Gregory D. Landroche, 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, or 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, 603/624-6600 |
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