New England Bancshares, Inc. Reports Fourth Quarter Earnings of $715,000 and Record Earnings of $3.2 Million for Fiscal 2011
05 Maggio 2011 - 3:28PM
Business Wire
New England Bancshares, Inc. (the “Company”) (NASDAQ GM: NEBS),
the holding company for New England Bank, today announced net
income for the quarter ended March 31, 2011 of $715,000, or $0.12
per diluted share, compared to $700,000, or $0.12 per diluted
share, for the quarter ended March 31, 2010. For the year ended
March 31, 2011 the Company reported record net income of $3.2
million, or $0.53 per diluted share, compared to $1.7 million, or
$0.28 per diluted share, for fiscal 2010. The increases were
primarily attributable to higher net interest income and lower
provision for loan losses for the current year periods.
President’s Comments:
President and CEO David J. O’Connor commented, “Even in this
challenging economic environment, the Company had its most
successful year, earning $3.2 million. Our net interest income
increased 17.1% this fiscal year. Management is aggressively
focused on controlling overhead and improving asset quality. Our
commitment remains the same; to increase shareholder value by
improving earnings per share and tangible book value.”
Results – Fourth Quarter, March 31, 2011:
- Net interest income was $5.6 million
for the three months ended March 31, 2011, an increase of $338,000,
or 6.4%, compared to the same quarter last year. Net interest
margin for the quarter was 3.73% compared to 3.53% for the
comparable period a year ago.
- Non-interest income was $397,000 for
the quarter ended March 31, 2011 compared to $746,000 for the year
ago quarter. In the prior year period the Company recorded $283,000
of gains on sale of securities as the Company sold its auction rate
securities.
- Non-interest expense was $4.7 million
for the quarter ended March 31, 2011, an increase of $516,000 from
the prior year. During the quarter ended March 31, 2011 the Company
recorded $253,000 of other real estate owned expenses and
writedowns.
- Non-accruing loans were $13.4 million
at March 31, 2011 versus $9.0 million at March 31, 2010.
- The Company has ample liquidity, ending
fiscal 2011 with $33.1 million in cash and cash equivalents.
- The Bank is well capitalized, as
defined by regulatory agencies, with a Tier 1 capital ratio of
8.02%.
Results – Year Ended March 31, 2011:
- For the year ended March 31, 2011,
assets increased $7.0 million, or 1.0%; net loans increased $11.1
million, or 2.2%; and deposits increased $23.2 million, or 4.5%.
The Company’s borrowings with the FHLB have decreased $17.7 million
from March 31, 2010.
- Net interest income was $22.0 million,
an increase of $3.2 million, or 17.1%, compared to the year ended
March 31, 2010.
- The provision for loan losses was $2.0
million and $3.0 million for the years ended March 31, 2011 and
2010, respectively. For the current year period the Company
recorded $953,000 of net charge-offs and the ratio of the allowance
for loan losses to total loans increased to 1.07% at March 31,
2011.
- Non-interest expense totaled $17.8
million for the year ended March 31, 2011, a $943,000 increase from
the same period last year. For the year ended March 31, 2011 the
Company had a $609,000 increase in other real estate owned expenses
and writedowns compared to fiscal 2010.
Statements contained in this news release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those currently anticipated due to a number of
factors, which include, but are not limited to, factors discussed
in documents filed by the Company with the Securities and Exchange
Commission from time to time. Subject to applicable laws and
regulation, the Company does not undertake – and specifically
disclaims any obligation – to publicly release the results of any
revisions which 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 England Bancshares, Inc. is headquartered in Enfield,
Connecticut, and operates New England Bank with fifteen banking
centers servicing the communities of Bristol, Cheshire, East
Windsor, Ellington, Enfield, Manchester, Plymouth, Southington,
Suffield, Wallingford and Windsor Locks. For more information
regarding New England Bank’s products and services, please visit
www.nebankct.com.
Selected Financial Highlights
(unaudited)
(dollars in thousands, except per share
data)
Income Statement Data
Three Months EndedMarch
31,
Year EndedMarch 31,
2011 2010
2011
2010 Net interest and dividend income
$5,590 $5,252
$22,040
$18,826 Provision for loan losses
347
1,042
2,013 3,049 Non-interest
income
397
746
2,526 2,945
Non-interest expense
4,675 4,159
17,777 16,834 Net income
715
700
3,154 1,676 Earnings
per share:
Basic
$0.12 $0.12
$0.53 $0.28 Diluted
0.12
0.12
0.53 0.28
Dividends per share
$0.03 $0.02
$0.10 $0.08
Balance
Sheet Data March 31, 2011 March 31,
2010 Total assets
$682,044 $675,059
Total loans, net
526,595 515,504
Allowance for loan losses
5,686 4,625
Other real estate owned
1,496 2,846
Total deposits
540,769 517,572
Repurchase agreements
21,666 23,460
FHLB advances
39,113 56,860 Total
equity
70,691 67,907 Book value per
share
11.48 11.00 Tangible book value
per share
8.55 8.00
Key Ratios
Three Months EndedMarch
31,
Year EndedMarch 31,
2011 2010
2011 2010 Return on average assets
0.43% 0.42%
0.46%
0.25% Return on average equity
4.14%
4.13%
4.55% 2.50% Net
interest margin
3.73% 3.53%
3.57% 3.16%
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