New England Bancshares, Inc. Reports Second Quarter Earnings of $932,000, an Increase of 10% from Prior Year
14 Novembre 2011 - 10:05PM
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 September 30, 2011 of $932,000, or
$0.15 per diluted share, compared to $849,000, or $0.14 per diluted
share, for the quarter ended September 30, 2010. For the six months
ended September 30, 2011 the Company reported net income of $1.7
million, or $0.28 per diluted share, as compared to $1.5 million,
or $0.26 per diluted share, for the same period last year. The
increases were primarily attributable to decreases in the provision
for loan losses, partially offset by decreases in noninterest
income.
President’s Comments:
President and CEO David J. O’Connor commented, “The Company has
recorded consistent profits over the past two years. Our net
interest income continues to grow as our loan portfolio grows and
deposit rates remain near historical lows. We continue to see
positive results from our work on controlling overhead expenses
while still focusing on improving asset quality. The Company
continues to focus on increasing shareholder value by improving
earnings per share and tangible book value while serving the needs
of our customers and local community.”
Results – Second Quarter September 30, 2011:
- Net interest and dividend income was
$5.6 million for the three months ended September 30, 2011, an
increase of $137,000 compared to the same quarter last year. The
net interest margin for the quarter was 3.54% compared to 3.52% for
the comparable period a year ago.
- Non-interest income was $749,000 for
the quarter ended September 30, 2011 compared to $1.0 million for
the year ago quarter. The Company recorded $192,000 in gains on
sales of securities and loans for the quarter ended September 30,
2011 compared to $378,000 for the quarter ended September 30,
2010.
- Non-interest expense was $4.4 million
for the quarter ended September 30, 2011, a decrease of $151,000
from the prior year. During the quarter ended September 30, 2011
the Company recorded $79,000 of other real estate owned expenses
and write-downs compared to $585,000 in the second quarter of
fiscal 2011. Additionally, salaries and employee benefits expense
increased by $162,000 to $2.3 million from the same quarter a year
ago.
- Cash and cash equivalents were $66.2
million compared to $43.6 million at March 31, 2011. Management
will seek to prudently deploy these funds into loans and
securities.
- The Bank is well capitalized, as
defined by regulatory agencies, with a Tier 1 capital ratio of
7.36% at September 30, 2011.
Results – Six Months Ended September 30, 2011:
- For the six months ended September 30,
2011 assets increased $31.5 million, or 4.6%, and deposits
increased $26.8 million, or 5.0%. The loan portfolio increased
$11.7 million, or 2.2%.
- Net interest and dividend income was
$11.2 million, an increase of $176,000, or 1.6%, compared to the
six months ended September 30, 2010.
- The provision for loan losses amounted
to $875,000 and $1.3 million for the six months ended September 30,
2011 and 2010, respectively. For the current year period the
Company recorded $506,000 of charge-offs and the ratio of the
allowance for loan losses to total loans increased to 1.12% at
September 30, 2011.
- Non-interest expense totaled $9.0
million for the six months ended September 30, 2011, a $94,000
increase from the same period last year. Salaries and employee
benefits expense increased $321,000 while write downs of other real
estate owned and other real estate owned expenses decreased
$479,000.
- Non-accrual loans were $14.8 million at
September 30, 2011 versus $13.4 million at March 31, 2011. Total
non-performing assets, including non-accrual loans and other real
estate owned, were $16.0 million at September 30, 2011 as compared
to $14.9 million at March 31, 2011.
Subsequent Events
On October 21, 2011, the Company received proceeds from a legal
settlement relating to our investment portfolio. The Company will
record income from this settlement, net of the tax effect, of
$636,000 during the quarter ending December 31, 2011.
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 EndedSeptember
30,
Six Months EndedSeptember
30,
2011 2010
2011
2010 Net interest and dividend income
$5,643
$5,506
$11,203 $11,027 Provision for loan
losses
516 648
875 1,307
Non-interest income
749 1,022
1,329 1,582 Non-interest expense
4,400
4,551
8,991 8,897 Net income
932 849
1,711 1,530 Earnings per
share:
Basic
$0.16 $0.14
$0.29
$0.26 Diluted
0.15 0.14
0.28
0.26
Dividends per share
$0.03 $0.02
$0.06 $0.04
Balance Sheet Data
September 30, 2011 March 31, 2011 Total assets
$713,580 $682,044 Total loans, net
538,292 526,595 Allowance for loan losses
6,084 5,686 Other real estate owned
1,195 1,496 Total deposits
567,555
540,769 Repurchase agreements
25,738
21,666 FHLB advances
38,105 39,113 Total
equity
72,658 70,691 Non-accrual loans
14,775 13,442 Non-performing assets
15,970 14,938 Book value per share
11.83 11.48 Tangible book value per share
8.92 8.55
Key Ratios
Three Months EndedSeptember
30,
Six Months EndedSeptember
30,
2011 2010
2011
2010 Return on average assets
0.54% 0.49%
0.49% 0.44% Return on average equity
5.19% 4.90%
4.77% 4.44% Net
interest margin
3.51% 3.52%
3.49% 3.55%
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