New England Bancshares, Inc. Reports Earnings for the Three and Nine Months Ended December 31, 2005
20 Gennaio 2006 - 3:40PM
Business Wire
New England Bancshares, Inc. (the "Company") (Nasdaq NM: NEBSD),
the holding company for Enfield Federal Savings and Loan
Association (the "Bank"), reported net income for the quarter ended
December 31, 2005 of $291,000, or $0.05 per diluted share as
compared to $319,000, or $0.06 per diluted share, reported for the
same quarter a year ago. Net income for the nine months ended
December 31, 2005 was $996,000, or $0.19 per diluted share as
compared to $857,000, or $0.16 per diluted share, for the prior
year period. NET INTEREST INCOME AND NET INTEREST MARGIN IMPROVE
OVER PRIOR YEAR Net interest and dividend income for the three and
nine months ended December 31, 2005 increased by $189,000 and
$558,000, respectively. The increase for the quarter and nine month
periods were primarily due to increases in net interest earning
assets of $1.7 million and $3.1 million, respectively. The
Company's net interest margin for the quarter and nine months ended
December 31, 2005 was 3.78% and 3.83%, respectively, compared to
3.73% and 3.75% in the year earlier periods. TOTAL ASSETS AND
DEPOSITS GROW At December 31, 2005, total assets were $252.9
million, an increase of $39.7 million from March 31, 2005. The
increase in assets was caused primarily by the increase in net
loans and proceeds received from the Company's second-step
conversion, which were invested in federal funds sold at the end of
the quarter. Net loans outstanding increased $13.8 million to
$146.4 million at December 31, 2005 compared to March 31, 2005. The
increase in loans was primarily due to an increase of $7.0 million
in one-to four-family residential mortgage loans, a $6.2 million
increase in commercial mortgage loans and a $1.5 million increase
in commercial loans. Total deposits were $164.2 million at December
31, 2005 and $163.0 million at March 31, 2005. Securities sold
under agreements to repurchase increased $4.8 million from $4.2
million at March 31, 2005 to $9.0 million at December 31, 2005.
Federal Home Loan Bank advances increased $4.7 million to $20.3
million at December 31, 2005 compared to $15.6 million at March 31,
2005 and were used to fund asset growth. PROVISION FOR LOAN LOSS
EXPENSE INCREASES TO SUPPORT LOAN GROWTH The provision for loan
losses was $64,000 and $149,000 for the three and nine months ended
December 31, 2005, respectively, compared to $3,000 and $127,000
for the three and nine months ended December 31, 2004. The increase
in the provision for loan losses was due to the 10.4% increase in
net loans from March 31, 2005 to December 31, 2005, partially
offset by lower charge-offs. ASSET QUALITY The Company's asset
quality remained favorable. Non-performing assets totaled $805,000
at December 31, 2005 compared to $464,000 at March 31, 2005. Net
charge-offs were $7,000 for the first nine months ended December
31, 2005, compared to $72,000 for the same period last year. The
allowance for loan losses was 1.06% of total loans at December 31,
2005 compared to 1.07% of total loans at March 31, 2005. OCCUPANCY,
ADVERTISING AND PROFESSIONAL FEES IMPACT OTHER EXPENSES
Non-interest expense for the quarter ended December 31, 2005 was
$1.7 million, an increase of $147,000, from $1.5 million for the
same quarter a year ago. For the nine months ended December 31,
2005 non-interest expense increased $269,000 to $4.8 million
compared to $4.5 million for the year ago period. The increase in
the three and nine month periods reflect additional advertising,
professional fees, and occupancy and equipment expense. The
increase in occupancy expense for the quarter ended December 31,
2005 was due to the Company opening its eighth banking office.
CONVERSION COMPLETED On December 28, 2005, the Company completed
its conversion, pursuant to which it converted into a fully
publicly-held stock holding company. A total of 3,075,855 shares of
common stock were sold in a stock offering at the price of $10.00
per share. In addition, a total of approximately 2,270,836 shares
were issued to existing minority shareholders of New England
Bancshares, Inc., which represents an exchange ratio of 2.3683.
Total shares outstanding after the stock offering and the exchange
were approximately 5,346,691 shares. 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 Enfield Federal Savings and
Loan Association with eight banking centers servicing the
communities of Enfield, Manchester, Suffield, East Windsor and
Windsor Locks. For more information regarding the Bank's products
and services, please visit www.enfieldfederal.com. -0- *T
Statistical Summary (unaudited) (dollars in thousands, except per
share data) Income Statement Data Three Months Nine Months Ended
Ended December 31, December 31,
----------------------------------------
----------------------------- 2005 2004 2005 2004
----------------------------------------
----------------------------- Net interest and dividend income
$1,983 $1,794 $5,877 $5,319
----------------------------------------
----------------------------- Provision for loan losses $64 $3 $149
$127 ----------------------------------------
----------------------------- Non-interest income $187 $212 $584
$611 ----------------------------------------
----------------------------- Non-interest expense $1,672 $1,525
$4,797 $4,528 ----------------------------------------
----------------------------- Net income $291 $319 $996 $857
----------------------------------------
----------------------------- Earnings per share(1) :
----------------------------------------
----------------------------- Basic $0.06 $0.06 $0.19 $0.17
----------------------------------------
----------------------------- Diluted $0.05 $0.06 $0.19 $0.16
----------------------------------------
-----------------------------
----------------------------------------
----------------------------- Dividend per share(1) $0.02 --- $0.06
--- ----------------------------------------
----------------------------- Balance Sheet Data December 31, 2005
March 31, 2005 -----------------------------------
----------------- ---------------- Total assets $252,922 $213,202
----------------------------------- -----------------
---------------- Total loans, net $146,353 $132,557
----------------------------------- -----------------
---------------- Loan loss reserve $1,577 $1,437
----------------------------------- -----------------
---------------- Total deposits $164,169 $162,991
----------------------------------- -----------------
---------------- Repurchase agreements $9,020 $4,244
----------------------------------- -----------------
---------------- FHLB advances $20,310 $15,620
----------------------------------- -----------------
---------------- Total equity $56,681 $28,439
----------------------------------- -----------------
---------------- Book value per share(2) $10.92 $13.02
----------------------------------- -----------------
---------------- Key Ratios Three Months Ended Nine Months Ended
December 31, December 31, --------------------------------
------------------------------------- 2005 2004 2005 2004
-------------------------------- --------- ------------------
-------- Return on average assets 0.51% 0.61% 0.60% 0.55%
-------------------------------- --------- ------------------
-------- Return on average equity 3.87% 4.51% 4.53% 4.10%
-------------------------------- --------- ------------------
-------- Net interest margin 3.78% 3.73% 3.83% 3.75%
-------------------------------- --------- ------------------
-------- (1) Earnings per share and dividends per share have been
adjusted to reflect the shares issued in the second-step conversion
that was completed on December 28, 2005. (2) Calculation excludes
unallocated ESOP shares and unvested incentive stock grants. *T
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