KEENE, New Hampshire, July 11, 2000 (PRIMEZONE) -- Granite State Bankshares, Inc. (Nasdaq:GSBI) today announced net earnings for the three and six months ended June 30, 2000 of $2,522,000 and $5,031,000 compared to net earnings of $2,557,000 and $4,827,000 for the three and six months ended June 30, 1999. Basic earnings per share were $.45 and $.89 for the three and six months ended June 30, 2000, compared to $.44 and $.83 for the three and six months ended June 30, 1999. Diluted earnings per share were $.45 and $.89 for the three and six months ended June 30, 2000 compared to $.43 and $.81 for the three and six months ended June 30, 1999.
Earnings before income taxes, exclusive of net gains on sales of securities available for sale (core earnings), were $3,933,000 and $7,820,000, respectively, for the three and six months ended June 30, 2000, compared to $3,683,000 and $7,204,000, respectively, for the three and six months ended June 30, 1999, representing increases of 6.79% and 8.55%, respectively.
Net interest and dividend income for the three and six months ended June 30, 2000 was $8,081,000 and $16,012,000, compared with $7,970,000 and $15,878,000 for the three and six months ended June 30, 1999. Interest rate spread for the three and six months ended June 30, 2000 was 3.46% and 3.43%, compared with 3.54% and 3.53% for the three and six months ended June 30, 1999.
The provision for possible loan losses for the three and six months ended June 30, 2000 was $50,000 and $80,000, compared with $0 and $50,000 for the three and six months ended June 30, 1999.
Total assets at June 30, 2000 were $876,738,000 compared to $867,677,000 at December 31, 1999.
Total nonperforming assets were $1,928,000 or 0.22% of total assets at June 30, 2000 and consisted of $1,315,000 of nonperforming loans and $613,000 of other real estate owned. At December 31, 1999, total nonperforming assets were $2,804,000 or 0.32% of total assets and consisted of $1,516,000 of nonperforming loans and $1,288,000 of other real estate owned. The allowance for possible loan losses was $7,032,000 or 534.75% of nonperforming loans at June 30, 2000. At December 31, 1999, the allowance for possible loan losses was $7,032,000, or 463.85% of nonperforming loans.
Stockholders' equity at June 30, 2000 and December 31, 1999 was $68,997,000 and $70,369,000, respectively, representing 7.87% and 8.11% of total assets, respectively.
Chairman and CEO Charles W. Smith said, "We are pleased with the continued increase in core earnings and the continued reduction in the level of nonperforming assets. We are also pleased that in a period of rising interest rates, our interest rate spread and the net yield on interest earning assets increased for the three months ended June 30, 2000 compared to the three months ended March 31, 2000."
Granite State Bankshares, Inc. is the parent company for Granite Bank, a New Hampshire state-chartered commercial bank and the largest independent bank in the state of New Hampshire with 18 offices operating throughout southern New Hampshire.
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY
Selected Balance Sheet Data
($ in thousands, except per share data)
June 30, December 31,
2000 1999
-------- ------------
(unaudited)
Total assets $ 876,738 $ 867,677
Securities held to maturity 18,014 18,017
Securities available for sale 201,276 215,572
Stock in Federal Home Loan Bank
of Boston 7,201 7,201
Loans held for sale 141 479
Loans 587,100 568,694
Unearned income 1,156 1,248
Allowance for possible loan losses 7,032 7,032
Net loans 578,912 560,414
Nonperforming loans 1,315 1,516
Other real estate owned 613 1,288
Total nonperforming assets 1,928 2,804
Nonperforming assets as a percent
of total assets 0.22% 0.32%
Allowance for possible loan losses
as a percent of nonperforming loans 534.75% 463.85%
Total deposits 650,260 628,018
Securities sold under agreements
to repurchase 74,097 75,042
Other borrowings-Federal Home Loan
Bank of Boston 80,539 90,563
Stockholders' equity 68,997 70,369
Book value per share 12.51 12.24
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY
Selected Operating Statement Data
($ in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2000 1999 2000 1999
------ ------ ------ ------
(unaudited) (unaudited)
Interest and
dividend income $ 15,579 $ 14,753 $ 30,893 $ 29,623
Interest expense 7,498 6,783 14,881 13,745
------ ------ ------ ------
Net interest
and dividend income 8,081 7,970 16,012 15,878
Provision for possible
loan losses 50 0 80 50
Net gains on sales of
Securities available
for sale 0 286 6 291
Other noninterest income 1,376 1,188 2,642 2,297
Other noninterest expenses 5,474 5,475 10,754 10,921
------ ------ ------ ------
Earnings before
income taxes 3,933 3,969 7,826 7,495
Income taxes 1,411 1,412 2,795 2,668
------ ------ ------ ------
Net earnings $ 2,522 $ 2,557 $ 5,031 $ 4,827
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Weighted average
shares outstanding
Basic 5,561,220 5,804,985 5,632,999 5,817,752
Diluted 5,585,656 5,967,108 5,669,282 5,972,978
Net earnings per share
- basic $ 0.45 $ 0.44 $ 0.89 $ 0.83
==== ==== ==== ====
Net earnings per share
- diluted $ 0.45 $ 0.43 $ 0.89 $ 0.81
==== ==== ==== ====
Dividends declared
per share $ 0.16 $ 0.14 $ 0.32 $ 0.28
==== ==== ==== ====
Key Operating Ratios:
Return on Average Assets 1.17% 1.21% 1.17% 1.14%
===== ===== ===== =====
Return on Average Equity 14.50% 13.96% 14.38% 13.27%
====== ====== ====== ======
Weighted Average Interest
Rate Spread 3.46% 3.54% 3.43% 3.53%
===== ===== ===== =====
Net Yield on Average
Interest Earning
Assets 3.98% 4.01% 3.94% 3.99%
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