KEENE, N.H., July 10, 2001 (PRIMEZONE) -- Granite State Bankshares, Inc. (Nasdaq:GSBI) today announced net earnings for the three and six months ended June 30, 2001, of $2,730,000 and $5,387,000, compared to net earnings of $2,522,000 and $5,031,000 for the three and six months ended June 30, 2000. Basic earnings per share were $.52 and $1.02 for the three and six months ended June 30, 2001, compared to $.45 and $.89 for the three and six months ended June 30, 2000. Diluted earnings per share were $.50 and $.99 for the three and six months ended June 30, 2001 compared to $.45 and $.89 for the three and six months ended June 30, 2000, representing increases of 11.11% and 11.24%, respectively.
Net interest and dividend income for the three and six months ended June 30, 2001, was $9,016,000 and $17,622,000, compared with $8,081,000 and $16,012,000 for the three and six months ended June 30, 2000. Interest rate spread for the three and six months ended June 30, 2001 was 3.48% and 3.47%, compared with 3.46% and 3.43% for the three and six months ended June 30, 2000.
The provision for possible loan losses for the three and six months ended June 30, 2001 was $120,000 and $180,000, compared with $50,000 and $80,000 for the three and six months ended June 30, 2000.
Total assets at June 30, 2001 were $992,523,000 compared to $955,009,000 at December 31, 2000.
Total nonperforming assets were $4,411,000 or 0.44% of total assets at June 30, 2001 and consisted of $3,910,000 of nonperforming loans and $501,000 of other real estate owned. At December 31, 2000, total nonperforming assets were $3,617,000 or 0.38% of total assets and consisted of $3,201,000 of nonperforming loans and $416,000 of other real estate owned. The allowance for possible loan losses was $8,016,000 or 205.01% of nonperforming loans at June 30, 2001. At December 31, 2000, the allowance for possible loan losses was $7,854,000, or 245.36% of nonperforming loans.
Stockholders' equity at June 30, 2001 and December 31, 2000 was $77,543,000 and $73,464,000, respectively, representing 7.81% and 7.69% of total assets, respectively.
Chairman and CEO Charles W. Smith said, "We are pleased with the increase in earnings per share for the three and six months ended June 30, 2001 over the same periods in 2000. The Olde Port acquisition, completed December 31, 2000, continues to be accretive to earnings in 2001. This addition to our franchise gives us five offices on the seacoast, which is a strong growth area and a desirable part of the state to do business."
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 19 offices operating throughout southern New Hampshire.
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that 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.
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY
Selected Balance Sheet and Other Data
($ in thousands, except per share data)
June 30, December 31,
2001 2000
-------- ------------
(unaudited)
Total assets $992,523 $955,009
Securities held
to maturity 6,007 18,011
Securities available
for sale 226,792 196,522
Stock in Federal Home
Loan Bank of Boston 7,201 7,201
Loans held for sale 8,388 657
Loans 664,035 657,385
Unearned income 1,056 1,177
Allowance for possible
loan losses 8,016 7,854
Net loans 654,963 648,354
Nonperforming loans 3,910 3,201
Other real estate owned 501 416
Total nonperforming assets 4,411 3,617
Nonperforming assets as
percent of total assets 0.44% 0.38%
Allowance for possible
loan losses as a
percent of nonperforming loans 205.01% 245.36%
Total deposits $699,792 $683,334
Securities sold under
agreements to repurchase 85,768 90,811
Other borrowings-Federal
Home Loan Bank of Boston 126,488 100,515
Stockholders' equity 77,543 73,464
Book value per share 14.55 13.76
GRANITE STATE BANKSHARES, INC. and SUBSIDIARY
Selected Operating Statement and Other Data
($ in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2001 2000 2001 2000
------ ------ ------ ------
(unaudited) (unaudited)
Interest and
dividend income $ 17,357 $ 15,579 $ 34,461 $ 30,893
Interest expense 8,341 7,498 16,839 14,881
---------- ---------- ---------- ----------
Net interest and
dividend income 9,016 8,081 17,622 16,012
Provision for
possible loan
losses 120 50 180 80
---------- ---------- ---------- ----------
Net interest and
dividend income
after provision
for possible
loan losses 8,896 8,031 17,442 15,932
Net gains on sales
of securities
available for sale 192 0 420 6
Other noninterest
income 1,578 1,376 2,972 2,642
Other noninterest
expenses 6,418 5,474 12,396 10,754
---------- ---------- ---------- ----------
Earnings before
income taxes 4,248 3,933 8,438 7,826
Income taxes 1,518 1,411 3,051 2,795
---------- ---------- ---------- ----------
Net earnings $ 2,730 $ 2,522 $ 5,387 $ 5,031
========== ========== ========== ==========
Weighted average
shares outstanding
Basic 5,296,567 5,561,220 5,305,473 5,632,999
Diluted 5,428,517 5,585,656 5,424,204 5,669,282
Net earnings
per share-basic $ 0.52 $ 0.45 $ 1.02 $ 0.89
========== ========== ========== ==========
Net earnings per
share-diluted $ 0.50 $ 0.45 $ 0.99 $ 0.89
========== ========== ========== ==========
Dividends declared
per share $ 0.17 $ 0.16 $ 0.34 $ 0.32
========== ========== ========== ==========
Average Balance
Sheet Data:
Average interest
earning assets $ 913,307 $ 815,990 $ 899,497 $ 817,592
========== ========== ========== ==========
Average interest
bearing
liabilities $ 808,085 $ 714,234 $ 797,557 $ 717,806
========== ========== ========== ==========
Average stockholders'
equity $ 77,849 $ 69,935 $ 77,039 $ 70,377
========== ========== ========== ==========
Average assets $ 975,318 $ 863,292 $ 961,180 $ 864,744
========== ========== ========== ==========
Key Operating Ratios:
Return on
Average Assets 1.12% 1.17% 1.13% 1.17%
========== ========== ========== ==========
Return on
Average Equity 14.07% 14.50% 14.10% 14.38%
========== ========== ========== ==========
Weighted Average
Interest Rate
Spread 3.48% 3.46% 3.47% 3.43%
========== ========== ========== ==========
Net Yield on
Average Interest
Earning Assets 3.96% 3.98% 3.95% 3.94%
========== ========== ========== ==========