N.H. Thrift Bancshares income falls
Net income for New Hampshire Thrift Bancshares Inc., holding company for Lake Sunapee Bank, fell 24 percent for the second quarter of 2007, the company reported Monday.
The company said consolidated net income was $2.1 million. or 48 cents per diluted share, for the second quarter ended June 30. Consolidated net income for the second quarter of 2006 was $2.76 million, or 64 cents per diluted share.
Net income for the second quarter of 2007 totaled $1.1 million, or 24 cents per diluted share, compared to net income of $1.4 million, or 32 cents per diluted share, for the second quarter 2006.
The company said continued margin compression, a slowing housing market and an increase in non-interest expense due to the opening of two new branches and the June 1 purchase of First Brandon Bank in Vermont all contributed to the 22 percent decline in net income.
Quarterly dividends of 13 cents per share will be payable to shareholders of record as of July 24 on July 31.
NHTB also said it expects to close on its purchase of First Community Bank during the fourth quarter 2007.
Upon completion the combined company will have approximately $841 million in assets and 29 branches in New Hampshire and Vermont. – TRACIE STONE