Exhibit 99.1
NEW HAMPSHIRE THRIFT BANCSHARES, INC. AND SUBSIDIARY
UNAUDITED PRO FORMA COMBINED STATEMENT OF CONDITION
September 30, 1999
Actual Proforma Proforma
Sept. 30, 1999 Adjustments Sept. 30, 1999
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ASSETS
Cash and due from banks $ 10,417 $ 8,202 $ 18,619
Federal funds sold 60 - 60
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Cash and cash equivalents 10,477 8,202 18,679
Securities available-for-sale 48,581 - 48,581
Other investments 12,515 - 12,515
Loans held-for-sale 1,268 - 1,268
Loans receivable, net 260,212 79,955 340,167
Accrued interest receivable 2,070 372 2,442
Bank premises and equipment, net 8,361 1,185 9,546
Investments in real estate 520 - 520
Real estate owned and property acquired in settlement of loans 594 - 594
Goodwill 3,028 11,250 14,278
Other assets 5,037 104 5,141
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Total assets 352,663 101,068 453,731
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Checking accounts (non-interest-bearing) 17,160 10,745 27,905
Savings and interest-bearing checking accounts 153,678 53,566 207,244
Time deposits 107,469 35,742 143,211
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Total deposits 278,307 100,053 378,360
Other borrowed funds 3,165 - 3,165
Securities sold under agreement to repurchase 8,084 206 8,290
Advances from Federal Home Loan Bank 15,000 - 15,000
Accrued expenses and other liabilities 4,293 809 5,102
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Total liabilities 308,849 101,068 409,917
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Guaranteed preferred beneficial interest in junior subordinated debentures 16,907 - 16,907
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COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, $.01 par value per share: 2,500,000 shares authorized,
no shares issued or outstanding - - -
Common stock, $.01 par value per share: 5,000,000 shares authorized,
2,479,858 shares issued and 2,106,685 shares outstanding at
September 30, 1999 25 - 25
Paid-in capital 17,384 - 17,384
Retained earnings 13,453 - 13,453
Accumulated other comprehensive income (1,505) - (1,505)
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29,357 - 29,357
Treasury stock, at cost, 373,173 shares as of September 30, 1999 (2,450) - (2,450)
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Total shareholders' equity 26,907 - 26,907
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Total liabilities and shareholders' equity $352,663 $101,068 $453,731
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________________________________________________________________________________
On August 12, 1999, the Company issued approximately $16.9m in Capital Trust
Preferred Securities in connection with its acquisition of three New London
Trust, FSB branches. Proceeds from the issuance are reflected in the actual
results of the Company as of September 30, 1999.
Exhibit 99.1
NEW HAMPSHIRE THRIFT BANCSHARES, INC. AND SUBSIDIARY
UNAUDITED PRO FORMA COMBINED STATEMENT OF INCOME
For the Nine Months Ended September 30, 1999
Actual Proforma Proforma
Sept. 30, 1999 Adjustments Sept. 30, 1999
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Interest income
Interest on loans $ 14,233 $ 4,850 $ 19,083
Interest and dividends on investments 2,765 786 3,551
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Total interest income 16,998 5,636 22,634
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Interest expense
Interest on deposits 7,624 2,756 10,380
Interest on advances and other borrowed money 503 969 1,472
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Total interest expense 8,127 3,725 11,852
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Net interest income 8,871 1,911 10,782
Provision for loan losses 90 - 90
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Net interest income after provision for loan losses 8,781 1,911 10,692
Other income
Loan origination and customer service fees 1,317 215 1,532
Net gain (loss) on sale of securities 36 - 36
Gain on sale of property acquired in settlement of loans 31 - 31
Net gain on sale of loans 160 - 160
Net gain (loss) on sale of property and equipment - - -
Rental income 248 45 293
Brokerage service income 123 - 123
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Total other income 1,915 260 2,175
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Other expenses
Salaries and employee benefits 3,764 600 4,364
Occupancy expenses 1,372 144 1,516
Advertising and promotion 230 - 230
Depositors' insurance 103 4 107
Outside services 386 - 386
Amortization of goodwill 185 566 751
Other expenses 1,270 187 1,457
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Total other expenses 7,310 1,501 8,811
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Income before provision for income taxes 3,386 670 4,056
Provision for income taxes 1,006 200 1,206
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Net income $ 2,380 $ 470 $ 2,850
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Earnings per common share, basic $ 1.13 $ 0.22 $ 1.35
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Earnings per common share, assuming dilution $ 1.12 $ 0.22 $ 1.34
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Shares outstanding, basic 2,106,000 2,106,000 2,106,000
Shares outstanding, assuming dilution 2,125,000 2,125,000 2,125,000
- --------------------------------------------------------------------------------
On August 12, 1999, the Company issued approximately $16.9m in Capital Trust
Preferred Securities in connection with its acquisition of three New London
Trust, FSB branches. Pro forma information is presented assuming the NHTB
Capital Trust Preferred Security was issued on January 1, 1998. Actual net
interest income associated with the issuance is reflected in the actual results
of the Company as of September 30, 1999. Pro forma net interest income
adjustments are reflected in the pro forma adjustment column.
Exhibit 99.1
NEW HAMPSHIRE THRIFT BANCSHARES, INC. AND SUBSIDIARY
UNAUDITED PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1998
Actual Proforma Proforma
Dec. 31, 1998 Adjustments Dec. 31, 1998
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Interest income
Interest on loans $ 20,023 $ 6,466 $ 26,489
Interest and dividends on investments 3,240 1,230 4,470
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Total interest income 23,263 7,696 30,959
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Interest expense
Interest on deposits 11,832 3,675 15,507
Interest on advances and other borrowed money 352 1,517 1,869
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Total interest expense 12,184 5,192 17,376
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Net interest income 11,079 2,504 13,583
Provision for loan losses 120 - 120
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Net interest income after provision for loan losses 10,959 2,504 13,463
Other income
Loan origination and customer service fees 1,650 287 1,937
Net gain (loss) on sale of securities 153 - 153
Gain on sale of property acquired in settlement of loans - - -
Net gain on sale of loans 372 - 372
Net gain (loss) on sale of property and equipment 6 - 6
Rental income 335 60 395
Brokerage service income 127 - 127
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Total other income 2,643 347 2,990
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Other expenses
Salaries and employee benefits 4,222 800 5,022
Occupancy expenses 1,738 192 1,930
Advertising and promotion 254 - 254
Depositors' insurance 139 5 144
Outside services 640 - 640
Amortization of goodwill 247 755 1,002
Other expenses 1,640 249 1,889
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Total other expenses 8,880 2,001 10,881
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Income before provision for income taxes 4,722 850 5,572
Provision for income taxes 1,603 289 1,892
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Net income $ 3,119 $ 561 $ 3,680
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Earnings per common share, basic $ 1.49 $ 0.27 $ 1.76
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Earnings per common share, assuming dilution $ 1.47 $ 0.26 $ 1.73
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Shares outstanding, basic 2,093,000 2,093,000 2,093,000
Shares outstanding, assuming dilution 2,122,000 2,122,000 2,122,000
________________________________________________________________________________
On August 12, 1999, the Company issued approximately $16.9m in Capital Trust
Preferred Securities in connection with its acquisition of three New London
Trust, FSB branches. Net interest income information presented in the pro forma
column assumes the NHTB Capital Trust Preferred Security was issued on January
1, 1998.