Peter Barry Ben

Savings Institute Celebrates Five Years in New Norwich Office

Feb 20, 2013

Norwich, CT (Feb 20, 2013) – More than 30 members of the Norwich business community attended a breakfast at the Savings Institute Bank & Trust’s Norwich location to celebrate five years in their new office. “We made a commitment to the town of Norwich when we moved from our location inside the Norwich Big Y.” commented Barry Shead, Branch Manager of the Savings Institute’s Norwich office. “I’m happy to share our success with so many members of the community this morning.”

As part of the celebration, the bank made charitable contributions to the Arc of New London County, Easter Seals, Norwich Rotary Club’s Benji Fund and the Norwich Little League. In addition, Benjamin Lathrop, President and Executive Director of the Greater Norwich Chamber of Commerce, presented Barry with a plaque congratulating the Norwich office on five successful years in its new location. Pictures of the event can be viewed at http://www.facebook.com/savingsinstitute

Savings Institute Bank & Trust Company is headquartered in Willimantic, Connecticut with twenty branches in eastern Connecticut. The Bank is a full service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area.

SELECTED FINANCIAL CONDITION DATA:

December 31,

December 31,

(Dollars in Thousands / Unaudited)

2012

2011

ASSETS
Noninterest-bearing cash and due from banks $

16,364

$

13,980

Interest-bearing cash and cash equivalents

21,325

34,432

Securities

184,591

239,202

Loans held for sale

5,069

5,558

Loans receivable, net

685,163

618,626

Bank-owned life insurance

9,060

9,012

Other real estate owned, net

1,293

976

Other assets

30,385

33,261

Total assets $

953,250

$

955,047

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits $

705,148

$

701,926

Borrowings

106,317

108,317

Other liabilities

16,026

14,287

Total liabilities

827,491

824,530

Shareholders’ equity

125,759

130,517

Total liabilities and shareholders’ equity $

953,250

$

955,047

 

SELECTED OPERATING DATA:

Three Months Ended

Years Ended

December 31,

December 31,

(Dollars in Thousands / Unaudited)

2012

2011

2012

2011

Interest and dividend income $

8,863

$

9,265

$

35,824

$

37,820

Interest expense

2,322

2,638

9,633

11,377

Net interest income

6,541

6,627

26,191

26,443

Provision for loan losses

646

948

2,896

1,558

Net interest income after provision for loan losses

5,895

5,679

23,295

24,885

Noninterest income

2,398

2,885

8,717

11,127

Noninterest expenses

7,338

7,522

30,653

32,592

Income before income taxes

955

1,042

1,359

3,420

Provision for income taxes

210

281

241

1,003

Net income $

745

$

761

$

1,118

$

2,417

Three Months Ended

Years Ended

December 31,

December 31,

(Dollars in Thousands / Unaudited)

2012

2011

2012

2011

Earnings per share:
Basic $

0.08

$

0.08

$

0.11

$

0.24

Diluted $

0.08

$

0.08

$

0.11

$

0.24

Weighted average shares outstanding:
Basic

9,567,215

9,959,199

9,730,797

9,988,322

Diluted

9,601,472

9,978,533

9,755,692

10,008,860

 

SELECTED FINANCIAL RATIOS:

At or For the

At or For the

Three Months Ended

Years Ended

December 31,

December 31,

2012

2011

2012

2011

Selected Performance Ratios:
Return on average assets (1)

0.31

%

0.32

%

0.12

%

0.26

%
Return on average equity (1)

2.32

2.31

0.86

1.85

Interest rate spread

2.61

2.63

2.63

2.67

Net interest margin

2.87

2.91

2.88

2.96

Efficiency ratio (2)

82.49

79.06

88.19

87.54

Asset Quality Ratios:
Allowance for loan losses $

6,387

$

4,970

Allowance for loan losses as a percent of total loans (3)

0.93

%

0.80

%
Allowance for loan losses as a percent of
nonperforming loans

83.45

46.93

Nonperforming loans $

7,654

$

10,591

Nonperforming loans as a percent of total loans (3)

1.11

%

1.70

%
Nonperforming assets (4) $

8,947

$

11,567

Nonperforming assets as a percent of total assets

0.94

%

1.21

%
Per Share Data:
Book value per share $

12.44

$

12.34

Tangible book value per share (5)

12.09

11.95

Dividends per share

0.12

0.12

_________

(1)     Quarterly ratios have been annualized.

(2)     Represents noninterest expenses divided by the sum of net interest and noninterest income, less any realized gains or losses on the sale of securities and other-than-temporary impairment on securities.

(3)     Total loans exclude deferred fees and costs.

(4)     Nonperforming assets consist of nonperforming loans and other real estate owned.

(5)     Tangible book value per share equals book value per share less the effect of intangible assets, which consisted of goodwill and other intangibles of $3.5 million and $4.1 million at December 31, 2012 and 2011, respectively.

CONTACT:
Diane Phillips
Executive Assistant/Investor Relations Administrator
Email:  investorrelations@banksi.com
(860) 456-6514