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New Hampshire Thrift Bancshares Q1 net income up

New Hampshire Thrift Bancshares has reported a net income of $1.3 million, or $0.24 per diluted share for the first quarter ended March 31, 2008, compared to $1.02 million, or $0.24 per diluted share for the corresponding period of 2007.

The bank said that the increase in net income for the first quarter reflects an increase of $1.7 million in net interest and dividend income, due to improving interest income margins and the completion of the acquisitions with First Brandon National Bank and First Community Bank during the second and fourth quarters of 2007.

The net interest and dividend income was $6.1 million for the first quarter of 2008, compared to $4.3 million for the same period in 2007. The increase in net interest income for the first quarter of 2008 was partially offset by an increase in non-interest expense of $1.6 million.

The bank’s returns on average assets and equity were 0.64% and 10.14%, respectively for the first quarter of 2008, compared to 0.60% and 8.68%, respectively, for the corresponding period of 2007.

The bank’s total loan production was $54.05 million for the first quarter of 2008, compared to $37.11 million for the same period in 2007. Total assets amounted to $828.92 million at March 31, 2008, an increase of $174.33 million compared to $654.59 million for the corresponding period of 2007.

The bank’s total deposits increased by $174.21 million including approximately $152 million from the two acquisitions, to $644.11 million at March 31, 2008, from $469.89 million for the corresponding period of 2007.