First Colebrook Bancorp, Inc. Releases March 31, 2016 Consolidated Earnings

COLEBROOK, N.H., May 6, 2016 /PRNewswire/ -- First Colebrook Bancorp, Inc.'s (FCNH) consolidated unaudited financial results for the three months ended March 31, 2016 were released May 6, 2016. For the quarter ended March 31, 2016, total assets decreased to $261.9 million from $262.3 million for the quarter ended March 31, 2015, a .16% decrease. Net loans at March 31, 2016 increased to $197.6 million, a 4.73% increase over the $188.7 million on March 31, 2015. Deposits decreased by 1.58% to $219.7 million over the same period in 2015. On March 22, 2016, $5,000,000 subordinated debt was issued and a partial redemption of the outstanding preferred stock took place in the amount of $5,000,000. 

Consolidated unaudited net income for the three months ended March 31, 2016 was $145,983 compared to $268,488 for the March 2015 ended quarter, a 45.6% decrease. Net interest income in the first quarter was consistent from first quarter 2015 at $2.04 million. Non-interest income decreased to $252,257 from $272,851 and non-interest expense increased to $2.14 million from $1.97 million for quarters ended, respectively. The largest increase in non-interest expense of $186,803 was seen in net salaries and benefits. Over the last year, an increase in loan personnel occurred to prepare for the expected growth in 2016 and beyond. During the first quarter 2016, a provision of $50,000. was made to the Allowance for Loan Losses to accommodate this loan growth.  

First Colebrook Bancorp, Inc. is a single bank holding company formed in 1984 and headquartered in Colebrook, New Hampshire. Its wholly owned subsidiary, Granite Bank, f/k/a First Colebrook Bank, was established in 1889. Granite Bank operates four banking offices located in Colebrook, Concord, Amherst and Portsmouth, New Hampshire.

This press release may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of Granite Bank f/k/a First Colebrook Bank. For these statements, Granite Bank claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with other information available about Granite Bank, including the information in the filings we make to regulatory authorities. Forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will," and similar expressions in connection with any discussion of future operating or financial performance.  Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Granite Bank reports publically issued. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this press release. Granite Bank does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statements to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

For additional information, contact Avis Brosseau, Chief Financial Officer at [email protected] or by calling 603-237-7016.

SOURCE First Colebrook Bancorp, Inc.