First Commons Bank 2016 Net Income of Nearly $2.2 Million More Than Doubles 2015 Results
Total Assets Reach $344 Million
NEWTON, Mass., Jan. 24, 2017 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported Net Income for the year-ended December 31, 2016, of nearly $2.2 million, more than double the results for the year-ended December 31, 2015, of $1.0 million. The Bank reported Total Assets of $344 million, an increase of approximately $28 million or 9% from the $316 million reported as of December 31, 2015. Total Deposits are now $298 million compared to $273 million as of December 31, 2015, an increase of $25 million or 9%. Net Loans are now $265 million compared to $255 million as of December 31, 2015, an increase of $10 million or 4%.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are very pleased with our 2016 results. We more than doubled Net Income versus 2015 while growing both loans and deposits. Additionally, our credit quality remains outstanding, without a single loan more than 60 days delinquent."
Tangible Book Value on December 31, 2016, was $10.81 per share with approximately $34 million in equity and a Tier 1 Capital to Average Assets Ratio for the quarter of 9.69%.
First Commons Bank's financial results are available on the FDIC's Web site at: https://goo.gl/7j5Mpy.
About First Commons Bank
First Commons Bank, N.A., is a nationally chartered, FDIC-insured full-service community bank dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank opened for business on July 22, 2009. Locations include its headquarters at 718 Beacon Street in Newton Centre, Mass., and 161 Linden Square in Wellesley, Mass. Visit the First Commons Bank website at http://www.firstcommonsbank.com. Follow the bank on Facebook at http://facebook.com/firstcommonsbank and Twitter at http://twitter.com/firstcommonsbnk.
| First Commons Bank, N.A. |
||
| Balance Sheet |
||
| (Unaudited) |
||
| December 31, |
December 31, |
|
| 2016 |
2015 |
|
| (Dollars in thousands) |
||
| Assets |
||
| Cash and Due from Banks |
$2,571 |
$1,473 |
| Interest-bearing demand deposits with other banks |
943 |
64 |
| Money Market Mutual Funds |
445 |
203 |
| Federal funds sold |
35,400 |
41,000 |
| Cash and cash equivalents |
39,359 |
42,740 |
| Interest-bearing time deposits with other banks |
9,314 |
8,085 |
| Investment in held -to-maturity securities |
22,934 |
2,000 |
| Federal Home Loan Bank Stock, at cost |
979 |
956 |
| Federal Reserve Bank Stock, at cost |
1,954 |
1,859 |
| Loans, net |
265,379 |
254,760 |
| Premises and equipment |
764 |
961 |
| Accrued interest receivable |
850 |
891 |
| Deferred income tax asset, net |
1,234 |
1,225 |
| Other assets |
1,077 |
2,375 |
| Total Assets |
$343,844 |
$315,852 |
| Liabilities and Stockholders' Equity |
||
| Deposits |
||
| Noninterest-bearing |
$27,217 |
$21,539 |
| Interest-bearing |
271,309 |
251,203 |
| Total Deposits |
298,526 |
272,742 |
| Federal Home Loan Bank Advances |
10,000 |
10,000 |
| Other Liabilities |
1,563 |
1,528 |
| Total Liabilities |
310,089 |
284,270 |
| Stockholders' equity |
||
| Common Stock, par value .01; authorized |
||
| 10,000,000 shares, 3,122,122 shares issued |
||
| and outstanding as of December 31, 2016 and December 31, 2015 |
31 |
31 |
| Paid-in capital |
33,419 |
33,422 |
| Accumulated income (deficit) |
305 |
-1,871 |
| Total Stockholders' Equity |
33,755 |
31,582 |
| Total Liabilities and Stockholders' Equity |
$343,844 |
$315,852 |
| First Commons Bank, N.A. |
|||
| Statement of Income |
|||
| (Unaudited) |
|||
| Twelve Months Ended |
|||
| December |
|||
| 2016 |
2015 |
||
| (Dollars in thousands) |
|||
| Interest Income |
|||
| Interest and fees on loans |
$12,964 |
$11,401 |
|
| Interest on securities |
521 |
49 |
|
| Other interest |
338 |
174 |
|
| Total interest income |
13,823 |
11,624 |
|
| Interest Expense |
|||
| Interest on deposits and borrowings |
3,017 |
2,540 |
|
| Total Interest Expense |
3,017 |
2,540 |
|
| Net interest income |
10,806 |
9,084 |
|
| Provision for loan losses |
151 |
428 |
|
| Net interest income after provision for loan losses |
10,655 |
8,656 |
|
| Noninterest income |
|||
| Service charges on deposit accounts |
77 |
43 |
|
| Gain on sale of available-for-sale securities |
0 |
0 |
|
| Gain on sale of loans |
288 |
243 |
|
| Other income |
24 |
27 |
|
| Total noninterest income |
389 |
313 |
|
| Noninterest expense: |
|||
| Salaries and employee benefits |
4,057 |
4,118 |
|
| Occupancy expense |
968 |
882 |
|
| Equipment expense |
183 |
207 |
|
| Professional fees |
564 |
415 |
|
| Regulatory assessment |
315 |
234 |
|
| Other expense |
1,313 |
1,346 |
|
| Total noninterest expense |
7,400 |
7,202 |
|
| Income before income tax expense |
3,644 |
1,767 |
|
| Income Tax expense |
1,472 |
742 |
|
| Net Income |
$2,172 |
$1,025 |
|
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Tony Nuzzo
ProfNet - http://www.profnetconnect.com/tony_nuzzo
SOURCE First Commons Bank
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