First Commons Bank Reaches New High for Net Income of $659,000 in Q1 2017, an Increase of 44% Over Q1 2016 and 14% Over Last Quarter
NEWTON, Mass., April 27, 2017 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported a new high for Net Income of $659,000 for the quarter ended March 31, 2017, representing improvements of $204,000 or 44% over the $455,000 reported for the quarter ended March 31, 2016, and $81,000 or 14% over the $578,000 reported for the quarter ended December 31, 2016. The bank reported Total Assets of $350 million as of March 31, 2017, compared to $344 million as of December 31, 2016, and $333 million as of March 31, 2016. Total Deposits grew to $304 million and Net Loans increased to $259 million as of March 31, 2017.
Tony Nuzzo, Chairman, President, and CEO of First Commons Bank, said, "We are very pleased to have posted a record high Net Income of $659,000 for the quarter, resulting in a Return on Average Assets of 0.77% and a Return on Average Equity of 7.72%. We remain a highly efficient bank and our credit quality continues to be outstanding, with no loan more than 60 days past due at quarter end."
Tangible Book Value on March 31, 2017 was $11.02 per share with approximately $34.4 million in equity.
Tier 1 Capital (Equity) to Average Assets Ratio for the quarter was 10.01%.
Efficiency as measured by Noninterest Expense divided by Total Interest Income was 50.7% for the quarter.
Efficiency as measured by Noninterest Expense divided by Net Interest Income was 67.7% for the quarter.
First Commons Bank's financial results are available on the FDIC's website at: https://goo.gl/IS86Up.
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 on Twitter at http://twitter.com/firstcommonsbnk.
| First Commons Bank, N.A. |
|||
| Balance Sheet |
|||
| (Unaudited) |
|||
| March 31, |
March 31, |
||
| 2017 |
2016 |
||
| (Dollars in thousands) |
|||
| Assets |
|||
| Cash and Due from Banks |
$3,632 |
$586 |
|
| Interest-bearing demand deposits with other banks |
2,129 |
127 |
|
| Money market mutual funds |
256 |
3,233 |
|
| Federal funds sold |
31,600 |
36,500 |
|
| Cash and cash equivalents |
37,617 |
40,446 |
|
| Interest-bearing time deposits with other banks |
9,314 |
9,808 |
|
| Investment in held-to-maturity securities |
38,480 |
18,983 |
|
| Federal Home Loan Bank Stock, at cost |
979 |
956 |
|
| Federal Reserve Bank Stock, at cost |
2,007 |
1,859 |
|
| Loans, net |
259,344 |
258,147 |
|
| Premises and equipment |
734 |
904 |
|
| Accrued interest receivable |
841 |
988 |
|
| Deferred income tax asset, net |
1,368 |
1,234 |
|
| Other assets |
291 |
302 |
|
| Total Assets |
$350,975 |
$333,627 |
|
| Liabilities and Stockholders' Equity |
|||
| Deposits |
|||
| Noninterest-bearing |
$30,324 |
$25,848 |
|
| Interest-bearing |
274,407 |
264,119 |
|
| Total Deposits |
304,731 |
289,967 |
|
| Federal Home Loan Bank Advances |
10,000 |
10,000 |
|
| Other Liabilities |
1,830 |
1,622 |
|
| Total Liabilities |
316,561 |
301,589 |
|
| Stockholders' equity |
|||
| Common Stock, par value .01; authorized 10,000,000 |
31 |
31 |
|
| Paid-in capital |
33,419 |
33,419 |
|
| Accumulated income (deficit) |
964 |
-1,412 |
|
| Total Stockholders' Equity |
34,414 |
32,038 |
|
| Total Liabilities and Stockholders' Equity |
$350,975 |
$333,627 |
|
| First Commons Bank, N.A. |
|||
| Statement of Income |
|||
| (Unaudited) |
|||
| Three Months Ended |
|||
| March |
|||
| 2017 |
2016 |
||
| (Dollars in thousands) |
|||
| Interest Income |
|||
| Interest and fees on loans |
$3,166 |
$3,110 |
|
| Interest on securities |
193 |
88 |
|
| Other interest |
89 |
61 |
|
| Total interest income |
3,448 |
3,259 |
|
| Interest Expense |
|||
| Interest on deposits and borrowings |
700 |
741 |
|
| Total interest expense |
700 |
741 |
|
| Net interest income |
2,748 |
2,518 |
|
| Provision for loan losses |
0 |
71 |
|
| Net interest income after provision for loan losses |
2,748 |
2,447 |
|
| Noninterest income |
|||
| Service charges on deposit accounts |
23 |
28 |
|
| Gain on sale of available-for-sale securities |
0 |
0 |
|
| Gain on sale of loans |
71 |
85 |
|
| Other income |
126 |
103 |
|
| Total noninterest income |
220 |
216 |
|
| Noninterest expense: |
|||
| Salaries and employee benefits |
997 |
1,074 |
|
| Occupancy expense |
246 |
237 |
|
| Equipment expense |
38 |
50 |
|
| Professional fees |
156 |
134 |
|
| Regulatory assessment |
67 |
77 |
|
| Other expense |
357 |
323 |
|
| Total noninterest expense |
1,861 |
1,895 |
|
| Income before income tax expense |
1,107 |
768 |
|
| Income Tax expense |
448 |
313 |
|
| Net Income |
$659 |
$455 |
|
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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