First Colebrook Bancorp, Inc. Releases December 31, 2014 Earnings

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Feb 10, 2015, 06:00 ET

COLEBROOK, N.H., Feb. 10, 2015 /PRNewswire/ -- First Colebrook Bancorp (FCNH) released consolidated financial results (unaudited) for 2014. Net income before preferred dividends increased 26.79% to $1,581,910 for the twelve months ending December 31, 2014 compared to $1,247,640 in 2013. Earnings per common share increased from $1.55 in 2013 to $2.00 in 2014.

President & CEO Loyd W. Dollins stated, "Although asset growth did not occur in 2014, it was another year of improved earnings and we were able to increase our dividend." We remain cautiously optimistic about the upcoming year. The market forecasts that short-term interest rates may begin to increase in 2015. Although small business owners report some improvement in sales and profits they are not at the levels seen several years ago. Our commercial loan portfolio benefitted from this improvement and increased by 2.1% in 2014.

Our strategy to support our existing and prospective loan and deposit customers with additional products and services are expected to result in improved earnings and growth.

First Colebrook Bancorp, Inc. is a single bank holding company formed in 1985 and headquartered in Colebrook, New Hampshire. Its wholly owned subsidiary, First Colebrook Bank, was established in 1889. First Colebrook Bank operates four banking offices located in Amherst, Colebrook, Concord and Portsmouth, New Hampshire.

First Colebrook Bancorp, Inc. Consolidated Selected Financial Highlights (Unaudited)

	For the Twelve Months Ending
	12/31/14	12/31/13
Total Interest Income	$ 9,563,074	$ 9,722,410
Total Interest Expense	1,245,205	1,407,981
Net Interest Income	8,317,869	8,314,429
Provision for Loan Losses	0	288,990
Non-Interest Income	1,476,233	1,324,290
Non-Interest Expense	7,703,171	7,608,551
Net Income	1,581,910	1,247,640
Net Income available to common shares	1,495,680	1,151,829


	As of 12/31/14	As of 12/31/13
Total Assets	$ 258,857,105	$ 264,164,980
Investments, net	40,003,324	45,825,268
Loans Receivable, net	189,589,802	185,691,217
Total Deposits	219,943,254	223,406,719
FHLB Advances & Borrowings	8,539,547	12,344,539
Stockholder's Equity	28,542,515	26,735,216
Book Value per Common Share	$ 26.59	$ 24.24

For additional information, contact Avis Brosseau, SVP/Finance at [email protected] or by calling (603) 237-7016.

This press release may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of First Colebrook. For these statements, First Colebrook 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 First Colebrook, 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 as 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 First Colebrook reports publicly issued. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this press release. First Colebrook 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.

CONTACT: Avis Brosseau
[email protected]
(603) 237-7016

SOURCE First Colebrook Bancorp, Inc.