First Colebrook Bancorp, Inc. Releases June 30, 2015 Consolidated Earnings

Aug 07, 2015, 09:00 ET from First Colebrook Bancorp, Inc.

COLEBROOK, N.H., Aug. 7, 2015 /PRNewswire/ -- First Colebrook Bancorp, Inc. (FCNH), the holding company for Granite Bank, released today consolidated unaudited financial results for the six months ended June 30, 2015. Total assets decreased to $264.4 million on June 30, 2015 from $266.8 million on June 30, 2014. Net loans at June 30, 2015 were $198.0 million, up from $191.4 million on June 30, 2014. Deposits remained flat, while investments decreased to $41.2 million at June 30, 2015 from $46.4 million at June 30, 2014 to support loan growth.

Consolidated unaudited net income for the six months ended June 30, 2015 was $495,028 compared to $612,094 for the first six months of 2014. Net interest income was $4.1 million for both years. The very low interest rate environment continues to compress margins. The bank's net interest margin for the first six months of both 2015 and 2014 was 3.31%. Non-interest income decreased to $523,019 from $626,990 due in part to the reduced level of residential mortgage loan originations. Non-interest expense increased slightly to $4.0 million from $3.9 million for the six months ending June 30 over the same period last year. The provision for loan losses was lower by $10,000 for the six months of this year compared to last year.

Earnings per share of common stock was $.60 at June 30, 2015 compared to $.76 for 2014, while book value per share increased to $26.58 at June 30 compared to $25.55 at June 30, 2014.

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


First Colebrook Bancorp, Inc.


Selected Financial Highlights


For the Six Months Ended



Total Interest Income

$  4,649,966

$  4,767,325

Total Interest Expense



Net Interest Income



Provision for Loan Losses



Non-Interest Income



Non-Interest Expense



Net Income after provision for taxes



Net Income available to common shares



Earnings per Common Share

$             .60

$             .76

As of 6/30/15

 As of 6/30/14

Total Assets



Investments, net



Loans Receivable, net



Total Deposits



FHLB Advances & Borrowings



Stockholder's Equity



Allowance for Loan Losses



Book Value per Common Share

$         26.58

$         25.55

Source:  First Colebrook Bancorp, Inc.

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. 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 publicly 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, Senior Vice President - Finance at abrosseau@granite or by calling 603-237-7016.


SOURCE First Colebrook Bancorp, Inc.