First Colebrook Bancorp, Inc. Releases September 30, 2014 Consolidated Earnings

COLEBROOK, N.H., Nov. 5, 2014 /PRNewswire/ -- First Colebrook Bancorp, Inc. (OTC Pink Sheets: FCNH), the holding company for First Colebrook Bank, released today consolidated unaudited financial results for the nine months ended September 30, 2014. Total assets increased to $265.7 million on September 30, 2014 from $263.9 million on September 30, 2013. Net loans at September 30, 2014 were $192.7 million, from $180.3 million on September 30, 2013. Deposits grew to $227.3 million from $224.9 million a year earlier. 

Consolidated unaudited net income before preferred dividends for the nine months ended September 30, 2014 was $983,558 compared to $1,009,919 for the first nine months of 2013. Net interest income after the provision for loan losses was $6.2 million versus $6.0 million in 2013. The low interest rate environment continues to affect interest income. At September 30, 2014 the bank's net interest margin for the first nine months of 2014 was 3.30% compared to 3.41% a year earlier. Non-interest income for the first nine months of 2014 decreased to $894 million from $1,059 million from a year ago due in part to the reduced volume of residential mortgage loan originations. Non-interest expense increased to $5.7 million at September 30, 2014 from $5.6 million for the nine months ending September 30, 2013. The provision for loan losses was lower by $279,000 for the nine months of this year compared to last year.

Earnings per share of common stock were $1.23 at September 30, 2014 compared to $1.26 for 2013, while book value per common share increased to $26.04 at September 30, 2014 compared to $24.33 at September 30, 2013.

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 Colebrook, Concord, Amherst and Portsmouth, New Hampshire.

This press release may contain forward-looking statements regarding the financial performance, business prospects, and 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 is 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.

For additional information, contact Avis Brosseau, Senior Vice President at [email protected] or by calling 603-237-7016.

SOURCE First Colebrook Bancorp, Inc.