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

Nov 06, 2015, 09:00 ET from First Colebrook Bancorp, Inc.

CONCORD, N.H., Nov. 6, 2015 /PRNewswire/ -- First Colebrook Bancorp, Inc. (FCNH), the holding company for Granite Bank, released today consolidated unaudited financial results for the nine months ended September 30, 2015. Total assets decreased slightly to $265.4 million on September 30, 2015 from $265.7 million on September 30, 2014.  Net loans at September 30, 2015 were $195.3 million, up from $192.7 million on September 30, 2014.  Deposits decreased to $226.2 million from $227.3 million a year earlier. 

Consolidated unaudited net income before preferred dividends for the nine months ended September 30, 2015 was $820,422 compared to $983,558 for the first nine months of 2014. Net interest income after the provision for loan losses was $6.3 million versus $6.2 million in 2014. The low interest rate environment continues to affect interest income. At September 30, 2015 the bank's net interest margin for the first nine months of 2015 was 3.32%, an improvement over the 3.30% a year earlier. Non-interest income for the first nine months of 2015 decreased to $820,208 from $894,066 from a year ago due in part to the reduced volume of residential mortgage loan originations. Non-interest expense increased to $6.0 million at September 30, 2015 from $5.7 million for the nine months ending September 30, 2014.

Earnings per share of common stock were $1.01 at September 30, 2015 compared to $1.23 for 2014, while book value per share increased to $27.25 at September 30, 2015 compared to $26.04 at September 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, f/k/a First Colebrook 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 Nine Months Ended



Total Interest Income

$  7,056,161

$ 7,181,027

Total Interest Expense



Net Interest Income after prov. for
loan losses



Provision for Loan Losses



Non-Interest Income



Non-Interest Expense



Net Income after provision for taxes



Net Income available to common



Earnings per Common Share

$            1.01

$        1.23

As of 9/30/15

As of 9/30/14

Total Assets



Investments, net



Loans Receivable, net



Total Deposits



FHLB Advances & Borrowings



Stockholder's Equity



Allowance for Loan Losses



Book Value per Common Share

$         27.25

$       26.04

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 Bank. 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 publically 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 at calling 603-237-7016.


SOURCE First Colebrook Bancorp, Inc.