First Commons Bank 2016 Net Income of Nearly $2.2 Million More Than Doubles 2015 Results

Total Assets Reach $344 Million

News provided by

Jan 24, 2017, 09:00 ET

NEWTON, Mass., Jan. 24, 2017 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported Net Income for the year-ended December 31, 2016, of nearly $2.2 million, more than double the results for the year-ended December 31, 2015, of $1.0 million. The Bank reported Total Assets of $344 million, an increase of approximately $28 million or 9% from the $316 million reported as of December 31, 2015. Total Deposits are now $298 million compared to $273 million as of December 31, 2015, an increase of $25 million or 9%. Net Loans are now $265 million compared to $255 million as of December 31, 2015, an increase of $10 million or 4%.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are very pleased with our 2016 results. We more than doubled Net Income versus 2015 while growing both loans and deposits. Additionally, our credit quality remains outstanding, without a single loan more than 60 days delinquent."

Tangible Book Value on December 31, 2016, was $10.81 per share with approximately $34 million in equity and a Tier 1 Capital to Average Assets Ratio for the quarter of 9.69%.

First Commons Bank's financial results are available on the FDIC's Web site at: https://goo.gl/7j5Mpy.

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 Twitter at http://twitter.com/firstcommonsbnk.

First Commons Bank, N.A.
Balance Sheet
(Unaudited)
	December 31,	December 31,
	2016	2015
	(Dollars in thousands)
Assets
Cash and Due from Banks	$2,571	$1,473
Interest-bearing demand deposits with other banks	943	64
Money Market Mutual Funds	445	203
Federal funds sold	35,400	41,000
Cash and cash equivalents	39,359	42,740
Interest-bearing time deposits with other banks	9,314	8,085
Investment in held -to-maturity securities	22,934	2,000
Federal Home Loan Bank Stock, at cost	979	956
Federal Reserve Bank Stock, at cost	1,954	1,859
Loans, net	265,379	254,760
Premises and equipment	764	961
Accrued interest receivable	850	891
Deferred income tax asset, net	1,234	1,225
Other assets	1,077	2,375
Total Assets	$343,844	$315,852

Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing	$27,217	$21,539
Interest-bearing	271,309	251,203
Total Deposits	298,526	272,742
Federal Home Loan Bank Advances	10,000	10,000
Other Liabilities	1,563	1,528
Total Liabilities	310,089	284,270
Stockholders' equity
Common Stock, par value .01; authorized
10,000,000 shares, 3,122,122 shares issued
and outstanding as of December 31, 2016 and December 31, 2015	31	31
Paid-in capital	33,419	33,422
Accumulated income (deficit)	305	-1,871
Total Stockholders' Equity	33,755	31,582
Total Liabilities and Stockholders' Equity	$343,844	$315,852

First Commons Bank, N.A.
Statement of Income
(Unaudited)
	Twelve Months Ended
	December
	2016	2015
	(Dollars in thousands)
Interest Income
Interest and fees on loans	$12,964	$11,401
Interest on securities	521	49
Other interest	338	174
Total interest income	13,823	11,624
Interest Expense
Interest on deposits and borrowings	3,017	2,540
Total Interest Expense	3,017	2,540
Net interest income	10,806	9,084
Provision for loan losses	151	428
Net interest income after provision for loan losses	10,655	8,656
Noninterest income
Service charges on deposit accounts	77	43
Gain on sale of available-for-sale securities	0	0
Gain on sale of loans	288	243
Other income	24	27
Total noninterest income	389	313
Noninterest expense:
Salaries and employee benefits	4,057	4,118
Occupancy expense	968	882
Equipment expense	183	207
Professional fees	564	415
Regulatory assessment	315	234
Other expense	1,313	1,346
Total noninterest expense	7,400	7,202
Income before income tax expense	3,644	1,767
Income Tax expense	1,472	742
Net Income	$2,172	$1,025

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