First Commons Bank Grows to a $222 Million Institution in Only 44 Months; Net Loans up 33%
-- Now Profitable for Five Consecutive Quarters --
NEWTON, Mass., April 25, 2013 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $222,527,000 as of March 31, 2013, after only 44 months of operation. Total assets grew by approximately $40 million, or 22 percent, for the 12-month period ended March 31, 2013. Net loans increased by $49 million, or 33 percent, for the same 12-month period.
Net income for the three month period ended March 31, 2013, was $196,000, compared to $121,000 for the three month period ended March 31, 2012, representing a 61 percent increase. Each year's net income had both operating profitability and gains on the sale of securities.
First Commons Bank's assets have now surpassed the assets of more than 4,190 other banks – or more than 59 percent of the 7,040 FDIC-insured banks which filed FDIC call reports for the period ended December 31, 2012.
The Bank's Net Interest Margin for the three month period ended March 31, 2013, was 3.52 percent compared to 3.46 percent for the three month period ended March 31, 2012.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are pleased with our continued growth, especially in the loan portfolio. We are also pleased that as a bank which was established on July 22, 2009, we have now reported net positive operating income for five consecutive quarters."
First Commons Bank's financial results are available on the FDIC Web site at: http://goo.gl/Q6D3D.
| First Commons Bank Selected Balance Sheet Items |
||
| March 2013 |
March 2012 |
|
| Total Assets |
$222,527,000 |
$182,595,000 |
| Net Loans |
$197,979,000 |
$148,446,000 |
| Deposits |
$198,880,000 |
$161,751,000 |
| Loans to Deposits |
99% |
91% |
| First Commons Bank Selected Performance Metrics |
||
| Three Months Ended March 2013 |
Three Months Ended March 2012 |
|
| Net Income |
$195,862 |
$121,111 |
| Net Interest Rate Spread |
3.38% |
3.32% |
| Net Interest Margin |
3.52% |
3.46% |
| Non-Interest Expenses as a Percent of Average Assets |
2.93% |
3.26% |
| Return on Average Assets |
0.36% |
0.27% |
| Return on Average Equity |
3.52% |
2.57% |
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, which opened for business on July 22, 2009, reported total assets of $222,527,000 as of March 31, 2013 – after only 44 months of operation and making it larger than 59 percent of all FDIC-insured banks in the U.S.
First Commons Bank provides clients with superior, personalized service and the highest quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 Linden Square, in Wellesley, Mass.
Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.
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SOURCE First Commons Bank
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