First Commons Bank Net Income Reaches $612,000 in Q3; Net Income is Triple the Same Period Last Year and Up 16% Over Last Quarter
Total Assets Reach $347 Million in Q3, Up 18% Over Year Ago
NEWTON, Mass., Oct. 20, 2016 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported Net Income for the three-month period ended September 30, 2016 of $612 thousand, representing a tripling of the $200 thousand earned for the quarter ended September 30, 2015, and a 16% increase over the $525 thousand earned last quarter. The bank also achieved a new high point of $347 million in Total Assets as of September 30, 2016, representing an 18% increase versus September 30, 2015. Total Deposits are now $302 million, representing a 20% increase versus a year ago. Net Loans are now $264 million, representing a 6% increase versus a year ago.
Tony Nuzzo, Chairman, President, and CEO of First Commons Bank, said, "We continue to be very pleased with our Net Income results. The third quarter of 2016 represents our fourth consecutive quarter of strong and increasing earnings as well as a tripling of Net Income earned in the third quarter of 2015. Further, our Net Income for the first three quarters of 2016 exceeds our total 2015 Net Income by over 50%."
Mr. Nuzzo also stated that, "As of September 30, 2016 the bank has no loans delinquent 30 days or more."
Tangible Book Value on September 30, 2016, was $10.63 per share, with approximately $33 million in equity and a Tier 1 Capital to Average Assets Ratio for the quarter of 9.66%.
First Commons Bank's financial results are available on the FDIC's website at: https://goo.gl/gO02MC.
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 on Twitter at http://twitter.com/firstcommonsbnk.
| First Commons Bank, N.A. |
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| Balance Sheet |
|||
| (Unaudited) |
|||
| September 30, |
September 30, |
||
| 2016 |
2015 |
||
| (Dollars in thousands) |
|||
| Assets |
|||
| Cash and Due from Banks |
$3,124 |
$1,807 |
|
| Interest-bearing demand deposits with other banks |
3,478 |
140 |
|
| Money market mutual funds |
309 |
182 |
|
| Federal funds sold |
35,400 |
25,500 |
|
| Cash and cash equivalents |
42,311 |
27,629 |
|
| Interest-bearing time deposits with other banks |
9,808 |
7,579 |
|
| Investment in held-to-maturity securities |
22,932 |
2,000 |
|
| Federal Home Loan Bank Stock, at cost |
979 |
956 |
|
| Federal Reserve Bank Stock, at cost |
1,922 |
1,719 |
|
| Loans, net |
264,408 |
249,291 |
|
| Premises and equipment |
804 |
1,014 |
|
| Accrued interest receivable |
800 |
832 |
|
| Deferred income tax asset, net |
1,234 |
1,225 |
|
| Other assets |
2,174 |
842 |
|
| Total Assets |
$347,372 |
$293,087 |
|
| Liabilities and Stockholders' Equity |
|||
| Deposits |
|||
| Noninterest-bearing |
$27,538 |
$26,150 |
|
| Interest-bearing |
275,222 |
224,519 |
|
| Total Deposits |
302,760 |
250,669 |
|
| Federal Home Loan Bank Advances |
10,000 |
10,000 |
|
| Other Liabilities |
1,436 |
1,228 |
|
| Total Liabilities |
314,196 |
261,897 |
|
| Stockholders' equity |
|||
| Common Stock, par value .01; authorized |
|||
| 10,000,000 shares; 3,122,122 and 3,120,122 shares issued |
|||
| and outstanding as of September 30, 2016 and September 30, 2015 |
31 |
31 |
|
| respectively |
|||
| Paid-in capital |
33,419 |
33,393 |
|
| Accumulated deficit |
-274 |
-2,234 |
|
| Total Stockholders' Equity |
33,176 |
31,190 |
|
| Total Liabilities and Stockholders' Equity |
$347,372 |
$293,087 |
|
| First Commons Bank, N.A. |
|||
| Statement of Income |
|||
| (Unaudited) |
|||
| Nine Months Ended |
|||
| September |
|||
| 2016 |
2015 |
||
| (Dollars in thousands) |
|||
| Interest Income |
|||
| Interest and fees on loans |
$9,394 |
$8,187 |
|
| Interest on securities |
181 |
67 |
|
| Other interest |
427 |
69 |
|
| Total interest income |
10,002 |
8,323 |
|
| Interest Expense |
|||
| Interest on deposits and borrowings |
2,261 |
1,818 |
|
| Total interest expense |
2,261 |
1,818 |
|
| Net interest income |
7,741 |
6,505 |
|
| Provision for loan losses |
128 |
303 |
|
| Net interest income after provision for loan losses |
7,613 |
6,202 |
|
| Noninterest income |
|||
| Service charges on deposit accounts |
72 |
50 |
|
| Gain on sale of available-for-sale securities |
0 |
0 |
|
| Gain on sale of loans |
238 |
134 |
|
| Other income |
293 |
115 |
|
| Total noninterest income |
603 |
299 |
|
| Noninterest expense |
|||
| Salaries and employee benefits |
3,077 |
3,080 |
|
| Occupancy expense |
723 |
646 |
|
| Equipment expense |
150 |
155 |
|
| Professional fees |
368 |
323 |
|
| Regulatory assessment |
243 |
164 |
|
| Other expense |
984 |
990 |
|
| Total noninterest expense |
5,545 |
5,358 |
|
| Income before income tax expense |
2,671 |
1,143 |
|
| Income Tax expense |
1,078 |
482 |
|
| Net Income |
$1,593 |
$661 |
|
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
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