First Commons Bank Reaches $271 million in Total Assets -- A New High Point
NEWTON, Mass., April 23, 2015 /PRNewswire/ -- First Commons Bank of Newton, Mass. today reported that it achieved a new high point in Total Asset level with $271,627,000 as of March 31, 2015, a $16 million or +7.0% increase over the December 31, 2014 Total Asset level of $253,932,000. Total deposits of $229 million reflect an increase of $16.0 million or +7.5% versus the last quarter of 2014. Net Loans of $223 million reflect an increase of $10.5 million or +5.0% versus last quarter.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are pleased that the growth of our bank has resumed with vigor after we raised $6.7 million in new capital during four months ending in January 2015. We are also happy to report that after reaching a new high point in Total Assets with $271 million on March 31st, we are now in the top 37% of the over 6,400 banks in the US filing FDIC Call Reports on December 31st."
Net income for the 3-month period ended March 31, 2015 was $206 thousand, compared to $293 thousand for the 3-month period ended December 31, 2014.
Tangible Book Value on March 31st was $9.85 per share with nearly $31 million in equity and a Tier 1 Capital Ratio of 11.86%.
Mr. Nuzzo further noted that "We are also very proud that Sageworks, a national financial research firm, recognized First Commons Bank in March as one of the 'Healthiest Banks' in the United States principally due to our continued absence of non-performing loans."
First Commons Bank's financial results are available on the FDIC's Web site at: http://goo.gl/GWPXJF.
| First Commons Bank, N.A. |
|||
| Balance Sheet |
|||
| (Unaudited) |
|||
| March 31, |
December 31, |
||
| 2015 |
2014 |
||
| (Dollars in thousands) |
|||
| Assets |
|||
| Cash and Due from Banks |
2,021 |
1,516 |
|
| Interest-bearing demand deposits with other banks |
82 |
123 |
|
| Money Market Mutual Funds |
162 |
162 |
|
| Federal funds sold |
36,400 |
30,900 |
|
| Cash and Cash equivalents |
38,665 |
32,701 |
|
| Interest-bearing time deposits with other banks |
3,711 |
2,205 |
|
| Investment in available-for-sale securities |
0 |
0 |
|
| Federal Home Loan Bank Stock, at cost |
956 |
956 |
|
| Federal Reserve Bank Stock, at cost |
1,719 |
1,395 |
|
| Loans, net |
223,220 |
212,686 |
|
| Premised and equipment |
1,138 |
1,156 |
|
| Accrued interest receivable |
684 |
642 |
|
| Deferred income tax asset, net |
1,225 |
1,859 |
|
| Other assets |
309 |
332 |
|
| Total Assets |
271,627 |
253,932 |
|
| Liabilities and Stockholders' Equity |
|||
| Deposits: |
|||
| Noninterest-bearing |
18,883 |
18,998 |
|
| Interest-bearing |
210,533 |
194,425 |
|
| Total Deposits |
229,416 |
213,423 |
|
| Federal Home Loan Bank Advances |
10,000 |
10,000 |
|
| Other Liabilities |
1,490 |
1,867 |
|
| Total Liabilities |
240,906 |
225,290 |
|
| Stockholders' equity |
|||
| Common Stock, par value .01; authorized 10,000,000 shares, |
31 |
30 |
|
| Paid-in Capital |
33,586 |
31,519 |
|
| Accumulated deficit |
-2,896 |
-2,907 |
|
| Accumulated other comprehensive income |
0 |
0 |
|
| Total stockholders' equity |
30,721 |
28,642 |
|
| Total liabilities and stockholders' equity |
271,627 |
253,932 |
|
| First Commons Bank, N.A. |
|||
| Statement of Income |
|||
| (Unaudited) |
|||
| Three months ended |
|||
| March |
December |
||
| (Dollars in thousands) |
|||
| Interest Income: |
|||
| Interest and fees on loans |
2,550 |
2,549 |
|
| Interest on securities |
0 |
0 |
|
| Other interest |
23 |
37 |
|
| Total interest income |
2,573 |
2,586 |
|
| Interest Expense |
|||
| Interest on deposits and borrowings |
559 |
533 |
|
| Total Interest Expense |
559 |
533 |
|
| Net interest income |
2,014 |
2,053 |
|
| Provision for loan losses |
34 |
25 |
|
| Net interest income after provision for loan losses |
1,980 |
2,028 |
|
| Noninterest income |
|||
| Service charges on deposit accounts |
16 |
16 |
|
| Gain on sale of available-for-sale securities |
0 |
0 |
|
| Gain on sale of loans |
44 |
125 |
|
| Other income |
11 |
114 |
|
| Total noninterest income |
71 |
255 |
|
| Noninterest expense: |
|||
| Salaries and employee benefits |
961 |
959 |
|
| Occupancy expense |
218 |
214 |
|
| Equipment expense |
42 |
43 |
|
| Professional fees |
93 |
156 |
|
| Regulatory assessment |
51 |
66 |
|
| Other expense |
327 |
344 |
|
| Total noninterest expense |
1,692 |
1,782 |
|
| Income (loss) before income tax expense (benefit) |
359 |
501 |
|
| Income Tax expense (benefit) |
153 |
208 |
|
| Net Income (Loss) |
206 |
293 |
|
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 of Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.
Available Topic Expert: For information on the listed expert, click appropriate link.
Tony Nuzzo - http://www.profnetconnect.com/tony_nuzzo
SOURCE First Commons Bank, N.A.
Related Links
http://www.firstcommonsbank.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article