First Commons Bank Reaches $282 Million in Total Assets in Less Than Six Years
NEWTON, Mass., July 30, 2015 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported that it achieved $282 million in Total Assets as of June 30, 2015, a $28 million or +11.0% increase over the December 31, 2014 Total Asset level of $254 million. Only $1.8 million of asset growth was due to the continuation of a 2014-2015 Capital Raise that ended in January. The balance of growth came principally in the core deposit areas of checking, money market and CDs under $250,000. Total deposits of $240 million reflect an increase of $27.0 million or +12% versus the December 31, 2014 balance. Net Loans of $234 million reflect an increase of $21 million or +10.0% versus December 31, 2014.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are pleased with our growth in loans and deposits, our increase in quarter-over-quarter profitability, and our high credit quality as we maintain a ratio of non-performing loans to performing loans of 0.00%."
Net income for the 3-month period ended June 30, 2015 increased 23% to $254 thousand versus $207 thousand for the 3-month period ended March 31, 2015.
Tangible Book Value on June 30th 2015 was $9.93 per share with nearly $31 million in equity and a Tier 1 Capital Ratio to Average Assets for the quarter of 11.30%.
First Commons Bank's financial results are available on the FDIC's Web site at: https://goo.gl/hXeuVV.
First Commons Bank, N.A. |
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Balance Sheet |
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(Unaudited) |
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June 30, |
December 31, |
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2015 |
2014 |
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(dollars in thousands) |
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Assets |
|||
Cash and Due from Banks |
$1,587 |
$1,516 |
|
Interest-bearing demand deposits with other banks |
40 |
123 |
|
Money Market Mutual Funds |
162 |
162 |
|
Federal funds sold |
29,700 |
30,900 |
|
Cash and Cash equivalents |
31,489 |
32,701 |
|
Interest-bearing time deposits with other banks |
9,053 |
2,205 |
|
Investment in held -to-maturity securities |
2,000 |
0 |
|
Federal Home Loan Bank Stock, at cost |
956 |
956 |
|
Federal Reserve Bank Stock, at cost |
1,719 |
1,395 |
|
Loans, net |
234,052 |
212,686 |
|
Premises and equipment |
1,076 |
1,156 |
|
Accrued interest receivable |
731 |
642 |
|
Deferred income tax asset, net |
1,225 |
1,859 |
|
Other assets |
293 |
332 |
|
Total Assets |
$282,594 |
$253,932 |
|
Liabilities and Stockholders' Equity |
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Deposits: |
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Noninterest-bearing |
$23,997 |
$18,998 |
|
Interest-bearing |
216,422 |
194,425 |
|
Total Deposits |
240,419 |
213,423 |
|
Federal Home Loan Bank Advances |
10,000 |
10,000 |
|
Other Liabilities |
1,196 |
1,867 |
|
Total Liabilities |
251,615 |
225,290 |
|
Stockholders' equity |
|||
Common Stock, par value .01; authorized |
|||
10,000,000 shares, 3,120,122 and 2,950,532 shares issued |
|||
and outstanding as of June 30, 2015 and December 31, 2014 |
31 |
30 |
|
respectively |
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Paid-in Capital |
33,383 |
31,519 |
|
Accumulated deficit |
-2,435 |
-2,907 |
|
Accumulated other comprehensive income |
0 |
0 |
|
Total stockholders' equity |
30,979 |
28,642 |
|
Total liabilities and stockholders' equity |
$282,594 |
$253,932 |
First Commons Bank, N.A. |
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Statement of Income |
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(Unaudited) |
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Six months ended June 30, |
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2015 |
2014 |
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(Dollars in thousands) |
|||
Interest Income: |
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Interest and fees on loans |
$5,275 |
$5,487 |
|
Interest on securities |
41 |
27 |
|
Other interest |
41 |
13 |
|
Total interest income |
5,357 |
5,527 |
|
Interest Expense |
|||
Interest on deposits and borrowings |
1,162 |
1,175 |
|
Total Interest Expense |
1,162 |
1,175 |
|
Net interest income |
4,195 |
4,352 |
|
Provision for loan losses |
119 |
21 |
|
Net interest income after provision for loan losses |
4,076 |
4,331 |
|
Noninterest income |
|||
Service charges on deposit accounts |
32 |
27 |
|
Gain on sale of available-for-sale securities |
0 |
0 |
|
Gain on sale of loans |
92 |
24 |
|
Other income |
95 |
53 |
|
Total noninterest income |
219 |
104 |
|
Noninterest expense: |
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Salaries and employee benefits |
1,990 |
1,778 |
|
Occupancy expense |
430 |
420 |
|
Equipment expense |
94 |
128 |
|
Professional fees |
215 |
223 |
|
Regulatory assessment |
106 |
156 |
|
Other expense |
665 |
568 |
|
Total noninterest expense |
3,500 |
3,273 |
|
Income (loss) before income tax expense (benefit) |
795 |
1,162 |
|
Income Tax expense (benefit) |
334 |
474 |
|
Net Income (Loss) |
$461 |
$688 |
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 Street 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.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Tony Nuzzo - http://www.profnetconnect.com/tony_nuzzo
SOURCE First Commons Bank
Related Links
http://www.firstcommonsbank.com
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