First Commons Bank Reaches $282 Million in Total Assets in Less Than Six Years

Jul 30, 2015, 10:00 ET from First Commons Bank

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.

Balance Sheet

(Unaudited)



June 30,

December 31,



2015

2014



      (dollars in thousands)

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




Deposits:




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




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.

Statement of Income

(Unaudited)



 Six months ended June 30,



2015

2014



(Dollars in thousands)

Interest Income:




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:




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