First Commons Bank Reaches a Second Consecutive New High in Quarterly Net Income, Q2 Net Income of $667,000 is a 27% Increase Over Same Quarter 2016
NEWTON, Mass., July 27, 2017 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported a second consecutive new quarterly high for Net Income of $667,000 for the quarter ended June 30, 2017, representing improvements of $142,000 or 27% over the $525,000 reported for the quarter ended June 30, 2016, and $8,000 or 1% over the $659,000 reported for the quarter ended March 31, 2017. The Bank reported Total Assets of $324 million as of June 30, 2017, compared $339 million as of June 30, 2016, and $350 million as of March 31, 2017. Total Deposits are $277 million as of June 30, 2017. Net Loans are $253 million as of June 30, 2017.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are very pleased with our financial results for the Quarter ended June 30, 2017. We achieved another record high for quarterly net income, resulting in a new record high for Return on Average Assets of 0.80%. Additionally, our Return on Average Equity was 7.66%."
Tangible Book Value on June 30, 2017 was $11.24 per share with approximately $35 million in equity.
Tier 1 Capital (Equity) to Average Assets Ratio for the quarter was 10.49%.
Efficiency as measured by Noninterest Expense divided by Total Income was 49.7% for the quarter.
Efficiency as measured by Noninterest Expense divided by Net Interest Income was 65.0% for the quarter.
First Commons Bank's financial results are available on the FDIC's Web site at: https://goo.gl/yAeqy6.
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.
| First Commons Bank, N.A. |
|||
| Balance Sheet |
|||
| (Unaudited) |
|||
| June 30, |
June 30, |
||
| 2017 |
2016 |
||
| (Dollars in thousands) |
|||
| Assets |
|||
| Cash and Due from Banks |
$2,990 |
$1,139 |
|
| Interest-bearing demand deposits with other banks |
144 |
285 |
|
| Money Market Mutual Funds |
735 |
154 |
|
| Federal funds sold |
18,000 |
35,900 |
|
| Cash and cash equivalents |
21,869 |
37,478 |
|
| Interest-bearing time deposits with other banks |
7,599 |
6,864 |
|
| Investment in held-to-maturity securities |
34,206 |
22,930 |
|
| Federal Home Loan Bank Stock, at cost |
1,010 |
979 |
|
| Federal Reserve Bank Stock, at cost |
2,007 |
1,922 |
|
| Loans, net |
252,934 |
265,781 |
|
| Premises and equipment |
687 |
864 |
|
| Accrued interest receivable |
822 |
937 |
|
| Deferred income tax asset, net |
1,368 |
1,234 |
|
| Other assets |
1,295 |
346 |
|
| Total Assets |
$323,797 |
$339,335 |
|
| Liabilities and Stockholders' Equity |
|||
| Deposits |
|||
| Noninterest-bearing |
$35,415 |
$27,805 |
|
| Interest-bearing |
241,777 |
267,680 |
|
| Total Deposits |
277,192 |
295,485 |
|
| Federal Home Loan Bank Advances |
10,000 |
10,000 |
|
| Other Liabilities |
1,524 |
1,286 |
|
| Total Liabilities |
288,716 |
306,771 |
|
| Stockholders' equity |
|||
| Common Stock, par value .01; authorized |
31 |
31 |
|
| Paid-in capital |
33,419 |
33,419 |
|
| Accumulated income (deficit) |
1,631 |
(886) |
|
| Total Stockholders' Equity |
35,081 |
32,564 |
|
| Total Liabilities and Stockholders' Equity |
$323,797 |
$339,335 |
|
| First Commons Bank, N.A. |
|||
| Statement of Income |
|||
| (Unaudited) |
|||
| Six Months Ended |
|||
| June |
|||
| 2017 |
2016 |
||
| (Dollars in thousands) |
|||
| Interest Income |
|||
| Interest and fees on loans |
$6,219 |
$6,199 |
|
| Interest on securities |
474 |
270 |
|
| Other interest |
173 |
119 |
|
| Total interest income |
6,866 |
6,588 |
|
| Interest Expense |
|||
| Interest on deposits and borrowings |
1,354 |
1,494 |
|
| Total Interest Expense |
1,354 |
1,494 |
|
| Net interest income |
5,512 |
5,094 |
|
| Provision for loan losses |
0 |
128 |
|
| Net interest income after provision for loan losses |
5,512 |
4,966 |
|
| Noninterest income |
|||
| Service charges on deposit accounts |
45 |
52 |
|
| Gain (Loss) on sale of securities |
(47) |
0 |
|
| Gain on sale of loans |
112 |
151 |
|
| Other income |
259 |
156 |
|
| Total noninterest income |
369 |
359 |
|
| Noninterest expense |
|||
| Salaries and employee benefits |
2,035 |
2,058 |
|
| Occupancy expense |
490 |
481 |
|
| Equipment expense |
65 |
105 |
|
| Professional fees |
283 |
255 |
|
| Regulatory assessment |
107 |
159 |
|
| Other expense |
676 |
634 |
|
| Total noninterest expense |
3,656 |
3,692 |
|
| Income before income tax expense |
2,225 |
1,633 |
|
| Income Tax expense |
898 |
652 |
|
| Net Income |
$1,327 |
$981 |
|
Available Topic Expert: For information on the listed expert, click appropriate link.
Tony Nuzzo
ProfNet - http://www.profnetconnect.com/tony_nuzzo
SOURCE First Commons Bank
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