NEWTON, Mass., Jan. 26, 2016 (GLOBE NEWSWIRE) -- First Commons Bank of Newton, Mass., today reported that it achieved a new high point of $315 million in Total Assets as of December 31, 2015, representing a 24% increase versus December 31, 2014, and a 7% increase versus last quarter ended September 30, 2015. Total Deposits grew to $272 million, a 27% increase versus a year ago and an 8% increase versus last quarter. Net Loans increased to $255 million as of December 31, 2015, representing a 19% increase versus a year ago and a 2% increase versus last quarter.
Tony Nuzzo, Chairman, President, and CEO of First Commons Bank, said, “We are pleased that, despite our strong growth in loans and deposits for the year, we were able to record over $1 million in Net Income — with our fourth-quarter Net Income representing a significant increase over each of the prior three quarters. Additionally, with Total Assets of $315 million, First Commons Bank is now in the top third of the over 6,200 banks in the U.S. filing FDIC Call Reports as of September 30, 2015.”
Net Income for the three-month period ended December 31, 2015, was $364 thousand, representing an 82% increase versus last quarter’s Net Income of $200 thousand. Net Income of $1,025,000 for 2015 was below Net Income of $1,255,000 for 2014. Mr. Nuzzo added, “Our strong 2015 loan growth required an increase to the Loan Loss Provision of $428,000 for the year versus an increase of only $25,000 in 2014. Further, although we now have over $2.3 million in our Loan Loss Provision, our credit quality remains outstanding and no loan is more than 60 days past due.”
Tangible Book Value on December 31, 2015, was $10.12 per share with approximately $31 million in equity and a Tier 1 Capital Ratio to Average Assets for the quarter of 10.35%.
First Commons Bank’s financial results are available on the FDIC’s Web site at: https://goo.gl/m3uHsw.
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.
Notes to Editors:
- Press Contact: Don Goncalves, dgoncalves@tizinc.com, 781-793-9380
- Company Contact: Tony Nuzzo, First Commons Bank, 617-243-4410
| First Commons Bank, N.A. | ||||||
| Balance Sheet | ||||||
| (Unaudited) | ||||||
| December 31, | December 31, | |||||
| 2015 | 2014 | |||||
| (dollars in thousands) | ||||||
| Assets | ||||||
| Cash and Due from Banks | $ | 1,473 | $ | 1,516 | ||
| Interest-bearing demand deposits with other banks | 64 | 123 | ||||
| Money market mutual funds | 203 | 162 | ||||
| Federal funds sold | 41,000 | 30,900 | ||||
| Cash and cash equivalents | 42,740 | 32,701 | ||||
| Interest-bearing time deposits with other banks | 8,085 | 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 | 1,859 | 1,395 | ||||
| Loans, net | 254,760 | 212,686 | ||||
| Premises and equipment | 961 | 1,156 | ||||
| Accrued interest receivable | 891 | 642 | ||||
| Deferred income tax asset, net | 1,225 | 1,859 | ||||
| Other assets | 2,375 | 332 | ||||
| Total Assets | $ | 315,852 | $ | 253,932 | ||
| Liabilities and Stockholders' Equity | ||||||
| Deposits: | ||||||
| Noninterest-bearing | $ | 21,539 | $ | 18,998 | ||
| Interest-bearing | 251,203 | 194,425 | ||||
| Total Deposits | 272,742 | 213,423 | ||||
| Federal Home Loan Bank Advances | 10,000 | 10,000 | ||||
| Other Liabilities | 1,528 | 1,867 | ||||
| Total Liabilities | 284,270 | 225,290 | ||||
| Stockholders' equity | ||||||
| Common Stock, par value .01; authorized 10,000,000 shares; 3,122,122 and 2,950,532 shares issued and outstanding as of December 31, 2015, and December 31, 2014, respectively | 31 | 30 | ||||
| Paid-in capital | 33,422 | 31,508 | ||||
| Accumulated deficit | -1,871 | -2,896 | ||||
| Total stockholders' equity | 31,582 | 28,642 | ||||
| Total liabilities and stockholders' equity | $ | 315,852 | $ | 253,932 | ||
| First Commons Bank, N.A. | ||||||
| Statement of Income | ||||||
| (Unaudited) | ||||||
| Twelve Months Ended | ||||||
| December 31 | ||||||
| 2015 | 2014 | |||||
| (dollars in thousands) | ||||||
| Interest income: | ||||||
| Interest and fees on loans | $ | 11,401 | $ | 10,831 | ||
| Interest on securities | 49 | 0 | ||||
| Other interest | 174 | 88 | ||||
| Total interest income | 11,624 | 10,919 | ||||
| Interest expense | ||||||
| Interest on deposits and borrowings | 2,540 | 2,224 | ||||
| Total interest expense | 2,540 | 2,224 | ||||
| Net interest income | 9,084 | 8,695 | ||||
| Provision for loan losses | 428 | 25 | ||||
| Net interest income after provision for loan losses | 8,656 | 8,670 | ||||
| Noninterest income | ||||||
| Service charges on deposit accounts | 43 | 44 | ||||
| Gain on sale of available-for-sale securities | 0 | 0 | ||||
| Gain on sale of loans | 243 | 150 | ||||
| Other income | 27 | 12 | ||||
| Total noninterest income | 313 | 206 | ||||
| Noninterest expense: | ||||||
| Salaries and employee benefits | 4,118 | 3,670 | ||||
| Occupancy expense | 882 | 844 | ||||
| Equipment expense | 207 | 228 | ||||
| Professional fees | 415 | 485 | ||||
| Regulatory assessment | 234 | 295 | ||||
| Other expense | 1,346 | 1,207 | ||||
| Total noninterest expense | 7,202 | 6,729 | ||||
| Income (loss) before income tax expense (benefit) | 1,767 | 2,147 | ||||
| Income Tax expense (benefit) | 742 | 892 | ||||
| Net Income (Loss) | $ | 1,025 | $ | 1,255 | ||