NEWTON, Mass., Jan. 24, 2017 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported Net Income for the year-ended December 31, 2016, of nearly $2.2 million, more than double the results for the year-ended December 31, 2015, of $1.0 million. The Bank reported Total Assets of $344 million, an increase of approximately $28 million or 9% from the $316 million reported as of December 31, 2015. Total Deposits are now $298 million compared to $273 million as of December 31, 2015, an increase of $25 million or 9%. Net Loans are now $265 million compared to $255 million as of December 31, 2015, an increase of $10 million or 4%.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "We are very pleased with our 2016 results. We more than doubled Net Income versus 2015 while growing both loans and deposits. Additionally, our credit quality remains outstanding, without a single loan more than 60 days delinquent."
Tangible Book Value on December 31, 2016, was $10.81 per share with approximately $34 million in equity and a Tier 1 Capital to Average Assets Ratio for the quarter of 9.69%.
First Commons Bank's financial results are available on the FDIC's Web site at: https://goo.gl/7j5Mpy.
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 Twitter at http://twitter.com/firstcommonsbnk.
First Commons Bank, N.A.
Balance Sheet
(Unaudited)
December 31, December 31,
2016 2015
---- ----
(Dollars in thousands)
Assets
------
Cash and Due from Banks $2,571 $1,473
Interest-bearing demand deposits with other banks 943 64
Money Market Mutual Funds 445 203
Federal funds sold 35,400 41,000
------ ------
Cash and cash equivalents 39,359 42,740
Interest-bearing time deposits with other banks 9,314 8,085
Investment in held -to-maturity securities 22,934 2,000
Federal Home Loan Bank Stock, at cost 979 956
Federal Reserve Bank Stock, at cost 1,954 1,859
Loans, net 265,379 254,760
Premises and equipment 764 961
Accrued interest receivable 850 891
Deferred income tax asset, net 1,234 1,225
Other assets 1,077 2,375
----- -----
Total Assets $343,844 $315,852
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Liabilities and Stockholders' Equity
------------------------------------
Deposits
Noninterest-bearing $27,217 $21,539
Interest-bearing 271,309 251,203
------- -------
Total Deposits 298,526 272,742
Federal Home Loan Bank Advances 10,000 10,000
Other Liabilities 1,563 1,528
----- -----
Total Liabilities 310,089 284,270
Stockholders' equity
Common Stock, par value .01; authorized
10,000,000 shares, 3,122,122 shares issued
and outstanding as of December 31, 2016 and 31 31
December 31, 2015
Paid-in capital 33,419 33,422
Accumulated income (deficit) 305 -1,871
Total Stockholders' Equity 33,755 31,582
------ ------
Total Liabilities and Stockholders' Equity $343,844 $315,852
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First Commons Bank, N.A.
Statement of Income
(Unaudited)
Twelve Months Ended
December
2016 2015
---- ----
(Dollars in thousands)
Interest Income
Interest and fees on loans $12,964 $11,401
Interest on securities 521 49
Other interest 338 174
--- ---
Total interest income 13,823 11,624
Interest Expense
Interest on deposits and borrowings 3,017 2,540
----- -----
Total Interest Expense 3,017 2,540
----- -----
Net interest income 10,806 9,084
Provision for loan losses 151 428
--- ---
Net interest income after provision for loan losses 10,655 8,656
Noninterest income
Service charges on deposit accounts 77 43
Gain on sale of available-for-sale securities 0 0
Gain on sale of loans 288 243
Other income 24 27
--- ---
Total noninterest income 389 313
Noninterest expense:
Salaries and employee benefits 4,057 4,118
Occupancy expense 968 882
Equipment expense 183 207
Professional fees 564 415
Regulatory assessment 315 234
Other expense 1,313 1,346
----- -----
Total noninterest expense 7,400 7,202
Income before income tax expense 3,644 1,767
Income Tax expense 1,472 742
----- ---
Net Income $2,172 $1,025
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Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Tony Nuzzo
ProfNet - http://www.profnetconnect.com/tony_nuzzo
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SOURCE First Commons Bank
