First Commons Bank Net Income Reaches $455,000 in Q1, Up 120% over Year Ago and Up 25% over Last Quarter

Total Assets Reach $333 million in Q1, Up 23% over Year Ago & Up 5% over Last Quarter

| Source: First Commons Bank First Commons Bank

NEWTON, Mass., April 26, 2016 (GLOBE NEWSWIRE) -- First Commons Bank of Newton, Mass., today reported Net Income for the three-month period ended March 31, 2016, of $455 thousand, representing a 120% increase over the $206 thousand earned for the quarter ended March 31, 2015, and a 25% increase over the $364 thousand earned last quarter. The bank also achieved a new high point of $333 million in Total Assets as of March 31, 2016, representing a 23% increase versus March 31, 2015, and up 5% versus last quarter. Total Deposits grew to $290 million, up 26% compared to the same quarter last year, and Net Loans increased to $258 million, up 15% compared to the same quarter last year.

Tony Nuzzo, Chairman, President, and CEO of First Commons Bank said, “We are very pleased with our Net Income results this quarter. These results reflect our second consecutive quarter of strong and improving earnings — which are now more than double that which we earned in the same quarter last year. Additionally, our credit quality remains excellent.”

Mr. Nuzzo also noted, “Our bank’s Efficiency Ratio as measured by Total Non-Interest Expenses over Net Interest Income has significantly improved to 75% for the quarter ended March 31, 2016, compared to 84% for the quarter ended March 31, 2015.”

Tangible Book Value on March 31, 2016, was $10.26 per share with approximately $32 million in equity and a Tier 1 Capital Ratio to Average Assets for the quarter of 9.86%.

First Commons Bank’s financial results are available on the FDIC’s Web site at: https://goo.gl/Fh8Qoe.

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, Newton Centre, Mass., and 161 Linden Square, 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)
  March 31,March 31,
   2016  2015 
  (dollars in thousands)
    
Assets   
Cash and Due from Banks $1,485 $2,021 
Interest-bearing demand deposits with other banks  127  82 
Money Market Mutual Funds  2,334  162 
Federal funds sold  36,500  36,400 
    Cash and Cash equivalents  40,446  38,665 
Interest-bearing time deposits with other banks  9,808  3,711 
Investment in held -to-maturity securities  18,983  0 
Federal Home Loan Bank Stock, at cost  956  956 
Federal Reserve Bank Stock, at cost  1,859  1,719 
Loans, net  258,147  223,220 
Premised and equipment  904  1,138 
Accrued interest receivable  988  684 
Deferred income tax asset, net  1,224  1,225 
Other assets  312  309 
    Total Assets $333,627 $271,627 
    
Liabilities and Stockholders' Equity   
Deposits:   
  Noninterest-bearing $25,848 $18,883 
  Interest-bearing  264,119  210,533 
  Total Deposits  289,967  229,416 
Federal Home Loan Bank Advances  10,000  10,000 
Other Liabilities  1,622  1,490 
  Total Liabilities  301,589  240,906 
Stockholders' equity   
Common Stock, par value .01; authorized 10,000,000 shares,   
  3,122,122 and 3,120,122 shares issued and outstanding as of   
  March 31, 2016, and March 31, 2015, respectively  31  31 
Paid-in capital  33,419  33,586 
Accumulated deficit  -1,412  -2,896 
    Total Stockholders' Equity  32,038  30,721 
    Total Liabilities and Stockholders’ Equity $333,627 $271,627 
    


First Commons Bank, N.A.
Statement of Income
(Unaudited)
  Three Months Ended
  March 31
   2016  2015 
  (dollars in thousands)
    
Interest income:   
  Interest and fees on loans $3,110 $2,550 
  Interest on securities  88  0 
  Other interest  61  23 
    Total interest income  3,259  2,573 
Interest expense   
  Interest on deposits and borrowings  741  559 
  Total interest expense  741  559 
  Net interest income  2,518  2,014 
Provision for loan losses  71  34 
    Net interest income after provision for loan losses  2,447  1,980 
Noninterest income   
  Service charges on deposit accounts  28  16 
  Gain on sale of available-for-sale securities  0  0 
  Gain on sale of loans  85  44 
  Other income  103  11 
    Total noninterest income  216  71 
Noninterest expense:   
  Salaries and employee benefits  1,074  961 
  Occupancy expense  237  218 
  Equipment expense  50  42 
  Professional fees  134  93 
  Regulatory assessment  77  51 
  Other expense  323  327 
    Total noninterest expense  1,895  1,692 
    Income (loss) before income tax expense (benefit)  768  359 
Income Tax expense (benefit)  313  153 
    Net Income (loss) $455 $206 

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