First Commons Bank Reaches $293 Million in Total Assets in Q3 – Representing 15% Growth Year-to-Date; Net Deposits and Net Loans Increased 17%

| Source: First Commons Bank First Commons Bank

NEWTON, Mass., Oct. 29, 2015 (GLOBE NEWSWIRE) -- First Commons Bank of Newton, Mass., today reported that it achieved a new high point of $293 million in Total Assets as of September 30, 2015, representing a 15% increase versus December 31, 2014, and a 4% increase versus last quarter ended June 30, 2015. Total Deposits grew to $250  million or 17% year-to-date, and 4% versus last quarter, with the core deposit areas of checking, money market and CD’s under $250,000 experiencing most of the growth. Net Loans increased to $249 million as of September 30, 2015, representing a 17% increase year-to-date, and 7% versus last quarter.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, “We are very pleased with our growth in assets, deposits, and loans this quarter. For example, Net Loans increased $15 million or 7% in this past quarter alone. Additionally, with Total Assets of $293 million, First Commons Bank is in the top 35% of the more than 6,200 banks in the US filing FDIC Call Reports on June 30, 2015.”

Net income for the 3-month period ended September 30, 2015, was $200 thousand compared to $254 thousand for last quarter. Mr. Nuzzo said, “Our exceptional Net Loan growth this quarter resulted in a much higher than expected increase to the Allowance for Loan Losses which impacted this quarter’s income. Yet, we remain very pleased with our outstanding credit quality as non-performing loans were zero at quarter end.”

Tangible Book Value on September 30, 2015, was $10.00 per share, with approximately $31 million in equity and a Tier 1 Capital Ratio to Average Assets for the quarter of 10.75%.

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

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.

 
First Commons Bank, N.A.
Balance Sheet
(Unaudited)
  September 30,December 31,
   2015  2014 
  (dollars in thousands)
Assets   
Cash and Due from Banks $1,807 $1,516 
Interest-bearing demand deposits with other banks  140  123 
Money Market Mutual Funds  182  162 
Federal funds sold  25,500  30,900 
Cash and Cash equivalents  27,629  32,701 
Interest-bearing time deposits with other banks  7,579  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  249,291  212,686 
Premised and equipment  1,014  1,156 
Accrued interest receivable  832  642 
Deferred income tax asset, net  1,225  1,859 
Other assets  842  332 
Total Assets $293,087 $253,932 
    
Liabilities and Stockholders' Equity   
Deposits:   
Noninterest-bearing $26,150 $18,998 
Interest-bearing  224,519  194,425 
Total Deposits  250,669  213,423 
Federal Home Loan Bank Advances  10,000  10,000 
Other Liabilities  1,228  1,867 
Total Liabilities  261,897  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 September 30, 2015 and December 31, 2014 respectively  31  30 
Paid-in Capital  33,393  31,508 
Accumulated deficit  -2,234  -2,896 
Total stockholders' equity  31,190  28,642 
Total liabilities and stockholders' equity $293,087 $253,932 


 
First Commons Bank, N.A.
Statement of Income
(Unaudited)
  Nine Months Ended
  September 30
   2015  2014 
  (Dollars in thousands)
Interest Income:   
Interest and fees on loans $8,187 $8,092 
Interest on securities  67  21 
Other interest  69  30 
Total interest income  8,323  8,143 
Interest Expense   
Interest on deposits and borrowings  1,818  1,691 
Total Interest Expense  1,818  1,691 
Net interest income  6,505  6,452 
Provision for loan losses  303  0 
Net interest income after provision for loan losses  6,202  6,452 
Noninterest income   
Service charges on deposit accounts  50  41 
Gain on sale of available-for-sale securities  0  0 
Gain on sale of loans  134  24 
Other income  115  76 
Total noninterest income  299  141 
Noninterest expense:   
Salaries and employee benefits  3,080  2,701 
Occupancy expense  646  630 
Equipment expense  155  185 
Professional fees  323  328 
Regulatory assessment  164  229 
Other expense  990  863 
Total noninterest expense  5,358  4,936 
Income (loss) before income tax expense (benefit)  1,143  1,657 
Income Tax expense (benefit)  482  684 
Net Income (Loss) $661 $973 

 


            








        

            

                

                    
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