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

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

Source:First Commons Bank