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 ======== ======== 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 ======== ========
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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SOURCE First Commons Bank