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

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  

 

CONTACT: Notes to Editors:

Press Contact: Don Goncalves, dgoncalves@tizinc.com, 781-793-9380
Company Contact: Tony Nuzzo, First Commons Bank, 617-243-4410