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

Notes to Editors:

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

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

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