NEWTON, Mass.--(BUSINESS WIRE)--First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $246,570,000 as of September 30, 2013, after only 50 months of operation. Total assets grew by approximately $46 million, or 23 percent, for the 12-month period ended September 30, 2013. Net loans increased by $52 million, or 31 percent, for the same 12-month period.
Total Assets grew by approximately $38 million since December 31, 2012. Net loans increased by $38 million for the first nine months of 2013, while deposits grew by approximately $31 million since December 31, 2012. First Commons Bank’s assets have now surpassed the assets of more than 4,300 other banks — or more than 62 percent of the 6,949 FDIC-insured banks which filed FDIC call reports for the period ended June 30, 2013.
Tony Nuzzo, Chairman, President, and CEO of First Commons Bank, said, “We are pleased with our continued growth, especially in the loan portfolio. We are also pleased that as a bank which was established in July 2009, we have now reported net positive income for seven consecutive quarters of operation.”
Net Income for the nine-month period ended September 30, 2013, was $768,000, compared to $2.8 million for the nine-month period ended September 30, 3012. The September 2012 results were favorably impacted by the recovery of a deferred tax asset in the amount of $2.5 million. Excluding the tax recovery, Net Income for the nine-month period ended September 30, 2012 would have been approximately $344,000, compared to the $768,000 reported for the nine-month period ended September 30, 2013.
Total Interest Income increased by approximately $1.2 million for the nine months ended September 30, 2013, versus. the same period in 2012. Interest Expense increased by approximately $139,000 for the nine months ended September 30, 2013 versus the nine months ended September 30, 2012. Noninterest operating expenses increased by approximately $322,000 for the nine-month period ended September 30, 2013, compared to the nine-month period ended September 30, 2012.
Mr. Nuzzo commented, “We are pleased with the continued improvement in our financial fundamentals, especially the fact that profits from ongoing operations more than doubled for the first nine months of this year versus last year.”
“We are also proud that we have no nonperforming loans as of September 30, 2013,” he noted.
First Commons Bank’s financial results are available on the FDIC’s Web site at: http://goo.gl/nYq87Z.
| First Commons Bank, N.A. | ||||||
| Balance Sheets | ||||||
| (Unaudited) | ||||||
|
At or for the PeriodEnded September 30, 2013
|
At or for the YearEndedDecember 31, 2012
|
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| (Dollars in thousands) | ||||||
|
ASSETS |
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| Cash and Due from Banks | 2,182 | 1,258 | ||||
| Interest-bearing demand deposits with other banks | 2,944 | 3,435 | ||||
| Money market mutual funds | 3,662 | 1,157 | ||||
| Federal funds sold | 10,800 | 5,800 | ||||
| Cash and cash equivalents | 19,588 | 11,650 | ||||
| Interest-bearing time deposits with other banks | 1,715 | 245 | ||||
| Investments in available-for-sale securities, at fair value | 0 | 9,477 | ||||
| Federal Home Loan Bank stock, at cost | 739 | 399 | ||||
| Federal Reserve Bank stock, at cost | 1,319 | 1,328 | ||||
| Loans, net | 218,512 | 180,586 | ||||
| Premises and equipment | 1,494 | 1,725 | ||||
| Accrued interest receivable | 479 | 554 | ||||
| Deferred income tax asset, net | 2,303 | 2,303 | ||||
| Other assets | 421 | 304 | ||||
| Total assets | 246,570 | 208,571 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
| Deposits: | ||||||
| Noninterest-bearing | 20,725 | 11,626 | ||||
| Interest-bearing | 195,915 | 173,794 | ||||
| Total deposits | 216,640 | 185,420 | ||||
| Other liabilities | 7,492 | 1,343 | ||||
| Total Liabilities | 224,132 | 186,763 | ||||
| Stockholders' equity | ||||||
|
Commons Stock, par value .01; authorized 10,000,000 shares; 2,504,851 shares issued and outstanding |
||||||
| Paid-in capital | 25 | 25 | ||||
| Accumulated deficit | 26,691 | 26,565 | ||||
| Accumulated other comprehensive income | -4,278 | (5,046) | ||||
| Total stockholders' equity | 0 | 264 | ||||
| Total liabilities and stockholders' equity | 22,438 | 21,808 | ||||
| 246,570 | 208,571 | |||||
| First Commons Bank, N.A. | ||||||
| Statement of Income | ||||||
| (Unaudited) | ||||||
| Six Months Ended September 30, | ||||||
| 2013 | 2012 | |||||
| (Dollars in thousands) | ||||||
| Interest income: | ||||||
| Interest and fees on loans | 7,177 | 5,682 | ||||
| Interest on securities: | 67 | 272 | ||||
| Other interest | 12 | 14 | ||||
| Total interest income | 7,256 | 5,968 | ||||
| Interest expense: | ||||||
| Interest on deposits | 1,371 | 1,254 | ||||
| Interest on borrowings | 22 | |||||
| Total interest expense | 1,393 | 1,254 | ||||
| Net interest income | 5,863 | 4,714 | ||||
| Provision for loan losses | 293 | 114 | ||||
| Net interest income after provision for loanlosses | 5,570 | 4,600 | ||||
| Noninterest income: | ||||||
| Service charges on deposit accounts | 41 | 30 | ||||
| Gain on sales of available-for-sale securities | 262 | 318 | ||||
| Other income | 184 | 60 | ||||
| Total noninterest income | 487 | 408 | ||||
| Noninterest expense: | ||||||
| Salaries and employee benefits | 2,687 | 2,429 | ||||
| Occupancy and Equipment Expense | 799 | 837 | ||||
| Professional fees | 380 | 222 | ||||
| Regulatory assessment | 253 | 218 | ||||
| Other expense | 648 | 739 | ||||
| Total noninterest expense | 4,767 | 4,445 | ||||
|
Income (loss) before income tax expense(benefit) |
1,290 | 563 | ||||
| Income Tax expense (benefit) | 522 | (2,267) | ||||
| Net income (loss) | 768 | 2,830 | ||||
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, which opened for business on July 22, 2009, reported total assets of $246 million as of September 30, 2013 — after only 50 months of operation — making it larger than 62 percent of all FDIC-insured banks in the U.S. First Commons Bank locations include its headquarters at 718 Beacon Street in Newton Centre, Mass., and 161 Linden Square in Wellesley, Mass.
Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.
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