NEWTON, MASS. – July 22, 2014 – First Commons Bank of Newton, Mass., today reported that it posted record profits for the quarter ended June 30, 2014. Net Income for the quarter was $348 thousand, compared to $340 thousand for the first quarter of 2014. Year-to-date income for the period January 1 to June 30, 2014 was $688 thousand, compared to $523 thousand for the same period of 2013. Net Income results for 2013 were impacted by Gains on Sale of Securities of $262 thousand, while 2014 results are all from banking operations.
The Bank’s Return on Average Assets for the six-month period ended June 30, 2014 was 0.53%, compared to 0.48% for the six-month period ended June 30, 2013. The Bank’s Tier 1 Regulatory Capital Ratio also improved from the 8.34% on March 31, 2014 to 9.37% on June 30, 2014, as a result of total assets decreasing from $267 million on March 31 to $237 million on June 30.
“We are particularly pleased with our continued improvement in the Bank’s core earnings since earnings from Bank operations have grown over 150% — from $261 thousand to $688 thousand — for the first half of 2014 compared to the first half of 2013,” said Tony Nuzzo, Chairman, President and CEO of First Commons Bank. “We are also pleased with the improvement in our Tier 1 Capital Ratio, which principally resulted from the reduction of non-relationship certificates of deposit.”
Total Interest Income increased by approximately $810 thousand for the six month period ended June 30, 2014 vs. 2013. Interest Expense increased by approximately $285 thousand for the six months ended June 30, 2014 vs. the six months ended June 30, 2013. Noninterest operating expenses increased by approximately $144 thousand for the six month period ended June 30, 2014 compared to the six month period ended June 30, 2013.
“We continue to be pleased that our ratio of non-performing loans to total loans remains at 0.00% as of June 30, 2014,” Mr. Nuzzo said.
Of note, First Commons Bank is celebrating its fifth anniversary of operations on July 22, 2014. The bank opened for business on July 22, 2009, in Newton, Mass.
First Commons Bank’s financial results are available on the FDIC’s Web site at: http://goo.gl/ZFBEi7.
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 St. 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.