NEWTON, MASS. — July 30, 2015 — First Commons Bank of Newton, Mass., today reported that it achieved $282 million in Total Assets as of June 30, 2015, a $28 million or +11.0% increase over the December 31, 2014 Total Asset level of $254 million. Only $1.8 million of asset growth was due to the continuation of a 2014-2015 Capital Raise that ended in January. The balance of growth came principally in the core deposit areas of checking, money market and CDs under $250,000. Total deposits of $240 million reflect an increase of $27.0 million or +12% versus the December 31, 2014 balance. Net Loans of $234 million reflect an increase of $21 million or +10.0% versus December 31, 2014.
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, “We are pleased with our growth in loans and deposits, our increase in quarter-over-quarter profitability, and our high credit quality as we maintain a ratio of non-performing loans to performing loans of 0.00%.”
Net income for the 3-month period ended June 30, 2015 increased 23% to $254 thousand versus $207 thousand for the 3-month period ended March 31, 2015.
Tangible Book Value on June 30th 2015 was $9.93 per share with nearly $31 million in equity and a Tier 1 Capital Ratio to Average Assets for the quarter of 11.30%.
First Commons Bank’s financial results are available on the FDIC’s Web site at: https://goo.gl/hXeuVV.
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 Street 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.