— Delivers over $900,000 in 2013 Net Income —
NEWTON, MASS. — January 24, 2014 — First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $262,549,000 as of December 31, 2013, after only 53 months of operation. Total assets grew by approximately $53 million, or 25.9 percent, for the 12-month period ended December 31, 2013. Net loans increased by $47 million, or 26 percent, for the same 12-month period. First Commons Bank’s assets have now surpassed the assets of more than 4,400 other banks — or more than 64 percent of the 6,828 FDIC-insured banks which filed FDIC call reports for the period ended September 30, 2013.
“We are pleased with our continued growth, our increasing ongoing profitability, and the continued absence of any nonperforming loans. Further, we are proud that after only 41/2 years in business, we delivered over $900,000 in net income from continuing operations in 2013,” said Tony Nuzzo, Chairman, President, and CEO of First Commons Bank.
Net income for the 12-month period ended December 31, 2013 was $909,000, compared to $2.9 million for the 12-month period ended December 31, 3012. The December 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 12-month period ended December 31, 2012 would have been approximately $397,000, compared to the $909,000 reported for the 12-month period ended December 31, 2013.
Total Interest Income increased by approximately $2.0 million, or 24 percent, for the 12 months ended December 31, 2013 versus 2012. Interest Expense increased by approximately $260,000 or 15 percent for the 12 months ended December 31, 2013 versus the 12 months ended December 31, 2012. Noninterest operating expenses increased by approximately $396,000 or 6.6 percent for the 12-month period ended December 31, 2013 compared to the 12-month period ended December 31, 2012.
First Commons Bank’s financial results are available on the FDIC’s Web site at: http://goo.gl/QJhSzM.
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 $262,549,000 as of December 31, 2013 — after only 53 months of operation — making it larger than 64 percent of all FDIC-insured banks in the U.S. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 Linden Square in Wellesley, Mass.