First Commons Bank Assets Grow to $229 Million After Only 47 Months; Operational Profitability Incre

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First Commons Bank Assets Grow to $229 Million After Only 47 Months; Operational Profitability Increases

— Net Assets Surpass 60% of all FDIC-insured Banks

NEWTON, Mass.--(BUSINESS WIRE)-- First Commons Bank of Newton, Mass., today reported that it achieved a total asset level of $229,363,000 as of June 30, 2013, after only 47 months of operation. Total assets grew by approximately $35 million, or 18%, for the 12-month period ended June 30, 2013. Net loans increased by $46 million, or 29%, for the same period.

Total assets grew by approximately $21 million for the 6-month period ending June 30, 2013. Net loans increased by approximately $26 million for the period, while deposits grew by approximately $20 million.

First Commons Bank's assets have now surpassed the assets of more than 4,100 other banks — or more than 60% of the approximately 7,000 FDIC-insured banks that filed FDIC call reports for the period ended March 31, 2013.

Net income for the 6-month period ended June 30, 2013, was $521,000, compared to $2.7 million for the first 6 months of 2012. Net income in 2012 included a tax recovery of $2.3 million and gains of the sale of securities of $318,000. Net income for the corresponding period in 2013 includes gains on the sales of securities of $262,000, but with no tax recoveries as they were exhausted in 2012. Therefore, on a continuing operations basis, without tax recoveries or gains on the sale of securities, net income for the first 6 months of 2013 would have been $365,000, compared to $57,000 for the same period in 2012.

Tony Nuzzo, Chairman, President, and CEO of First Commons Bank, said, "We are pleased with our continued growth, especially in our loan portfolio. We are also pleased that as a bank which was established in July 2009, we have now reported positive net income for 6 consecutive quarters, with continued improvement in profitability from ongoing operations."

Total interest income increased by approximately $864,000 or 22% for the 6 months ended June 30, 2013, as compared to 2012. Interest expense increased by approximately $62,000, or 7%, and noninterest expenses increased by approximately $215,000, or 7%, during the same period. In addition, as of June 30, 2013, the bank does not have any nonperforming assets.

The Bank's available-for-sale securities portfolio was liquidated over the period January 1 to June 30, 2013, and the funds were deployed into loans.

First Commons Bank Summary Balance Sheets and Income Statements are below, and additional financial results are available on the FDIC's Web site at:


First Commons Bank

Summary Balance Sheets and Income Statements


First Commons Bank, N.A.

Balance Sheets

At or for the
Period Ended
June 30, 2013


At or for the
Year Ended
December 31, 2012

(Dollars in thousands)


Cash and due from banks 1,763 1,258
Interest-bearing demand deposits with other banks 3,227 3,435
Money market mutual funds 3,662 1,157
Federal funds sold 7,400 5,800
Cash and cash equivalents 16,052 11,650
Interest-bearing time deposits with other banks 245 245
Investments in available-for-sale securities, at fair value 0 9,477
Federal Home Loan Bank stock, at cost 469 399
Federal Reserve Bank stock, at cost 1,319 1,328
Loans, net 206,579 180,586
Premises and equipment 1,572 1,725
Accrued interest receivable 529 554
Deferred income tax assets, net 2,303 2,303
Other assets 295 304
Total assets 229,363 208,571



Noninterest-bearing 14,020 11,626
Interest-bearing 191,946 173,794
Total deposits 205,966 185,420
Other liabilities 1,247 1,343
Total liabilities 207,213 186,763
Stockholders' equity
Common stock, par value .01; authorized 10,000,000 shares; 2,504,851 shares issued and outstanding 25 25
Paid-in capital 26,649 26,565
Accumulated deficit (4,524) (5,046)
Accumulated other comprehensive income 0 264
Total stockholders' equity 22,150 21,808
Total liabilities and stockholders' equity 229,363 208,571
First Commons Bank, N.A.
Statements of Income
  Six months ended June 30,
2013   2012
(Dollars in thousands)
Interest income:
Interest and fees on loans 4,716 3,701
Interest on securities 67 216
Other interest 7 9
Total interest income 4,790 3,926
Interest expense:
Interest on deposits 890 828
Total interest expense 890 828
Net interest income 3,900 3,098
Provision for loan losses 202 107
Net interest income after provision for loan losses 3,698 2,991
Noninterest income:
Service charges on deposit accounts 16 12
Gain on sales of available-for-sale securities 262 318
Other income 34 12
Total noninterest income 312 342
Noninterest expense:
Salaries and employee benefits 1,770 1,603
Occupancy and equipment expense 457 472
Regulatory assessment 130 95
Other general and administrative expense 776 748
Total noninterest expense 3,133 2,918
Income (loss) before income tax expense (benefit) 877 415
Income tax expense (benefit) 356 (2,325)
Net income (loss) 521 2,740

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 $229,363,000 as of June 30, 2013 — after only 47 months of operation, making it larger than 60% 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 Street in Wellesley, Mass.

Visit First Commons Bank on the Web at Follow the bank on Facebook at and on Twitter at

Press Contact:
Tiziani Whitmyre
Don Goncalves, 781-793-9380
Company Contact:
First Commons Bank
Tony Nuzzo, 617-243-4410

KEYWORDS:   United States  North America  Massachusetts


The article First Commons Bank Assets Grow to $229 Million After Only 47 Months; Operational Profitability Increases originally appeared on

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