First Commons Bank Net Income Reaches $525,000 in Q2, Up 107% Over the Same Period Last Year and Up 15% Over Last Quarter

First Commons Bank of Newton, Mass., today reported Net Income for the three-month period ended June 30, 2016 of $525 thousand representing a 107% increase over the $254 thousand earned for the quarter ended June 30, 2015, and a 15% increase over the $455 thousand earned last quarter. The bank also achieved a new high point of $339 million in Total Assets as of June 30, 2016, representing a 20% increase versus June 30, 2015. Total Deposits grew to $295 million or 23% versus a year ago, and Net Loans increased to $266 million or 13% versus a year ago.

Tony Nuzzo, Chairman, President, and CEO of First Commons Bank, said, “We continue to be very pleased with our Net Income results. The second quarter of 2016 represents our third consecutive quarter of strong and increasing earnings. Further, our Net Income for the first two quarters of 2016 is more than double the Net Income for the first two quarters of last year.”

Mr. Nuzzo also noted, “The bank’s Efficiency Ratio as measured by Total Noninterest Expenses over Net Interest Income has significantly improved to 70% for the quarter ended June 30, 2016, compared to 83% for the quarter ended June 30, 2015. Additionally, our credit quality remains excellent.”

Tangible Book Value on June 30, 2016 was $10.43 per share, with approximately $33 million in equity and a Tier 1 Capital to Average Assets Ratio for the quarter of 9.76%.

First Commons Bank’s financial results are available on the FDIC’s website at: https://goo.gl/65XOlJ.

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 Square in Wellesley, Mass. Visit the First Commons Bank website at http://www.firstcommonsbank.com. Follow the bank on Facebook at http://facebook.com/firstcommo... and on Twitter at http://twitter.com/firstcommonsbnk.