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First Commons Bank Doubles Bottom Line In 2016

Jan 24, 2017 | Reprints | Unlock Link | Print

First Commons Bank in Newton said this week that it more than doubled its net income in 2016, posting $2.2 million at Dec. 31 compared with $1 million in 2015.

“We are very pleased with our 2016 results,” Chairman, President and CEO Tony Nuzzo said in a statement. “We more than doubled net income versus 2015 while growing both loans and deposits. Additionally, our credit quality remains outstanding, without a single loan more than 60 days delinquent.”

The bank’s total assets increased approximately $28 million, or 9 percent, to $344 million at year-end 2016. Total deposits increased $25 million, or 9 percent, to $298 million. Net loans increased $10 million, or 4 percent, to $265 million.

Tangible book value on Dec. 31 was $10.81 per share with approximately $34 million in equity and a Tier 1 Capital to Average Assets Ratio for the quarter of 9.69 percent.

B&T Daily