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First Commons Passes $271M In Assets In Q1

May 14, 2015 | Reprints | Unlock Link | Print

Newton-based First Commons Bank surpassed $271 million in assets in the first quarter of the year, representing an increase of $16 million, or 7 percent, over the prior quarter.

Assets totaled $271.6 million on March 31. Total deposits increased $16 million, or 7.5 percent, to $229 million over that same period, and net loans increased $10.5 million, or 5 percent, to $223 million. Net income declined to $206,000 from $293,000 in the prior quarter.

“We are pleased that the growth of our bank has resumed with vigor after we raised $6.7 million in new capital during four months ending in January 2015,” Chairman, President and CEO Tony Nuzzo said in a statement.

Tangible Book Value on March 31 was $9.85 per share with nearly $31 million in equity and a Tier 1 Capital Ratio of 11.86 percent.

According to Nuzzo, the new asset level also puts First Commons in the top 37 percent of more than 6,400 banks that filed FDIC call reports at year-end 2014.

Banking & Lending