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First Colebrook Bancorp, Inc. Releases June 30, 2014 Consolidated Earnings

COLEBROOK, N.H., Aug. 6, 2014 /PRNewswire/ -- First Colebrook Bancorp, Inc. (FCNH), the holding company for First Colebrook Bank, released today consolidated unaudited financial results for the six months ended June 30, 2014. Total assets increased to $266.8 million on June 30, 2014 from $262.7 million on June 30, 2013. Net loans at June 30, 2014 were $191.4 million, from $189.5 million on June 30, 2013. Deposits grew to $224.7 million from $224.1 million a year earlier.

Consolidated unaudited net income for the six months ended June 30, 2014 was $612,094 compared to $703,699 for the first six months of 2013. Net interest income was $4.1 million versus $4.2 million in 2013. The very low interest rate environment continues to compress margins. At June 30, 2014 the bank's net interest margin for the first six months of 2014 was 3.31% compared to 3.51% a year earlier. Non-interest income decreased to $627,000 from $765,000 due in part to the reduced level of residential mortgage loan originations. Non-interest expenses increased to $3.9 million from $3.8 million for the six months ending June 30 over the same period last year. The provision for loan losses was lower by $218,000 for the six months of this year compared to last year.

Earnings per share of common stock was $.76 at June 30, 2014 compared to $.87 for 2013, while book value per share increased to $25.55 at June 30 compared to $24.03 at June 30, 2013.

First Colebrook Bancorp, Inc. is a single bank holding company formed in 1985 and headquartered in Colebrook, New Hampshire. Its wholly owned subsidiary, First Colebrook Bank, was established in 1889. First Colebrook Bank operates four banking offices located in Colebrook, Concord, Amherst and Portsmouth, New Hampshire.


First Colebrook Bancorp, Inc.


Selected Financial Highlights


For the Six Months Ended



Total Interest Income

$  4,767,325

$  4,910,653

Total Interest Expense



Net Interest Income



Provision for Loan Losses



Non-Interest Income



Non-Interest Expense



Net Income after provision for taxes



Net Income available to common shares



Earnings per Common Share

$             .76

$           .87

As of  6/30/14

As of 6/30/13

Total Assets



Investments, net



Loans Receivable, net



Total Deposits



FHLB Advances & Borrowings



Stockholder's Equity



Allowance for Loan Losses



Book Value per Common Share

$         25.55

$         24.03


This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of First Colebrook. For these statements, First Colebrook claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with other information available about First Colebrook, including the information in the filings we make to regulatory authorities. Forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will," and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected is such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in First Colebrook reports publically issued. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this press release. First Colebrook does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statements to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

For additional information, contact Peter H. Winship, Chief Financial Officer at [email protected] or by calling 603-228-1505.

SOURCE First Colebrook Bancorp, Inc.

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