Welcome!

News Feed Item

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.

Consolidated

Selected Financial Highlights

(Unaudited)



For the Six Months Ended


6/30/14

6/30/13

Total Interest Income

$  4,767,325

$  4,910,653

Total Interest Expense

644,476

710,987

Net Interest Income

4,122,849

4,199,666

Provision for Loan Losses

10,000

227,781

Non-Interest Income

626,990

764,921

Non-Interest Expense

3,885,130

3,756,954

Net Income after provision for taxes

612,094

703,699

Net Income available to common shares

248,188

320,203

Earnings per Common Share

$             .76

$           .87




As of  6/30/14

As of 6/30/13

Total Assets

$266,825,673

$262,699,022

Investments, net

46,379,099

35,091,136

Loans Receivable, net

191,441,836

189,492,755

Total Deposits

224,724,316

224,056,331

FHLB Advances & Borrowings

11,500,000

9,000,000

Stockholder's Equity

27,757,731

26,538,610

Allowance for Loan Losses

1,844,408

2,032,015

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.