OREANDA-NEWS.   First Colebrook Bancorp, Inc.'s (FCNH) consolidated unaudited financial results for the three months ended March 31, 2016 were released May 6, 2016. For the quarter ended March 31, 2016, total assets decreased to $261.9 million from $262.3 million for the quarter ended March 31, 2015, a .16% decrease. Net loans at March 31, 2016 increased to $197.6 million, a 4.73% increase over the $188.7 million on March 31, 2015. Deposits decreased by 1.58% to $219.7 million over the same period in 2015. On March 22, 2016, $5,000,000 subordinated debt was issued and a partial redemption of the outstanding preferred stock took place in the amount of $5,000,000. 

Consolidated unaudited net income for the three months ended March 31, 2016 was $145,983 compared to $268,488 for the March 2015 ended quarter, a 45.6% decrease. Net interest income in the first quarter was consistent from first quarter 2015 at $2.04 million. Non-interest income decreased to $252,257 from $272,851 and non-interest expense increased to $2.14 million from $1.97 million for quarters ended, respectively. The largest increase in non-interest expense of $186,803 was seen in net salaries and benefits. Over the last year, an increase in loan personnel occurred to prepare for the expected growth in 2016 and beyond. During the first quarter 2016, a provision of $50,000. was made to the Allowance for Loan Losses to accommodate this loan growth.  

First Colebrook Bancorp, Inc. is a single bank holding company formed in 1984 and headquartered in Colebrook, New Hampshire. Its wholly owned subsidiary, Granite Bank, f/k/a First Colebrook Bank, was established in 1889. Granite Bank operates four banking offices located in Colebrook, Concord, Amherst and Portsmouth, New Hampshire.