OREANDA-NEWS. First Colebrook Bancorp, Inc.'s (FCNH) consolidated unaudited financial results for the six months ended June 30, 2016 were released August 5, 2016. For the six months ended June 30, 2016, total assets increased 2.4% to $270.7 million from $264.4 million for the six months ended June 30, 2015. Net investments as of June 30, 2016 decreased $19.5 million from a year ago, in large part due to a recent sale of securities yet to be reinvested. Net loans at June 30, 2016 increased to $200.5 million, a 1.27% increase over the $198.0 million on June 30, 2015. Deposits increased by 1.35% to $227.9 million over the same period in 2015.

Consolidated unaudited net income for the six months ended June 30, 2016 was $465,170 compared to $495,028 for the June 2015 ended quarter. Net interest income in the first six months was consistent with the first six months 2015 at $4.1 million. Non-interest income increased to $936,053 from $523,019 as a result of the security gains of $345,355 received from the recent sale of investments. Non-interest expense increased to $4.37 million from $3.99 million for six months ended June 30, 2016 and June 30, 2015 respectively.

Net income per share of common stock decreased to $.48 compared to $.60 in June 2015. Common shareholder equity (total equity less issued preferred stock) increased to $21,040,086 from $19,912,561, which increased book value per share of common stock to $28.08 at June 30, 2016 from $26.58 per share a year earlier.

First Colebrook Bancorp, Inc. is a single bank holding company formed in 1985 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.

First Colebrook Bancorp, Inc.

Consolidated

Selected Financial Highlights

(Unaudited)
     
 

For the Six Months Ended
 

   6/30/16

   6/30/15

Total Interest Income

$  4,719,246

$  4,649,966

Total Interest Expense

611,916

545,556

Net Interest Income

4,107,330

4,104,410

Provision for Loan Losses

100,000

0

Non-Interest Income

936,053

523,019

Non-Interest Expense

4,366,915

3,991,668

Net Income

465,170

495,028

Net Income available to common shares

356,099

451,913

Earnings per Common Share

$             .48

.60
     
     
 

As of 6/30/16

As of 6/30/15

Total Assets

$270,667,667

$  264,395,741

Investments, net

21,765,936

41,245,946

Loans Receivable, net

200,457,603

197,950,555

Total Deposits

227,856,204

224,811,781

FHLB Advances & Borrowings

15,870,190

8,000,000

Stockholder's Equity

24,663,086

28,535,561

Allowance for Loan Losses

1,623,333

1,589,875

Book Value per Common Share

$           28.08

$             26.58