OREANDA-NEWS. February 09, 2016. First Colebrook Bancorp, Inc. (FCNH), the holding company for Granite Bank, released today consolidated unaudited financial results for the twelve months ended December 31, 2015. Total assets increased to \\$263.3 million on December 31, 2015 from \\$258.9 million on December 31, 2014. Net loans at December 31, 2015 were \\$198.0 million, up from \\$189.6 million on December 31, 2014. Deposits increased to \\$223.4 million from \\$219.9 million a year earlier. 

Consolidated unaudited net income before preferred dividends for the twelve months ended December 31, 2015 was \\$1,072,508 compared to \\$1,581,910 for the twelve months of 2014. Net interest income after the provision for loan losses was \\$8.4 million versus \\$8.3 million in 2014. The low interest rate environment continues to affect interest income, although is favorable to interest expense. At December 31, 2015 the bank's net interest margin was 3.33%, an improvement over the 3.29% a year earlier. Non-interest income for 2015 decreased to \\$1,094,315 from \\$1,476,233 from a year ago primarily due to the \\$481,023 in security gains taken in 2014. Non-interest expense increased to \\$8.1 million at December 31, 2015 from \\$7.7 million in 2014.

Earnings per share of common stock were \\$1.32 at December 31, 2015 compared to \\$2.00 for 2014, while book value per share increased to \\$27.52 at December 31, 2015 compared to \\$26.59 at December 31, 2014.

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 Twelve Months Ended

12/31/15

12/31/14

Total Interest Income

\\$  9,454,484

\\$ 9,563,074

Total Interest Expense

1,050,259

1,245,205

Net Interest Income after prov. for loan losses

8,374,225

8,317,869

Provision for Loan Losses

30,000

0

Non-Interest Income

1,094,315

1,476,233

Non-Interest Expense

8,074,648

7,703,171

Net Income after provision for taxes

1,072,508

1,581,910

Net Income available to common shares

986,278

1,495,680

Earnings per Common Share

\\$            1.32

\\$        2.00





As of 12/31/15

As of 12/31/14

Total Assets

\\$263,254,074

\\$258,857,105

Investments, net

\\$38,145,458

\\$40,003,324

Loans Receivable, net

197,957,792

189,589,802

Total Deposits

223,441,715

219,943,254

FHLB Advances & Borrowings

7,000,000

7,000,000

Stockholder's Equity

29,242,848

28,542,515

Allowance for Loan Losses

1,598,346

1,579,437

Book Value per Common Share

\\$         27.52

\\$       26.59

This press release may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of Granite Bank f/k/a First Colebrook Bank. For these statements, Granite Bank 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 Granite Bank, 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 in 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 Granite Bank 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. Granite Bank 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.