First Colebrook Bancorp, Inc. Releases December 31, 2016 Consolidated Unaudited Earnings

COLEBROOK, N.H., Feb. 3, 2017 /PRNewswire/ -- First Colebrook Bancorp, Inc.'s (FCNH) consolidated unaudited financial results for the twelve months ended December 31, 2016 were released February 3, 2017. For the twelve months ended December 31, 2016, total assets increased slightly to $263.5 million from $262.7 million for the year ended December 31, 2015. Net loans decreased to $196.0 million on December 31, 2016 from $198.0 million on December 31, 2015. Deposits increased to $224.4 million on December 31, 2016 compared to $223.4 million on December 31, 2015. Noninterest bearing deposits increased 9.30% to $52.1 million for the year ended December 31, 2016 versus the $47.7 million for the year ended December 31, 2015.

Consolidated unaudited net income for the twelve months ended December 31, 2016 was $544,727 compared to $1,122,509 for the twelve months ended December 2015. Total interest and dividend income for the twelve months ended December 31, 2016 was 1.22% lower than the previous twelve months due to lower investment yields.  Interest on deposits was 8.08% lower in 2016 versus 2015. The provision for loan losses increased to $200,000 at December 31, 2016 from $30,000 at December 31, 2015.  

Non-interest income increased to $1.6 million for the twelve months ended December 31, 2016 from $1.1 million for the twelve months ended December 31, 2015 due to security gains of $409,455 and other income generated by the mortgage division acquired in September 2016.  Non-interest expense increased to $8.9 million from $8.1 million for the twelve months ended December 31, 2016 and December 31, 2015, respectively. Occupancy expense decreased to $808,294 at December 31, 2016 from $839,760 at December 31, 2015, a 3.75% decrease. Equipment expense increased to $446,786 as of December 31, 2016 compared to $354,118 as of December 31, 2015.

Earnings per common share decreased to $.40 compared to $1.38 in December 2015. Common shareholder equity (total equity less issued preferred stock) increased to $24,872,321 at year ended December 31, 2016 from $20,669,848 for the year ended December 2015. The book value per share of common stock decreased to $24.89 at December 31, 2016 from $27.59 per share a year earlier largely due to the issuance of 250,000 of common shares and the pay-off of the SBLF preferred stock.

We will provide a full discussion of performance and operations in our 2016 Annual Report when prepared and published. As always, we appreciate your support and if you have any questions or comments, please do not hesitate to contact us.

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 and one loan production office located at Pease International Tradeport in Portsmouth, NH.

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. 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.

For additional information, contact Avis Brosseau, Chief Financial Officer at abrosseau@granitebank.com or by calling 603-237-7016.

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SOURCE First Colebrook Bancorp, Inc.