First Colebrook Bancorp, Inc. Releases June 30, 2013 Earnings

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Colebrook Bancorp (FCNH) released consolidated financial results (unaudited) for the six months ending June 30, 2013 on August 1, 2013. In the first six months of 2013, First Colebrook Bancorp, Inc. continued to grow in assets, deposits and net income over the comparative first six months of 2012.

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The nation’s economic recovery has continued into 2013 and our growth in loans and deposits reflects an expanding economy in New Hampshire as well.

First Colebrook Bancorp (FCNH) released consolidated financial results (unaudited) for the six months ending June 30, 2013 on August 1, 2013. In the first six months of 2013, First Colebrook Bancorp, Inc. continued to grow in assets, deposits and net income over the comparative first six months of 2012.

Total assets increased 8.7% to $262,699,022 at June 30, 2013 when compared to June 30, 2012. Net loans were up 6.2% to $189,492,755 and deposits increased 8.0% to $224,056,331 over the same period comparison. President & CEO Loyd W. Dollins stated, “The nation’s economic recovery has continued into 2013 and our growth in loans and deposits reflects an expanding economy in New Hampshire as well.”

Net income for the six months ending June 30, 2013 was $703,699 compared to $689,248 over the same period in 2012, a 2.1% increase. Net interest income decreased to $4,199,666 from the $4,287,142 reported in the first half of 2012. This decrease was a result of continued margin compression due to the extreme low interest rate environment. The net interest margin declined to 3.51% at June 30, 2013, down from 3.77% at June 30, 2012. Dollins continued, “As the economy grows and the Federal Reserve raises interest rates, our net interest margins should improve.”

Improving home sales activity has continued to grow non interest income. Secondary market loan sale income increased in the first six months of 2013 to $91,191 from $24,889 over the same period in 2012.

Non interest expenses decreased 2.8% to $3,756,954 from $3,863,347 in 2012. Expenses were reduced in all categories in the first half of 2013. The provision for loan losses decreased to $227,281 compared to the $254,600 added in 2012. Dollins stated, “With an improving economy we have seen reduced levels of delinquencies, problem loans and loan losses, allowing for a reduced provision to be added to the loan loss reserve.”

Net income per share of common stock issued and outstanding for the first half of 2013 was $.87 per share compared to $.77 per share in the first half 2012. Book value per share of common stock decreased at June 30, 2013 to $24.03 per share compared to $24.29 a year earlier, due to the impact of rising interest rates on the investment portfolio valuation.

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 Ending
    6/30/13    6/30/12
Total Interest Income    $     4,910,653     $     5,151,378
Total Interest Expense    710,987    864,236
Net Interest Income    4,199,666    4,287,142
Provision for Loan Losses    227,781    254,600
Non-Interest Income    764,921    861,824
Non-Interest Expense    3,756,954    3,863,347
Net Income    703,699    689,248
Net Income available to common shares    651,003    575,593
Earnings Per Common Share-diluted
Restated for 4 for 1 stock split in 2012    $            .87    $             .77

    As of 6/30/13    As of 6/30/12
Total Assets    $262,699,022    241,704,029
Investments, net    35,091,136    31,416,562
Loans Receivable, net    189,492,755    178,472,316
Total Deposits    224,056,331    207,372,575
FHLB Advances & Borrowings    9,000,000    4,000,000
Stockholder’s Equity    26,538,610    26,871,589
Book Value per Common Share
Restated for 4 for 1 stock split in 2012    $         24.03    $         24.29
    Source: First Colebrook Bancorp, Inc.

For additional information, contact Peter H. Winship, Chief Financial Officer at pwinship(at)firstcolebrookbank(dot)com or by calling (603) 228-1505.

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