First Colebrook Bancorp announces fiscal results.
Global Banking News-February 7, 2018--First Colebrook Bancorp announces fiscal results
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Global Banking News - 07 February 2018
First Colebrook Bancorp Inc. (OTC: FCNH), the bank holding company of Granite Bank, has announced its consolidated unaudited financial results for the 12 months ended December 31, 2017.
The company has reported unaudited, consolidated net income for the 12 months ended December 31, 2017 of USD600,893 compared to USD544,727 for the 12 months ended December 31, 2016. Earnings for 2017 were affected by a one-time charge to earnings of USD160,921 for the revaluation of the company's deferred tax assets as a result of the Tax Cuts and Jobs Act being signed into law on December 22, 2017. In addition, due to the pending merger with Bangor Bancorp MHC, 2017's non-interest expenses included higher legal and financial advisor fees when compared to 2016.
Earnings per common share for the 12 months ended December 31, 2017 increased to USD0.60 compared to USD0.40 per share for the same period in 2016.
The company's total assets reduced to USD252.3m at December 31, 2017 from USD263.5m at December 31, 2016. Total deposits decreased to USD217.2m from USD224.4m over the same period in 2016. Federal Home Loan Bank advances decreased to USD4.0m, from USD7.0m a year ago.
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