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First Colebrook Bancorp releases December consolidated earnings.

BANKING AND CREDIT NEWS-February 6, 2018-First Colebrook Bancorp releases December consolidated earnings

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First Colebrook Bancorp, Inc. (OTCQX: FCNH), the bank holding company of Granite Bank, has announced its consolidated unaudited financial results for the twelve (12) months ended December 31, 2017, the company said.

First Colebrook Bancorp, Inc. reported unaudited, consolidated net income for the twelve (12) months ended December 31, 2017 of USD 600,893 compared to USD 544,727 for the twelve (12) months ended December 31, 2016.

During the latter part of 2017, additional non-recurring bank and holding company events took place that had an impact on the year end December 31, 2017 net income results. Earnings for 2017 were impacted by a one-time charge to earnings of USD 160,921 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. Also, due to the pending merger with Bangor Bancorp, MHC; 2017's non-interest expenses include higher legal and financial advisor fees when compared to 2016.

Total deposits decreased to USD 217.2 million from USD 224.4 million over the same period in 2016. Federal Home Loan Bank advances decreased to USD 4.0 million from USD 7.0 million.

Earnings per common share for the twelve months ended December 31, 2017 increased to USD 0.60 compared to USD 0.40 per share for the same period in 2016.

Common shareholder equity increased to USD 25.1 million at December 31, 2017 from USD 24.9 million at December 31, 2016. The book value per share of common stock increased to USD 25.10 from USD 24.67 per share a year earlier. The tangible book value per share of common stock increased to USD 24.58 from USD 24.15 a year earlier.

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Publication:M2 Banking & Credit News (BCN)
Date:Feb 6, 2018
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