First Colebrook Bancorp reports improved earningsUnion Leader staff
February 02. 2014 4:43PM
COLEBROOK — First Colebrook Bancorp, which operates four offices in Colebrook, Concord, Amherst and Portsmouth under its wholly owned subsidiary First Colebook Bank, reported a 3.56 rise in net income for 2013, the bank said Friday.
Net income was $1,289,875 compared to $1,245,495 over the same period in 2012, the bank reported in a news release. Net interest income decreased to $8,314,429 from the $8,575,461 reported in 2012. This decrease was a result of continued margin compression due to the extreme low interest rate environment, the bank said.
The net interest margin declined to 3.36 percent, down from 3.69 percent at Dec. 31, 2012. On a per share basis, net income per common share (after the payment of preferred dividends) increased to $1.60 from $1.45 a year earlier.
Total assets increased 4.6 percent to $264,328,759 at Dec. 31, when compared to Dec. 31, 2012. Net loans were up 0.3 percent to $185,656,241 and deposits increased 6.3 percent to $223,454,853 over the same period comparison.
“Loan growth was restrained in 2013 by significant pre-payments as our borrowers continued to react to sluggish economic growth by reducing their overall debt,” President/CEO Loyd W. Dollins said in a prepared statement.