First Colebrook Bancorp, Inc. Releases June 30, 2016 Consolidated Earnings

COLEBROOK, N.H., Aug. 5, 2016

Consolidated unaudited net income for the six months ended June 30, 2016 was $465,170 compared to $495,028 for the June 2015 ended quarter. Net interest income in the first six months was consistent with the first six months 2015 at $4.1 million. Non-interest income increased to $936,053 from $523,019 as a result of the security gains of $345,355 received from the recent sale of investments. Non-interest expense increased to $4.37 million from $3.99 million for six months ended June 30, 2016 and June 30, 2015 respectively.

Net income per share of common stock decreased to $.48 compared to $.60 in June 2015. Common shareholder equity (total equity less issued preferred stock) increased to $21,040,086 from $19,912,561, which increased book value per share of common stock to $28.08 at June 30, 2016 from $26.58 per share a year earlier.

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.

First Colebrook Bancorp, Inc. Consolidated Selected Financial Highlights ARIVA.DE Börsen-Geflüster Kurse FIRST COLEBROOK BNCRP INC -   0,00% (Unaudited)
	For the Six Months Ended
	6/30/16	6/30/15
Total Interest Income	$  4,719,246	$  4,649,966
Total Interest Expense	611,916	545,556
Net Interest Income	4,107,330	4,104,410
Provision for Loan Losses	100,000	0
Non-Interest Income	936,053	523,019
Non-Interest Expense	4,366,915	3,991,668
Net Income	465,170	495,028
Net Income available to common shares	356,099	451,913
Earnings per Common Share	$             .48	.60
	As of 6/30/16	As of 6/30/15
Total Assets	$270,667,667	$  264,395,741
Investments, net	21,765,936	41,245,946
Loans Receivable, net	200,457,603	197,950,555
Total Deposits	227,856,204	224,811,781
FHLB Advances & Borrowings	15,870,190	8,000,000
Stockholder's Equity	24,663,086	28,535,561
Allowance for Loan Losses	1,623,333	1,589,875
Book Value per Common Share	$           28.08	$             26.58

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 publicly 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.