First Colebrook Bancorp, Inc. Releases March 31, 2016 Consolidated Earnings

COLEBROOK, N.H., May 6, 2016

Consolidated unaudited net income for the three months ended March 31, 2016 was $145,983 compared to $268,488 for the March 2015 ended quarter, a 45.6% decrease. Net interest income in the first quarter was consistent from first quarter 2015 at $2.04 million. Non-interest income decreased to $252,257 from $272,851 and non-interest expense increased to $2.14 million from $1.97 million for quarters ended, respectively. The largest increase in non-interest expense of $186,803 was seen in net salaries and benefits. Over the last year, an increase in loan personnel occurred to prepare for the expected growth in 2016 and beyond. During the first quarter 2016, a provision of $50,000. was made to the Allowance for Loan Losses to accommodate this loan growth.  

First Colebrook Bancorp, Inc. is a single bank holding company formed in 1984 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 Three Months Ended
	3/31/16	3/31/15
Total Interest Income	$  2,347,155	$  2,316,197
Total Interest Expense	261,497	273,810
Net Interest Income	2,085,658	2,042,387
Provision for Loan Losses	50,000	0
Non-Interest Income	252,257	272,851
Non-Interest Expense	2,141,892	1,965,570
Net Income	145,983	268,488
Net Income available to common shares	118,429	246,930
Earnings per Common Share	$             .16	.33
	As of 3/31/16	As of 3/31/15
Total Assets	$261,877,074	$  262,295,519
Investments, net	37,455,664	42,597,980
Loans Receivable, net	197,609,149	188,678,006
Total Deposits	219,707,111	223,224,388
FHLB Advances & Borrowings	14,870,201	7,000,000
Stockholder's Equity	24,546,119	28,853,686
Allowance for Loan Losses	1,636,812	1,590,579
Book Value per Common Share	$           27.93	$             27.00

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 Bank. 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 publically 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.