SOURCE: Commerce National Bank

Commerce National Bank

April 18, 2011 06:00 ET

Commerce National Bank Announces 1st Quarter 2011 Results

NEWPORT BEACH, CA--(Marketwire - Apr 18, 2011) - Commerce National Bank ("the Bank") (OTCBB: CNBF), a community business bank in its eighth year of operation, announced its financial results for the quarter ended March 31, 2011.

For the quarter ended March 31, 2011, the Bank reported a net profit of $236 thousand, or $0.09 per diluted share, compared to a net profit of $9 thousand, or less than $0.01 per diluted share, for the quarter ended March 31, 2010. President and CEO Mark E. Simmons stated, "In spite of the current economic conditions still being depressed from normal levels, our Bank is improving its performance and is experiencing growth in loans and in core business deposits. Our non-interest income increased substantially this quarter due primarily to fees generated by the SBA Lending Division."

The Bank's total assets as of March 31, 2011 increased $59.3 million, or 24.4%, to $301.9 million from $242.6 million at March 31, 2010. Net loans at March 31, 2011, increased $26.2 million, or 20.8%, to $152.6 million from $126.3 million at March 31, 2010. Total deposits increased $60.7 million, or 30.5%, to $259.9 million at March 31, 2011, compared to $199.2 million at March 31, 2010. A $20 million short term deposit was received on the last day of the quarter and was withdrawn a few days later, which temporarily increased total assets and total deposits at the quarter end. Total equity increased $408 thousand, or 1.5%, to $27.7 million at March 31, 2011, compared to $27.3 million at March 31, 2010. The Bank remains well-capitalized, with a Tier 1 Capital to Average Assets ratio of 9.90% at the quarter end.

With its headquarters office in Newport Beach near John Wayne airport, the Bank is well positioned to serve businesses, professionals and selected real estate customers throughout Orange County. The Bank is staffed by experienced business bankers who are committed to providing exemplary service to their customers in the business community.

Forward-Looking Statement
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about Commerce National Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: Commerce National Bank's timely development of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in Commerce National Bank's reports and filings with the Office of the Comptroller of the Currency. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and Commerce National Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

Commerce National Bank
Condensed Statements of Operations
In Thousands (Except Per Share Amounts) - Unaudited
Three Months Ended
3/31/20113/31/2010
Interest Income$2,631$2,596
Interest Expense390454
Net Interest Income2,2412,142
Provision for Loan Losses525375
Net Interest Income After
Provision for Loan Losses1,7161,767
Non-Interest Income84299
Non-Interest Expense2,1471,855
Gain / (Loss) on Securities Sales(7)0
Net Income (Loss) Before Income Taxes40411
Income Tax Expense1682
Net Income$236$9
Basic Earnings Per Share$0.09$0.00
Diluted Earnings Per Share$0.09$0.00
Commerce National Bank
Condensed Statements of Financial Condition
In Thousands - Unaudited
March 31March 31
Assets20112010
Cash & Due From Banks$4,835$3,405
Federal Funds Sold & Excess Balances at FRB49,68121,213
Investments86,64884,394
Loans (Net)152,590126,345
Other Assets8,1087,222
Total Assets$301,862$242,579
Liabilities & Shareholders' Equity
Demand Deposits$73,476$52,869
Money Market, Savings and NOW Accounts61,81838,345
Certificates of Deposit124,556107,983
Total Deposits259,850199,197
Other Borrowings13,00015,000
Other Liabilities1,2781,056
Total Shareholders' Equity27,73427,326
Total Liabilities & Shareholders' Equity$301,862$242,579

Contact Information

  • Contact:
    Mark Simmons
    President/CEO
    Phone: 949-870-3860
    Fax: 949-870-4499
    E-Mail: Email Contact