SOURCE: Commerce National Bank

Commerce National Bank

April 23, 2012 06:00 ET

Commerce National Bank Announces 2012 First Quarter Results

NEWPORT BEACH, CA--(Marketwire - Apr 23, 2012) - Commerce National Bank (OTCBB: CNBF), a community business bank in its ninth year of operation, announced its financial results for the first quarter of 2012.

For the quarter ended March 31, 2012, the Bank reported a net profit of $237 thousand, or $0.09 per diluted share, compared to a net profit of $236 thousand, or $0.09 per diluted share, for the quarter ended March 31, 2011. President and CEO Mark E. Simmons stated, "The Bank is continuing to improve its profitability and our business customer base is much more positive in their outlook, which will translate into additional business loans and deposits as the economy continues to recover."

The Bank's total assets as of March 31, 2012 decreased $66.2 million, or 21.9%, to $235.7 million from $301.9 million at March 31, 2011, primarily due to a temporary large short term deposit held over the quarter end in 2011 and the Bank repaying FHLB advances totaling $13.0 million in April of 2011. Net loans at March 31, 2012, decreased $9.0 million, or 5.9%, to $143.6 million from $152.6 million at March 31, 2011. Total deposits decreased $54.5 million, or 21.0%, to $205.3 million at March 31, 2012, compared to $259.9 million at March 31, 2011 due primarily to the temporary large short term deposit held over the quarter end in 2011. Total equity increased $772 thousand, or 2.8%, to $28.5 million at March 31, 2012, compared to $27.7 million at March 31, 2011. At March 31, 2012 the Bank had regulatory capital ratios of 12.08% for Tier 1 leverage and 18.29% for total risk-based capital and continued to be well capitalized.

With its headquarters office in Newport Beach near John Wayne airport and a loan production office in Anaheim, 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
3/31/2012 3/31/2011
Interest Income $ 2,666 $ 2,631
Interest Expense 237 390
Net Interest Income 2,430 2,241
Provision for Loan Losses 225 525
Net Interest Income After
Provision for Loan Losses 2,205 1,716
Non-Interest Income 382 842
Non-Interest Expense 2,299 2,147
Gain / (Loss) on Securities Sales 135 (7 )
Net Income Before Income Taxes 423 404
Income Tax Expense 186 168
Net Income $ 237 $ 236
Basic Earnings Per Share $ 0.09 $ 0.09
Diluted Earnings Per Share $ 0.09 $ 0.09
Commerce National Bank
Condensed Statements of Financial Condition
In Thousands - Unaudited
March 31 March 31
Assets 2012 2011
Cash & Due From Banks $ 9,915 $ 4,835
Federal Funds Sold & Excess Balances at FRB 7,540 49,681
Investments 67,601 86,648
Loans (Net) 143,556 152,590
Other Assets 7,065 8,108
Total Assets $ 235,677 $ 301,862
Liabilities & Shareholders' Equity
Demand Deposits $ 57,194 $ 73,476
Money Market, Savings and NOW Accounts 40,098 61,818
Certificates of Deposit 108,035 124,556
Total Deposits 205,327 259,850
Other Borrowings 0 13,000
Other Liabilities 1,844 1,278
Total Shareholders' Equity 28,506 27,734
Total Liabilities & Shareholders' Equity $ 235,677 $ 301,862

Contact Information

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