SOURCE: Commerce National Bank

Commerce National Bank

April 22, 2013 06:00 ET

Commerce National Bank Announces 2013 First Quarter Results

NEWPORT BEACH, CA--(Marketwired - Apr 22, 2013) - Commerce National Bank (OTCBB: CNBF), a community business bank in its tenth year of operation, announced its financial results for the first quarter of 2013.

For the quarter ended March 31, 2013, the Bank reported a net profit of $225 thousand, or $0.08 per diluted share, compared to a net profit of $237 thousand, or $0.09 per diluted share, for the quarter ended March 31, 2012. President and CEO Mark E. Simmons stated, "The economy continues to show signs of improvement which allows our customer base to achieve better performance and remain positive in their outlook. This, in turn, will translate into additional business loans and deposits for the Bank as the economy continues to recover."

The Bank's total assets as of March 31, 2013 increased $7.1 million, or 3.0%, to $242.7 million from $235.7 million at March 31, 2012. Net loans at March 31, 2013 decreased $1.6 million, or 1.1%, to $142.0 million from $143.6 million at March 31, 2012. Total deposits increased $6.1 million, or 3.0%, to $211.4 million at March 31, 2013, compared to $205.3 million at March 31, 2012. Total investments increased $12.9 million, or 19.2%, to $80.5 million at March 31, 2013, compared to $67.6 million at March 31, 2012. Total equity increased $1.6 million, or 5.6%, to $30.1 million at March 31, 2013, compared to $28.5 million at March 31, 2012. At March 31, 2013, the Bank had a Tier 1 leverage capital ratio of 12.31% and a total risk-based capital ratio of 19.82%, and continued to be well capitalized under applicable regulatory guidelines. 

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
    3/31/2013     3/31/2012
Interest Income   $ 2,394     $ 2,666
Interest Expense     223       237
  Net Interest Income     2,171       2,430
Provision for Loan Losses     0       225
  Net Interest Income After Provision for Loan Losses     2,171       2,205
Non-Interest Income     499       382
Non-Interest Expense     2,282       2,299
Gain / (Loss) on Securities Sales     (1 )     135
  Net Income Before Income Taxes     387       423
Income Tax Expense     162       186
  Net Income   $ 225     $ 237
               
Basic Earnings Per Share   $ 0.08     $ 0.09
Diluted Earnings Per Share   $ 0.08     $ 0.09
               
               
               
Commerce National Bank
Condensed Statements of Financial Condition
In Thousands - Unaudited
 
    March 31   March 31
Assets   2013   2012
  Cash & Due From Banks   $ 4,300   $ 9,915
  Federal Funds Sold & Excess Balances at FRB     9,965     7,540
  Investments     80,546     67,601
  Loans (Gross)     146,320     147,988
  Allowance for Loan and Lease Losses     4,352     4,432
  Loans (Net)     141,968     143,556
  Other Assets     5,969     7,065
    Total Assets   $ 242,748   $ 235,677
Liabilities & Shareholders' Equity            
  Demand Deposits   $ 61,102   $ 57,194
  Money Market, Savings and NOW Accounts     50,227     40,098
  Certificates of Deposit     100,076     108,035
    Total Deposits     211,405     205,327
  Other Liabilities     1,229     1,844
Total Shareholders' Equity     30,114     28,506
Total Liabilities & Shareholders' Equity   $ 242,748   $ 235,677
             

Contact Information

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