SOURCE: Commerce National Bank

Commerce National Bank

July 24, 2012 06:00 ET

Commerce National Bank Announces 2nd Quarter 2012 Results

NEWPORT BEACH, CA--(Marketwire - Jul 24, 2012) -  Commerce National Bank ("the Bank") (OTCBB: CNBF), a community business bank in its ninth year of operation, announced its financial results for the quarter and six months ended June 30, 2012.

For the quarter ended June 30, 2012, the Bank reported net income of $374 thousand, or $0.14 per diluted share, compared to net income of $97 thousand, or $0.04 per diluted share, for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Bank reported net income of $611 thousand, or $0.23 per diluted share, compared to net income of $333 thousand, or $0.13 per diluted share, for the six months ended June 30, 2011. President and CEO Mark E. Simmons stated, "The Bank is pleased to report continued improvement in profitability while the directors, officers and staff strive to maintain the highest quality of service to our existing business banking customers and attract new business and professional firms as customers of the Bank."

The Bank's total assets as of June 30, 2012, decreased $10.1 million, or 4%, to $242.0 million from $252.1 million at June 30, 2011. Net loans at June 30, 2012, decreased $2.8 million, or 2%, to $148.4 million from $151.2 million at June 30, 2011. Total deposits decreased $12.8 million, or 6%, to $210.3 million at June 30, 2012, compared to $223.1 million at June 30, 2011. Total equity increased $1.0 million, or 4%, to $28.9 million at June 30, 2012, compared to $27.9 million at June 30, 2011.

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.

   
Condensed Statements of Operations  
In Thousands (Except Per Share Amounts) - Unaudited  
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012   2011     2012   2011  
Interest Income   $ 2,687   $ 2,370     $ 5,353   $ 5,001  
Interest Expense     232     315       468     705  
Net Interest Income     2,455     2,054       4,885     4,295  
Provision for Loan Losses     225     825       450     1,350  
Net Interest Income After                            
    Provision for Loan Losses     2,230     1,229       4,435     2,945  
Non-Interest Income     478     1,104       861     1,946  
Non-Interest Expense     2,409     2,117       4,708     4,264  
Gain / (Loss) on Securities or OREO Sales     364     (46 )     499     (53 )
    Income Before Income Taxes     664     170       1,087     574  
Income Tax Expense     290     73       476     241  
Net Income   $ 374   $ 97     $ 611   $ 333  
  Basic Earnings Per Share   $ 0.14   $ 0.04     $ 0.23   $ 0.13  
  Diluted Earnings Per Share   $ 0.14   $ 0.04     $ 0.23   $ 0.13  
                               
 
Condensed Statements of Financial Condition
In Thousands - Unaudited
    June 30,
Assets   2012   2011
  Cash & Due From Banks   $ 3,912   $ 6,128
  Federal Funds Sold & Excess Balances at FRB     9,806     21,845
  Investments     73,196     65,757
  Loans (Net)     148,412     151,237
  Other Assets     6,709     7,109
    Total Assets   $ 242,035   $ 252,076
Liabilities & Shareholders' Equity            
  Demand Deposits   $ 62,494   $ 51,144
  Money Market, Savings and NOW Accounts     42,136     50,379
  Certificates of Deposit     105,669     121,613
    Total Deposits     210,299     223,136
  Other Liabilities     2,827     1,032
Total Shareholders' Equity     28,909     27,908
Total Liabilities & Shareholders' Equity   $ 242,035   $ 252,076
             

Contact Information

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