SOURCE: Commerce National Bank

Commerce National Bank

October 22, 2012 06:00 ET

Commerce National Bank Announces 3rd Quarter 2012 Results

NEWPORT BEACH, CA--(Marketwire - Oct 22, 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 nine months ended September 30, 2012.

For the quarter ended September 30, 2012, the Bank reported net income of $519 thousand, or $0.19 per diluted share, compared to net income of $126 thousand, or $0.05 per diluted share, for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, the Bank reported net income of $1.13 million, or $0.42 per diluted share, compared to net income of $459 thousand, or $0.17 per diluted share, for the nine months ended September 30, 2011. President and CEO Mark E. Simmons stated, "The Bank is continuously seeking to attract new business and professional firms as customers of the Bank and to maintain the highest quality products and services for our existing business banking customers. While economic conditions remain challenging, we are pleased to report continued improvement in the quality of the loan portfolio, which permits the lower level of provisions to the loan loss reserve."

The Bank's total assets as of September 30, 2012, decreased $800 thousand, or 0%, to $241.7 million from $242.5 million at September 30, 2011. Net loans at September 30, 2012, decreased $0.8 million, or 1%, to $145.6 million from $146.4 million at September 30, 2011. Total deposits decreased $3.6 million, or 2%, to $209.8 million at September 30, 2012, compared to $213.4 million at September 30, 2011. Total equity increased $1.5 million, or 5%, to $29.5 million at September 30, 2012, compared to $28.0 million at September 30, 2011.

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.

   
   
Condensed Statements of Operations  
In Thousands (Except Per Share Amounts) - Unaudited  
    Three Months Ended   Nine Months Ended  
September 30,   September 30,  
    2012   2011   2012     2011  
Interest Income   $ 2,649   $ 2,748   $ 8,002     $ 8,063  
Interest Expense     235     275     703       980  
Net Interest Income     2,414     2,473     7,299       7,083  
Provision for Loan Losses     25     500     475       1,850  
Net Interest Income After                            
  Provision for Loan Losses     2,389     1,973     6,824       5,233  
Non-Interest Income     490     450     1,351       2,074  
Non-Interest Expense     2,210     2,294     6,918       6,549  
Gain on Securities or OREO Sales     212     93     711       40  
  Income Before Income Taxes     881     223     1,968       797  
Income Tax Expense     362     97     838       338  
Net Income   $ 519   $ 126   $ 1,130     $ 459  
  Basic Earnings Per Share   $ 0.19   $ 0.05     0.42       0.17  
  Diluted Earnings Per Share   $ 0.19   $ 0.05     0.42       0.17  
                             
                             
   
Condensed Statements of Financial Condition  
In Thousands - Unaudited  
            September 30,  
Assets                 2012       2011  
  Cash & Due From Banks               $ 3,434     $ 5,690  
  Federal Funds Sold & Excess Balances at FRB                 4,207       10,352  
  Investments                 82,159       73,099  
  Loans (Gross)                 150,565       150,849  
    Deferred Loan Fees and Costs                 (535 )     (174 )
    Reserve for Loan and Lease Losses                 (4,416 )     (4,249 )
  Loans (Net)                 145,614       146,426  
  Other Assets                 6,306       6,953  
Total Assets               $ 241,720     $ 242,520  
Liabilities & Shareholders' Equity                            
  Demand Deposits               $ 59,067     $ 57,431  
  Money Market, Savings and NOW Accounts                 47,520       44,340  
  Certificates of Deposit                 103,235       111,630  
    Total Deposits                 209,822       213,401  
  Other Borrowings                 0       0  
  Other Liabilities                 2,366       1,121  
Total Shareholders' Equity                 29,532       27,998  
Total Liabilities & Shareholders' Equity               $ 241,720     $ 242,520  
                             
Book Value Per Common Share               $ 11.10     $ 10.52  

Contact Information

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