Business & Finance
Business and Finance
Business and Finance
Thu, August 6, 2009Wed, August 5, 2009Tue, August 4, 2009Mon, August 3, 2009Sun, August 2, 2009Fri, July 31, 2009Thu, July 30, 2009Wed, July 29, 2009Tue, July 28, 2009Mon, July 27, 2009Sun, July 26, 2009Fri, July 24, 2009Thu, July 23, 2009Wed, July 22, 2009Tue, July 21, 2009Commerce National Bank: Commerce National Bank Announces 2009 2nd Quarter Results
Published in Business and Finance on Thursday, July 30th 2009 at 0:28 GMT, Last Modified on 2009-07-30 00:28:29 by Market Wire
NEWPORT BEACH, CA--(Marketwire - July 30, 2009) - Commerce National Bank ("the Bank") (
For the quarter ended June 30, 2009, the Bank reported a net loss of $82 thousand, or ($0.03) per diluted share, compared to net loss of $152 thousand, or $0.06 per diluted share, for the quarter ended March 31, 2009. For the six months ended June 30, 2009, the Bank reported a net loss of $234 thousand, or ($0.09) per diluted share, compared to net income of $406 thousand, or $0.15 per diluted share, for the six months ended June 30, 2008. President and CEO Mark E. Simmons stated, "At June 30, 2009, the Bank exceeded all the requirements for well capitalized financial institutions, with a Tier 1 Capital to Average Assets ratio of 14.3%. We are actively seeking new deposit and loan relationships within the local business community. The major items contributing to the $234,000 year-to-date net loss were $260,000 for an 'Other Than Temporary Impaired' charge on one of the investments the Bank holds, $525,000 expensed for loan loss provisions, and $101,000 for a special one time assessment for the FDIC insurance fund."
The Bank's total assets as of June 30, 2009, decreased $3.0 million, or 1%, to $234.5 million from $237.4 million at June 30, 2008. Net loans at June 30, 2009, increased $1.6 million, or 1%, to $133.3 million from $131.7 million at June 30, 2008. Total deposits decreased $3.5 million, or 2%, to $181.3 million at June 30, 2009, compared to $184.8 million at June 30, 2008. Total equity increased $5.3 million, or 19%, to $33.6 million at June 30, 2009, compared to $28.4 million at June 30, 2008. The increase in equity was primarily due to the purchase by the U.S. Department of the Treasury of $5 million of Non-Cumulative Perpetual Preferred Stock from the Bank in January 2009 under the Treasury's Capital Purchase Program (the "CPP"). In April 2009, the Bank's Board of Directors reevaluated the revised and changed terms of the CPP, as well as the general public's changed perception of any banks that received CPP funds. The Board concluded that it would be in the Bank's best interest to apply for shareholder and regulatory approval to return the CPP funds to the U.S. Department of the Treasury. Shareholder approval has been obtained and an application for regulatory approval to return the funds is currently in process.
With offices in Newport Beach near John Wayne airport and in the City of Fullerton, the Bank is well positioned to serve businesses, professionals and selected real estate customers in both the northern and southern areas of Orange County. The offices are 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 Financial Condition (Unaudited) - ($000's) June 30, -------------------- Assets 2009 2008 --------- --------- Cash & Due From Banks $ 4,145 $ 7,157 Federal Funds Sold & Excess FRB Balances 11,106 30,514 Investments 81,830 63,994 Loans (Net) 133,302 131,711 Other Assets 4,067 4,027 --------- --------- Total Assets $ 234,450 $ 237,403 ========= ========= Liabilities & Shareholders' Equity Demand Deposits $ 34,933 $ 44,679 Money Market, Savings and NOW Accounts 54,168 115,872 Certificates of Deposit 92,229 24,271 --------- --------- Total Deposits 181,330 184,822 Other Borrowings 18,500 23,000 Other Liabilities 1,019 1,231 Shareholders' Equity Common Stock and Surplus 36,879 31,649 Accumulated Deficit (3,521) (2,641) Unrecognized Gain/(Loss) on AFS Securities 243 (658) --------- --------- Total Shareholders' Equity 33,601 28,350 --------- --------- Total Liabilities & Shareholders' Equity $ 234,450 $ 237,403 ========= ========= Condensed Statements of Operations (Unaudited) - ($000's, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 2009 2008 2009 2008 -------- --------- -------- --------- Interest Income $ 2,640 $ 2,960 $ 5,199 $ 5,856 Interest Expense 646 657 1,234 1,381 -------- --------- -------- --------- Net Interest Income 1,994 2,303 3,965 4,475 Provision for Loan Losses 300 128 525 327 -------- --------- -------- --------- Net Interest Income After Provision for Loan Losses 1,694 2,175 3,440 4,148 Non Interest Income 79 268 146 409 Non Interest Expense 1,912 1,941 3,983 4,060 -------- --------- -------- --------- Income/(Loss) Before Income Taxes (139) 502 (397) 497 Income Tax Expense/(Benefit) (57) 120 (163) 91 -------- --------- -------- --------- Net Income/(Loss) ($ 82) $ 382 ($ 234) $ 406 ======== ========= ======== ========= Basic Earnings/(Loss) Per Share ($ 0.03) $ 0.14 ($ 0.09) $ 0.15 ======== ========= ======== ========= Diluted Earnings/(Loss) Per Share ($ 0.03) $ 0.14 ($ 0.09) $ 0.15 ======== ========= ======== =========
