First Commerce Bancorp Reports Strong Second Quarter Earnings
ENCINO, Calif.--([ BUSINESS WIRE ])--First Commerce Bancorp (OTCBB:FCCC) today announced that net income (unaudited) for the six months ended June 30, 2010 on a consolidated basis was $950,000 compared to $565,000 for the same period last year, an increase of 68%. Consolidated net income for the quarter ended June 30, 2010 was $512,000 compared to net income of $265,000 for the quarter ended June 30, 2009, an increase of 93%.
Total assets at June 30, 2010 were $335,580,000, up from $328,854,000 at June 30, 2009.
Net loans and deposits at June 30, 2010 were $225,179,000 and $295,803,000, respectively.
According to Jack Feldman, First Commerce Bancorp President and CEO, aThe increase in net income from the prior year is the result of reduced provisions to the loan loss reserve, increased recoveries, which for the year exceeded loan loss reserve provisions, and stabilization of the loan portfolio. First Commerce Bank remains well capitalized by all regulatory standards and continues to be a Bauer Financial a5-star rated bank,a� its highest rating.a
First Commerce Bancorp is located at 16861 Ventura Boulevard, Encino, CA. First Commerce Bancorpa�s primary subsidiary, First Commerce Bank, is an independent community bank headquartered in Encino with a regional office in Los Angeles. The Bancorpa�s stock trades on the Over the Counter Bulletin Board (OTCBB) under the symbol FCCC.
This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements.