Welcome to our dedicated page for First Commerce Bank news (Ticker: CMRB), a resource for investors and traders seeking the latest updates and insights on First Commerce Bank stock.
About First Commerce Bank (CMRB)
First Commerce Bank, a subsidiary of First Commerce Bancorp, Inc., is a financial services organization headquartered in Lakewood, New Jersey. Operating through a network of branches across Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville, and Teaneck, the bank caters to businesses and individuals with a comprehensive suite of banking products and services. These include loans, deposit accounts, and retail and commercial banking solutions designed to meet the diverse needs of its clients.
Core Business Model and Revenue Streams
First Commerce Bank generates revenue primarily through interest income on loans and investment securities, as well as fees from banking services. Its loan portfolio encompasses commercial real estate loans, small business loans, residential mortgages, and construction financing. The bank’s deposit offerings include money market accounts, time deposits, and savings accounts, which serve as a stable funding base for its lending activities. Additionally, the bank leverages digital banking platforms to enhance customer convenience and attract tech-savvy users.
Market Position and Strategic Initiatives
Positioned as a community-focused institution, First Commerce Bank emphasizes personalized customer service and local economic development. Recent strategic initiatives include the relocation of its corporate headquarters to a state-of-the-art facility in Lakewood, New Jersey, underscoring its commitment to operational efficiency and community engagement. The bank has also made significant investments in digital banking enhancements, enabling online account openings and other features to improve customer experience.
Risk Management and Operational Strengths
First Commerce Bank employs robust risk management protocols to navigate challenges such as interest rate volatility and economic fluctuations. Under the leadership of seasoned executives and a strengthened risk management team, the bank has maintained strong credit quality and liquidity positions. Its focus on prudent balance sheet management and expense discipline further supports its long-term financial stability.
Commitment to Shareholder Value
The bank has demonstrated a commitment to enhancing shareholder value through stock repurchase programs and dividends. By repurchasing shares at a discount to book value, First Commerce Bank has effectively increased its book value per share, reflecting its disciplined capital management approach. Additionally, the bank’s strategic hiring of experienced professionals in business development and risk management underscores its focus on sustainable growth and value creation.
Community Impact and Vision
As a community-centric institution, First Commerce Bank actively supports local businesses and fosters economic growth in its operating regions. Its tagline, "The Bank Built for Community," encapsulates its mission to serve as a reliable financial partner for individuals and businesses alike. Through innovative banking solutions and a customer-first approach, First Commerce Bank continues to solidify its reputation as a trusted financial institution in New Jersey.
First Commerce Bancorp (OTC: CMRB) has announced significant additions to its Board of Directors and Management Team. The company appointed two new board members: Aaron Bookman, a corporate finance executive with 25+ years of experience, and Stanley Koreyva, a former senior banking executive.
The bank has also strengthened its Business Development and Risk Management teams with several key hires, including: Leonard Allen (VP/Business Banking Officer), Daniel Dunn (VP/Treasury Management Officer), Matteo DiGrigoli (Retail Sales & Service Officer), Wendy Glatz-Akmentins (AVP/Branch Manager), and Logan Cheow (AVP/Relationship Manager). Additionally, Daniel Beagle joined as SVP/Chief Risk Officer, bringing 30+ years of banking and insurance industry experience.
First Commerce Bancorp (OTC PINK:CMRB) has announced the relocation of its corporate headquarters to a new facility in Lakewood, New Jersey. The new headquarters, situated on the third floor of Liberty Plaza at 1700 Avenue of the States, encompasses over 15,700 square feet of space featuring modern workspaces and cutting-edge technology.
The facility will house all the Bank's back-office operations, including loan operations, digital banking, customer support, and administrative offices. Additionally, a new retail branch will open on the building's first floor to serve commercial and retail clients in the Lakewood market, while maintaining operations at their existing 105 River Ave. branch.
The relocation represents part of the Bank's strategic plan to enhance operational capabilities and customer service, with the company working alongside local firms for the design and build process.
First Commerce Bancorp (OTC PINK:CMRB) reported net income of $1.1 million for Q4 2024 and $4.5 million for full-year 2024, down from $5.8 million and $13.8 million respectively in 2023. Basic earnings per share decreased to $0.06 for Q4 and $0.21 for 2024, compared to $0.25 and $0.58 in 2023.
The company's total assets increased by 8% to $1.55 billion, while total deposits grew 7% to $1.17 billion. Through their Stock Repurchase Plan, they repurchased over 3.4 million shares at an average price of $6.37, which is $2.00 below book value. The book value per share increased to $8.39 from $8.06.
Key financial metrics showed mixed results: net interest margin decreased to 2.20% from 2.51%, return on average assets declined to 0.31% from 0.99%, and return on average equity fell to 2.55% from 7.51%. The company focused on reducing reliance on volatile time deposits and strengthening core deposit relationships.
First Commerce Bancorp reported net income of $1.1 million for Q3 2024 and $3.4 million for the first nine months of 2024, down from $1.7 million and $7.9 million respectively in the same periods of 2023. Total assets increased by $40.2 million to $1.48 billion, while net interest margin decreased to 2.35% from 2.73% year-over-year. The company's performance was impacted by higher funding costs due to the inverted yield curve. During Q3 2024, the company repurchased 800,381 shares at an average price of $6.15/share, representing a 26% discount to book value of $8.31/share.
First Commerce Bancorp (OTC PINK:CMRB) reported net income of $1.1 million for Q2 2024, a decline from $2.9 million in Q2 2023. Earnings per share fell to $0.05 from $0.12. The company plans to suspend future cash dividends and initiate a second stock repurchase program for up to 5% of its outstanding shares, approximately 1.1 million shares. Total interest income increased by 9% to $19.8 million, while net interest margin decreased to 2.38% from 3.16%. Total assets rose by $31.4 million to $1.47 billion. Despite higher interest income, net interest income fell by 21.3% to $8.3 million due to increased funding costs. Non-interest income grew by 21.1% to $562,000, while non-interest expense increased by 2.2% to $7.2 million. For the six months ended June 30, 2024, net income was $2.2 million, down from $6.2 million in the same period last year. The company emphasized that the repurchase at a discount to tangible book value is beneficial to shareholders.
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