Welcome to our dedicated page for FIRST COMMERCE BANCORP news (Ticker: CMRB), a resource for investors and traders seeking the latest updates and insights on FIRST COMMERCE BANCORP stock.
First Commerce Bancorp, Inc. (OTC PINK: CMRB), established in 2006 and headquartered in Lakewood, New Jersey, is the holding company for First Commerce Bank. The Bank operates through a network of branches located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Montvale, Robbinsville, and Teaneck, New Jersey. It provides a comprehensive range of financial services to both individuals and businesses, including various types of loans, deposit products, and retail and commercial banking services.
First Commerce Bancorp recently announced a stock repurchase program to buy back up to 5% of its outstanding shares, marking a significant strategic move following the company's reorganization in May 2023. The program aims to enhance shareholder value and demonstrates confidence in the company's financial health and future prospects. The timing and size of repurchases will depend on factors such as market conditions and financial performance.
For the fiscal year ending December 31, 2023, First Commerce Bancorp reported net income of $13.8 million and basic earnings per share of $0.58. Although there was a decline compared to the previous year, the company maintained a strong balance sheet with total assets increasing by 11.1% to $1.44 billion. Additionally, the Bank witnessed significant loan growth, with an increase of 12.4% in total loans receivable, driven primarily by a rise in commercial mortgages and construction loans.
Despite challenges such as an inverted yield curve, rising interest rates, and industry-wide liquidity concerns, First Commerce Bancorp has shown resilience. The company has focused on maintaining a strong capital base, prudent loan underwriting, and effective risk management. The opening of a new branch in Jackson, New Jersey, which quickly amassed over $20 million in deposits, underscores the Bank's growth and customer trust.
Throughout 2023, the company managed its expenses diligently, limiting the year-over-year increase in non-interest expenses. It also continued to enhance its digital banking platform, introducing features like online account opening to improve customer experience.
In recent quarters, net interest income has been pressured by rising funding costs, but the company remains focused on long-term growth initiatives, such as improving credit quality and strengthening its retail deposit base.
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.
FAQ
What is the current stock price of FIRST COMMERCE BANCORP (CMRB)?
What is the market cap of FIRST COMMERCE BANCORP (CMRB)?
What is First Commerce Bancorp, Inc.?
What recent initiatives has the company undertaken?
What were the financial results for the fiscal year 2023?
How has the company's asset base changed?
What types of services does First Commerce Bank offer?
How has the company managed expenses?
What impact have rising interest rates had on the company?
How has the company's loan portfolio performed?
What enhancements have been made to the digital banking platform?
What are the strategic goals for 2024?
