First Commerce Bancorp, Inc. Reports the First Quarter 2024 Results and Declares a Quarterly Cash Dividend of $0.04 per Common Share
- None.
- None.
LAKEWOOD, NJ / ACCESSWIRE / April 25, 2024 / First Commerce Bancorp, Inc. (OTC PINK:CMRB), (the "Company"), today reported net income of
The Board of Directors approved and declared a quarterly cash dividend of
President & CEO, Donald Mindiak, commented, "Our first quarter results were challenged by the persistent ‘higher-for-longer' interest rate environment, resulting in continued pressure on our profitability metrics and net interest margin. Despite the present tangible macroeconomic and intangible geopolitical challenges, we are focused on those initiatives that can produce long-term franchise and shareholder value such as enhancing credit quality and strengthening our retail deposit and liquidity positions as we continue to maintain a strong capital base and allowance for credit loss structure. As we navigate further into 2024, the Company and management will remain focused on high quality growth, expense discipline, and prudent balance sheet management."
Mr. Mindiak added, "We are very excited about the enhancements made to our digital banking platform this quarter, which now allows account opening online and many other exciting features."
Financial Highlights
- Total interest income increased by
$2.8 million or17.3% from the first quarter of 2023 as a result of the growth in average loans receivable year over year. - Average yield on interest earning assets increased by forty-two basis points to
5.53% for the first quarter of 2024 as compared to5.11% for the first quarter of 2023. - Total cost of interest-bearing liabilities increased by 151 basis points to
4.01% for the first quarter of 2024 compared to2.50% for the first quarter of 2023. - Net interest margin decreased by ninety-two basis points to
2.39% for the first quarter of 2024 as compared to3.31% for the first quarter of 2023. - The annualized return on average total assets was
0.32% at March 31, 2024 compared to1.02% at March 31, 2023. - The annualized return on average shareholders' equity was
2.54% at March 31, 2024 compared to7.44% at March 31, 2023. - The book value per common share was
$8.13 at March 31, 2024 compared to$7.69 at March 31, 2023.
Balance Sheet Review
Total assets increased by
Total cash and cash equivalents increased by
Total loans receivable, net of allowance for credit losses totaled
Total investment securities increased by
Total deposits totaled
Stockholders' equity decreased by
Three Months of Operations
Net interest income decreased by
Total interest income increased by
Total interest expense increased by
During the first quarter of 2024, the Company recorded a net
Net interest margin decreased by ninety-two basis points to
Non-interest income decreased by
Non-interest expense increased by
The income tax provision decreased by
Asset Quality
The allowance for credit losses increased by
The Bank had non-accrual loans totaling
About First Commerce Bancorp, Inc.
First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company's wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Montvale, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.
Forward-Looking Statements
This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank's investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); inflation; customer acceptance of the Bank's products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms and the impact of a potential shutdown of the federal government.
First Commerce Bancorp, Inc. Consolidated Statements of Financial Condition | ||||||||||||||||
March 31, 2024 vs. | ||||||||||||||||
December 31, 2023 | ||||||||||||||||
(dollars in thousands, except percentages and share data) | March 31, 2024 | December 31, 2023 | Amount | % | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash on hand | $ | 1,593 | $ | 1,745 | $ | (152 | ) | -8.7 | % | |||||||
Interest-bearing deposits in other banks | 81,236 | 59,979 | 21,257 | 35.4 | % | |||||||||||
Total cash and cash equivalents | 82,829 | 61,724 | 21,105 | 34.2 | % | |||||||||||
Investment securities: | ||||||||||||||||
Available-for-sale, at fair value | 8,758 | 9,537 | (779 | ) | -8.2 | % | ||||||||||
Held-to-maturity, at amortized cost | 61,511 | 59,551 | 1,960 | 3.3 | % | |||||||||||
Less: Allowance for credit losses - HTM securities | (28 | ) | (26 | ) | (2 | ) | 0.0 | % | ||||||||
Held-to-maturity, net of allowance for credit losses | 61,483 | 59,525 | 1,958 | 0.0 | % | |||||||||||
Total investment securities | 70,241 | 69,062 | 1,179 | 1.7 | % | |||||||||||
Restricted stock | 7,844 | 7,169 | 675 | 9.4 | % | |||||||||||
Loans receivable | 1,244,357 | 1,251,227 | (6,870 | ) | -0.5 | % | ||||||||||
Less: Allowance for credit losses | (14,628 | ) | (14,470 | ) | (158 | ) | 1.1 | % | ||||||||
Net loans receivable | 1,229,729 | 1,236,757 | (7,028 | ) | -0.6 | % | ||||||||||
Premises and equipment, net | 15,779 | 15,861 | (82 | ) | -0.5 | % | ||||||||||
Right-of-use asset | 9,392 | 9,498 | (106 | ) | -1.1 | % | ||||||||||
Accrued interest receivable | 5,720 | 5,632 | 88 | 1.6 | % | |||||||||||
Bank owned life insurance | 25,991 | 25,757 | 234 | 0.9 | % | |||||||||||
Deferred tax asset, net | 2,918 | 2,947 | (29 | ) | -1.0 | % | ||||||||||
Other assets | 1,975 | 1,692 | 283 | 16.7 | % | |||||||||||
Total assets | $ | 1,452,419 | $ | 1,436,099 | $ | 16,320 | 1.1 | % | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Deposits: | ||||||||||||||||
Non-interest bearing | $ | 141,852 | $ | 154,503 | $ | (12,651 | ) | -8.2 | % | |||||||
Interest-bearing | 963,309 | 943,295 | 20,014 | 2.1 | % | |||||||||||
Total Deposits | 1,105,161 | 1,097,798 | 7,363 | 0.7 | % | |||||||||||
Borrowings | 145,000 | 130,000 | 15,000 | 11.5 | % | |||||||||||
Accrued interest payable | 2,179 | 2,008 | 171 | 8.5 | % | |||||||||||
Lease liability | 10,079 | 10,161 | (82 | ) | -0.8 | % | ||||||||||
Other liabilities | 10,037 | 12,136 | (2,099 | ) | -17.3 | % | ||||||||||
Total liabilities | 1,272,456 | 1,252,103 | 20,353 | 1.6 | % | |||||||||||
Commitments and contingencies | - | - | - | - | ||||||||||||
Stockholders' equity | ||||||||||||||||
Preferred stock; authorized 5,000,000 shares; non issued | - | - | - | N/A | ||||||||||||
Common stock, par value of | - | - | - | N/A | ||||||||||||
Additional paid-in capital | 88,988 | 88,941 | 47 | 0.1 | % | |||||||||||
Retained earnings | 102,469 | 102,219 | 250 | 0.2 | % | |||||||||||
Treasury stock | (11,253 | ) | (6,964 | ) | (4,289 | ) | 61.6 | % | ||||||||
Accumulated other comprehensive loss | (241 | ) | (200 | ) | (41 | ) | 20.5 | % | ||||||||
Total stockholders' equity | 179,963 | 183,996 | (4,033 | ) | -2.2 | % | ||||||||||
Total liabilities and stockholders' equity | $ | 1,452,419 | $ | 1,436,099 | $ | 16,320 | 1.1 | % | ||||||||
Shares issued | 23,865,490 | 23,856,990 | ||||||||||||||
Shares outstanding | 22,146,296 | 22,830,559 | ||||||||||||||
Treasury shares | 1,719,194 | 1,026,431 |
First Commerce Bancorp, Inc. Consolidated Statements of Income For the three months ended March 31, 2024 and 2023 (Unaudited) | |||||||||||||||||
Variance | |||||||||||||||||
(dollars in thousands, except percentages and share data) | March 31, 2024 | March 31, 2023 | Amount | % | |||||||||||||
Interest and Dividend Income | |||||||||||||||||
Loans, including fees | $ | 17,677 | $ | 15,182 | $ | 2,495 | 16.4 | % | |||||||||
Investment securities: | |||||||||||||||||
Available-for-sale | 68 | 100 | (32 | ) | -32.0 | % | |||||||||||
Held-to-maturity | 493 | 451 | 42 | 9.3 | % | ||||||||||||
Interest-bearing deposits with other banks | 655 | 451 | 204 | 45.2 | % | ||||||||||||
Restricted stock dividends | 157 | 60 | 97 | 161.7 | % | ||||||||||||
Total interest and dividend income | 19,050 | 16,244 | 2,806 | 17.3 | % | ||||||||||||
Interest expense: | - | ||||||||||||||||
Deposits | 9,052 | 4,876 | 4,176 | 85.6 | % | ||||||||||||
Borrowings | 1,759 | 852 | 907 | 106.5 | % | ||||||||||||
Total interest expense | 10,811 | 5,728 | 5,083 | 88.7 | % | ||||||||||||
Net interest income | 8,239 | 10,516 | (2,277 | ) | -21.7 | % | |||||||||||
Provision (benefit) for credit losses | 124 | 509 | (385 | ) | -75.6 | % | |||||||||||
Benefit for unfunded commitments for credit losses | (119 | ) | (319 | ) | 200 | -62.7 | % | ||||||||||
Provision for credit losses - HTM securities | 2 | - | 2 | N/A | |||||||||||||
Total provision (benefit) for credit losses | 7 | 190 | (183 | ) | -96.3 | % | |||||||||||
Net interest income after provision for credit losses | 8,232 | 10,326 | (2,094 | ) | -20.3 | % | |||||||||||
Non-interest Income: | |||||||||||||||||
Service charges and fees | 191 | 188 | 3 | 1.6 | % | ||||||||||||
Bank owned life insurance income | 234 | 678 | (444 | ) | -65.5 | % | |||||||||||
Other income | 97 | 134 | (37 | ) | -27.6 | % | |||||||||||
Total non-interest income | 522 | 1,000 | (478 | ) | -47.8 | % | |||||||||||
Non-Interest Expenses: | |||||||||||||||||
Salaries and employee benefits | 4,502 | 4,269 | 233 | 5.5 | % | ||||||||||||
Occupancy and equipment expense | 912 | 1,110 | (198 | ) | -17.8 | % | |||||||||||
Advertising and marketing | 78 | 91 | (13 | ) | -14.3 | % | |||||||||||
Professional fees | 496 | 461 | 35 | 7.6 | % | ||||||||||||
Data processing expense | 285 | 218 | 67 | 30.7 | % | ||||||||||||
FDIC insurance assessment | 195 | 49 | 146 | 298.0 | % | ||||||||||||
Loss on valuation of OREO | - | 59 | (59 | ) | -100.0 | % | |||||||||||
Other operating expenses | 749 | 662 | 87 | 13.1 | % | ||||||||||||
Total non-interest expenses | 7,217 | 6,919 | 298 | 4.3 | % | ||||||||||||
Income before income taxes | 1,537 | 4,407 | (2,870 | ) | -65.1 | % | |||||||||||
Income tax provision | 381 | 1,061 | (680 | ) | -64.1 | % | |||||||||||
Net income | $ | 1,156 | $ | 3,346 | $ | (2,190 | ) | -65.5 | % | ||||||||
Earnings per common share - Basic | $ | 0.05 | $ | 0.14 | $ | (0.09 | ) | -64.3 | % | ||||||||
Earnings per common share - Diluted | 0.05 | 0.14 | (0.09 | ) | -64.3 | % | |||||||||||
Weighted average shares outstanding - Basic | 22,600 | 23,785 | (1,185 | ) | -5.0 | % | |||||||||||
Weighted average shares outstanding - Diluted | 22,930 | 24,164 | (1,234 | ) | -5.1 | % |
First Commerce Bancorp, Inc. Net Interest Margin Analysis (Unaudited) | ||||||||||||||||||||||||
Three months ended March 31, 2024 | Three months ended March 31, 2023 | |||||||||||||||||||||||
Average Balance | Average Yield/Cost | Average Balance | Average Yield/Cost | |||||||||||||||||||||
(dollars in thousands) | Interest | Interest | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Interest-bearing deposits in other banks | $ | 54,138 | $ | 655 | 4.86 | % | $ | 45,529 | $ | 451 | 3.98 | % | ||||||||||||
Investment securities: | ||||||||||||||||||||||||
Available -for-sale | 9,054 | 68 | 2.99 | % | 13,378 | 100 | 3.00 | % | ||||||||||||||||
Held-to-maturity | 60,731 | 493 | 3.25 | % | 65,150 | 451 | 2.77 | % | ||||||||||||||||
Total investment securities | 69,785 | 561 | 3.22 | % | 78,528 | 551 | 2.81 | % | ||||||||||||||||
Restricted stock | 7,779 | 157 | 8.06 | % | 4,246 | 60 | 5.69 | % | ||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||
Consumer loans | 372 | 2 | 2.42 | % | 271 | 2 | 3.67 | % | ||||||||||||||||
Home equity loans | 2,948 | 59 | 8.11 | % | 3,914 | 63 | 6.47 | % | ||||||||||||||||
Construction loans | 115,401 | 2,529 | 8.67 | % | 103,613 | 2,323 | 8.87 | % | ||||||||||||||||
Commercial loans | 36,192 | 736 | 8.04 | % | 41,173 | 759 | 7.29 | % | ||||||||||||||||
Commercial mortage loans | 1,056,058 | 13,664 | 5.12 | % | 958,527 | 11,344 | 4.68 | % | ||||||||||||||||
Residential mortgage loans | 14,873 | 174 | 4.71 | % | 15,671 | 185 | 4.76 | % | ||||||||||||||||
SBA loans | 28,037 | 513 | 7.24 | % | 27,503 | 506 | 7.28 | % | ||||||||||||||||
Total loans receivable | 1,253,881 | 17,677 | 5.67 | % | 1,150,672 | 15,182 | 5.31 | % | ||||||||||||||||
Total interest-earning assets | 1,385,583 | 19,050 | 5.53 | % | 1,278,975 | 16,244 | 5.11 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Allowance for credit losses | (14,485 | ) | (17,800 | ) | ||||||||||||||||||||
Cash and due from bank | 1,906 | 1,753 | ||||||||||||||||||||||
Other assets | 59,935 | 62,293 | ||||||||||||||||||||||
Total non-interest-earning assets | 47,356 | 46,246 | ||||||||||||||||||||||
Total assets | $ | 1,432,939 | $ | 1,325,221 | ||||||||||||||||||||
Liabilities and shareholders' equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing checking accounts | $ | 53,428 | $ | 225 | 1.69 | % | $ | 48,749 | $ | 88 | 0.73 | % | ||||||||||||
NOW accounts | 38,092 | 322 | 3.40 | % | 30,497 | 30 | 0.39 | % | ||||||||||||||||
Money market accounts | 210,400 | 1,748 | 3.34 | % | 179,938 | 819 | 1.83 | % | ||||||||||||||||
Savings accounts | 29,145 | 29 | 0.40 | % | 55,632 | 45 | 0.33 | % | ||||||||||||||||
Certificates of deposit | 506,261 | 5,465 | 4.34 | % | 536,584 | 3,894 | 2.92 | % | ||||||||||||||||
Brokered CDs | 102,213 | 1,263 | 4.97 | % | - | - | 0.00 | % | ||||||||||||||||
Borrowings | 143,553 | 1,759 | 4.93 | % | 71,134 | 852 | 4.82 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,083,092 | $ | 10,811 | 4.01 | % | 922,534 | $ | 5,728 | 2.50 | % | ||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 143,325 | 203,200 | ||||||||||||||||||||||
Other liabilities | 23,291 | 17,069 | ||||||||||||||||||||||
Total non-interest bearing liabilities | 166,616 | 220,269 | ||||||||||||||||||||||
Shareholders' equity | 183,231 | 182,419 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,432,939 | $ | 1,325,222 | ||||||||||||||||||||
Net interest spread | 1.52 | % | 2.61 | % | ||||||||||||||||||||
Net interest margin | $ | 8,239 | 2.39 | % | $ | 10,516 | 3.31 | % |
First Commerce Bancorp, Inc. Selected Financial Data (Unaudited) | ||||||||||||||||||||
As of and for the quarters ended | ||||||||||||||||||||
(In thousands, except share data) | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | |||||||||||||||
Summary earnings: | ||||||||||||||||||||
Interest income | $ | 19,050 | $ | 18,964 | $ | 18,710 | $ | 18,163 | $ | 16,244 | ||||||||||
Interest expense | 10,811 | 10,183 | 9,217 | 7,560 | 5,728 | |||||||||||||||
Net interest income | 8,239 | 8,781 | 9,493 | 10,603 | 10,516 | |||||||||||||||
Provision (benefit) for credit losses | 7 | (5,698 | ) | 600 | 182 | 190 | ||||||||||||||
Net interest income after provision (benefit) for credit losses | 8,232 | 14,479 | 8,893 | 10,421 | 10,326 | |||||||||||||||
Non-interest income | 522 | 506 | 378 | 347 | 875 | |||||||||||||||
Non-interest expense | 7,217 | 7,005 | 7,038 | 6,954 | 6,794 | |||||||||||||||
Income before income tax expense | 1,537 | 7,980 | 2,233 | 3,814 | 4,407 | |||||||||||||||
Income tax expense | 381 | 2,146 | 536 | 914 | 1,061 | |||||||||||||||
Net income | $ | 1,156 | $ | 5,834 | $ | 1,697 | $ | 2,900 | $ | 3,346 | ||||||||||
Per share data: | ||||||||||||||||||||
Earnings per share - basic | $ | 0.05 | $ | 0.25 | $ | 0.07 | $ | 0.12 | $ | 0.14 | ||||||||||
Earnings per share - diluted | 0.05 | 0.25 | 0.07 | 0.12 | 0.14 | |||||||||||||||
Cash dividends declared | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | |||||||||||||||
Book value at period end | 8.13 | 8.06 | 7.80 | 7.77 | 7.69 | |||||||||||||||
Shares outstanding at period end | 22,146 | 22,831 | 23,777 | 23,789 | 23,785 | |||||||||||||||
Basic weighted average shares outstanding | 22,600 | 22,969 | 23,787 | 23,788 | 23,785 | |||||||||||||||
Fully diluted weighted average shares outstanding | 22,930 | 23,272 | 24,116 | 24,070 | 24,164 | |||||||||||||||
Balance sheet data (at period end): | ||||||||||||||||||||
Total assets | $ | 1,452,419 | $ | 1,436,099 | $ | 1,428,973 | $ | 1,426,003 | $ | 1,382,231 | ||||||||||
Investement securities, available-for-sale | 8,758 | 9,537 | 10,703 | 11,566 | 12,891 | |||||||||||||||
Investment securities, held-to-maturity | 61,483 | 59,525 | 61,234 | 61,719 | 64,135 | |||||||||||||||
Total loans | 1,244,357 | 1,251,227 | 1,263,918 | 1,228,451 | 1,188,898 | |||||||||||||||
Allowance for credit losses | (14,628 | ) | (14,470 | ) | (19,562 | ) | (18,763 | ) | (18,563 | ) | ||||||||||
Total deposits | 1,105,161 | 1,107,639 | 1,121,861 | 1,104,883 | 1,045,473 | |||||||||||||||
Shareholders' equity | 179,963 | 183,996 | 185,486 | 184,880 | 182,977 | |||||||||||||||
Common cash dividends | 904 | 952 | 952 | 951 | 951 | |||||||||||||||
Selected performance ratios: | ||||||||||||||||||||
Return on average total assets | 0.32 | % | 1.62 | % | 0.47 | % | 0.84 | % | 1.02 | % | ||||||||||
Return on average shareholders' equity | 2.54 | % | 12.80 | % | 3.63 | % | 6.30 | % | 7.44 | % | ||||||||||
Dividend payout ratio | 78.21 | % | 16.32 | % | 56.09 | % | 32.79 | % | 28.42 | % | ||||||||||
Net interest margin | 2.39 | % | 2.51 | % | 2.73 | % | 3.16 | % | 3.31 | % | ||||||||||
Efficiency ratio | 82.37 | % | 75.43 | % | 71.30 | % | 63.51 | % | 59.64 | % | ||||||||||
Non-interest income to average assets | 0.15 | % | 0.14 | % | 0.11 | % | 0.10 | % | 0.27 | % | ||||||||||
Non-interest expenses to average assets | 2.03 | % | 1.94 | % | 1.96 | % | 2.01 | % | 2.08 | % | ||||||||||
Asset quality ratios: | ||||||||||||||||||||
Non-performing loans to total loans | 1.53 | % | 1.47 | % | 1.24 | % | 1.28 | % | 0.99 | % | ||||||||||
Non-performing assets to total assets | 1.31 | % | 1.28 | % | 1.10 | % | 1.10 | % | 0.85 | % | ||||||||||
Allowance for credit losses to non-performing loans | 76.77 | % | 78.82 | % | 124.32 | % | 119.25 | % | 158.04 | % | ||||||||||
Allowance for credit losses to total loans | 1.18 | % | 1.16 | % | 1.55 | % | 1.53 | % | 1.56 | % | ||||||||||
Net recoveries (charge-offs) to average loans | 0.01 | % | -0.03 | % | 0.02 | % | -0.02 | % | 0.01 | % | ||||||||||
Liquidity and capital ratios: | ||||||||||||||||||||
Net loans to deposits | 111.27 | % | 111.66 | % | 110.92 | % | 109.49 | % | 111.94 | % | ||||||||||
Average loans to average deposits | 102.24 | % | 112.57 | % | 111.97 | % | 115.19 | % | 109.33 | % | ||||||||||
Total shareholders' equity to total assets | 12.39 | % | 12.81 | % | 12.98 | % | 12.96 | % | 13.24 | % | ||||||||||
Total capital to risk-weighted assets | 15.33 | % | 15.71 | % | 15.58 | % | 15.81 | % | 15.72 | % | ||||||||||
Tier 1 capital to risk-weighted assets | 15.15 | % | 14.52 | % | 14.32 | % | 14.56 | % | 14.47 | % | ||||||||||
Common equity tier 1 capital ratio to risk-weighted assets | 15.15 | % | 14.52 | % | 14.32 | % | 14.56 | % | 14.47 | % | ||||||||||
Tier 1 leverage ratio | 12.58 | % | 12.88 | % | 13.05 | % | 13.34 | % | 13.83 | % |
SOURCE: First Commerce Bancorp, Inc.
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