First Commerce Bancorp, Inc., Reports the Fourth Quarter and Year-to-Date 2024 Results
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 (OTC PINK:CMRB) ha riportato un utile netto di 1,1 milioni di dollari per il quarto trimestre del 2024 e di 4,5 milioni di dollari per l'intero anno 2024, in calo rispetto ai 5,8 milioni di dollari e ai 13,8 milioni di dollari rispettivamente del 2023. L'utile per azione è sceso a 0,06 dollari per il quarto trimestre e a 0,21 dollari per il 2024, rispetto a 0,25 dollari e 0,58 dollari nel 2023.
Il totale degli attivi dell'azienda è aumentato dell'8% raggiungendo 1,55 miliardi di dollari, mentre i depositi totali sono cresciuti del 7% fino a 1,17 miliardi di dollari. Attraverso il loro Piano di Riacquisto di Azioni, hanno riacquistato oltre 3,4 milioni di azioni a un prezzo medio di 6,37 dollari, che è 2,00 dollari al di sotto del valore contabile. Il valore contabile per azione è aumentato a 8,39 dollari da 8,06 dollari.
I principali indicatori finanziari hanno mostrato risultati contrastanti: il margine di interesse netto è sceso al 2,20% dal 2,51%, il rendimento medio sugli attivi è diminuido allo 0,31% dal 0,99%, e il rendimento medio sul capitale proprio è sceso al 2,55% dal 7,51%. L'azienda si è concentrata sulla riduzione della dipendenza da depositi a termine volatili e sul rafforzamento delle relazioni con i depositi core.
First Commerce Bancorp (OTC PINK:CMRB) reportó un ingreso neto de 1,1 millones de dólares para el cuarto trimestre de 2024 y de 4,5 millones de dólares para todo el año 2024, en comparación con 5,8 millones de dólares y 13,8 millones de dólares respectivamente en 2023. Las ganancias básicas por acción disminuyeron a 0,06 dólares para el cuarto trimestre y a 0,21 dólares para 2024, en comparación con 0,25 dólares y 0,58 dólares en 2023.
Los activos totales de la compañía aumentaron un 8% hasta 1,55 mil millones de dólares, mientras que los depósitos totales crecieron un 7% hasta 1,17 mil millones de dólares. A través de su Plan de Recompra de Acciones, recompraron más de 3,4 millones de acciones a un precio promedio de 6,37 dólares, que está 2,00 dólares por debajo del valor contable. El valor contable por acción aumentó a 8,39 dólares desde 8,06 dólares.
Los indicadores financieros clave mostraron resultados mixtos: el margen de interés neto disminuyó al 2,20% desde el 2,51%, el retorno sobre los activos promedio cayó al 0,31% desde el 0,99%, y el retorno sobre el capital promedio cayó al 2,55% desde el 7,51%. La compañía se centró en reducir la dependencia de depósitos a plazo volátiles y en fortalecer las relaciones con los depósitos principales.
퍼스트 커머스 뱅코프 (OTC PINK:CMRB)는 2024년 4분기에 110만 달러의 순이익을 보고했으며, 2024년 전체 연간 순이익은 450만 달러로, 각각 2023년의 580만 달러 및 1380만 달러에서 감소했습니다. 기본 주당 이익은 4분기 동안 0.06 달러, 2024년에는 0.21 달러로 감소했으며, 2023년의 0.25 달러 및 0.58 달러와 비교됩니다.
회사의 총 자산은 8% 증가하여 15억 5천만 달러에 도달했으며, 총 예금은 7% 증가하여 11억 7천만 달러가 되었습니다. 주식 재매입 계획을 통해, 평균 가격 6.37달러로 340만 주 이상의 주식을 재매입했으며, 이는 장부 가치보다 2.00달러 낮습니다. 주당 장부 가치는 8.39달러로 증가했으며, 이전 값은 8.06달러였습니다.
주요 재무 지표는 엇갈린 결과를 보였습니다: 순이자 마진은 2.20%로 감소하였고, 2.51%에서 감소했으며, 평균 자산 수익률은 0.31%로 하락하였고, 0.99%에서 하락하였습니다. 평균 자기자본 수익률은 2.55%로 감소하였고, 7.51%에서 줄었습니다. 회사는 변동성이 큰 정기 예금에 대한 의존도를 줄이고 핵심 예금 관계를 강화하는 데 주력했습니다.
First Commerce Bancorp (OTC PINK:CMRB) a raporté un revenu net de 1,1 million de dollars pour le quatrième trimestre de 2024 et de 4,5 millions de dollars pour l'année entière 2024, en baisse par rapport à 5,8 millions de dollars et 13,8 millions de dollars respectivement en 2023. Le résultat de base par action a diminué à 0,06 $ pour le quatrième trimestre et à 0,21 $ pour 2024, par rapport à 0,25 $ et 0,58 $ en 2023.
Les actifs totaux de l'entreprise ont augmenté de 8 % pour atteindre 1,55 milliard de dollars, tandis que les dépôts totaux ont augmenté de 7 % pour atteindre 1,17 milliard de dollars. Grâce à leur plan de rachat d'actions, ils ont racheté plus de 3,4 millions d'actions à un prix moyen de 6,37 $, ce qui est 2,00 $ en dessous de la valeur comptable. La valeur comptable par action a augmenté à 8,39 $ contre 8,06 $.
Les principaux indicateurs financiers ont montré des résultats mitigés : la marge d'intérêt nette a diminué à 2,20 % contre 2,51 %, le rendement des actifs moyens a chuté à 0,31 % contre 0,99 %, et le rendement des capitaux propres moyens a chuté à 2,55 % contre 7,51 %. L'entreprise s'est concentrée sur la réduction de la dépendance aux dépôts à terme volatils et sur le renforcement des relations avec les dépôts de base.
First Commerce Bancorp (OTC PINK:CMRB) berichtete für das 4. Quartal 2024 einen Nettogewinn von 1,1 Millionen Dollar und für das gesamte Jahr 2024 von 4,5 Millionen Dollar, was einen Rückgang gegenüber 5,8 Millionen Dollar und 13,8 Millionen Dollar im Jahr 2023 darstellt. Der Basisgewinn je Aktie sank auf 0,06 Dollar für das 4. Quartal und auf 0,21 Dollar für 2024, verglichen mit 0,25 Dollar und 0,58 Dollar im Jahr 2023.
Die Gesamtsumme der Vermögenswerte des Unternehmens stieg um 8% auf 1,55 Milliarden Dollar, während die Gesamteinlagen um 7% auf 1,17 Milliarden Dollar zulegten. Durch ihr Aktienrückkaufprogramm haben sie über 3,4 Millionen Aktien zu einem Durchschnittspreis von 6,37 Dollar zurückgekauft, was 2,00 Dollar unter dem Buchwert liegt. Der Buchwert pro Aktie stieg auf 8,39 Dollar von 8,06 Dollar.
Wichtige Finanzkennzahlen zeigten gemischte Ergebnisse: Die Nettozinsmarge sank auf 2,20% von 2,51%, die Rentabilität der durchschnittlichen Vermögenswerte fiel auf 0,31% von 0,99%, und die Rentabilität des Eigenkapitals sank auf 2,55% von 7,51%. Das Unternehmen konzentrierte sich darauf, die Abhängigkeit von volatilen Termin-Einlagen zu verringern und die Beziehungen zu den Kern-Einlagen zu stärken.
- Total assets increased 8% to $1.55 billion
- Total deposits grew 7% to $1.17 billion
- Book value per share increased 4.1% to $8.39
- Successful stock repurchase at $2.00 below book value
- Reduced non-accrual loan balances improving asset quality
- Net income decreased 81% to $1.1M in Q4 2024 (vs $5.8M in Q4 2023)
- Full-year net income dropped 67.4% to $4.5M (vs $13.8M in 2023)
- Net interest margin declined to 2.20% from 2.51%
- Return on average equity fell to 2.55% from 7.51%
- Interest expense increased 40% to $45.8M
LAKEWOOD, NJ / ACCESS Newswire / January 31, 2025 / First Commerce Bancorp, Inc. (the "Company"), (OTC PINK:CMRB), the holding company for First Commerce Bank (the "Bank"), today reported net income of
President & CEO Donald Mindiak commented, "Despite the challenging economic environment for financial institutions for the majority of 2024, the Company successfully engaged in several initiatives that provided enhanced shareholder value and positive quantitative metrics. Regarding the on-going Stock Repurchase Plan, through year-end 2024, the Company has repurchased over 3.4 million shares of its common stock at an average price of
Continuing, Mr. Mindiak remarked that, "We have completed the first
Financial Highlights
Total interest income increased by
$708,000 or3.7% for the fourth quarter of 2024 compared to the fourth quarter of 2023 and increased$6.6 million or9.1% for the year 2024 as compared to the same period in 2023 as a result of the growth in average interest-earning assets year over year.Total interest expense increased by
$1.5 million or15.0% for the fourth quarter of 2024 compared to the fourth quarter of 2023 and increased$13.1 million or40.0% for the year 2024 as compared to the same period in 2023 as a result of both the cost of and the growth in interest-bearing liabilities.Total cost of interest-bearing liabilities increased by thirty basis points to
4.08% for the fourth quarter of 2024 compared to3.78% for the fourth quarter of 2023 and increased by eighty-four points to4.10% at year-end 2024 as compared to3.25% at year-end 2023.Net interest margin decreased by thirty-one basis points to
2.20% for the fourth quarter of 2024 as compared to2.51% for the fourth quarter of 2023. and decreased fifty-nine basis points to2.33% at year-end 2024 as compared to2.92% at year-end 2023.Total assets increased by
$115.0 million or8.0% to$1.55 billion at December 31, 2024 compared to$1.44 billion at December 31, 2023.Total deposits increased by
$77.1 million or7.0% to$1.17 billion at December 31, 2024 compared to$1.10 billion at December 31, 2023.The annualized return on average total assets was
0.31% at December 31, 2024 compared to0.99% at December 31, 2023.The annualized return on average shareholders' equity was
2.55% at December 31, 2024 compared to7.51% at December 31, 2023.The book value per common share was
$8.39 at December 31, 2024 compared to$8.06 at December 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 decreased by
Total investment securities increased by
Total deposits increased
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 fourth quarter of 2024, the Company recorded a net benefit of
Net interest margin decreased by thirty-one basis points to
Non-interest income decreased by
Non-interest expense increased by
The income tax provision decreased by
Full Year of Operations
Net interest income decreased by
Total interest income increased by
Total interest expense increased by
During the year 2024 the Company recorded a net
Net interest margin decreased by fifty-nine 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, 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. |
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Consolidated Statements of Financial Condition |
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(Unaudited) |
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| December 31, 2024 vs. |
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| December 31, 2023 |
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(dollars in thousands, except percentages and share data) |
| December 31, |
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| December 31, |
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| Amount |
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| % |
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Assets |
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Cash and cash equivalents: |
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Cash on hand |
| $ | 1,790 |
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| $ | 1,745 |
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| $ | 45 |
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| 2.6 | % |
Interest-bearing deposits in other banks |
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| 132,853 |
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| 59,979 |
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| 72,874 |
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| 121.5 | % |
Total cash and cash equivalents |
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| 134,643 |
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| 61,724 |
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| 72,919 |
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| 118.1 | % |
Investment securities: |
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Available-for-sale, at fair value |
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| 300 |
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| 9,537 |
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| (9,237 | ) |
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| -96.9 | % |
Held-to-maturity ("HTM"), at amortized cost |
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| 112,108 |
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| 59,551 |
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| 52,557 |
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| 88.3 | % |
Less: Allowance for credit losses - HTM securities |
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| (199 | ) |
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| (26 | ) |
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| (173 | ) |
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| 670.2 | % |
Held-to-maturity, net of allowance for credit losses |
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| 111,909 |
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| 59,525 |
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| 52,384 |
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| 88.0 | % |
Total investment securities |
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| 112,209 |
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| 69,062 |
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| 43,147 |
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| 62.5 | % |
Restricted stock |
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| 9,348 |
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| 7,169 |
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| 2,179 |
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| 30.4 | % |
Loans receivable |
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| 1,239,031 |
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| 1,251,227 |
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| (12,196 | ) |
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| -1.0 | % |
Less: Allowance for credit losses |
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| (14,756 | ) |
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| (14,470 | ) |
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| (286 | ) |
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| 2.0 | % |
Net loans receivable |
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| 1,224,275 |
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| 1,236,757 |
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| (12,482 | ) |
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| -1.0 | % |
Premises and equipment, net |
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| 17,059 |
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| 15,861 |
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| 1,198 |
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| 7.6 | % |
Right-of-use asset |
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| 16,085 |
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| 9,498 |
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| 6,587 |
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| 69.4 | % |
Accrued interest receivable |
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| 5,829 |
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| 5,632 |
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| 197 |
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| 3.5 | % |
Bank owned life insurance |
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| 26,711 |
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| 25,757 |
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| 954 |
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| 3.7 | % |
Deferred tax asset, net |
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| 3,076 |
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| 2,947 |
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| 129 |
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| 4.4 | % |
Other assets |
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| 1,890 |
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| 1,692 |
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| 198 |
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| 11.7 | % |
Total assets |
| $ | 1,551,125 |
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| $ | 1,436,099 |
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| $ | 115,026 |
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| 8.0 | % |
Liabilities and Stockholders' Equity |
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Liabilities |
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Deposits: |
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Non-interest bearing |
| $ | 157,684 |
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| $ | 154,503 |
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| $ | 3,181 |
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| 2.1 | % |
Interest-bearing |
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| 1,017,254 |
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| 943,295 |
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| 73,959 |
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| 7.8 | % |
Total Deposits |
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| 1,174,938 |
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| 1,097,798 |
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| 77,140 |
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| 7.0 | % |
Borrowings |
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| 175,000 |
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| 130,000 |
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| 45,000 |
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| 34.6 | % |
Accrued interest payable |
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| 1,914 |
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| 2,008 |
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| (94 | ) |
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| -4.7 | % |
Lease liability |
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| 16,773 |
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| 10,161 |
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| 6,612 |
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| 65.1 | % |
Other liabilities |
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| 10,231 |
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| 12,136 |
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| (1,905 | ) |
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| -15.7 | % |
Total liabilities |
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| 1,378,856 |
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| 1,252,102 |
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| 126,754 |
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| 10.1 | % |
Commitments and contingencies |
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| - |
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| - |
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| - |
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| - |
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Stockholders' equity |
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Preferred stock; authorized 5,000,000 shares; none issued |
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| - |
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| - |
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| - |
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| N/A |
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Common stock, par value of |
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| - |
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| - |
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| - |
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| N/A |
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Additional paid-in capital |
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| 89,557 |
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| 88,941 |
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| 616 |
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| 0.7 | % |
Retained earnings |
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| 104,965 |
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| 102,219 |
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| 2,746 |
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| 2.7 | % |
Treasury stock |
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| (22,253 | ) |
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| (6,964 | ) |
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| (15,289 | ) |
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| 219.5 | % |
Accumulated other comprehensive loss |
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| - |
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| (200 | ) |
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| 200 |
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| -100.0 | % |
Total stockholders' equity |
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| 172,269 |
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| 183,996 |
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| (11,727 | ) |
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| -6.4 | % |
Total liabilities and stockholders' equity |
| $ | 1,551,125 |
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| $ | 1,436,099 |
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| $ | 115,026 |
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| 8.0 | % |
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Shares issued |
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| 23,995,390 |
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| 23,856,990 |
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Shares outstanding |
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| 20,536,214 |
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| 22,830,559 |
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Treasury shares |
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| 3,459,176 |
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| 1,026,431 |
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First Commerce Bancorp, Inc. |
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Consolidated Statements of Income |
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(Unaudited) |
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| Variance |
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(dollars in thousands, except percentages and share data) |
| December 31, 2024 |
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| December 31, 2023 |
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| Amount |
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| % |
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Interest and Dividend Income |
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Loans, including fees |
| $ | 17,470 |
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| $ | 17,659 |
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| $ | (189 | ) |
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| -1.1 | % |
Investment securities: |
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Available-for-sale |
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| 43 |
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| 81 |
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| (38 | ) |
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| -46.9 | % |
Held-to-maturity |
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| 862 |
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| 479 |
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| 383 |
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| 80.0 | % |
Interest-bearing deposits with other banks |
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| 1,089 |
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| 598 |
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| 491 |
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| 82.1 | % |
Restricted stock dividends |
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| 208 |
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| 147 |
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| 61 |
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| 41.5 | % |
Total interest and dividend income |
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| 19,672 |
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| 18,964 |
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| 708 |
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| 3.7 | % |
Interest expense: |
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|
|
|
|
|
Deposits |
|
| 9,520 |
|
|
| 8,765 |
|
|
| 755 |
|
|
| 8.6 | % |
Borrowings |
|
| 2,186 |
|
|
| 1,418 |
|
|
| 768 |
|
|
| 54.2 | % |
Total interest expense |
|
| 11,706 |
|
|
| 10,183 |
|
|
| 1,523 |
|
|
| 15.0 | % |
Net interest income |
|
| 7,966 |
|
|
| 8,781 |
|
|
| (815 | ) |
|
| -9.3 | % |
Benefit for credit losses |
|
| (132 | ) |
|
| (4,981 | ) |
|
| 4,849 |
|
|
| -97.3 | % |
Benefit for unfunded commitments for credit losses |
|
| (14 | ) |
|
| (715 | ) |
|
| 701 |
|
|
| -98.0 | % |
Provision (benefit) for credit losses - HTM securities |
|
| 91 |
|
|
| (2 | ) |
|
| 93 |
|
|
| -4650.0 | % |
Total benefit for credit losses |
|
| (55 | ) |
|
| (5,698 | ) |
|
| 5,643 |
|
|
| -99.0 | % |
Net interest income after provision (benefit) for credit losses |
|
| 8,021 |
|
|
| 14,479 |
|
|
| (6,458 | ) |
|
| -44.6 | % |
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 280 |
|
|
| 274 |
|
|
| 6 |
|
|
| 2.2 | % |
Bank owned life insurance income |
|
| 243 |
|
|
| 222 |
|
|
| 21 |
|
|
| 9.5 | % |
Other income |
|
| (111 | ) |
|
| 87 |
|
|
| (198 | ) |
|
| -227.6 | % |
Total non-interest income |
|
| 412 |
|
|
| 583 |
|
|
| (171 | ) |
|
| -29.3 | % |
Non-Interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 4,358 |
|
|
| 4,236 |
|
|
| 122 |
|
|
| 2.9 | % |
Occupancy and equipment expense |
|
| 994 |
|
|
| 986 |
|
|
| 8 |
|
|
| 0.8 | % |
Advertising and marketing |
|
| (71 | ) |
|
| 64 |
|
|
| (135 | ) |
|
| -210.9 | % |
Professional fees |
|
| 289 |
|
|
| 435 |
|
|
| (146 | ) |
|
| -33.6 | % |
Data processing expense |
|
| 519 |
|
|
| 399 |
|
|
| 120 |
|
|
| 30.1 | % |
FDIC insurance assessment |
|
| 184 |
|
|
| 252 |
|
|
| (68 | ) |
|
| -27.0 | % |
Other operating expenses |
|
| 844 |
|
|
| 710 |
|
|
| 134 |
|
|
| 18.9 | % |
Total non-interest expenses |
|
| 7,117 |
|
|
| 7,082 |
|
|
| 35 |
|
|
| 0.5 | % |
Income before income taxes |
|
| 1,316 |
|
|
| 7,980 |
|
|
| (6,664 | ) |
|
| -83.5 | % |
Income tax provision |
|
| 167 |
|
|
| 2,146 |
|
|
| (1,979 | ) |
|
| -92.2 | % |
Net income |
| $ | 1,149 |
|
| $ | 5,834 |
|
| $ | (4,685 | ) |
|
| -80.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - Basic |
| $ | 0.06 |
|
| $ | 0.25 |
|
| $ | (0.19 | ) |
|
| -76.0 | % |
Earnings per common share - Diluted |
|
| 0.06 |
|
|
| 0.25 |
|
|
| (0.19 | ) |
|
| -76.0 | % |
Weighted average shares outstanding - Basic |
|
| 20,552 |
|
|
| 22,969 |
|
|
| (2,418 | ) |
|
| -10.5 | % |
Weighted average shares outstanding - Diluted |
|
| 20,612 |
|
|
| 23,272 |
|
|
| (2,660 | ) |
|
| -11.4 | % |
First Commerce Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
| Variance |
| |||||||||||
(dollars in thousands, except percentages and share data) |
| December 31, 2024 |
|
| December 31, 2023 |
|
| Amount |
|
| % |
| ||||
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans, including fees |
| $ | 71,395 |
|
| $ | 67,208 |
|
| $ | 4,187 |
|
|
| 6.2 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
| 234 |
|
|
| 360 |
|
|
| (126 | ) |
|
| -35.0 | % |
Held-to-maturity |
|
| 2,769 |
|
|
| 1,816 |
|
|
| 953 |
|
|
| 52.5 | % |
Interest-bearing deposits with other banks |
|
| 3,522 |
|
|
| 2,253 |
|
|
| 1,269 |
|
|
| 56.3 | % |
Restricted stock dividends |
|
| 746 |
|
|
| 442 |
|
|
| 304 |
|
|
| 68.8 | % |
Total interest and dividend income |
|
| 78,666 |
|
|
| 72,079 |
|
|
| 6,587 |
|
|
| 9.1 | % |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 37,831 |
|
|
| 27,416 |
|
|
| 10,415 |
|
|
| 38.0 | % |
Borrowings |
|
| 7,921 |
|
|
| 5,272 |
|
|
| 2,649 |
|
|
| 50.2 | % |
Total interest expense |
|
| 45,752 |
|
|
| 32,688 |
|
|
| 13,064 |
|
|
| 40.0 | % |
Net interest income |
|
| 32,914 |
|
|
| 39,391 |
|
|
| (6,477 | ) |
|
| -16.4 | % |
Provision (benefit) for credit losses |
|
| 292 |
|
|
| (3,485 | ) |
|
| 3,777 |
|
|
| -108.4 | % |
Benefit for unfunded commitments for credit losses |
|
| (157 | ) |
|
| (1,268 | ) |
|
| 1,111 |
|
|
| -87.6 | % |
Provision for credit losses - HTM securities |
|
| 173 |
|
|
| 26 |
|
|
| 147 |
|
|
| 565.4 | % |
Total provision (benefit) for credit losses |
|
| 308 |
|
|
| (4,727 | ) |
|
| 5,035 |
|
|
| -106.5 | % |
Net interest income after provision (benefit) for credit losses |
|
| 32,606 |
|
|
| 44,118 |
|
|
| (11,512 | ) |
|
| -26.1 | % |
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 953 |
|
|
| 816 |
|
|
| 137 |
|
|
| 16.8 | % |
Bank owned life insurance income |
|
| 954 |
|
|
| 1,246 |
|
|
| (292 | ) |
|
| -23.4 | % |
Other income |
|
| 172 |
|
|
| 457 |
|
|
| (285 | ) |
|
| -62.4 | % |
Total non-interest income |
|
| 2,079 |
|
|
| 2,519 |
|
|
| (440 | ) |
|
| -17.5 | % |
Non-Interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 17,899 |
|
|
| 17,209 |
|
|
| 690 |
|
|
| 4.0 | % |
Occupancy and equipment expense |
|
| 3,717 |
|
|
| 3,989 |
|
|
| (272 | ) |
|
| -6.8 | % |
Advertising and marketing |
|
| 215 |
|
|
| 350 |
|
|
| (135 | ) |
|
| -38.6 | % |
Professional fees |
|
| 1,710 |
|
|
| 2,079 |
|
|
| (369 | ) |
|
| -17.7 | % |
Data processing expense |
|
| 1,434 |
|
|
| 1,054 |
|
|
| 380 |
|
|
| 36.1 | % |
FDIC insurance assessment |
|
| 715 |
|
|
| 681 |
|
|
| 34 |
|
|
| 5.0 | % |
Loss on valuation of OREO |
|
| - |
|
|
| 59 |
|
|
| (59 | ) |
|
| -100.0 | % |
Other operating expenses |
|
| 3,399 |
|
|
| 2,783 |
|
|
| 616 |
|
|
| 22.1 | % |
Total non-interest expenses |
|
| 29,089 |
|
|
| 28,204 |
|
|
| 885 |
|
|
| 3.1 | % |
Income before income taxes |
|
| 5,596 |
|
|
| 18,433 |
|
|
| (12,837 | ) |
|
| -69.6 | % |
Income tax provision |
|
| 1,075 |
|
|
| 4,656 |
|
|
| (3,582 | ) |
|
| -76.9 | % |
Net income |
| $ | 4,521 |
|
| $ | 13,777 |
|
| $ | (9,255 | ) |
|
| -67.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - Basic |
| $ | 0.21 |
|
| $ | 0.58 |
|
| $ | (0.37 | ) |
|
| -63.8 | % |
Earnings per common share - Diluted |
|
| 0.21 |
|
|
| 0.58 |
|
| $ | (0.37 | ) |
|
| -63.8 | % |
Weighted average shares outstanding - Basic |
|
| 21,672 |
|
|
| 23,581 |
|
|
| (1,909 | ) |
|
| -8.1 | % |
Weighted average shares outstanding - Diluted |
|
| 21,733 |
|
|
| 23,884 |
|
|
| (2,151 | ) |
|
| -9.0 | % |
First Commerce Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Margin Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Three Months Ended December 31, 2024 |
|
| Three Months Ended December 31, 2023 |
| |||||||||||||||||||
| Average |
|
|
|
|
| Average |
|
| Average |
|
|
|
|
| Average |
| |||||||
(dollars in thousands) |
| Balance |
|
| Interest |
|
| Yield/Cost |
|
| Balance |
|
| Interest |
|
| Yield/Cost |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits in other banks |
| $ | 97,605 |
|
| $ | 1,089 |
|
|
| 4.44 | % |
| $ | 49,164 |
|
| $ | 598 |
|
|
| 4.83 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available -for-sale |
|
| 5,961 |
|
|
| 43 |
|
|
| 2.92 | % |
|
| 10,427 |
|
|
| 81 |
|
|
| 3.09 | % |
Held-to-maturity |
|
| 81,057 |
|
|
| 862 |
|
|
| 4.25 | % |
|
| 60,489 |
|
|
| 479 |
|
|
| 3.17 | % |
Total investment securities |
|
| 87,018 |
|
|
| 905 |
|
|
| 4.16 | % |
|
| 70,916 |
|
|
| 560 |
|
|
| 3.16 | % |
Restricted stock |
|
| 9,537 |
|
|
| 208 |
|
|
| 8.70 | % |
|
| 6,435 |
|
|
| 147 |
|
|
| 9.12 | % |
Loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans |
|
| 706 |
|
|
| 3 |
|
|
| 1.69 | % |
|
| 389 |
|
|
| 2 |
|
|
| 2.37 | % |
Home equity loans |
|
| 2,746 |
|
|
| 56 |
|
|
| 8.07 | % |
|
| 3,066 |
|
|
| 79 |
|
|
| 10.19 | % |
Construction loans |
|
| 111,762 |
|
|
| 2,331 |
|
|
| 8.16 | % |
|
| 125,214 |
|
|
| 2,817 |
|
|
| 8.80 | % |
Commercial loans |
|
| 41,211 |
|
|
| 784 |
|
|
| 7.44 | % |
|
| 33,910 |
|
|
| 699 |
|
|
| 8.07 | % |
Commercial mortgage loans |
|
| 1,055,180 |
|
|
| 13,705 |
|
|
| 5.08 | % |
|
| 1,053,155 |
|
|
| 13,319 |
|
|
| 5.02 | % |
Residential mortgage loans |
|
| 13,511 |
|
|
| 163 |
|
|
| 4.80 | % |
|
| 15,107 |
|
|
| 182 |
|
|
| 4.79 | % |
SBA loans |
|
| 22,453 |
|
|
| 428 |
|
|
| 7.46 | % |
|
| 28,159 |
|
|
| 561 |
|
|
| 7.79 | % |
Total loans receivable |
|
| 1,247,569 |
|
|
| 17,470 |
|
|
| 5.57 | % |
|
| 1,259,000 |
|
|
| 17,659 |
|
|
| 5.56 | % |
Total interest-earning assets |
|
| 1,441,729 |
|
|
| 19,672 |
|
|
| 5.43 | % |
|
| 1,385,515 |
|
|
| 18,964 |
|
|
| 5.43 | % |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (14,876 | ) |
|
|
|
|
|
|
|
|
|
| (19,481 | ) |
|
|
|
|
|
|
|
|
Cash and due from bank |
|
| 1,968 |
|
|
|
|
|
|
|
|
|
|
| 1,918 |
|
|
|
|
|
|
|
|
|
Other assets |
|
| 61,749 |
|
|
|
|
|
|
|
|
|
|
| 61,138 |
|
|
|
|
|
|
|
|
|
Total non-interest-earning assets |
|
| 48,841 |
|
|
|
|
|
|
|
|
|
|
| 43,575 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,490,570 |
|
|
|
|
|
|
|
|
|
| $ | 1,429,090 |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
| $ | 77,725 |
|
| $ | 394 |
|
|
| 2.02 | % |
| $ | 58,274 |
|
| $ | 225 |
|
|
| 1.53 | % |
NOW accounts |
|
| 8,854 |
|
|
| 72 |
|
|
| 3.22 | % |
|
| 26,274 |
|
|
| 47 |
|
|
| 0.71 | % |
Money market accounts |
|
| 258,604 |
|
|
| 2,338 |
|
|
| 3.60 | % |
|
| 176,786 |
|
|
| 1,327 |
|
|
| 2.98 | % |
Savings accounts |
|
| 32,792 |
|
|
| 127 |
|
|
| 1.54 | % |
|
| 32,326 |
|
|
| 32 |
|
|
| 0.39 | % |
Certificates of deposit |
|
| 432,703 |
|
|
| 4,751 |
|
|
| 4.37 | % |
|
| 580,521 |
|
|
| 6,008 |
|
|
| 4.11 | % |
Brokered CDs |
|
| 151,693 |
|
|
| 1,838 |
|
|
| 4.82 | % |
|
| 81,875 |
|
|
| 1,126 |
|
|
| 5.46 | % |
Borrowings |
|
| 179,196 |
|
|
| 2,186 |
|
|
| 4.85 | % |
|
| 113,696 |
|
|
| 1,418 |
|
|
| 4.95 | % |
Total interest-bearing liabilities |
|
| 1,141,567 |
|
|
| 11,706 |
|
|
| 4.08 | % |
|
| 1,069,752 |
|
| $ | 10,183 |
|
|
| 3.78 | % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 153,261 |
|
|
|
|
|
|
|
|
|
|
| 153,385 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
| 23,260 |
|
|
|
|
|
|
|
|
|
|
| 25,087 |
|
|
|
|
|
|
|
|
|
Total non-interest bearing liabilities |
|
| 176,521 |
|
|
|
|
|
|
|
|
|
|
| 178,472 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
| 172,482 |
|
|
|
|
|
|
|
|
|
|
| 180,866 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
| $ | 1,490,570 |
|
|
|
|
|
|
|
|
|
| $ | 1,429,090 |
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
| 1.35 | % |
|
|
|
|
|
|
|
|
|
| 1.65 | % |
Net interest margin |
|
|
|
|
| $ | 7,966 |
|
|
| 2.20 | % |
|
|
|
|
| $ | 8,781 |
|
|
| 2.51 | % |
First Commerce Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Margin Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Year Ended December 31, 2024 |
|
| Year Ended December 31, 2023 |
| ||||||||||||||||||
|
| Average |
|
|
|
|
| Average |
|
| Average |
|
|
|
|
| Average |
| ||||||
(dollars in thousands) |
| Balance |
|
| Interest |
|
| Yield/Cost |
|
| Balance |
|
| Interest |
|
| Yield/Cost |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits |
| $ | 73,747 |
|
| $ | 3,522 |
|
|
| 4.78 | % |
| $ | 49,184 |
|
| $ | 2,253 |
|
|
| 4.58 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available -for-sale |
|
| 7,853 |
|
|
| 234 |
|
|
| 2.98 | % |
|
| 11,823 |
|
|
| 360 |
|
|
| 3.00 | % |
Held-to-maturity |
|
| 71,038 |
|
|
| 2,769 |
|
|
| 3.90 | % |
|
| 62,733 |
|
|
| 1,816 |
|
|
| 2.86 | % |
Total investment securities |
|
| 78,891 |
|
|
| 3,003 |
|
|
| 3.81 | % |
|
| 74,556 |
|
|
| 2,176 |
|
|
| 2.88 | % |
Restricted stock |
|
| 8,693 |
|
|
| 746 |
|
|
| 8.58 | % |
|
| 6,053 |
|
|
| 442 |
|
|
| 7.19 | % |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans |
|
| 521 |
|
|
| 10 |
|
|
| 1.83 | % |
|
| 318 |
|
|
| 10 |
|
|
| 3.03 | % |
Home equity loans |
|
| 2,919 |
|
|
| 236 |
|
|
| 8.08 | % |
|
| 3,474 |
|
|
| 263 |
|
|
| 7.58 | % |
Construction loans |
|
| 112,286 |
|
|
| 9,736 |
|
|
| 8.53 | % |
|
| 115,419 |
|
|
| 10,195 |
|
|
| 8.71 | % |
Commercial loans |
|
| 38,328 |
|
|
| 3,021 |
|
|
| 7.75 | % |
|
| 37,004 |
|
|
| 2,896 |
|
|
| 7.72 | % |
Commercial mortgage loans |
|
| 1,058,435 |
|
|
| 55,832 |
|
|
| 5.19 | % |
|
| 1,017,914 |
|
|
| 50,921 |
|
|
| 4.94 | % |
Residential mortgage loans |
|
| 14,277 |
|
|
| 687 |
|
|
| 4.81 | % |
|
| 15,411 |
|
|
| 740 |
|
|
| 4.80 | % |
SBA loans |
|
| 25,434 |
|
|
| 1,873 |
|
|
| 7.24 | % |
|
| 28,381 |
|
|
| 2,183 |
|
|
| 7.59 | % |
Loans Held for Sale |
|
| - |
|
|
| - |
|
|
| N/A |
|
|
| 5 |
|
|
| - |
|
|
| N/A |
|
Total loans |
|
| 1,252,200 |
|
|
| 71,395 |
|
|
| 5.70 | % |
|
| 1,217,926 |
|
|
| 67,208 |
|
|
| 5.52 | % |
Total interest-earning assets |
|
| 1,413,531 |
|
|
| 78,666 |
|
|
| 5.57 | % |
|
| 1,347,719 |
|
|
| 72,079 |
|
|
| 5.35 | % |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (14,681 | ) |
|
|
|
|
|
|
|
|
|
| (18,664 | ) |
|
|
|
|
|
|
|
|
Cash and due from bank |
|
| 1,961 |
|
|
|
|
|
|
|
|
|
|
| 1,780 |
|
|
|
|
|
|
|
|
|
Other assets |
|
| 60,651 |
|
|
|
|
|
|
|
|
|
|
| 61,113 |
|
|
|
|
|
|
|
|
|
Total non-interest-earning assets |
|
| 47,931 |
|
|
|
|
|
|
|
|
|
|
| 44,229 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,461,462 |
|
|
|
|
|
|
|
|
|
| $ | 1,391,948 |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
| $ | 59,677 |
|
| $ | 851 |
|
|
| 1.43 | % |
| $ | 51,026 |
|
| $ | 570 |
|
|
| 1.12 | % |
NOW accounts |
|
| 33,758 |
|
|
| 1,413 |
|
|
| 4.19 | % |
|
| 26,851 |
|
|
| 157 |
|
|
| 0.58 | % |
Money market accounts |
|
| 232,299 |
|
|
| 8,298 |
|
|
| 3.57 | % |
|
| 178,395 |
|
|
| 4,486 |
|
|
| 2.51 | % |
Savings accounts |
|
| 28,464 |
|
|
| 214 |
|
|
| 0.75 | % |
|
| 42,382 |
|
|
| 150 |
|
|
| 0.35 | % |
Certificates of deposit |
|
| 477,493 |
|
|
| 21,065 |
|
|
| 4.41 | % |
|
| 561,340 |
|
|
| 19,824 |
|
|
| 3.53 | % |
Brokered CDs |
|
| 122,563 |
|
|
| 5,990 |
|
|
| 4.89 | % |
|
| 39,930 |
|
|
| 2,229 |
|
|
| 5.58 | % |
Borrowings |
|
| 161,337 |
|
|
| 7,921 |
|
|
| 4.91 | % |
|
| 106,801 |
|
|
| 5,272 |
|
|
| 4.94 | % |
Total interest-bearing liabilities |
|
| 1,115,591 |
|
|
| 45,752 |
|
|
| 4.10 | % |
|
| 1,006,725 |
|
| $ | 32,688 |
|
|
| 3.25 | % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 145,654 |
|
|
|
|
|
|
|
|
|
|
| 185,346 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
| 23,207 |
|
|
|
|
|
|
|
|
|
|
| 16,482 |
|
|
|
|
|
|
|
|
|
Total non-interest bearing liabilities |
|
| 168,861 |
|
|
|
|
|
|
|
|
|
|
| 201,828 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
| 177,010 |
|
|
|
|
|
|
|
|
|
|
| 183,395 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
| $ | 1,461,462 |
|
|
|
|
|
|
|
|
|
| $ | 1,391,948 |
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
| 1.47 | % |
|
|
|
|
|
|
|
|
|
| 2.10 | % |
Net interest margin |
|
|
|
|
| $ | 32,914 |
|
|
| 2.33 | % |
|
|
|
|
| $ | 39,391 |
|
|
| 2.92 | % |
First Commerce Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| As of and for the quarters ended |
| ||||||||||||||||||
(In thousands, except per share data) |
| 12/31/2024 |
|
| 9/30/2024 |
|
| 6/30/2024 |
|
| 3/31/2024 |
|
| 12/31/2023 |
| |||||
Summary earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest income |
| $ | 19,672 |
|
| $ | 20,150 |
|
| $ | 19,793 |
|
| $ | 19,051 |
|
| $ | 18,964 |
|
Interest expense |
|
| 11,706 |
|
|
| 11,785 |
|
|
| 11,451 |
|
|
| 10,811 |
|
|
| 10,183 |
|
Net interest income |
|
| 7,966 |
|
|
| 8,364 |
|
|
| 8,342 |
|
|
| 8,240 |
|
|
| 8,781 |
|
Provision (benefit) for credit losses |
|
| (55 | ) |
|
| 54 |
|
|
| 300 |
|
|
| 7 |
|
|
| (5,698 | ) |
Net interest income after provision (benefit) for credit losses |
|
| 8,021 |
|
|
| 8,310 |
|
|
| 8,042 |
|
|
| 8,233 |
|
|
| 14,479 |
|
Non-interest income |
|
| 412 |
|
|
| 582 |
|
|
| 562 |
|
|
| 522 |
|
|
| 583 |
|
Non-interest expense |
|
| 7,117 |
|
|
| 7,524 |
|
|
| 7,230 |
|
|
| 7,217 |
|
|
| 7,082 |
|
Income before income tax expense |
|
| 1,316 |
|
|
| 1,368 |
|
|
| 1,375 |
|
|
| 1,538 |
|
|
| 7,980 |
|
Income tax expense |
|
| 167 |
|
|
| 240 |
|
|
| 287 |
|
|
| 381 |
|
|
| 2,146 |
|
Net income |
| $ | 1,149 |
|
| $ | 1,128 |
|
| $ | 1,087 |
|
| $ | 1,156 |
|
| $ | 5,834 |
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
| $ | 0.06 |
|
| $ | 0.05 |
|
| $ | 0.05 |
|
| $ | 0.05 |
|
| $ | 0.25 |
|
Earnings per share - diluted |
|
| 0.06 |
|
|
| 0.05 |
|
|
| 0.05 |
|
|
| 0.05 |
|
|
| 0.25 |
|
Cash dividends declared |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.04 |
|
|
| 0.04 |
|
Book value at period end |
|
| 8.39 |
|
|
| 8.31 |
|
|
| 8.19 |
|
|
| 8.13 |
|
|
| 8.06 |
|
Shares outstanding at period end |
|
| 20,536 |
|
|
| 20,780 |
|
|
| 21,489 |
|
|
| 22,146 |
|
|
| 22,831 |
|
Basic weighted average shares outstanding |
|
| 20,552 |
|
|
| 21,164 |
|
|
| 21,641 |
|
|
| 22,600 |
|
|
| 22,969 |
|
Fully diluted weighted average shares outstanding |
|
| 20,612 |
|
|
| 21,387 |
|
|
| 21,898 |
|
|
| 22,930 |
|
|
| 23,272 |
|
Balance sheet data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,551,125 |
|
| $ | 1,476,252 |
|
| $ | 1,467,517 |
|
| $ | 1,452,419 |
|
| $ | 1,436,099 |
|
Investment securities, available-for-sale |
|
| 300 |
|
|
| 7,748 |
|
|
| 8,337 |
|
|
| 8,758 |
|
|
| 9,537 |
|
Investment securities, held-to-maturity |
|
| 111,909 |
|
|
| 73,977 |
|
|
| 74,109 |
|
|
| 61,483 |
|
|
| 59,525 |
|
Total loans |
|
| 1,239,031 |
|
|
| 1,262,481 |
|
|
| 1,260,236 |
|
|
| 1,244,357 |
|
|
| 1,251,227 |
|
Allowance for credit losses |
|
| (14,756 | ) |
|
| (14,869 | ) |
|
| (14,922 | ) |
|
| (14,628 | ) |
|
| (14,470 | ) |
Total deposits |
|
| 1,174,938 |
|
|
| 1,097,165 |
|
|
| 1,107,159 |
|
|
| 1,105,161 |
|
|
| 1,097,798 |
|
Stockholders' equity |
|
| 172,269 |
|
|
| 172,642 |
|
|
| 175,933 |
|
|
| 179,963 |
|
|
| 183,996 |
|
Common cash dividends |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 904 |
|
|
| 952 |
|
Selected performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
| 0.31 | % |
|
| 0.31 | % |
|
| 0.30 | % |
|
| 0.32 | % |
|
| 1.62 | % |
Return on average stockholders' equity |
|
| 2.65 | % |
|
| 2.56 | % |
|
| 2.47 | % |
|
| 2.54 | % |
|
| 12.80 | % |
Dividend payout ratio |
|
| N/A |
|
|
| N/A |
|
|
| N/A |
|
|
| 78.21 | % |
|
| 16.32 | % |
Net interest margin |
|
| 2.20 | % |
|
| 2.35 | % |
|
| 2.38 | % |
|
| 2.39 | % |
|
| 2.51 | % |
Efficiency ratio |
|
| 84.95 | % |
|
| 84.10 | % |
|
| 81.19 | % |
|
| 82.37 | % |
|
| 75.43 | % |
Non-interest income to average assets |
|
| 0.11 | % |
|
| 0.16 | % |
|
| 0.16 | % |
|
| 0.15 | % |
|
| 0.14 | % |
Non-interest expenses to average assets |
|
| 1.90 | % |
|
| 2.04 | % |
|
| 1.99 | % |
|
| 2.03 | % |
|
| 1.94 | % |
Asset quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
| 1.34 | % |
|
| 1.15 | % |
|
| 1.21 | % |
|
| 1.53 | % |
|
| 1.47 | % |
Non-performing assets to total assets |
|
| 1.07 | % |
|
| 0.98 | % |
|
| 1.04 | % |
|
| 1.31 | % |
|
| 1.28 | % |
Allowance for credit losses to non-performing loans |
|
| 88.71 | % |
|
| 102.67 | % |
|
| 97.76 | % |
|
| 76.77 | % |
|
| 78.82 | % |
Allowance for credit losses to total loans |
|
| 1.19 | % |
|
| 1.18 | % |
|
| 1.18 | % |
|
| 1.18 | % |
|
| 1.16 | % |
Net recoveries (charge-offs) to average loans |
|
| -0.01 | % |
|
| -0.03 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| -0.03 | % |
Liquidity and capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans to deposits |
|
| 104.20 | % |
|
| 113.71 | % |
|
| 112.48 | % |
|
| 111.27 | % |
|
| 111.66 | % |
Average loans to average deposits |
|
| 111.83 | % |
|
| 114.54 | % |
|
| 113.30 | % |
|
| 115.79 | % |
|
| 112.57 | % |
Total stockholders' equity to total assets |
|
| 11.11 | % |
|
| 11.69 | % |
|
| 11.99 | % |
|
| 12.39 | % |
|
| 12.81 | % |
Total capital to risk-weighted assets |
|
| 14.45 | % |
|
| 14.30 | % |
|
| 14.67 | % |
|
| 15.33 | % |
|
| 15.71 | % |
Tier 1 capital to risk-weighted assets |
|
| 13.26 | % |
|
| 13.13 | % |
|
| 13.48 | % |
|
| 15.15 | % |
|
| 14.52 | % |
Common equity tier 1 capital ratio to risk-weighted assets |
|
| 13.26 | % |
|
| 13.13 | % |
|
| 13.48 | % |
|
| 15.15 | % |
|
| 14.52 | % |
Tier 1 leverage ratio |
|
| 11.56 | % |
|
| 11.80 | % |
|
| 12.08 | % |
|
| 12.58 | % |
|
| 12.88 | % |
SOURCE: First Commerce Bancorp, Inc.
View the original press release on ACCESS Newswire
FAQ
What was First Commerce Bancorp's (CMRB) net income for Q4 2024?
How many shares did CMRB repurchase in 2024 and at what price?
What was CMRB's book value per share as of December 31, 2024?
How did CMRB's total assets change in 2024?
What was CMRB's net interest margin in Q4 2024?
