First Commerce Bancorp, Inc. Reports the Second Quarter and Year-to-Date 2024 Results and Adopts Second Stock Repurchase Program
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.
First Commerce Bancorp (OTC PINK:CMRB) ha riportato un reddito netto di 1,1 milioni di dollari per il secondo trimestre del 2024, in calo rispetto ai 2,9 milioni di dollari del secondo trimestre del 2023. L'utile per azione è sceso a 0,05 dollari rispetto a 0,12 dollari. L'azienda prevede di sospendere i futuri dividendi in contanti e avviare un secondo programma di riacquisto azionario per un massimo del 5% delle azioni in circolazione, circa 1,1 milioni di azioni. Gli interessi totali sono aumentati del 9% a 19,8 milioni di dollari, mentre il margine d'interesse netto è diminuito a 2,38% da 3,16%. Le attività totali sono aumentate di 31,4 milioni di dollari, raggiungendo 1,47 miliardi di dollari. Nonostante l'aumento degli interessi, il reddito d'interesse netto è sceso del 21,3% a 8,3 milioni di dollari a causa dell'aumento dei costi di finanziamento. I proventi non da interessi sono cresciuti del 21,1% a 562.000 dollari, mentre le spese non da interessi sono aumentate del 2,2% a 7,2 milioni di dollari. Per i sei mesi terminati il 30 giugno 2024, il reddito netto è stato di 2,2 milioni di dollari, in calo rispetto ai 6,2 milioni dello stesso periodo dell'anno scorso. L'azienda ha sottolineato che il riacquisto a sconto rispetto al valore contabile tangibile è vantaggioso per gli azionisti.
First Commerce Bancorp (OTC PINK:CMRB) informó un ingreso neto de 1,1 millones de dólares para el segundo trimestre de 2024, una disminución desde los 2,9 millones de dólares en el segundo trimestre de 2023. Las ganancias por acción cayeron a 0,05 dólares desde 0,12 dólares. La empresa planea suspender futuros dividendos en efectivo e iniciar un segundo programa de recompra de acciones de hasta el 5% de sus acciones en circulación, aproximadamente 1,1 millones de acciones. Los ingresos por intereses totales aumentaron un 9% a 19,8 millones de dólares, mientras que el margen de interés neto disminuyó a 2,38% desde 3,16%. Los activos totales crecieron en 31,4 millones de dólares hasta alcanzar 1,47 mil millones de dólares. A pesar de los mayores ingresos por intereses, los ingresos por intereses netos cayeron un 21,3% a 8,3 millones de dólares debido al aumento de los costos de financiamiento. Los ingresos no provenientes de intereses crecieron un 21,1% a 562,000 dólares, mientras que los gastos no por intereses aumentaron un 2,2% a 7,2 millones de dólares. Para los seis meses finalizados el 30 de junio de 2024, el ingreso neto fue de 2,2 millones de dólares, por debajo de los 6,2 millones de dólares en el mismo período del año pasado. La empresa enfatizó que la recompra a un precio inferior al valor contable tangible es beneficiosa para los accionistas.
퍼스트 커머스 뱅코프(OTC PINK:CMRB)는 2024년 2분기 순이익이 110만 달러로, 2023년 2분기의 290만 달러에서 감소했다고 보고했습니다. 주당 순이익은 0.12달러에서 0.05달러로 감소했습니다. 이 회사는 향후 현금 배당금을 중단하고 발행주식의 최대 5%에 해당하는 약 110만 주의 두 번째 자사주 매입 프로그램을 시작할 계획입니다. 총 이자 수익은 9% 증가하여 1980만 달러에 도달했지만, 순이자 마진은 3.16%에서 2.38%로 감소했습니다. 총 자산은 3140만 달러 증가하여 14억 7000만 달러가 되었습니다. 높은 이자 수익에도 불구하고, 자금 조달 비용 증가로 인해 순이자 수익은 21.3% 감소하여 830만 달러가 되었습니다. 비이자 수익은 21.1% 증가하여 562,000달러였고, 비이자 비용은 2.2% 증가하여 720만 달러에 달했습니다. 2024년 6월 30일로 종료된 6개월 동안 순이익은 220만 달러로, 지난해 같은 기간의 620만 달러에서 감소했습니다. 회사는 실제 장부가치보다 할인된 가격으로의 자사주 매입이 주주에게 이익이 된다고 강조했습니다.
First Commerce Bancorp (OTC PINK:CMRB) a annoncé un revenu net de 1,1 million de dollars pour le deuxième trimestre de 2024, en baisse par rapport à 2,9 millions de dollars au deuxième trimestre de 2023. Le bénéfice par action est tombé à 0,05 dollar contre 0,12 dollar. L'entreprise prévoit de suspendre les prochains dividendes en espèces et de lancer un second programme de rachat d'actions pouvant atteindre 5 % de ses actions en circulation, soit environ 1,1 million d'actions. Les revenus d'intérêts totaux ont augmenté de 9 % pour atteindre 19,8 millions de dollars, tandis que la marge d'intérêt nette a diminué à 2,38 % contre 3,16 %. Les actifs totaux ont augmenté de 31,4 millions de dollars pour atteindre 1,47 milliard de dollars. Malgré une hausse des revenus d'intérêts, le revenu d'intérêts net a chuté de 21,3 % à 8,3 millions de dollars en raison de l'augmentation des coûts de financement. Les revenus hors intérêts ont augmenté de 21,1 % pour atteindre 562 000 dollars, tandis que les dépenses hors intérêts ont augmenté de 2,2 % pour atteindre 7,2 millions de dollars. Pour les six mois se terminant le 30 juin 2024, le revenu net s'élevait à 2,2 millions de dollars, contre 6,2 millions de dollars au cours de la même période de l'année dernière. L'entreprise a souligné que le rachat à un prix inférieur à la valeur comptable tangible est avantageux pour les actionnaires.
First Commerce Bancorp (OTC PINK:CMRB) berichtete für das zweite Quartal 2024 einen Nettogewinn von 1,1 Millionen Dollar, was einen Rückgang von 2,9 Millionen Dollar im zweiten Quartal 2023 darstellt. Der Gewinn pro Aktie fiel auf 0,05 Dollar von 0,12 Dollar. Das Unternehmen plant, künftige Barausschüttungen auszusetzen und ein zweites Aktienrückkaufprogramm für bis zu 5% seiner ausstehenden Aktien, etwa 1,1 Millionen Aktien, zu initiieren. Die Zinserträge stiegen um 9% auf 19,8 Millionen Dollar, während die Nettomarge bei Zinsen auf 2,38% von 3,16% sank. Die Gesamtvermögenswerte stiegen um 31,4 Millionen Dollar auf 1,47 Milliarden Dollar. Trotz höherer Zinserträge fiel die Nettozinseinnahme um 21,3% auf 8,3 Millionen Dollar aufgrund gestiegener FinanzierungsKosten. Die nicht zinsbezogenen Einnahmen wuchsen um 21,1% auf 562.000 Dollar, während die nicht zinsbezogenen Aufwendungen um 2,2% auf 7,2 Millionen Dollar stiegen. Für die sechs Monate zum 30. Juni 2024 betrug der Nettogewinn 2,2 Millionen Dollar und fiel damit von 6,2 Millionen Dollar im gleichen Zeitraum des Vorjahres. Das Unternehmen betonte, dass der Rückkauf zu einem Rabatt auf den tatsächlichen Buchwert für die Aktionäre vorteilhaft ist.
- Total interest income increased by $1.6 million or 9% in Q2 2024.
- Book value per common share increased to $8.19 from $7.77 at June 30, 2023.
- Total assets rose by $31.4 million to $1.47 billion.
- Non-interest income grew by $98,000 or 21.1% to $562,000 in Q2 2024.
- Net income decreased to $1.1 million from $2.9 million in Q2 2023.
- Earnings per share fell to $0.05 from $0.12.
- Net interest income decreased by $2.3 million or 21.3% to $8.3 million.
- Net interest margin decreased by seventy-eight basis points to 2.38%.
- Non-interest expense increased by $159,000 or 2.2% to $7.2 million.
- Stockholders' equity decreased by $8.1 million or 4.4% to $175.9 million.
- Total interest expense increased by $3.9 million or 51.5% to $11.5 million.
LAKEWOOD, NJ / ACCESSWIRE / July 30, 2024 / First Commerce Bancorp, Inc. (the "Company"), (OTC PINK:CMRB), the holding company for First Commerce Bank (the "Bank"), today reported net income of
Several initiatives discussed in previous releases require an update. President & CEO Donald Mindiak commented, "The Board of Directors has determined that a more efficient method to deliver long term shareholder value is to suspend future cash dividends at this time and utilize portions of that capital to repurchase our common stock. Since all common stock repurchases executed at a discount to tangible book are accretive to our book value, this represents a good investment and creates additional value for our shareholders. As always, we will remain disciplined and regularly assess the utilization of our capital."
"Additionally, with respect to the possible move to the Nasdaq exchange, one of the primary drivers of this initiative was the possible inclusion in a variety of indices, which had the potential of providing a heightened degree of visibility and liquidity to our stock. Certain criteria are necessary to qualify for inclusion in these indices, one of which is reaching a certain market capitalization. Presently, the Company's market cap does not meet the threshold requirement for inclusion in the index and, as such, the Board has decided to delay this initiative at this time and reevaluate it on a regular basis. It is important to add that we are now better prepared for a move to the Nasdaq exchange in the future, since, as of the end of last year, the Bank reevaluated and strengthened its internal control review process."
In connection with the stock repurchase plan, the Company adopted its second program to repurchase up to
The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be made in accordance with applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period, and there is no guarantee as to the exact number of shares to be repurchased by the Company.
Financial Highlights
Total interest income increased by
$1.6 million or9.0% in the second quarter of 2024 compared to the second quarter of 2023 as a result of the growth in average loans receivable year over year.Average yield on interest earning assets increased by sixteen basis points to
5.64% for the second quarter of 2024 as compared to5.42% for the second quarter of 2023.Total cost of interest-bearing liabilities increased by 106 basis points to
4.12% for the second quarter of 2024 compared to3.06% for the second quarter of 2023.Net interest margin decreased by seventy-eight basis points to
2.38% for the second quarter of 2024 as compared to3.16% for the second quarter of 2023.The annualized return on average total assets for the quarter ended June 30, 2024 was
0.30% compared to0.84% for the quarter ended June 30, 2023.The annualized return on average shareholders' equity for the quarter ended June 30, 2024 was
2.47% compared to6.30% for the quarter ended June 30, 2023.The book value per common share was
$8.19 at June 30, 2024 compared to$7.77 at June 30, 2023.
Balance Sheet Review
Total assets increased by
Total cash and cash equivalents increased by
Total loans receivable, net of allowance for credit losses increased by
Total investment securities increased by
Total deposits were
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 second quarter of 2024, the Company recorded a net
Net interest margin decreased by seventy-eight basis points to
Non-interest income increased by
Non-interest expense increased by
The Bank continues to prudently manage its non-interest expenses. The Bank has reduced its headcount of FTEs over the past 15 months from 166 to 152 by becoming more efficient in its workflow and processes as well as hiring talented staff. The Bank also recently closed its Montvale branch location and consolidated those deposit customers to the nearby branch located in Closter. The Bank has not seen significant deposit runoff due to it maintaining strong relationships with its customers. The Bank will continue to monitor its cost management and resource allocation to enhance profitability without losing the level of service that customers expect and deserve.
The income tax provision decreased by
Six Months of Operations
Net interest income decreased by
Total interest income increased by
Total interest expense increased by
During the first six months of 2024, the Company recorded a net
Net interest margin decreased by eighty-five 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.
Consolidated Statements of Financial Condition
(Unaudited)
|
|
|
|
|
|
|
| June 30, 2024 vs. |
| |||||||||||||
|
|
|
|
|
|
|
| December 31, 2023 |
| June 30, 2023 |
| |||||||||||
(dollars in thousands, except percentages and share data) |
| June 30, |
| December 31, 2023 |
| June 30, |
| Amount |
| % |
| Amount |
| % |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash on hand |
| $ | 1,875 |
| $ | 1,745 |
| $ | 1,532 |
| $ | 130 |
|
| 7.4 | % | $ | 343 |
|
| 22.4 | % |
Interest-bearing deposits in other banks |
|
| 67,236 |
|
| 59,979 |
|
| 72,591 |
|
| 7,257 |
|
| 12.1 | % |
| (5,355 | ) |
| -7.4 | % |
Total cash and cash equivalents |
|
| 69,111 |
|
| 61,724 |
|
| 74,123 |
|
| 7,387 |
|
| 12.0 | % |
| (5,012 | ) |
| -6.8 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale, at fair value |
|
| 8,338 |
|
| 9,537 |
|
| 11,566 |
|
| (1,199 | ) |
| -12.6 | % |
| (3,228 | ) |
| -27.9 | % |
Held-to-maturity, at amortized cost |
|
| 74,183 |
|
| 59,551 |
|
| 61,719 |
|
| 14,632 |
|
| 24.6 | % |
| 12,464 |
|
| 20.2 | % |
Less: Allowance for credit losses - HTM securities |
|
| (74 | ) |
| (26 | ) |
| - |
|
| (48 | ) |
| 184.6 | % |
| (74 | ) |
| N/A |
|
Held-to-maturity, net of allowance for credit losses |
|
| 74,109 |
|
| 59,525 |
|
| 61,719 |
|
| 14,584 |
|
| 24.5 | % |
| 12,390 |
|
| 20.1 | % |
Total investment securities |
|
| 82,447 |
|
| 69,062 |
|
| 73,285 |
|
| 13,385 |
|
| 19.4 | % |
| 9,162 |
|
| 12.5 | % |
Restricted stock |
|
| 8,673 |
|
| 7,169 |
|
| 6,719 |
|
| 1,504 |
|
| 21.0 | % |
| 1,954 |
|
| 29.1 | % |
Loans receivable |
|
| 1,260,236 |
|
| 1,251,227 |
|
| 1,228,451 |
|
| 9,009 |
|
| 0.7 | % |
| 31,785 |
|
| 2.6 | % |
Less: Allowance for credit losses |
|
| (14,922 | ) |
| (14,470 | ) |
| (18,763 | ) |
| (452 | ) |
| 3.1 | % |
| 3,841 |
|
| -20.5 | % |
Net loans receivable |
|
| 1,245,314 |
|
| 1,236,757 |
|
| 1,209,688 |
|
| 8,557 |
|
| 0.7 | % |
| 35,626 |
|
| 2.9 | % |
Premises and equipment, net |
|
| 15,712 |
|
| 15,861 |
|
| 15,864 |
|
| (149 | ) |
| -0.9 | % |
| (152 | ) |
| -1.0 | % |
Right-of-use asset |
|
| 9,286 |
|
| 9,498 |
|
| 9,707 |
|
| (212 | ) |
| -2.2 | % |
| (421 | ) |
| -4.3 | % |
Accrued interest receivable |
|
| 5,838 |
|
| 5,632 |
|
| 5,336 |
|
| 206 |
|
| 3.7 | % |
| 502 |
|
| 9.4 | % |
Bank owned life insurance |
|
| 26,227 |
|
| 25,757 |
|
| 25,360 |
|
| 470 |
|
| 1.8 | % |
| 867 |
|
| 3.4 | % |
Deferred tax asset, net |
|
| 2,996 |
|
| 2,947 |
|
| 4,181 |
|
| 49 |
|
| 1.7 | % |
| (1,185 | ) |
| -28.3 | % |
Other assets |
|
| 1,913 |
|
| 1,692 |
|
| 1,740 |
|
| 221 |
|
| 13.1 | % |
| 173 |
|
| 9.9 | % |
Total assets |
| $ | 1,467,517 |
| $ | 1,436,099 |
| $ | 1,426,003 |
| $ | 31,418 |
|
| 2.2 | % | $ | 41,514 |
|
| 2.9 | % |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
| $ | 147,184 |
| $ | 154,503 |
| $ | 180,836 |
| $ | (7,319 | ) |
| -4.7 | % | $ | (33,652 | ) |
| -18.6 | % |
Interest-bearing |
|
| 959,975 |
|
| 943,295 |
|
| 913,147 |
|
| 16,680 |
|
| 1.8 | % |
| 46,828 |
|
| 5.1 | % |
Total Deposits |
|
| 1,107,159 |
|
| 1,097,798 |
|
| 1,093,983 |
|
| 9,361 |
|
| 0.9 | % |
| 13,176 |
|
| 1.2 | % |
Borrowings |
|
| 160,000 |
|
| 130,000 |
|
| 120,000 |
|
| 30,000 |
|
| 23.1 | % |
| 40,000 |
|
| 33.3 | % |
Accrued interest payable |
|
| 2,135 |
|
| 2,008 |
|
| 1,592 |
|
| 127 |
|
| 6.3 | % |
| 543 |
|
| 34.1 | % |
Lease liability |
|
| 9,996 |
|
| 10,161 |
|
| 10,311 |
|
| (165 | ) |
| -1.6 | % |
| (315 | ) |
| -3.1 | % |
Other liabilities |
|
| 12,294 |
|
| 12,136 |
|
| 15,237 |
|
| 158 |
|
| 1.3 | % |
| (2,943 | ) |
| -19.3 | % |
Total liabilities |
|
| 1,291,584 |
|
| 1,252,103 |
|
| 1,241,123 |
|
| 39,481 |
|
| 3.2 | % |
| 50,461 |
|
| 4.1 | % |
Commitments and contingencies |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock; authorized 5,000,000 shares; non issued |
|
| - |
|
| - |
|
| - |
|
| - |
|
| N/A |
|
| - |
|
| N/A |
|
Common stock, par value of |
|
| - |
|
| - |
|
| - |
|
| - |
|
| N/A |
|
| - |
|
| N/A |
|
Additional paid-in capital |
|
| 89,011 |
|
| 88,941 |
|
| 88,650 |
|
| 70 |
|
| 0.1 | % |
| 361 |
|
| 0.4 | % |
Retained earnings |
|
| 102,688 |
|
| 102,219 |
|
| 96,553 |
|
| 469 |
|
| 0.5 | % |
| 6,135 |
|
| 6.4 | % |
Treasury stock |
|
| (15,541 | ) |
| (6,964 | ) |
| - |
|
| (8,577 | ) |
| 123.2 | % |
| (15,541 | ) |
| N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accumulated other comprehensive loss |
|
| (225 | ) |
| (200 | ) |
| (323 | ) |
| (25 | ) |
| 12.5 | % |
| 98 |
|
| -30.3 | % |
Total stockholders' equity |
|
| 175,933 |
|
| 183,996 |
|
| 184,880 |
|
| (8,063 | ) |
| -4.4 | % |
| (8,947 | ) |
| -4.8 | % |
Total liabilities and stockholders' equity |
| $ | 1,467,517 |
| $ | 1,436,099 |
| $ | 1,426,003 |
| $ | 31,418 |
|
| 2.2 | % | $ | 41,514 |
|
| 2.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares issued |
|
| 23,867,490 |
|
| 23,856,990 |
|
| 23,788,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
| 21,488,591 |
|
| 22,830,559 |
|
| 23,788,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares |
|
| 2,378,899 |
|
| 1,026,431 |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended June 30, 2024 and 2023
(Unaudited)
|
|
|
|
|
|
| Variance |
| ||||||||
(dollars in thousands, except percentages and share data) |
| June 30, 2024 |
|
| June 30, 2023 |
|
| Amount |
|
| % |
| ||||
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans, including fees |
| $ | 17,953 |
|
| $ | 17,020 |
|
| $ | 933 |
|
|
| 5.5 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
| 64 |
|
|
| 94 |
|
|
| (30 | ) |
|
| -31.9 | % |
Held-to-maturity |
|
| 648 |
|
|
| 441 |
|
|
| 207 |
|
|
| 46.9 | % |
Interest-bearing deposits with other banks |
|
| 945 |
|
|
| 527 |
|
|
| 418 |
|
|
| 79.3 | % |
Restricted stock dividends |
|
| 183 |
|
|
| 81 |
|
|
| 102 |
|
|
| 125.9 | % |
Total interest and dividend income |
|
| 19,793 |
|
|
| 18,163 |
|
|
| 1,630 |
|
|
| 9.0 | % |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 9,539 |
|
|
| 5,905 |
|
|
| 3,634 |
|
|
| 61.5 | % |
Borrowings |
|
| 1,912 |
|
|
| 1,655 |
|
|
| 257 |
|
|
| 15.5 | % |
Total interest expense |
|
| 11,451 |
|
|
| 7,560 |
|
|
| 3,891 |
|
|
| 51.5 | % |
Net interest income |
|
| 8,342 |
|
|
| 10,603 |
|
|
| (2,261 | ) |
|
| -21.3 | % |
Provision for credit losses |
|
| 260 |
|
|
| 251 |
|
|
| 9 |
|
|
| 3.6 | % |
Benefit for unfunded commitments for credit losses |
|
| (5 | ) |
|
| (69 | ) |
|
| 64 |
|
|
| -92.8 | % |
Provision for credit losses - HTM securities |
|
| 45 |
|
|
| - |
|
|
| 45 |
|
|
| N/A |
|
Total provision for credit losses |
|
| 300 |
|
|
| 182 |
|
|
| 118 |
|
|
| 64.8 | % |
Net interest income after provision for credit losses |
|
| 8,042 |
|
|
| 10,421 |
|
|
| (2,379 | ) |
|
| -22.8 | % |
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 229 |
|
|
| 167 |
|
|
| 62 |
|
|
| 37.1 | % |
Bank owned life insurance income |
|
| 236 |
|
|
| 171 |
|
|
| 65 |
|
|
| 38.0 | % |
Other income |
|
| 97 |
|
|
| 126 |
|
|
| (29 | ) |
|
| -23.0 | % |
Total non-interest income |
|
| 562 |
|
|
| 464 |
|
|
| 98 |
|
|
| 21.1 | % |
Non-Interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 4,487 |
|
|
| 4,338 |
|
|
| 149 |
|
|
| 3.4 | % |
Occupancy and equipment expense |
|
| 913 |
|
|
| 940 |
|
|
| (27 | ) |
|
| -2.9 | % |
Advertising and marketing |
|
| 112 |
|
|
| 99 |
|
|
| 13 |
|
|
| 13.1 | % |
Professional fees |
|
| 474 |
|
|
| 593 |
|
|
| (119 | ) |
|
| -20.1 | % |
Data processing expense |
|
| 300 |
|
|
| 219 |
|
|
| 81 |
|
|
| 37.0 | % |
FDIC insurance assessment |
|
| 175 |
|
|
| 230 |
|
|
| (55 | ) |
|
| -23.9 | % |
Other operating expenses |
|
| 769 |
|
|
| 652 |
|
|
| 117 |
|
|
| 17.9 | % |
Total non-interest expenses |
|
| 7,230 |
|
|
| 7,071 |
|
|
| 159 |
|
|
| 2.2 | % |
Income before income taxes |
|
| 1,374 |
|
|
| 3,814 |
|
|
| (2,440 | ) |
|
| -64.0 | % |
Income tax provision |
|
| 287 |
|
|
| 914 |
|
|
| (627 | ) |
|
| -68.6 | % |
Net income |
| $ | 1,087 |
|
| $ | 2,900 |
|
| $ | (1,813 | ) |
|
| -62.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - Basic |
| $ | 0.05 |
|
| $ | 0.12 |
|
| $ | (0.07 | ) |
|
| -58.3 | % |
Earnings per common share - Diluted |
|
| 0.05 |
|
|
| 0.12 |
|
|
| (0.07 | ) |
|
| -58.3 | % |
Weighted average shares outstanding - Basic |
|
| 21,640,844 |
|
|
| 23,787,765 |
|
|
| (2,146,921 | ) |
|
| -9.0 | % |
Weighted average shares outstanding - Diluted |
|
| 21,897,668 |
|
|
| 24,070,080 |
|
|
| (2,172,412 | ) |
|
| -9.0 | % |
First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the six months ended June 30, 2024 and 2023
(Unaudited)
|
|
|
|
|
|
| Variance |
| ||||||||
(dollars in thousands, except percentages and share data) |
| June 30, 2024 |
|
| June 30, 2023 |
|
| Amount |
|
| % |
| ||||
nterest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans, including fees |
| $ | 35,631 |
|
| $ | 32,202 |
|
| $ | 3,429 |
|
|
| 10.6 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
| 132 |
|
|
| 194 |
|
|
| (62 | ) |
|
| -32.0 | % |
Held-to-maturity |
|
| 1,142 |
|
|
| 892 |
|
|
| 250 |
|
|
| 28.0 | % |
Interest-bearing deposits with other banks |
|
| 1,599 |
|
|
| 978 |
|
|
| 621 |
|
|
| 63.5 | % |
Restricted stock dividends |
|
| 340 |
|
|
| 141 |
|
|
| 199 |
|
|
| 141.1 | % |
Total interest and dividend income |
|
| 38,844 |
|
|
| 34,407 |
|
|
| 4,437 |
|
|
| 12.9 | % |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 18,591 |
|
|
| 10,781 |
|
|
| 7,810 |
|
|
| 72.4 | % |
Borrowings |
|
| 3,671 |
|
|
| 2,507 |
|
|
| 1,164 |
|
|
| 46.4 | % |
Total interest expense |
|
| 22,262 |
|
|
| 13,288 |
|
|
| 8,974 |
|
|
| 67.5 | % |
Net interest income |
|
| 16,582 |
|
|
| 21,119 |
|
|
| (4,537 | ) |
|
| -21.5 | % |
Provision (benefit) for credit losses |
|
| 384 |
|
|
| 760 |
|
|
| (376 | ) |
|
| -49.5 | % |
Benefit for unfunded commitments for credit losses |
|
| (124 | ) |
|
| (388 | ) |
|
| 264 |
|
|
| -68.0 | % |
Provision for credit losses - HTM securities |
|
| 48 |
|
|
| - |
|
|
| 48 |
|
|
| N/A |
|
Total provision (benefit) for credit losses |
|
| 308 |
|
|
| 372 |
|
|
| (64 | ) |
|
| -17.2 | % |
Net interest income after provision for credit losses |
|
| 16,274 |
|
|
| 20,747 |
|
|
| (4,473 | ) |
|
| -21.6 | % |
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 420 |
|
|
| 355 |
|
|
| 65 |
|
|
| 18.3 | % |
Bank owned life insurance income |
|
| 470 |
|
|
| 849 |
|
|
| (379 | ) |
|
| -44.6 | % |
Other income |
|
| 195 |
|
|
| 259 |
|
|
| (64 | ) |
|
| -24.7 | % |
Total non-interest income |
|
| 1,085 |
|
|
| 1,463 |
|
|
| (378 | ) |
|
| -25.8 | % |
Non-Interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 8,989 |
|
|
| 8,607 |
|
|
| 382 |
|
|
| 4.4 | % |
Occupancy and equipment expense |
|
| 1,825 |
|
|
| 2,050 |
|
|
| (225 | ) |
|
| -11.0 | % |
Advertising and marketing |
|
| 190 |
|
|
| 190 |
|
|
| - |
|
|
| 0.0 | % |
Professional fees |
|
| 970 |
|
|
| 1,054 |
|
|
| (84 | ) |
|
| -8.0 | % |
Data processing expense |
|
| 585 |
|
|
| 437 |
|
|
| 148 |
|
|
| 33.9 | % |
FDIC insurance assessment |
|
| 370 |
|
|
| 279 |
|
|
| 91 |
|
|
| 32.6 | % |
Loss on valuation of OREO |
|
| - |
|
|
| 59 |
|
|
| (59 | ) |
|
| -100.0 | % |
Other operating expenses |
|
| 1,518 |
|
|
| 1,313 |
|
|
| 205 |
|
|
| 15.6 | % |
Total non-interest expenses |
|
| 14,447 |
|
|
| 13,989 |
|
|
| 458 |
|
|
| 3.3 | % |
Income before income taxes |
|
| 2,912 |
|
|
| 8,221 |
|
|
| (5,309 | ) |
|
| -64.6 | % |
Income tax provision |
|
| 668 |
|
|
| 1,975 |
|
|
| (1,307 | ) |
|
| -66.2 | % |
Net income |
| $ | 2,244 |
|
| $ | 6,246 |
|
| $ | (4,002 | ) |
|
| -64.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - Basic |
| $ | 0.10 |
|
| $ | 0.26 |
|
| $ | (0.16 | ) |
|
| -61.5 | % |
Earnings per common share - Diluted |
|
| 0.10 |
|
|
| 0.26 |
|
| $ | (0.16 | ) |
|
| -61.5 | % |
Weighted average shares outstanding - Basic |
|
| 22,120,577 |
|
|
| 23,786,634 |
|
|
| (1,666,057 | ) |
|
| -7.0 | % |
Weighted average shares outstanding - Diluted |
|
| 22,377,401 |
|
|
| 24,068,949 |
|
|
| (1,691,548 | ) |
|
| -7.0 | % |
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
| Three Months Ended June 30, 2024 |
|
| Three Months Ended June 30, 2023 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(dollars in thousands) |
|
|
| Interest |
| Average |
|
|
|
| Interest |
| Average |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits in other banks |
| $ | 75,520 |
| $ | 945 |
|
| 5.03 | % |
| $ | 47,152 |
| $ | 527 |
|
| 4.48 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available -for-sale |
|
| 8,515 |
|
| 64 |
|
| 3.01 | % |
|
| 12,426 |
|
| 94 |
|
| 3.03 | % |
Held-to-maturity |
|
| 68,194 |
|
| 648 |
|
| 3.80 | % |
|
| 63,245 |
|
| 441 |
|
| 2.79 | % |
Total investment securities |
|
| 76,709 |
|
| 712 |
|
| 3.71 | % |
|
| 75,671 |
|
| 535 |
|
| 2.83 | % |
Restricted stock |
|
| 8,474 |
|
| 183 |
|
| 8.64 | % |
|
| 7,320 |
|
| 81 |
|
| 4.43 | % |
Loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans |
|
| 469 |
|
| 2 |
|
| 1.72 | % |
|
| 283 |
|
| 2 |
|
| 2.83 | % |
Home equity loans |
|
| 2,965 |
|
| 60 |
|
| 8.13 | % |
|
| 3,588 |
|
| 62 |
|
| 6.93 | % |
Construction loans |
|
| 110,515 |
|
| 2,423 |
|
| 8.67 | % |
|
| 110,095 |
|
| 2,306 |
|
| 8.29 | % |
Commercial loans |
|
| 34,825 |
|
| 647 |
|
| 7.35 | % |
|
| 37,806 |
|
| 735 |
|
| 7.69 | % |
Commercial mortgage loans |
|
| 1,060,086 |
|
| 14,166 |
|
| 5.29 | % |
|
| 1,018,340 |
|
| 13,174 |
|
| 5.12 | % |
Residential mortgage loans |
|
| 14,618 |
|
| 179 |
|
| 4.92 | % |
|
| 15,508 |
|
| 186 |
|
| 4.81 | % |
SBA loans |
|
| 26,147 |
|
| 476 |
|
| 7.21 | % |
|
| 29,112 |
|
| 555 |
|
| 7.54 | % |
Total loans receivable |
|
| 1,249,625 |
|
| 17,953 |
|
| 5.78 | % |
|
| 1,214,732 |
|
| 17,020 |
|
| 5.62 | % |
Total interest-earning assets |
|
| 1,410,328 |
|
| 19,793 |
|
| 5.64 | % |
|
| 1,344,875 |
|
| 18,163 |
|
| 5.42 | % |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (14,452 | ) |
|
|
|
|
|
|
|
| (18,569 | ) |
|
|
|
|
|
|
Cash and due from bank |
|
| 1,959 |
|
|
|
|
|
|
|
|
| 1,687 |
|
|
|
|
|
|
|
Other assets |
|
| 60,030 |
|
|
|
|
|
|
|
|
| 60,375 |
|
|
|
|
|
|
|
Total non-interest-earning assets |
|
| 47,537 |
|
|
|
|
|
|
|
|
| 43,493 |
|
|
|
|
|
|
|
Total assets |
| $ | 1,457,865 |
|
|
|
|
|
|
|
| $ | 1,388,368 |
|
|
|
|
|
|
|
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
| $ | 48,715 |
| $ | 198 |
|
| 1.63 | % |
| $ | 45,721 |
| $ | 91 |
|
| 0.80 | % |
NOW accounts |
|
| 43,133 |
|
| 378 |
|
| 3.52 | % |
|
| 27,526 |
|
| 34 |
|
| 0.50 | % |
Money market accounts |
|
| 228,306 |
|
| 2,042 |
|
| 3.60 | % |
|
| 178,060 |
|
| 1,084 |
|
| 2.44 | % |
Savings accounts |
|
| 27,184 |
|
| 26 |
|
| 0.38 | % |
|
| 44,425 |
|
| 38 |
|
| 0.34 | % |
Certificates of deposit |
|
| 495,512 |
|
| 5,461 |
|
| 4.43 | % |
|
| 553,295 |
|
| 4,533 |
|
| 3.29 | % |
Brokered CDs |
|
| 118,037 |
|
| 1,434 |
|
| 4.89 | % |
|
| 8,679 |
|
| 125 |
|
| 5.78 | % |
Borrowings |
|
| 155,720 |
|
| 1,912 |
|
| 4.94 | % |
|
| 133,765 |
|
| 1,655 |
|
| 4.96 | % |
Total interest-bearing liabilities |
|
| 1,116,607 |
| $ | 11,451 |
|
| 4.12 | % |
|
| 991,471 |
| $ | 7,560 |
|
| 3.06 | % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 142,030 |
|
|
|
|
|
|
|
|
| 186,372 |
|
|
|
|
|
|
|
Other liabilities |
|
| 22,003 |
|
|
|
|
|
|
|
|
| 25,995 |
|
|
|
|
|
|
|
Total non-interest bearing liabilities |
|
| 164,033 |
|
|
|
|
|
|
|
|
| 212,367 |
|
|
|
|
|
|
|
Shareholders' equity |
|
| 177,225 |
|
|
|
|
|
|
|
|
| 184,530 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 1,457,865 |
|
|
|
|
|
|
|
| $ | 1,388,368 |
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
| 1.52 | % |
|
|
|
|
|
|
|
| 2.36 | % |
Net interest margin |
|
|
|
| $ | 8,342 |
|
| 2.38 | % |
|
|
|
| $ | 10,603 |
|
| 3.16 | % |
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
| Six Months Ended June 30, 2024 |
|
| Six Months Ended June 30, 2023 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
(dollars in thousands) |
| Average |
| Interest |
| Average |
|
| Average |
| Interest |
| Average |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits |
| $ | 64,829 |
| $ | 1,599 |
|
| 4.99 | % |
| $ | 46,345 |
| $ | 978 |
|
| 4.26 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available -for-sale |
|
| 8,784 |
|
| 132 |
|
| 3.00 | % |
|
| 12,900 |
|
| 194 |
|
| 3.01 | % |
Held-to-maturity |
|
| 64,462 |
|
| 1,142 |
|
| 3.54 | % |
|
| 64,192 |
|
| 892 |
|
| 2.78 | % |
Total investment securities |
|
| 73,246 |
|
| 1,274 |
|
| 3.48 | % |
|
| 77,092 |
|
| 1,086 |
|
| 2.82 | % |
Restricted stock |
|
| 8,126 |
|
| 340 |
|
| 8.37 | % |
|
| 5,792 |
|
| 141 |
|
| 4.87 | % |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans |
|
| 421 |
|
| 4 |
|
| 1.91 | % |
|
| 277 |
|
| 5 |
|
| 3.64 | % |
Home equity loans |
|
| 2,957 |
|
| 119 |
|
| 8.09 | % |
|
| 3,750 |
|
| 125 |
|
| 6.72 | % |
Construction loans |
|
| 112,958 |
|
| 4,952 |
|
| 8.67 | % |
|
| 106,872 |
|
| 4,628 |
|
| 8.61 | % |
Commercial loans |
|
| 35,509 |
|
| 1,382 |
|
| 7.70 | % |
|
| 39,480 |
|
| 1,494 |
|
| 7.53 | % |
Commercial mortgage loans |
|
| 1,058,072 |
|
| 27,832 |
|
| 5.20 | % |
|
| 988,599 |
|
| 24,517 |
|
| 4.93 | % |
Residential mortgage loans |
|
| 14,746 |
|
| 353 |
|
| 4.84 | % |
|
| 15,589 |
|
| 371 |
|
| 4.80 | % |
SBA loans |
|
| 27,092 |
|
| 989 |
|
| 7.22 | % |
|
| 28,312 |
|
| 1,062 |
|
| 7.46 | % |
Loans Held for Sale |
|
| - |
|
| - |
|
| N/A |
|
|
| - |
|
| - |
|
| N/A |
|
Total loans |
|
| 1,251,755 |
|
| 35,631 |
|
| 5.72 | % |
|
| 1,182,879 |
|
| 32,202 |
|
| 5.49 | % |
Total interest-earning assets |
|
| 1,397,956 |
|
| 38,844 |
|
| 5.59 | % |
|
| 1,312,108 |
|
| 34,407 |
|
| 5.29 | % |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (14,469 | ) |
|
|
|
|
|
|
|
| (18,186 | ) |
|
|
|
|
|
|
Cash and due from bank |
|
| 1,932 |
|
|
|
|
|
|
|
|
| 1,720 |
|
|
|
|
|
|
|
Other assets |
|
| 59,983 |
|
|
|
|
|
|
|
|
| 61,327 |
|
|
|
|
|
|
|
Total non-interest-earning assets |
|
| 47,446 |
|
|
|
|
|
|
|
|
| 44,861 |
|
|
|
|
|
|
|
Total assets |
| $ | 1,445,402 |
|
|
|
|
|
|
|
| $ | 1,356,969 |
|
|
|
|
|
|
|
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
| $ | 51,071 |
| $ | 422 |
|
| 1.66 | % |
| $ | 47,227 |
| $ | 179 |
|
| 0.76 | % |
NOW accounts |
|
| 40,613 |
|
| 700 |
|
| 3.47 | % |
|
| 29,003 |
|
| 64 |
|
| 0.44 | % |
Money market accounts |
|
| 219,353 |
|
| 3,790 |
|
| 3.47 | % |
|
| 178,993 |
|
| 1,903 |
|
| 2.14 | % |
Savings accounts |
|
| 28,165 |
|
| 55 |
|
| 0.39 | % |
|
| 49,997 |
|
| 83 |
|
| 0.33 | % |
Certificates of deposit |
|
| 500,886 |
|
| 10,927 |
|
| 4.39 | % |
|
| 544,986 |
|
| 8,427 |
|
| 3.12 | % |
Brokered CDs |
|
| 110,125 |
|
| 2,697 |
|
| 4.92 | % |
|
| 4,364 |
|
| 125 |
|
| 5.77 | % |
Borrowings |
|
| 149,637 |
|
| 3,671 |
|
| 4.93 | % |
|
| 102,623 |
|
| 2,507 |
|
| 4.93 | % |
Total interest-bearing liabilities |
|
| 1,099,850 |
| $ | 22,262 |
|
| 4.07 | % |
|
| 957,193 |
| $ | 13,288 |
|
| 2.80 | % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 142,677 |
|
|
|
|
|
|
|
|
| 189,990 |
|
|
|
|
|
|
|
Other liabilities |
|
| 22,647 |
|
|
|
|
|
|
|
|
| 26,306 |
|
|
|
|
|
|
|
Total non-interest bearing liabilities |
|
| 165,324 |
|
|
|
|
|
|
|
|
| 216,296 |
|
|
|
|
|
|
|
Shareholders' equity |
|
| 180,228 |
|
|
|
|
|
|
|
|
| 183,480 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 1,445,402 |
|
|
|
|
|
|
|
| $ | 1,356,969 |
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
| 1.52 | % |
|
|
|
|
|
|
|
| 2.49 | % |
Net interest margin |
|
|
|
| $ | 16,582 |
|
| 2.39 | % |
|
|
|
| $ | 21,119 |
|
| 3.24 | % |
First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)
| As of and for the quarters ended |
| ||||||||||||||
(In thousands, except share data) |
| 6/30/2024 |
| 3/31/2024 |
| 12/31/2023 |
| 9/30/2023 |
| 6/30/2023 |
| |||||
Summary earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest income |
| $ | 19,793 |
| $ | 19,050 |
| $ | 18,964 |
| $ | 18,710 |
| $ | 18,163 |
|
Interest expense |
|
| 11,451 |
|
| 10,811 |
|
| 10,183 |
|
| 9,217 |
|
| 7,560 |
|
Net interest income |
|
| 8,342 |
|
| 8,239 |
|
| 8,781 |
|
| 9,493 |
|
| 10,603 |
|
Provision (benefit) for credit losses |
|
| 300 |
|
| 7 |
|
| (5,698 | ) |
| 600 |
|
| 182 |
|
Net interest income after provision (benefit) for credit losses |
|
| 8,042 |
|
| 8,232 |
|
| 14,479 |
|
| 8,893 |
|
| 10,421 |
|
Non-interest income |
|
| 562 |
|
| 522 |
|
| 506 |
|
| 378 |
|
| 464 |
|
Non-interest expense |
|
| 7,230 |
|
| 7,217 |
|
| 7,005 |
|
| 7,038 |
|
| 7,071 |
|
Income before income tax expense |
|
| 1,374 |
|
| 1,537 |
|
| 7,980 |
|
| 2,233 |
|
| 3,814 |
|
Income tax expense |
|
| 287 |
|
| 381 |
|
| 2,146 |
|
| 536 |
|
| 914 |
|
Net income |
| $ | 1,087 |
| $ | 1,156 |
| $ | 5,834 |
| $ | 1,697 |
| $ | 2,900 |
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
| $ | 0.05 |
| $ | 0.05 |
| $ | 0.25 |
| $ | 0.07 |
| $ | 0.12 |
|
Earnings per share - diluted |
|
| 0.05 |
|
| 0.05 |
|
| 0.25 |
|
| 0.07 |
|
| 0.12 |
|
Cash dividends declared |
|
| - |
|
| 0.04 |
|
| 0.04 |
|
| 0.04 |
|
| 0.04 |
|
Book value at period end |
|
| 8.19 |
|
| 8.13 |
|
| 8.06 |
|
| 7.80 |
|
| 7.77 |
|
Shares outstanding at period end |
|
| 21,489 |
|
| 22,146 |
|
| 22,831 |
|
| 23,777 |
|
| 23,789 |
|
Basic weighted average shares outstanding |
|
| 21,641 |
|
| 22,600 |
|
| 22,969 |
|
| 23,787 |
|
| 23,788 |
|
Fully diluted weighted average shares outstanding |
|
| 21,898 |
|
| 22,930 |
|
| 23,272 |
|
| 24,116 |
|
| 24,070 |
|
Balance sheet data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,467,517 |
| $ | 1,452,419 |
| $ | 1,436,099 |
| $ | 1,428,973 |
| $ | 1,426,003 |
|
Investement securities, available-for-sale |
|
| 8,338 |
|
| 8,758 |
|
| 9,537 |
|
| 10,703 |
|
| 11,566 |
|
Investment securities, held-to-maturity |
|
| 74,109 |
|
| 61,483 |
|
| 59,525 |
|
| 61,234 |
|
| 61,719 |
|
Total loans |
|
| 1,260,236 |
|
| 1,244,357 |
|
| 1,251,227 |
|
| 1,263,918 |
|
| 1,228,451 |
|
Allowance for credit losses |
|
| (14,922 | ) |
| (14,628 | ) |
| (14,470 | ) |
| (19,562 | ) |
| (18,763 | ) |
Total deposits |
|
| 1,107,159 |
|
| 1,105,161 |
|
| 1,097,798 |
|
| 1,112,406 |
|
| 1,093,983 |
|
Shareholders' equity |
|
| 175,933 |
|
| 179,963 |
|
| 183,996 |
|
| 185,486 |
|
| 184,880 |
|
Common cash dividends |
|
| - |
|
| 904 |
|
| 952 |
|
| 952 |
|
| 951 |
|
Selected performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
| 0.30 | % |
| 0.32 | % |
| 1.62 | % |
| 0.47 | % |
| 0.84 | % |
Return on average shareholders' equity |
|
| 2.47 | % |
| 2.54 | % |
| 12.80 | % |
| 3.63 | % |
| 6.30 | % |
Dividend payout ratio |
|
| 0.00 | % |
| 78.21 | % |
| 16.32 | % |
| 56.09 | % |
| 32.79 | % |
Net interest margin |
|
| 2.38 | % |
| 2.39 | % |
| 2.51 | % |
| 2.73 | % |
| 3.16 | % |
Efficiency ratio |
|
| 81.19 | % |
| 82.37 | % |
| 75.43 | % |
| 71.30 | % |
| 63.51 | % |
Non-interest income to average assets |
|
| 0.16 | % |
| 0.15 | % |
| 0.14 | % |
| 0.11 | % |
| 0.10 | % |
Non-interest expenses to average assets |
|
| 1.99 | % |
| 2.03 | % |
| 1.94 | % |
| 1.96 | % |
| 2.01 | % |
Asset quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
| 1.21 | % |
| 1.53 | % |
| 1.47 | % |
| 1.24 | % |
| 1.28 | % |
Non-performing assets to total assets |
|
| 1.04 | % |
| 1.31 | % |
| 1.28 | % |
| 1.10 | % |
| 1.10 | % |
Allowance for credit losses to non-performing loans |
|
| 97.76 | % |
| 76.77 | % |
| 78.82 | % |
| 124.32 | % |
| 119.25 | % |
Allowance for credit losses to total loans |
|
| 1.18 | % |
| 1.18 | % |
| 1.16 | % |
| 1.55 | % |
| 1.53 | % |
Net recoveries (charge-offs) to average loans |
|
| 0.01 | % |
| 0.01 | % |
| -0.03 | % |
| 0.02 | % |
| -0.02 | % |
Liquidity and capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans to deposits |
|
| 112.48 | % |
| 111.27 | % |
| 111.66 | % |
| 110.92 | % |
| 109.49 | % |
Average loans to average deposits |
|
| 113.30 | % |
| 115.79 | % |
| 112.57 | % |
| 111.97 | % |
| 115.19 | % |
Total shareholders' equity to total assets |
|
| 11.99 | % |
| 12.39 | % |
| 12.81 | % |
| 12.98 | % |
| 12.96 | % |
Total capital to risk-weighted assets |
|
| 14.67 | % |
| 15.33 | % |
| 15.71 | % |
| 15.58 | % |
| 15.81 | % |
Tier 1 capital to risk-weighted assets |
|
| 13.48 | % |
| 15.15 | % |
| 14.52 | % |
| 14.32 | % |
| 14.56 | % |
Common equity tier 1 capital ratio to risk-weighted assets |
|
| 13.48 | % |
| 15.15 | % |
| 14.52 | % |
| 14.32 | % |
| 14.56 | % |
Tier 1 leverage ratio |
|
| 12.08 | % |
| 12.58 | % |
| 12.88 | % |
| 13.05 | % |
| 13.34 | % |
SOURCE: First Commerce Bancorp, Inc.
View the original press release on accesswire.com
FAQ
What was First Commerce Bancorp's net income for Q2 2024?
What was the earnings per share for Q2 2024?
What is the new stock repurchase program announced by First Commerce Bancorp?
How much did First Commerce Bancorp's total assets increase?
What was the net interest margin for Q2 2024?
Why did First Commerce Bancorp suspend future cash dividends?
What was the change in total interest income for Q2 2024?
What was the book value per common share at June 30, 2024?
What caused the decrease in net interest income in Q2 2024?