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First Commerce Bancorp, Inc. Reports the Second Quarter and Year-to-Date 2024 Results and Adopts Second Stock Repurchase Program

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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.

Positive
  • 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.
Negative
  • 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 $1.1 million and $2.2 million for the three and six months ended June 30, 2024 respectively, as compared to $2.9 million and $6.2 million for the three and six months ended June 30, 2023 respectively. Basic earnings per common share for the three and six months ended June 30, 2024, was $0.05 and $0.10, respectively, compared to $0.12 and $0.26 for the three and six months ended June 30, 2023, respectively.

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 5% of its outstanding shares of common stock, or approximately 1.1 million shares of its common stock. This is the Company's second repurchase program since completing its holding company reorganization on May 31, 2023. Shares may be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

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 or 9.0% 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 to 5.42% 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 to 3.06% 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 to 3.16% for the second quarter of 2023.

  • The annualized return on average total assets for the quarter ended June 30, 2024 was 0.30% compared to 0.84% 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 to 6.30% 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 $31.4 million or 2.2% to $1.47 billion at June 30, 2024 from $1.44 billion at December 31, 2023. The increase in total assets was primarily related to increases in total cash and cash equivalents, total investment securities and total loans receivable during the six months ended June 30, 2024.

Total cash and cash equivalents increased by $7.4 million or 12.0% to $69.1 million at June 30, 2024 from $61.7 million at December 31, 2023. This increase was primarily due to an increase in wholesale borrowings and total deposits.

Total loans receivable, net of allowance for credit losses increased by $8.6 million or 0.7% to $1.25 billion at June 30, 2024 from $1.24 billion at December 31, 2023. Commercial loans and commercial real estate loans increased $4.1 million and $8.7 million, respectively, partially offset by a $2.0 million decrease in small business administration loans and a $1.7 million decrease in construction loans. The allowance for credit losses increased by $452,000 to $14.9 million or 1.18% of gross loans at June 30, 2024 as compared to $14.5 million or 1.16% of gross loans at December 31, 2023.

Total investment securities increased by $13.4 million or 19.4% to $82.4 million at June 30, 2024 from $69.1 million at December 31, 2023. The increase in investment securities resulted primarily from $19.3 million in purchases of investment securities, partially offset by $4.7 million in total paydowns and $1.2 million in maturities of investment securities.

Total deposits were $1.11 billion at June 30, 2024, compared to $1.10 billion at December 31, 2023. Within the components of total deposits, money market deposits increased $17.2 million, NOW and interest checking account deposits increased $17.1 million and brokered deposits increased $48.2 million, partially offset by a decrease of $60.9 million in time deposits, a $7.3 million decrease in non-interest bearing demand deposits and a $4.9 million decrease in savings deposits.

Stockholders' equity decreased by $8.1 million or 4.4% to $175.9 million at June 30, 2024 from $184.0 million at December 31, 2023. The decrease in stockholders' equity was attributable to a $8.6 million reduction as a result of the successful execution of the Company's stock repurchase plan. During the first six months of 2024, the Company repurchased 1.4 million shares for approximately $8.6 million, or a weighted average price of approximately $6.34 per share.

Three Months of Operations

Net interest income decreased by $2.3 million or 21.3% to $8.3 million for the three months ended June 30, 2024 from $10.6 million for the three months ended June 30, 2023. The decrease in net interest income was primarily due to an increase in funding costs as a result of the inverted yield curve where short-term rates continue to outprice medium and long-term maturities.

Total interest income increased by $1.6 million or 9.0% to $19.8 million for the three months ended June 30, 2024 from $18.2 million for the three months ended June 30, 2023. Interest income on loans, including fees, increased $933,000 or 5.5% to $18.0 million for the three months ended June 30, 2024, compared to $17.0 million for the three months ended June 30, 2023. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $34.9 million or 2.9% to $1.25 billion for the three months ended June 30, 2024 compared to $1.21 billion for the three months ended June 30, 2023 and an increase of sixteen basis points in the average yield on loans to 5.78% for the three months ended June 30, 2024 compared to 5.62% for the same period in the prior year. In addition, the increase in interest income on loans included recovery of approximately $200,000 of past due interest on commercial real estate loans. Interest income on interest-bearing deposits with other banks increased $418,000 or 79.3% to $945,000 for the three months ended June 30, 2024 as compared to $527,000 for the same period in the prior year. This increase resulted from a higher average yield on interest-bearing deposits with banks of 5.03% for the three months ended June 30, 2024 compared to 4.48% for the same period in the prior year, and an increase of $28.4 million in average balances of interest-bearing deposits with banks year over year. Interest income on investment securities increased $177,000 or 33.1% to $712,000 for the three months ended June 30, 2024 as compared to $535,000 for the same period in the prior year, as a result of replacing the maturities and paydowns of investment securities with higher yielding corporate bonds. Average yield on investment securities increased by eighty-eight basis points to 3.71% for the three months ended June 30, 2024 compared to 2.83% for the same period in the prior year. Dividend income on restricted stock increased $102,000 to $183,000 for the three months ended June 30, 2024 as compared to $81,000 for the same period in the prior year, primarily as a result of higher average yield on restricted stock of 8.64% for the three months ended June 30, 2024 compared to 4.43% for the same period in the prior year.

Total interest expense increased by $3.9 million or 51.5% to $11.5 million for the three months ended June 30, 2024 from $7.6 million for the three months ended June 30, 2023. The increase in interest expense occurred primarily as a result of a 106 basis points increase in the average cost of interest-bearing liabilities to 4.12% for the three months ended June 30, 2024 from 3.06% for the three months ended June 30, 2023 and an increase in average balance of interest-bearing liabilities of $125.1 million or 12.6%, to $1.12 billion for the three months ended June 30, 2024 from $991.5 million for the three months ended June 30, 2023. The increase in average balance of interest-bearing liabilities included a $103.2 million increase in average interest-bearing deposit liabilities and a $22.0 million increase in average wholesale borrowings for the three months ended June 30, 2024. The increase in the average cost of interest-bearing liabilities resulted primarily from continued higher market interest rates for over a year. The increase in interest-bearing liabilities was primarily used to support the loan growth and maintain adequate liquidity.

During the second quarter of 2024, the Company recorded a net $300,000 provision for credit losses as compared to a net $182,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors for the second quarter of 2024, the Company recorded a provision for credit losses of $305,000 on loans and corporate securities held-to-maturity, which was offset by a $5,000 reversal of credit losses for unfunded commitments. Management believes that the allowance for credit losses on loans was appropriate at June 30, 2024.

Net interest margin decreased by seventy-eight basis points to 2.38% for the three months ended June 30, 2024 compared to 3.16% for the three months ended June 30, 2023. The decrease in the net interest margin is primarily due to a significant increase in the average cost of interest-bearing liabilities to 4.12% for the three months ended June 30, 2024 from 3.06% for the three months ended June 30, 2023 and an increase in the average balance of interest-bearing liabilities to $1.12 billion for the three months ended June 30, 2024 from $991.5 million for the three months ended June 30, 2023. This increase was partially offset by an increase in average balance of interest earning assets of $65.5 million or 4.9% to $1.41 billion for the three months ended June 30, 2024 compared to $1.34 billion for the three months ended June 30, 2023 and an increase in the average yield of interest earning assets to 5.64% for the three months ended June 30, 2024 from 5.42% for the three months ended June 30, 2023.

Non-interest income increased by $98,000 or 21.1% to $562,000 for the three months ended June 30, 2024 from $464,000 for the three months ended June 30, 2023. The increase in total non-interest income resulted primarily from an increase in bank owned life insurance ("BOLI") of $65,000 as a result of higher yield recorded in the second quarter of 2024 and an increase of $62,000 in service charges and fees, partially offset by a decrease of $29,000 in other income primarily due to a decrease in rental income of leased office space in offices owned by the Bank during the second quarter of 2024 compared to the same period in the prior year.

Non-interest expense increased by $159,000 or 2.2% to $7.2 million for the three months ended June 30, 2024 compared to $7.1 million for the three months ended June 30, 2023. Salaries and employee benefits increased by $149,000 or 3.4% to $4.5 million for the three months ended June 30, 2024 as compared to $4.3 million for the three months ended June 30, 2023. The increase in salaries and employee benefits resulted primarily from annual merit increases and an increase in health benefit costs year over year. Professional fees decreased by $119,000 or 20.1% to $474,000 for the three months ended June 30, 2024 as compared to $593,000 for the three months ended June 30, 2023, primarily due to a reduction in legal services related to the formation of the holding company compared to the same period in the prior year. Data processing costs increased by $81,000 or 37.0% to $300,000 for the three months ended June 30, 2024 from $219,000 for the three months ended June 30, 2023, as a result of annual fee increase and additional cost related to new products and services. FDIC insurance assessment decreased $55,000 to $175,000 for the three months ended June 30, 2024, compared to $230,000 for the same period in the prior year, primarily due to over-estimating the expense in the first quarter of 2024 based on the FDIC's assessment rate in place at year end 2023. Other operating expenses increased by $117,000 or 17.9% to $769,000 for the three months ended June 30, 2024 from $652,000 for the three months ended June 30, 2023. Other expenses are primarily comprised of miscellaneous loan expense, telephone, subscriptions, software maintenance and depreciation, office supplies and computer supplies.

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 $627,000 or 68.6% to $287,000 for the three months ended June 30, 2024 from $914,000 for the three months ended June 30, 2023. This decrease in the income tax provision resulted primarily from a decrease in the pre-tax income year over year.

Six Months of Operations

Net interest income decreased by $4.5 million or 21.5% to $16.6 million for the six months ended June 30, 2024 from $21.1 million for the six months ended June 30, 2023. The decrease in net interest income was primarily due to an increase in funding costs as a result of the inverted yield curve where short-term rates continue to outprice medium and long-term maturities.

Total interest income increased by $4.4 million or 12.9% to $38.8 million for the six months ended June 30, 2024 from $34.4 million for the six months ended June 30, 2023. Interest income on loans, including fees, increased $3.4 million or 10.6% to $35.6 million for the six months ended June 30, 2024, compared to $32.2 million for the six months ended June 30, 2023. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $68.9 million or 5.8% to $1.25 billion for the six months ended June 30, 2024 compared to $1.18 billion for the six months ended June 30, 2023 and an increase of twenty-three basis points in the average yield on loans to 5.72% for the six months ended June 30, 2024 compared to 5.49% for the same period in the prior year. In addition, the increase in interest income on loans includes recovery of approximately $200,000 of past due interest on commercial real estate loans. Interest income on interest-bearing deposits with other banks increased $621,000 or 63.5% to $1.6 million for the six months ended June 30, 2024 as compared to $978,000 for the same period in the prior year. This increase resulted from a higher average yield on interest-bearing deposits with banks of 4.99% for the six months ended June 30, 2024 compared to 4.26% for the same period in the prior year, and an increase of $18.5 million in average balances of interest-bearing deposits with banks year over year. Interest income on investment securities increased $188,000 or 17.3% to $1.3 million for the six months ended June 30, 2024 as compared to $1.1 million for the same period in the prior year, as a result of replacing the maturities and paydowns of investment securities with higher yielding corporate bonds. Average yield on investment securities increased by sixty-six basis points to 3.48% for the six months ended June 30, 2024 compared to 2.82% for the same period in the prior year. Dividend income on restricted stock increased $199,000 to $340,000 for the six months ended June 30, 2024 as compared to $141,000 for the same period in the prior year, primarily as a result of significantly higher average yield on restricted stock of 8.37% for the six months ended June 30, 2024 compared to 4.87% for the same period in the prior year, and an increase of $2.3 million in average restricted stock balance year over year.

Total interest expense increased by $9.0 million or 67.5% to $22.3 million for the six months ended June 30, 2024 from $13.3 million for the six months ended June 30, 2023. The increase in interest expense occurred primarily as a result of a 127 basis points increase in the average cost of interest-bearing liabilities to 4.07% for the six months ended June 30, 2024 from 2.80% for the six months ended June 30, 2023 and an increase in average balance of interest-bearing liabilities of $142.7 million or 14.9%, to $1.10 billion for the six months ended June 30, 2024 from $957.2 million for the six months ended June 30, 2023. The increase in average balance of interest-bearing liabilities included a $95.7 million increase in average interest-bearing deposit liabilities and a $47.0 million increase in average wholesale borrowings for the six months ended June 30, 2024. The increase in the average cost of interest-bearing liabilities resulted primarily from continued higher market interest rates for over a year. The increase in interest-bearing liabilities was primarily used to support the loan growth and maintain adequate liquidity.

During the first six months of 2024, the Company recorded a net $308,000 provision for credit losses as compared to a net $372,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors during the first six months of 2024, the Company recorded a provision for credit losses on loans and corporate securities held-to-maturity of $432,000, which was offset by a $124,000 reversal of credit losses for unfunded commitments. Unfunded commitment balances declined by $34.7 million during the first six months of 2024 compared to the year-end 2023, which resulted in recording a reversal in provision for credit losses for unfunded commitments. Management believes that the allowance for credit losses on loans was appropriate at June 30, 2024.

Net interest margin decreased by eighty-five basis points to 2.39% for the six months ended June 30, 2024 compared to 3.24% for the six months ended June 30, 2023. The decrease in the net interest margin is primarily attributable to a significant increase in the cost of interest-bearing liabilities to 4.07% for the six months ended June 30, 2024 from 2.80% for the six months ended June 30, 2023 and increase in the average balance of interest-bearing liabilities to $1.10 billion for the six months ended June 30, 2024 from $957.2 million for the six months ended June 30, 2023, partially offset by an increase in the average balance of interest earning assets $1.40 billion for the six months ended June 30, 2024 compared to $1.31 billion for the six months ended June 30, 2023, as well as an increase of thirty basis points on the yield of average interest earning assets to 5.59% for the six months ended June 30, 2024 from 5.29% for the six months ended June 30, 2023.

Non-interest income decreased by $378,000 or 25.8% to $1.1 million for the six months ended June 30, 2024 from $1.5 million for the six months ended June 30, 2023. The decrease in total non-interest income resulted primarily from a decrease in BOLI income of $379,000 or 44.6% to $470,000 for the six months ended June 30, 2024 from $849,000 for the six months ended June 30, 2023. The decrease in BOLI income resulted from a one-time benefit received on the Bank's investment in BOLI during the first six months of 2023. Services charges and fees increased $65,000 and other income decreased $64,000 in during the six months ended June 30, 2024 compared to the same period in the prior year.

Non-interest expense increased by $458,000 or 3.3% to $14.4 million for the six months ended June 30, 2024 compared to $14.0 million for the six months ended June 30, 2023. Salaries and employee benefits increased by $382,000 or 4.4% to $9.0 million for the six months ended June 30, 2024 as compared to $8.6 million for the six months ended June 30, 2023. The increase in salaries and employee benefits resulted primarily from annual merit increases, replacing staff at higher compensation levels and an increase in health benefit costs year over year. Occupancy and equipment expense decreased by $225,000 or 11.0% to $1.8 million for the six months ended June 30, 2024 as compared to $2.0 million for the six months ended June 30, 2023 primarily due to a decrease in other real estate owned expenses ("OREO") and service contract costs. Professional fees decreased by $84,000 or 8.0% to $970,000 for the six months ended June 30, 2024 from $1.1 million for the six months ended June 30, 2023 as a result of reduction in legal services related to the formation of the Holding Company. Data processing costs increased by $148,000 or 33.9% to $585,000 for the six months ended June 30, 2024 from $437,000 for the six months ended June 30, 2023 as a result of annual fee increase and additional cost related to new products and services. FDIC assessment increased by $91,000 or 32.6% to $370,000 for the six months ended June 30, 2024 from $279,000 for the six months ended June 30, 2023 primarily due to overall higher deposit insurance assessment rate in effect during the first six months of 2024 compared to the first six months of 2023. Other expenses increased by $205,000 or 15.6% to $1.5 million for the six months ended June 30, 2024 from $1.3 million for the six months ended June 30, 2023. Other expenses are primarily comprised of miscellaneous loan expense, telephone, subscriptions, software maintenance and depreciation, office supplies and computer supplies. There was no loss on valuation of OREO for the six months ended June 30, 2024 compared to a loss on sale of OREO of $59,000 recorded during the six months ended June 30, 2023.

The income tax provision decreased by $1.3 million or 66.2% to $668,000 for the six months ended June 30, 2024 from $2.0 million for the six months ended June 30, 2023. The decrease in the income tax provision resulted primarily from a decrease in earnings before income taxes of $5.3 million or 64.6%, to $2.9 million for the six months ended June 30, 2024 from $8.2 million for the six months ended June 30, 2023. The effective tax rate for the six months ended June 30, 2024 was 22.9% as compared to 24.0% for the six months ended June 30, 2023.

Asset Quality

The allowance for credit losses increased by $452,000 or 3.1% to $14.9 million or 1.18% of gross loans at June 30, 2024 as compared to $14.5 million or 1.16% of gross loans at December 31, 2023 and $18.8 million or 1.53% of gross loans at June 30, 2023. During the first six months of 2024, the Company added a $384,000 provision to the allowance for credit losses and recovered $68,000 in previously charged-off loans. Changes in the allowance for credit losses are calculated and adjusted quarterly and accordingly, relative to loan growth and quantitatively measured asset quality metrics.

The Bank had non-accrual loans totaling $15.3 million or 1.21% of gross loans at June 30, 2024 as compared to $18.4 million or 1.47% of gross loans at December 31, 2023 and $15.7 million or 1.28% of gross loans at June 30, 2023. Non-accrual loans decreased by $3.1 million or 16.8% from December 31, 2023. The allowance for credit losses was 97.8% of non-accrual loans at June 30, 2024, compared to 78.8% and 119.2% of non-accrual loans at December 31, 2023 and June 30, 2023, respectively.

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,
2024

December 31, 2023

June 30,
2023

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 $0; 30,000,000 authorized

-

-

-

-

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)


Average
Balance

Interest

Average
Yield/Cost


Average
Balance

Interest

Average
Yield/Cost

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
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

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?

The net income for Q2 2024 was $1.1 million.

What was the earnings per share for Q2 2024?

The earnings per share for Q2 2024 were $0.05.

What is the new stock repurchase program announced by First Commerce Bancorp?

First Commerce Bancorp has adopted a second stock repurchase program to buy back up to 5% of its outstanding shares, or approximately 1.1 million shares.

How much did First Commerce Bancorp's total assets increase?

Total assets increased by $31.4 million to $1.47 billion at June 30, 2024.

What was the net interest margin for Q2 2024?

The net interest margin for Q2 2024 was 2.38%.

Why did First Commerce Bancorp suspend future cash dividends?

The company decided to suspend future cash dividends to use the capital for repurchasing common stock, which they believe will create additional shareholder value.

What was the change in total interest income for Q2 2024?

Total interest income increased by $1.6 million or 9% for Q2 2024.

What was the book value per common share at June 30, 2024?

The book value per common share was $8.19 at June 30, 2024.

What caused the decrease in net interest income in Q2 2024?

The decrease in net interest income was primarily due to increased funding costs resulting from the inverted yield curve.

How much did First Commerce Bancorp's total interest expense increase in Q2 2024?

Total interest expense increased by $3.9 million or 51.5% to $11.5 million in Q2 2024.

FIRST COMMERCE BANCORP

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