First Commerce Bancorp, Inc. Reports the Third Quarter and Year-to-Date 2024 Results
First Commerce Bancorp reported net income of $1.1 million for Q3 2024 and $3.4 million for the first nine months of 2024, down from $1.7 million and $7.9 million respectively in the same periods of 2023. Total assets increased by $40.2 million to $1.48 billion, while net interest margin decreased to 2.35% from 2.73% year-over-year. The company's performance was impacted by higher funding costs due to the inverted yield curve. During Q3 2024, the company repurchased 800,381 shares at an average price of $6.15/share, representing a 26% discount to book value of $8.31/share.
First Commerce Bancorp ha riportato un reddito netto di 1,1 milioni di dollari per il terzo trimestre del 2024 e di 3,4 milioni di dollari per i primi nove mesi del 2024, in calo rispetto ai 1,7 milioni di dollari e ai 7,9 milioni di dollari rispettivamente negli stessi periodi del 2023. Il totale degli attivi è aumentato di 40,2 milioni di dollari, raggiungendo 1,48 miliardi di dollari, mentre il margine di interesse netto è diminuito al 2,35% rispetto al 2,73% dell'anno precedente. La performance dell'azienda è stata influenzata dai costi di finanziamento più elevati a causa della curva dei rendimenti invertita. Durante il terzo trimestre del 2024, l'azienda ha riacquistato 800.381 azioni a un prezzo medio di 6,15 dollari per azione, rappresentando uno sconto del 26% rispetto al valore di libro di 8,31 dollari per azione.
First Commerce Bancorp reportó un ingreso neto de 1,1 millones de dólares para el tercer trimestre de 2024 y de 3,4 millones de dólares para los primeros nueve meses de 2024, una disminución con respecto a los 1,7 millones de dólares y 7,9 millones de dólares, respectivamente, en los mismos períodos de 2023. Los activos totales aumentaron en 40,2 millones de dólares, alcanzando 1,48 mil millones de dólares, mientras que el margen de interés neto disminuyó al 2,35% desde el 2,73% del año anterior. El desempeño de la empresa se vio afectado por mayores costos de financiamiento debido a la curva de rendimiento invertida. Durante el tercer trimestre de 2024, la empresa recompró 800.381 acciones a un precio promedio de 6,15 dólares por acción, lo que representa un descuento del 26% respecto al valor contable de 8,31 dólares por acción.
퍼스트 커머스 뱅코프는 2024년 3분기에 순이익 110만 달러, 2024년 첫 아홉 달 동안 340만 달러를 보고했습니다. 이는 각각 2023년 같은 기간의 170만 달러와 790만 달러에서 감소한 수치입니다. 총 자산은 4020만 달러 증가하여 14억8000만 달러에 도달하며, 순이자 마진은 작년 2.73%에서 2.35%로 하락했습니다. 회사의 성과는 역 미끄러진 수익률 곡선으로 인해 자금 조달 비용 증가에 영향을 받았습니다. 2024년 3분기 동안 회사는 주당 6.15달러의 평균 가격으로 800,381주를 재매입했으며, 이는 주당 8.31달러의 장부가치에 비해 26% 할인이었습니다.
First Commerce Bancorp a déclaré un revenu net de 1,1 million de dollars pour le troisième trimestre de 2024 et de 3,4 millions de dollars pour les neuf premiers mois de 2024, en baisse par rapport à 1,7 million de dollars et 7,9 millions de dollars respectivement pour les mêmes périodes de 2023. Les actifs totaux ont augmenté de 40,2 millions de dollars pour atteindre 1,48 milliard de dollars, tandis que la marge d'intérêt nette a diminué à 2,35% contre 2,73% l'année précédente. La performance de l'entreprise a été affectée par des coûts de financement plus élevés en raison de l'inversion de la courbe des rendements. Au cours du troisième trimestre de 2024, l'entreprise a racheté 800.381 actions à un prix moyen de 6,15 dollars par action, représentant une remise de 26% par rapport à la valeur comptable de 8,31 dollars par action.
First Commerce Bancorp berichtete für das 3. Quartal 2024 von einem Nettogewinn von 1,1 Millionen US-Dollar und von 3,4 Millionen US-Dollar für die ersten neun Monate des Jahres 2024. Dies ist ein Rückgang im Vergleich zu 1,7 Millionen US-Dollar und 7,9 Millionen US-Dollar in denselben Zeiträumen des Jahres 2023. Die gesamten Vermögenswerte stiegen um 40,2 Millionen US-Dollar auf 1,48 Milliarden US-Dollar, während die Nettomarge sank von 2,73% auf 2,35% im Jahresvergleich. Die Leistung des Unternehmens wurde durch höhere Finanzierungskosten aufgrund der umgekehrten Zinsstrukturkurve beeinträchtigt. Im 3. Quartal 2024 hat das Unternehmen 800.381 Aktien zu einem Durchschnittspreis von 6,15 US-Dollar pro Aktie zurückgekauft, was einem Rabatt von 26% auf den Buchwert von 8,31 US-Dollar pro Aktie entspricht.
- Total assets increased by $40.2 million (2.8%) to $1.48 billion
- Book value per share increased to $8.31 from $7.80 year-over-year
- Total interest income increased by $1.4 million (7.7%) in Q3 2024
- Average yield on interest earning assets increased to 5.66% from 5.38%
- Net income decreased to $1.1M in Q3 2024 from $1.7M in Q3 2023
- Net interest margin declined to 2.35% from 2.73% year-over-year
- Return on average total assets decreased to 0.31% from 0.47%
- Total interest expense increased by $2.6M (27.9%) in Q3 2024
- Stockholders' equity decreased by $11.4M (6.2%) to $172.6M
LAKEWOOD, NJ / ACCESSWIRE / October 31, 2024 / First Commerce Bancorp, Inc. (the "Company"), (OTC PINK:CMRB), the holding company for First Commerce Bank (the "Bank"), today reported net income of
President & CEO Donald Mindiak commented, "Our earnings continue to be impacted by higher cost of funds which in turn affected our net interest margin. In September, the Federal Reserve took action to cut its benchmark rate, signaling a potential tail-wind for bank fundamentals. We believe this will benefit us in the future given our interest rate sensitivity as well as our retail and wholesale funding structure. Our liquidity profile, credit metrics and capital position continue to be strong. We are focused on strengthening our balance sheet, enhancing our funding strategy and monitoring our operating expenses to achieve sustained growth and profitability."
Continuing, Mr. Mindiak remarked that, "with respect to the on-going stock repurchase plan, the Company has availed itself to advantageous market conditions in continuing to repurchase common shares at a discount to our book value. During the quarter ended September 30, 2024, we have repurchased just over 800,381 shares at an average price of
Financial Highlights
| ● | Total interest income increased by |
| ● | Average yield on interest earning assets increased by twenty-eight basis points to |
| ● | Total cost of interest-bearing liabilities increased by sixty-seven basis points to |
| ● | Net interest margin decreased by thirty-eight basis points to |
| ● | The annualized return on average total assets for the quarter ended September 30, 2024 was |
| ● | The annualized return on average shareholders' equity for the quarter ended September 30, 2024 was |
| ● | The book value per common share was |
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 third quarter of 2024, the Company recorded a net
Net interest margin decreased by thirty-eight basis points to
Non-interest expense increased by
The income tax provision decreased by
Nine Months of Operations
Net interest income decreased by
Total interest income increased by
Total interest expense increased by
During the first nine months of 2024 the Company recorded a net
Net interest margin decreased by seventy 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.
Donald Mindiak
President and Chief Executive Officer
105 River Ave | Lakewood, NJ 08701
T: (732) 364-0032 x1224
DMindiak@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.
First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
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| September 30, 2024 vs. |
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| December 31, 2023 |
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| September 30, 2023 |
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(dollars in thousands, except percentages and share data) |
| September 30, |
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| December 31, 2023 |
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| September 30, |
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| Amount |
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| % |
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| Amount |
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| % |
| |||||||
Assets |
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Cash and cash equivalents: |
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Cash on hand |
| $ | 1,872 |
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| $ | 1,745 |
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| $ | 1,795 |
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| $ | 126 |
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| 7.2 | % |
| $ | 77 |
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| 4.3 | % |
Interest-bearing deposits in other banks |
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| 72,779 |
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| 59,979 |
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| 41,738 |
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| 12,800 |
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| 21.3 | % |
|
| 31,041 |
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| 74.4 | % |
Total cash and cash equivalents |
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| 74,651 |
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|
| 61,724 |
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| 43,533 |
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| 12,927 |
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| 20.9 | % |
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| 31,118 |
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| 71.5 | % |
Investment securities: |
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Available-for-sale, at fair value |
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| 7,748 |
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| 9,537 |
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| 10,703 |
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| (1,790 | ) |
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| -18.8 | % |
|
| (2,955 | ) |
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| -27.6 | % |
Held-to-maturity, at amortized cost |
|
| 74,085 |
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| 59,551 |
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| 61,262 |
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| 14,534 |
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| 24.4 | % |
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| 12,823 |
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| 20.9 | % |
Less: Allowance for credit losses - HTM securities |
|
| (108 | ) |
|
| (26 | ) |
|
| (28 | ) |
|
| (82 | ) |
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| 317.0 | % |
|
| (80 | ) |
|
| 284.7 | % |
Held-to-maturity, net of allowance for credit losses |
|
| 73,977 |
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| 59,525 |
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| 61,234 |
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| 14,452 |
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| 24.3 | % |
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| 12,743 |
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| 20.8 | % |
Total investment securities |
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| 81,725 |
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| 69,062 |
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| 71,937 |
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| 12,663 |
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| 18.3 | % |
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| 9,788 |
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| 13.6 | % |
Restricted stock |
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| 9,641 |
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| 7,169 |
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| 6,044 |
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| 2,472 |
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| 34.5 | % |
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| 3,597 |
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| 59.5 | % |
Loans receivable |
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| 1,262,481 |
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| 1,251,227 |
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| 1,263,918 |
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| 11,254 |
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| 0.9 | % |
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| (1,437 | ) |
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| -0.1 | % |
Less: Allowance for credit losses |
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| (14,869 | ) |
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| (14,470 | ) |
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| (19,562 | ) |
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| (399 | ) |
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| 2.8 | % |
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| 4,693 |
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| -24.0 | % |
Net loans receivable |
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| 1,247,612 |
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| 1,236,757 |
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| 1,244,356 |
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| 10,854 |
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| 0.9 | % |
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| 3,256 |
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| 0.3 | % |
Premises and equipment, net |
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| 16,574 |
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| 15,861 |
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| 16,228 |
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| 713 |
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| 4.5 | % |
|
| 346 |
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| 2.1 | % |
Right-of-use asset |
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| 9,179 |
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| 9,498 |
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| 9,603 |
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| (319 | ) |
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| -3.4 | % |
|
| (424 | ) |
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| -4.4 | % |
Accrued interest receivable |
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| 5,712 |
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| 5,632 |
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| 5,630 |
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|
| 80 |
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| 1.4 | % |
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| 82 |
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| 1.5 | % |
Bank owned life insurance |
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| 26,468 |
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| 25,757 |
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| 25,535 |
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| 711 |
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| 2.8 | % |
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| 933 |
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| 3.7 | % |
Deferred tax asset, net |
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| 2,921 |
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| 2,947 |
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| 4,428 |
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| (26 | ) |
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| -0.9 | % |
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| (1,507 | ) |
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| -34.0 | % |
Other assets |
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| 1,769 |
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| 1,692 |
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| 1,679 |
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| 77 |
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| 4.6 | % |
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| 90 |
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| 5.3 | % |
Total assets |
| $ | 1,476,252 |
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| $ | 1,436,099 |
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| $ | 1,428,973 |
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| $ | 40,152 |
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| 2.8 | % |
| $ | 47,279 |
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| 3.3 | % |
Liabilities and Stockholders' Equity |
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Liabilities |
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Deposits: |
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Non-interest bearing |
| $ | 154,786 |
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| $ | 154,503 |
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| $ | 180,047 |
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| $ | 283 |
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| 0.2 | % |
| $ | (25,261 | ) |
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| -14.0 | % |
Interest-bearing |
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| 942,379 |
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| 943,295 |
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| 941,814 |
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| (916 | ) |
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| -0.1 | % |
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| 565 |
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| 0.1 | % |
Total Deposits |
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| 1,097,165 |
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| 1,097,798 |
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| 1,121,861 |
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| (634 | ) |
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| -0.1 | % |
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| (24,696 | ) |
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| -2.2 | % |
Borrowings |
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| 181,500 |
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| 130,000 |
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| 105,000 |
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| 51,500 |
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| 39.6 | % |
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| 76,500 |
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| 72.9 | % |
Accrued interest payable |
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| 1,967 |
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| 2,008 |
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| 1,742 |
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| (40 | ) |
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| -2.0 | % |
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| 225 |
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| 12.9 | % |
Lease liability |
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| 9,910 |
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| 10,161 |
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| 10,237 |
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| (251 | ) |
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| -2.5 | % |
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| (327 | ) |
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| -3.2 | % |
Other liabilities |
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| 13,068 |
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| 12,136 |
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| 4,647 |
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|
| 932 |
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| 7.7 | % |
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| 8,421 |
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|
| 181.2 | % |
Total liabilities |
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| 1,303,610 |
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| 1,252,102 |
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| 1,243,487 |
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| 51,508 |
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| 4.1 | % |
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| 60,123 |
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| 4.8 | % |
Commitments and contingencies |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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Stockholders' equity |
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Preferred stock; authorized 5,000,000 shares; non issued |
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| - |
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| - |
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| - |
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| - |
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| N/A |
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| - |
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| N/A |
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Common stock, par value of |
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| - |
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| - |
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| - |
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| - |
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| N/A |
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| - |
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| N/A |
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Additional paid-in capital |
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| 89,394 |
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| 88,941 |
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| 88,654 |
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| 453 |
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| 0.5 | % |
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| 740 |
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| 0.8 | % |
Retained earnings |
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| 103,817 |
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| 102,219 |
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| 97,299 |
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| 1,598 |
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| 1.6 | % |
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| 6,518 |
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| 6.7 | % |
Treasury stock |
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| (20,464 | ) |
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| (6,964 | ) |
|
| (74 | ) |
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| (13,500 | ) |
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| 193.8 | % |
|
| (20,390 | ) |
|
| 27554.0 | % |
Accumulated other comprehensive loss |
|
| (105 | ) |
|
| (200 | ) |
|
| (393 | ) |
|
| 95 |
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| -47.7 | % |
|
| 288 |
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|
| -73.4 | % |
Total stockholders' equity |
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| 172,642 |
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|
| 183,996 |
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|
| 185,486 |
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| (11,354 | ) |
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| -6.2 | % |
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| (12,844 | ) |
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| -6.9 | % |
Total liabilities and stockholders' equity |
| $ | 1,476,252 |
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| $ | 1,436,099 |
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| $ | 1,428,973 |
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| $ | 40,154 |
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| 2.8 | % |
| $ | 47,279 |
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|
| 3.3 | % |
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Shares issued |
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| 23,958,990 |
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| 23,856,990 |
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| 23,788,990 |
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Shares outstanding |
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| 20,779,710 |
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| 22,830,559 |
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| 23,777,078 |
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Treasury shares |
|
| 3,179,280 |
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|
| 1,026,431 |
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|
| 11,912 |
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First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended September 30, 2024 and 2023
(Unaudited)
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| Variance |
| ||||||||
(dollars in thousands, except percentages and share data) |
| September 30, 2024 |
|
| September 30, 2023 |
|
| Amount |
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| % |
| ||||
Interest and Dividend Income |
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Loans, including fees |
| $ | 18,294 |
|
| $ | 17,349 |
|
| $ | 945 |
|
|
| 5.4 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
| 59 |
|
|
| 85 |
|
|
| (26 | ) |
|
| -30.8 | % |
Held-to-maturity |
|
| 765 |
|
|
| 445 |
|
|
| 319 |
|
|
| 71.8 | % |
Interest-bearing deposits with other banks |
|
| 834 |
|
|
| 677 |
|
|
| 157 |
|
|
| 23.2 | % |
Restricted stock dividends |
|
| 198 |
|
|
| 154 |
|
|
| 45 |
|
|
| 28.9 | % |
Total interest and dividend income |
|
| 20,150 |
|
|
| 18,710 |
|
|
| 1,440 |
|
|
| 7.7 | % |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 9,720 |
|
|
| 7,870 |
|
|
| 1,851 |
|
|
| 23.5 | % |
Borrowings |
|
| 2,065 |
|
|
| 1,347 |
|
|
| 718 |
|
|
| 53.3 | % |
Total interest expense |
|
| 11,785 |
|
|
| 9,217 |
|
|
| 2,568 |
|
|
| 27.9 | % |
Net interest income |
|
| 8,364 |
|
|
| 9,493 |
|
|
| (1,128 | ) |
|
| -11.9 | % |
Provision for credit losses |
|
| 39 |
|
|
| 736 |
|
|
| (697 | ) |
|
| -94.7 | % |
Benefit for unfunded commitments for credit losses |
|
| (19 | ) |
|
| (164 | ) |
|
| 146 |
|
|
| -88.6 | % |
Provision for credit losses - HTM securities |
|
| 34 |
|
|
| 28 |
|
|
| 6 |
|
|
| 22.5 | % |
Total provision for credit losses |
|
| 54 |
|
|
| 600 |
|
|
| (545 | ) |
|
| -90.9 | % |
Net interest income after provision for credit losses |
|
| 8,310 |
|
|
| 8,893 |
|
|
| (583 | ) |
|
| -6.6 | % |
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 217 |
|
|
| 168 |
|
|
| 49 |
|
|
| 29.4 | % |
Bank owned life insurance income |
|
| 241 |
|
|
| 175 |
|
|
| 65 |
|
|
| 37.4 | % |
Other income |
|
| 124 |
|
|
| 130 |
|
|
| (6 | ) |
|
| -4.8 | % |
Total non-interest income |
|
| 582 |
|
|
| 473 |
|
|
| 109 |
|
|
| 23.0 | % |
Non-Interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 4,552 |
|
|
| 4,366 |
|
|
| 185 |
|
|
| 4.2 | % |
Occupancy and equipment expense |
|
| 898 |
|
|
| 953 |
|
|
| (55 | ) |
|
| -5.8 | % |
Advertising and marketing |
|
| 96 |
|
|
| 96 |
|
|
| - |
|
|
| 0.0 | % |
Professional fees |
|
| 451 |
|
|
| 590 |
|
|
| (139 | ) |
|
| -23.6 | % |
Data processing expense |
|
| 330 |
|
|
| 218 |
|
|
| 112 |
|
|
| 51.2 | % |
FDIC insurance assessment |
|
| 161 |
|
|
| 150 |
|
|
| 11 |
|
|
| 7.4 | % |
Other operating expenses |
|
| 1,036 |
|
|
| 760 |
|
|
| 277 |
|
|
| 36.4 | % |
Total non-interest expenses |
|
| 7,524 |
|
|
| 7,133 |
|
|
| 392 |
|
|
| 5.5 | % |
Income before income taxes |
|
| 1,368 |
|
|
| 2,233 |
|
|
| (865 | ) |
|
| -38.7 | % |
Income tax provision |
|
| 240 |
|
|
| 536 |
|
|
| (296 | ) |
|
| -55.2 | % |
Net income |
| $ | 1,128 |
|
| $ | 1,697 |
|
| $ | (569 | ) |
|
| -33.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - Basic |
| $ | 0.05 |
|
| $ | 0.07 |
|
| $ | (0.02 | ) |
|
| -25.3 | % |
Earnings per common share - Diluted |
|
| 0.05 |
|
|
| 0.07 |
|
|
| (0.02 | ) |
|
| -25.1 | % |
Weighted average shares outstanding - Basic |
|
| 21,163,621 |
|
|
| 23,786,543 |
|
|
| (2,622,922 | ) |
|
| -11.0 | % |
Weighted average shares outstanding - Diluted |
|
| 21,386,694 |
|
|
| 24,115,633 |
|
|
| (2,728,939 | ) |
|
| -11.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the nine months ended September 30, 2024 and 2023
(Unaudited)
|
|
|
|
|
|
| Variance |
| ||||||||
(dollars in thousands, except percentages and share data) |
| September 30, 2024 |
|
| September 30, 2023 |
|
| Amount |
|
| % |
| ||||
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans, including fees |
| $ | 53,925 |
|
| $ | 49,551 |
|
| $ | 4,374 |
|
|
| 8.8 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale |
|
| 191 |
|
|
| 279 |
|
|
| (88 | ) |
|
| -31.6 | % |
Held-to-maturity |
|
| 1,907 |
|
|
| 1,337 |
|
|
| 569 |
|
|
| 42.6 | % |
Interest-bearing deposits with other banks |
|
| 2,433 |
|
|
| 1,655 |
|
|
| 779 |
|
|
| 47.1 | % |
Restricted stock dividends |
|
| 538 |
|
|
| 295 |
|
|
| 244 |
|
|
| 82.6 | % |
Total interest and dividend income |
|
| 58,994 |
|
|
| 53,116 |
|
|
| 5,878 |
|
|
| 11.1 | % |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 28,311 |
|
|
| 18,650 |
|
|
| 9,661 |
|
|
| 51.8 | % |
Borrowings |
|
| 5,736 |
|
|
| 3,854 |
|
|
| 1,881 |
|
|
| 48.8 | % |
Total interest expense |
|
| 34,047 |
|
|
| 22,505 |
|
|
| 11,542 |
|
|
| 51.3 | % |
Net interest income |
|
| 24,947 |
|
|
| 30,612 |
|
|
| (5,664 | ) |
|
| -18.5 | % |
Provision (benefit) for credit losses |
|
| 423 |
|
|
| 1,496 |
|
|
| (1,073 | ) |
|
| -71.7 | % |
Benefit for unfunded commitments for credit losses |
|
| (143 | ) |
|
| (553 | ) |
|
| 410 |
|
|
| -74.2 | % |
Provision for credit losses - HTM securities |
|
| 82 |
|
|
| 28 |
|
|
| 54 |
|
|
| 196.1 | % |
Total provision (benefit) for credit losses |
|
| 362 |
|
|
| 971 |
|
|
| (609 | ) |
|
| -62.7 | % |
Net interest income after provision for credit losses |
|
| 24,585 |
|
|
| 29,640 |
|
|
| (5,055 | ) |
|
| -17.1 | % |
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 637 |
|
|
| 523 |
|
|
| 114 |
|
|
| 21.9 | % |
Bank owned life insurance income |
|
| 711 |
|
|
| 1,024 |
|
|
| (313 | ) |
|
| -30.6 | % |
Other income |
|
| 319 |
|
|
| 389 |
|
|
| (70 | ) |
|
| -18.1 | % |
Total non-interest income |
|
| 1,667 |
|
|
| 1,936 |
|
|
| (269 | ) |
|
| -13.9 | % |
Non-Interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 13,541 |
|
|
| 12,973 |
|
|
| 567 |
|
|
| 4.4 | % |
Occupancy and equipment expense |
|
| 2,723 |
|
|
| 3,003 |
|
|
| (280 | ) |
|
| -9.3 | % |
Advertising and marketing |
|
| 286 |
|
|
| 286 |
|
|
| - |
|
|
| 0.0 | % |
Professional fees |
|
| 1,421 |
|
|
| 1,644 |
|
|
| (224 | ) |
|
| -13.6 | % |
Data processing expense |
|
| 915 |
|
|
| 655 |
|
|
| 260 |
|
|
| 39.7 | % |
FDIC insurance assessment |
|
| 531 |
|
|
| 429 |
|
|
| 102 |
|
|
| 23.8 | % |
Loss on valuation of OREO |
|
| - |
|
|
| 59 |
|
|
| (58 | ) |
|
| -99.5 | % |
Other operating expenses |
|
| 2,555 |
|
|
| 2,073 |
|
|
| 482 |
|
|
| 23.2 | % |
Total non-interest expenses |
|
| 21,972 |
|
|
| 21,122 |
|
|
| 850 |
|
|
| 4.0 | % |
Income before income taxes |
|
| 4,280 |
|
|
| 10,454 |
|
|
| (6,174 | ) |
|
| -59.1 | % |
Income tax provision |
|
| 908 |
|
|
| 2,511 |
|
|
| (1,603 | ) |
|
| -63.9 | % |
Net income |
| $ | 3,372 |
|
| $ | 7,944 |
|
| $ | (4,570 | ) |
|
| -57.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per common share - Basic |
| $ | 0.15 |
|
| $ | 0.33 |
|
| $ | (0.18 | ) |
|
| -53.7 | % |
Earnings per common share - Diluted |
|
| 0.15 |
|
|
| 0.33 |
|
| $ | (0.18 | ) |
|
| -53.5 | % |
Weighted average shares outstanding - Basic |
|
| 21,799,263 |
|
|
| 23,786,612 |
|
|
| (1,987,349 | ) |
|
| -8.4 | % |
Weighted average shares outstanding - Diluted |
|
| 22,022,336 |
|
|
| 24,115,702 |
|
|
| (2,093,366 | ) |
|
| -8.7 | % |
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
| Three Months Ended September 30, 2024 |
|
| Three Months Ended September 30, 2023 |
| |||||||||||||||||||
| Average |
|
|
|
|
| Average |
|
| Average |
|
|
|
|
| Average |
| |||||||
(dollars in thousands) |
| Balance |
|
| Interest |
|
| Yield/Cost |
|
| Balance |
|
| Interest |
|
| Yield/Cost |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits in other banks |
| $ | 67,531 |
|
| $ | 834 |
|
|
| 4.91 | % |
| $ | 54,790 |
|
| $ | 677 |
|
|
| 4.90 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available -for-sale |
|
| 7,900 |
|
|
| 59 |
|
|
| 2.99 | % |
|
| 11,100 |
|
|
| 85 |
|
|
| 3.06 | % |
Held-to-maturity |
|
| 74,027 |
|
|
| 765 |
|
|
| 4.13 | % |
|
| 62,106 |
|
|
| 445 |
|
|
| 2.87 | % |
Total investment securities |
|
| 81,927 |
|
|
| 824 |
|
|
| 4.02 | % |
|
| 73,206 |
|
|
| 530 |
|
|
| 2.90 | % |
Restricted stock |
|
| 8,971 |
|
|
| 198 |
|
|
| 8.85 | % |
|
| 6,185 |
|
|
| 154 |
|
|
| 9.95 | % |
Loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans |
|
| 535 |
|
|
| 2 |
|
|
| 1.58 | % |
|
| 326 |
|
|
| 2 |
|
|
| 2.92 | % |
Home equity loans |
|
| 3,018 |
|
|
| 61 |
|
|
| 8.00 | % |
|
| 3,338 |
|
|
| 60 |
|
|
| 7.14 | % |
Construction loans |
|
| 111,480 |
|
|
| 2,453 |
|
|
| 8.61 | % |
|
| 122,440 |
|
|
| 2,750 |
|
|
| 8.79 | % |
Commercial loans |
|
| 41,023 |
|
|
| 855 |
|
|
| 8.16 | % |
|
| 35,227 |
|
|
| 703 |
|
|
| 7.81 | % |
Commercial mortgage loans |
|
| 1,062,409 |
|
|
| 14,296 |
|
|
| 5.27 | % |
|
| 1,040,373 |
|
|
| 13,087 |
|
|
| 4.92 | % |
Residential mortgage loans |
|
| 14,115 |
|
|
| 171 |
|
|
| 4.81 | % |
|
| 15,363 |
|
|
| 186 |
|
|
| 4.81 | % |
SBA loans |
|
| 25,134 |
|
|
| 456 |
|
|
| 7.10 | % |
|
| 28,738 |
|
|
| 561 |
|
|
| 7.63 | % |
Total loans receivable |
|
| 1,257,714 |
|
|
| 18,294 |
|
|
| 5.79 | % |
|
| 1,245,804 |
|
|
| 17,349 |
|
|
| 5.52 | % |
Total interest-earning assets |
|
| 1,416,143 |
|
|
| 20,150 |
|
|
| 5.66 | % |
|
| 1,379,985 |
|
|
| 18,710 |
|
|
| 5.38 | % |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (14,905 | ) |
|
|
|
|
|
|
|
|
|
| (18,786 | ) |
|
|
|
|
|
|
|
|
Cash and due from bank |
|
| 2,010 |
|
|
|
|
|
|
|
|
|
|
| 1,759 |
|
|
|
|
|
|
|
|
|
Other assets |
|
| 60,880 |
|
|
|
|
|
|
|
|
|
|
| 60,667 |
|
|
|
|
|
|
|
|
|
Total non-interest-earning assets |
|
| 47,985 |
|
|
|
|
|
|
|
|
|
|
| 43,640 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,464,128 |
|
|
|
|
|
|
|
|
|
| $ | 1,423,624 |
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
| $ | 58,652 |
|
| $ | 281 |
|
|
| 1.91 | % |
| $ | 51,250 |
|
| $ | 162 |
|
|
| 1.25 | % |
NOW accounts |
|
| 45,104 |
|
|
| 395 |
|
|
| 3.49 | % |
|
| 23,195 |
|
|
| 45 |
|
|
| 0.77 | % |
Money market accounts |
|
| 231,605 |
|
|
| 2,170 |
|
|
| 3.73 | % |
|
| 178,827 |
|
|
| 1,259 |
|
|
| 2.79 | % |
Savings accounts |
|
| 24,729 |
|
|
| 32 |
|
|
| 0.51 | % |
|
| 37,457 |
|
|
| 34 |
|
|
| 0.36 | % |
Certificates of deposit |
|
| 476,006 |
|
|
| 5,387 |
|
|
| 4.50 | % |
|
| 574,329 |
|
|
| 5,391 |
|
|
| 3.72 | % |
Brokered CDs |
|
| 118,039 |
|
|
| 1,455 |
|
|
| 4.91 | % |
|
| 67,960 |
|
|
| 978 |
|
|
| 5.71 | % |
Borrowings |
|
| 166,625 |
|
|
| 2,065 |
|
|
| 4.93 | % |
|
| 108,128 |
|
|
| 1,348 |
|
|
| 4.95 | % |
Total interest-bearing liabilities |
|
| 1,120,760 |
|
| $ | 11,785 |
|
|
| 4.18 | % |
|
| 1,041,145 |
|
| $ | 9,217 |
|
|
| 3.51 | % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 143,936 |
|
|
|
|
|
|
|
|
|
|
| 179,651 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
| 24,262 |
|
|
|
|
|
|
|
|
|
|
| 17,071 |
|
|
|
|
|
|
|
|
|
Total non-interest bearing liabilities |
|
| 168,198 |
|
|
|
|
|
|
|
|
|
|
| 196,722 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
| 175,170 |
|
|
|
|
|
|
|
|
|
|
| 185,757 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 1,464,128 |
|
|
|
|
|
|
|
|
|
| $ | 1,423,624 |
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
| 1.48 | % |
|
|
|
|
|
|
|
|
|
| 1.87 | % |
Net interest margin |
|
|
|
|
| $ | 8,365 |
|
|
| 2.35 | % |
|
|
|
|
| $ | 9,493 |
|
|
| 2.73 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Nine Months Ended September 30, 2024 |
|
| Nine Months Ended September 30, 2023 |
| |||||||||||||||||||
| Average |
|
|
|
|
| Average |
|
| Average |
|
|
|
|
| Average |
| |||||||
(dollars in thousands) |
| Balance |
|
| Interest |
|
| Yield/Cost |
|
| Balance |
|
| Interest |
|
| Yield/Cost |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits |
| $ | 65,736 |
|
| $ | 2,433 |
|
|
| 4.94 | % |
| $ | 49,191 |
|
| $ | 1,655 |
|
|
| 4.50 | % |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available -for-sale |
|
| 8,488 |
|
|
| 191 |
|
|
| 3.00 | % |
|
| 12,293 |
|
|
| 279 |
|
|
| 3.03 | % |
Held-to-maturity |
|
| 67,674 |
|
|
| 1,907 |
|
|
| 3.76 | % |
|
| 63,489 |
|
|
| 1,337 |
|
|
| 2.81 | % |
Total investment securities |
|
| 76,162 |
|
|
| 2,098 |
|
|
| 3.67 | % |
|
| 75,782 |
|
|
| 1,616 |
|
|
| 2.84 | % |
Restricted stock |
|
| 8,410 |
|
|
| 538 |
|
|
| 8.54 | % |
|
| 5,924 |
|
|
| 295 |
|
|
| 6.64 | % |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans |
|
| 459 |
|
|
| 7 |
|
|
| 1.90 | % |
|
| 294 |
|
|
| 7 |
|
|
| 3.33 | % |
Home equity loans |
|
| 2,977 |
|
|
| 180 |
|
|
| 8.08 | % |
|
| 3,611 |
|
|
| 185 |
|
|
| 6.83 | % |
Construction loans |
|
| 112,462 |
|
|
| 7,405 |
|
|
| 8.65 | % |
|
| 112,118 |
|
|
| 7,379 |
|
|
| 8.68 | % |
Commercial loans |
|
| 37,360 |
|
|
| 2,237 |
|
|
| 7.87 | % |
|
| 38,047 |
|
|
| 2,197 |
|
|
| 7.61 | % |
Commercial mortgage loans |
|
| 1,059,528 |
|
|
| 42,126 |
|
|
| 5.22 | % |
|
| 1,006,038 |
|
|
| 37,603 |
|
|
| 4.93 | % |
Residential mortgage loans |
|
| 14,534 |
|
|
| 524 |
|
|
| 4.81 | % |
|
| 15,513 |
|
|
| 557 |
|
|
| 4.80 | % |
SBA loans |
|
| 26,435 |
|
|
| 1,446 |
|
|
| 7.18 | % |
|
| 28,455 |
|
|
| 1,622 |
|
|
| 7.52 | % |
Loans Held for Sale |
|
| - |
|
|
| - |
|
|
| N/A |
|
|
| 8 |
|
|
| - |
|
|
| N/A |
|
Total loans |
|
| 1,253,755 |
|
|
| 53,925 |
|
|
| 5.75 | % |
|
| 1,204,084 |
|
|
| 49,550 |
|
|
| 5.50 | % |
Total interest-earning assets |
|
| 1,404,063 |
|
|
| 58,994 |
|
|
| 5.61 | % |
|
| 1,334,981 |
|
|
| 53,116 |
|
|
| 5.32 | % |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (14,615 | ) |
|
|
|
|
|
|
|
|
|
| (18,389 | ) |
|
|
|
|
|
|
|
|
Cash and due from bank |
|
| 1,959 |
|
|
|
|
|
|
|
|
|
|
| 1,733 |
|
|
|
|
|
|
|
|
|
Other assets |
|
| 60,283 |
|
|
|
|
|
|
|
|
|
|
| 61,106 |
|
|
|
|
|
|
|
|
|
Total non-interest-earning assets |
|
| 47,627 |
|
|
|
|
|
|
|
|
|
|
| 44,450 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,451,689 |
|
|
|
|
|
|
|
|
|
| $ | 1,379,431 |
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
| $ | 53,617 |
|
| $ | 703 |
|
|
| 1.75 | % |
| $ | 48,583 |
|
| $ | 345 |
|
|
| 0.95 | % |
NOW accounts |
|
| 42,121 |
|
|
| 1,095 |
|
|
| 3.47 | % |
|
| 27,046 |
|
|
| 110 |
|
|
| 0.54 | % |
Money market accounts |
|
| 223,467 |
|
|
| 5,960 |
|
|
| 3.56 | % |
|
| 178,937 |
|
|
| 3,158 |
|
|
| 2.36 | % |
Savings accounts |
|
| 27,011 |
|
|
| 87 |
|
|
| 0.43 | % |
|
| 45,771 |
|
|
| 118 |
|
|
| 0.34 | % |
Certificates of deposit |
|
| 492,532 |
|
|
| 16,314 |
|
|
| 4.42 | % |
|
| 554,874 |
|
|
| 13,817 |
|
|
| 3.33 | % |
Brokered CDs |
|
| 112,782 |
|
|
| 4,152 |
|
|
| 4.92 | % |
|
| 25,795 |
|
|
| 1,103 |
|
|
| 5.72 | % |
Borrowings |
|
| 155,341 |
|
|
| 5,736 |
|
|
| 4.93 | % |
|
| 104,478 |
|
|
| 3,854 |
|
|
| 4.93 | % |
Total interest-bearing liabilities |
|
| 1,106,870 |
|
| $ | 34,047 |
|
|
| 4.11 | % |
|
| 985,485 |
|
| $ | 22,505 |
|
|
| 3.05 | % |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
| 143,100 |
|
|
|
|
|
|
|
|
|
|
| 193,105 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
| 23,190 |
|
|
|
|
|
|
|
|
|
|
| 16,595 |
|
|
|
|
|
|
|
|
|
Total non-interest bearing liabilities |
|
| 166,289 |
|
|
|
|
|
|
|
|
|
|
| 209,700 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
| 178,530 |
|
|
|
|
|
|
|
|
|
|
| 184,247 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 1,451,689 |
|
|
|
|
|
|
|
|
|
| $ | 1,379,431 |
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
| 1.50 | % |
|
|
|
|
|
|
|
|
|
| 2.27 | % |
Net interest margin |
|
|
|
|
| $ | 24,947 |
|
|
| 2.37 | % |
|
|
|
|
| $ | 30,611 |
|
|
| 3.07 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)
| As of and for the quarters ended |
| ||||||||||||||||||
(In thousands, except share data) |
| 9/30/2024 |
|
| 6/30/2024 |
|
| 3/31/2024 |
|
| 12/31/2023 |
|
| 9/30/2023 |
| |||||
Summary earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest income |
| $ | 20,150 |
|
| $ | 19,793 |
|
| $ | 19,051 |
|
| $ | 18,963 |
|
| $ | 18,710 |
|
Interest expense |
|
| 11,785 |
|
|
| 11,451 |
|
|
| 10,811 |
|
|
| 10,183 |
|
|
| 9,217 |
|
Net interest income |
|
| 8,364 |
|
|
| 8,342 |
|
|
| 8,240 |
|
|
| 8,780 |
|
|
| 9,493 |
|
Provision (benefit) for credit losses |
|
| 54 |
|
|
| 300 |
|
|
| 7 |
|
|
| (5,698 | ) |
|
| 600 |
|
Net interest income after provision (benefit) for credit losses |
|
| 8,310 |
|
|
| 8,042 |
|
|
| 8,233 |
|
|
| 14,478 |
|
|
| 8,893 |
|
Non-interest income |
|
| 582 |
|
|
| 562 |
|
|
| 522 |
|
|
| 506 |
|
|
| 378 |
|
Non-interest expense |
|
| 7,524 |
|
|
| 7,230 |
|
|
| 7,217 |
|
|
| 7,005 |
|
|
| 7,038 |
|
Income before income tax expense |
|
| 1,368 |
|
|
| 1,375 |
|
|
| 1,538 |
|
|
| 7,979 |
|
|
| 2,233 |
|
Income tax expense |
|
| 240 |
|
|
| 287 |
|
|
| 381 |
|
|
| 2,146 |
|
|
| 536 |
|
Net income |
| $ | 1,128 |
|
| $ | 1,087 |
|
| $ | 1,156 |
|
| $ | 5,833 |
|
| $ | 1,697 |
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
| $ | 0.05 |
|
| $ | 0.05 |
|
| $ | 0.05 |
|
| $ | 0.25 |
|
| $ | 0.07 |
|
Earnings per share - diluted |
|
| 0.05 |
|
|
| 0.05 |
|
|
| 0.05 |
|
|
| 0.25 |
|
|
| 0.07 |
|
Cash dividends declared |
|
| - |
|
|
| - |
|
|
| 0.04 |
|
|
| 0.04 |
|
|
| 0.04 |
|
Book value at period end |
|
| 8.31 |
|
|
| 8.19 |
|
|
| 8.13 |
|
|
| 8.06 |
|
|
| 7.80 |
|
Shares outstanding at period end |
|
| 20,780 |
|
|
| 21,489 |
|
|
| 22,146 |
|
|
| 22,831 |
|
|
| 23,777 |
|
Basic weighted average shares outstanding |
|
| 21,164 |
|
|
| 21,641 |
|
|
| 22,600 |
|
|
| 22,969 |
|
|
| 23,787 |
|
Fully diluted weighted average shares outstanding |
|
| 21,387 |
|
|
| 21,898 |
|
|
| 22,930 |
|
|
| 23,272 |
|
|
| 24,116 |
|
Balance sheet data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 1,476,252 |
|
| $ | 1,467,517 |
|
| $ | 1,452,419 |
|
| $ | 1,436,099 |
|
| $ | 1,428,973 |
|
Investment securities, available-for-sale |
|
| 7,748 |
|
|
| 8,337 |
|
|
| 8,758 |
|
|
| 9,537 |
|
|
| 10,703 |
|
Investment securities, held-to-maturity |
|
| 73,977 |
|
|
| 74,109 |
|
|
| 61,483 |
|
|
| 59,525 |
|
|
| 61,234 |
|
Total loans |
|
| 1,262,481 |
|
|
| 1,260,236 |
|
|
| 1,244,357 |
|
|
| 1,251,227 |
|
|
| 1,263,918 |
|
Allowance for credit losses |
|
| (14,869 | ) |
|
| (14,922 | ) |
|
| (14,628 | ) |
|
| (14,470 | ) |
|
| (19,562 | ) |
Total deposits |
|
| 1,097,165 |
|
|
| 1,107,159 |
|
|
| 1,105,161 |
|
|
| 1,097,798 |
|
|
| 1,112,406 |
|
Shareholders' equity |
|
| 172,642 |
|
|
| 175,933 |
|
|
| 179,963 |
|
|
| 183,996 |
|
|
| 185,486 |
|
Common cash dividends |
|
| - |
|
|
| - |
|
|
| 904 |
|
|
| 952 |
|
|
| 952 |
|
Selected performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
| 0.31 | % |
|
| 0.30 | % |
|
| 0.32 | % |
|
| 1.62 | % |
|
| 0.47 | % |
Return on average shareholders' equity |
|
| 2.56 | % |
|
| 2.47 | % |
|
| 2.54 | % |
|
| 12.80 | % |
|
| 3.63 | % |
Dividend payout ratio |
|
| N/A |
|
|
| N/A |
|
|
| 78.21 | % |
|
| 16.32 | % |
|
| 56.09 | % |
Net interest margin |
|
| 2.35 | % |
|
| 2.38 | % |
|
| 2.39 | % |
|
| 2.51 | % |
|
| 2.73 | % |
Efficiency ratio |
|
| 84.10 | % |
|
| 81.19 | % |
|
| 82.37 | % |
|
| 75.43 | % |
|
| 71.30 | % |
Non-interest income to average assets |
|
| 0.16 | % |
|
| 0.16 | % |
|
| 0.15 | % |
|
| 0.14 | % |
|
| 0.11 | % |
Non-interest expenses to average assets |
|
| 2.04 | % |
|
| 1.99 | % |
|
| 2.03 | % |
|
| 1.94 | % |
|
| 1.96 | % |
Asset quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
| 1.15 | % |
|
| 1.21 | % |
|
| 1.53 | % |
|
| 1.47 | % |
|
| 1.24 | % |
Non-performing assets to total assets |
|
| 0.98 | % |
|
| 1.04 | % |
|
| 1.31 | % |
|
| 1.28 | % |
|
| 1.10 | % |
Allowance for credit losses to non-performing loans |
|
| 102.67 | % |
|
| 97.76 | % |
|
| 76.77 | % |
|
| 78.82 | % |
|
| 124.32 | % |
Allowance for credit losses to total loans |
|
| 1.18 | % |
|
| 1.18 | % |
|
| 1.18 | % |
|
| 1.16 | % |
|
| 1.55 | % |
Net recoveries (charge-offs) to average loans |
|
| -0.03 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| -0.03 | % |
|
| 0.02 | % |
Liquidity and capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans to deposits |
|
| 113.71 | % |
|
| 112.48 | % |
|
| 111.27 | % |
|
| 111.66 | % |
|
| 110.92 | % |
Average loans to average deposits |
|
| 114.54 | % |
|
| 113.30 | % |
|
| 115.79 | % |
|
| 112.57 | % |
|
| 111.97 | % |
Total shareholders' equity to total assets |
|
| 11.69 | % |
|
| 11.99 | % |
|
| 12.39 | % |
|
| 12.81 | % |
|
| 12.98 | % |
Total capital to risk-weighted assets |
|
| 14.30 | % |
|
| 14.67 | % |
|
| 15.33 | % |
|
| 15.71 | % |
|
| 15.58 | % |
Tier 1 capital to risk-weighted assets |
|
| 13.13 | % |
|
| 13.48 | % |
|
| 15.15 | % |
|
| 14.52 | % |
|
| 14.32 | % |
Common equity tier 1 capital ratio to risk-weighted assets |
|
| 13.13 | % |
|
| 13.48 | % |
|
| 15.15 | % |
|
| 14.52 | % |
|
| 14.32 | % |
Tier 1 leverage ratio |
|
| 11.80 | % |
|
| 12.08 | % |
|
| 12.58 | % |
|
| 12.88 | % |
|
| 13.05 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SOURCE: First Commerce Bancorp, Inc.
View the original press release on accesswire.com
FAQ
What was First Commerce Bancorp's (CMRB) net income for Q3 2024?
How many shares did CMRB repurchase in Q3 2024?
What was CMRB's book value per share as of September 30, 2024?
What was CMRB's net interest margin in Q3 2024?
