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Commerce National Bank Announces Second Quarter 2008 Results
NEWPORT BEACH, Calif., Aug 11, 2008 (BUSINESS WIRE) -- Commerce National Bank (OTCBB: CNBF), a community business bank in its fifth year of operation, announced its financial results for the second quarter of 2008. As of June 30, 2008, the Bank reported total assets of $237.4 million, representing an increase of $60.9 million, or 35% from June 30, 2007. Total deposits were $184.8 million, an increase of $36.3 million, or 24% from the prior year. Net loans were $131.7 million, representing an increase of $16.7 million, or 15% from the prior year. Total shareholders' equity as of June 30, 2008 was $28.4 million, which increased $1.0 million or 4% over total shareholders' equity of $27.3 million at June 30, 2007.
For the three and six month periods ended June 30, 2008, the Bank reported net income of $382,000 and $406,000, respectively. As a result, the Bank shows an increase in net income of $188,000 and a decrease of $2,000, respectively, compared to the same periods of the prior year. For the three and six month periods ended June 30, 2008, the Bank recorded income tax expense of $120,000 and $91,000 as compared to the recording of $120,000 and $239,000 income tax benefit for the similar periods in 2007. Also for the three and six month periods ended June 30, 2008, the Bank recorded stock option expense of $(22,000) and $125,000, and provision for loan losses of $128,000 and $327,000, respectively. For the same periods of the prior year, the Bank recorded stock option expense of $152,000 and $315,000, and provision for loan losses of $110,000 and $165,000, respectively. During the second quarter of 2008, the Bank recognized a $140,000 reversal of previously recorded expense on forfeited stock options. Basic and diluted earnings per share for the three and six month periods ended June 30, 2008 were $0.14 and $0.15, compared to basic and diluted income per share of $0.07 and $0.15 for the same periods of the prior year.
Net interest income increased $222,000 and $524,000, or 11% and 13%, for the three and six month periods ended June 30, 2008, respectively, compared to the same periods of the prior year. Non-interest income increased by $176,000 or 191% and $179,000, or 78% for the three and six month periods ended June 30, 2008, compared to the same period last year. Non-interest expense decreased $48,000 or 2% for the three month period ended June 30, 2008, and increased $214,000, or 6% for the six month period ended June 30, 2008, respectively, compared to the same periods in 2007. The increases in non-interest income were primarily due to growth in the fees generated by the SBA Lending Division.
With offices in Newport Beach near John Wayne airport and in the City of Fullerton, the Bank is well positioned to serve businesses, professionals and selected real estate customers in both the northern and southern areas of Orange County. The offices are staffed by experienced business bankers who are committed to providing exemplary service to their customers in the business community.
Forward Looking Statement
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about Commerce National Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: Commerce National Bank's timely development of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in Commerce National Bank's reports and filings with the Office of the Comptroller of the Currency. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and Commerce National Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Condensed Statements of Financial Condition
(Unaudited) - (000's Omitted)
----------------------------------------------------------------------
June 30,
-------------------
Assets 2008 2007
--------- ---------
Cash & Due From Banks $ 7,157 $ 3,165
Federal Funds Sold 30,514 19,360
Investments 63,994 35,612
Loans (Net) 131,711 114,991
Other Assets 4,027 3,425
--------- ---------
Total Assets $237,403 $176,553
Liabilities
Demand Deposits 44,679 41,515
Money Market, Savings and NOW Accounts 115,872 99,417
Certificates of Deposit 24,271 7,581
--------- ---------
Total Deposits 184,822 148,513
Other Borrowings 23,000 0
Other Liabilities 1,231 723
Shareholders' Equity
Common Stock and Surplus 31,650 31,175
Accumulated Deficit (2,642) (3,688)
Unrecognized Loss on AFS Securities (658) (170)
--------- ---------
Total Shareholders' Equity 28,350 27,317
--------- ---------
Total Liabilities & Shareholders' Equity $237,403 $176,553
Condensed Statement of Operations
(Unaudited)
(000's, except per share amounts)
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2008 2007 2008 2007
---------- ------- -------- -------
Interest Income $2,960 $2,894 $5,856 $5,643
Interest Expense 656 812 1,381 1,693
---------- ------- -------- -------
Net Interest Income 2,304 2,082 4,475 3,950
Provision for Loan Losses 128 110 327 165
---------- ------- -------- -------
Net Interest Income After
Provision for Loan Losses 2,176 1,972 4,148 3,785
Non Interest Income 268 92 409 230
Non Interest Expense 1,942 1,990 4,060 3,846
---------- ------- -------- -------
Income Before Income Taxes 502 74 497 169
Income Tax Expense (Benefit ) 120 (120) 91 (239)
---------- ------- -------- -------
Net Income $ 382 $ 194 $ 406 $ 408
========== ======= ======== =======
Basic Earnings Per Share $ 0.14 $ 0.07 $ 0.15 $ 0.15
========== ======= ======== =======
Diluted Earnings Per Share $ 0.14 $ 0.07 $ 0.15 $ 0.15
========== ======= ======== =======
SOURCE: Commerce National Bank
CONTACT: Commerce National Bank
Mark Simmons, President/CEO
Phone: 949-870-3860
Fax: 949-870-4499
E-Mail: msimmons@commercenatbank.com
