Business
First Commerce Bancorp, Inc., Reports the Fourth Quarter and the Full Year 2023 Results and Declares a Quarterly Cash Dividend of $0.04 Per Share
First Commerce Bancorp, Inc., Reports the Fourth Quarter and the Full Year 2023 Results and Declares a Quarterly Cash Dividend of $0.04 Per Share.
About this update from First Commerce Bancorp Inc.
[{"type":"text","content":"LAKEWOOD, NJ / ACCESSWIRE / February 1, 2024 / First Commerce Bancorp, Inc., (OTC PINK:CMRB), (the "Company"), today reported net income of $5.8 million and basic earnings per common share of $0.25 for the three months ended December 31, 2023, as compared to net income of $4.0 million and basic earnings per common share of $0.17 for the three months ended December 31, 2022. For the fiscal year ended December 31, 2023, net income was $13.8 million and basic earnings per common share of $0.58, as compared to net income of $16.6 million and basic earnings per common share of $0.70 for the fiscal year ended December 31, 2022.The Company's Board of Directors declared a quarterly cash dividend of $0.04 per common share payable on February 20, 2024 to shareholders of record on February 6, 2024.Regarding the year-end financial results, President & CEO Donald Mindiak commented, "Despite a challenging year that saw material disruptions in the banking industry as a result of liquidity concerns, the failure of several mid-size regional financial institutions, an inverted yield curve and continuing inflation, First Commerce Bank stayed true to its mission of a measured balance sheet and loan growth through prudent loan underwriting consistent with our strong capital base. Funding for loan growth occurred through growth in both deposits and wholesale borrowings appropriately laddered. Net interest margin compression continues to be challenging, however our recently opened office in Jackson, New Jersey boasts deposits of over $20.0 million after only four months of being open."He continued, "A continued evaluation of our CECL Model and a corresponding review of the qualitative and quantitative factors resulted in a reduction of our year-end Allowance for Credit Losses consistent with the risk profile of the Bank's loan and investment portfolio. Diligent attention to non-interest expenses resulted in only a slight increase year-over-year and the management of this metric will continue to be engaged. Lastly, the Board and Management will continue to structure a balance sheet with a strong capital base, managing various forms of risk judiciously while generating competitive returns for our shareholders."Financial HighlightsNet interest margin decreased by 134 basis points to 2.51% for the fourth quarter of 2023 a...