Business
First Commerce Bank Announces the Completion of Its Reorganization into First Commerce Bancorp, Inc., Reports Second Quarter and Year-to-Date 2023 Results and Declares a Quarterly Cash Dividend of $0.04 per share
First Commerce Bank Announces the Completion of Its Reorganization into First Commerce Bancorp, Inc., Reports Second Quarter and Year-to-Date 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 / July 27, 2023 / As previously reported, First Commerce Bank (the "Bank") completed its reorganization into First Commerce Bancorp, Inc. (the "Company") to form a bank holding company. Each shareholder of the Bank received one share of the Company's common stock in exchange for each share of the Bank's common stock. Following the reorganization, the Company's stock began trading on the OTC market under the symbol CMRB.In addition, First Commerce Bancorp, Inc., (OTC:CMRB), the holding company for First Commerce Bank, today reported net income of $2.9 million and $6.2 million, respectively, for the three and six months ended June 30, 2023, as compared to $2.9 million and $7.1 million, respectively, for the three and six months ended June 30, 2022. Basic earnings per common share for the three and six months ended June 30, 2023, was $0.12 and $0.26 respectively, compared to $0.12 and $0.30 for the three and six months ended June 30, 2022.The Company's Board of Directors declared a quarterly cash dividend of $0.04 per common share payable on August 18, 2023 to shareholders of record on August 7, 2023.Donald Mindiak, President & Chief Executive Officer, commented, "This has been a challenging time for the banking industry as we navigate through a volatile operational and interest rate environment. Competition for low-cost funding remains extremely competitive and we are engaged in initiatives to maintain our strong liquidity position. We remain confident that our healthy capital ratios provide a sense of comfort and confidence to our shareholders and customers alike regarding the strength of this institution. We continue to practice prudent risk mitigation techniques to manage our balance sheet judiciously. Despite the market volatility, we have realized growth in the loan portfolio of $110.4 million year-to-date. The Bank continues to produce competitive operating results, and while these results were negatively impacted by the costs associated with maintaining on-balance sheet liquidity, our management team continues to employ strategies to effectively manage non-interest expenses. We remain committed to enhancing franchise and shareholder value by addressing the financial needs of the communities we serve."Financial HighlightsNet interest margin decreased by 84 basis poi...