Business
First Commerce Bank Earns $16.6 Million for the Year Ended December 31, 2022, and Declares a Quarterly Cash Dividend of $0.04 per Common Share
First Commerce Bank Earns $16.6 Million for the Year Ended December 31, 2022, and Declares a Quarterly Cash Dividend of $0.04 per Common Share.
About this update from First Commerce Bancorp Inc.
[{"type":"text","content":"LAKEWOOD, NJ / ACCESSWIRE / January 31, 2023 / First Commerce Bank (the "Bank") (OTC PINK:CMRB) today reported net income of $16.6 million for the fiscal year ended December 31, 2022 as compared to $16.7 million for the fiscal year ended December 31, 2021. Basic earnings per common share for the fiscal year ended December 31, 2022 was $0.70, compared to $0.72 for the fiscal year ended December 31, 2021. The Board of Directors unanimously approved and declared a quarterly cash dividend of $0.04 per common share payable to shareholders on February 21, 2023 for shareholders of record as of February 6, 2023.Regarding the performance of the Bank, President & CEO Donald Mindiak commented, "Strong balance sheet growth in the areas of loans receivable, net, and investment securities resulted in increases in both total interest income and net interest income. Total assets grew by $157.7 million or 13.9% with the asset growth occurring primarily as a result of growth in total loans receivable, net, of $191.0 million or 21.0% and investment security growth of $33.5 million or 72.4%. As a result of this asset growth, total interest income increased by $6.7 million or 14.6% and net interest income grew by $3.8 million or 8.9% year-over-year. In addition, asset quality metrics improved through the fourth quarter as non-accrual loan totals decreased by $5.0 million and, while the Bank continues to report $4.0 million in REO balances at year-end, executed contracts are in place for both properties that comprise this balance which should close shortly."He continued, "We are proud to have begun paying a cash dividend this past year, demonstrating the ability to provide a competitive return on investment to our shareholders. We have also received regulatory approval for our Holding Company Reorganization Application and look forward to shareholder approval and availing ourselves to the benefits that the Holding Company structure can provide. Lastly, while the Federal Reserve substantially increased interest rates last year, creating market challenges for financial institutions, coupled with the economic headwinds of persistent inflation, possible recession and credit quality concerns, your management team will continue to explore and execute initiatives that have the capacity to increase both franchise and shareholder ...