Business
First Commerce Bank Earns $5.4 Million and $12.6 Million for the Three and Nine Months Ended September 30, 2022 and Declares a Quarterly Cash Dividend of $0.04 per Common Share
First Commerce Bank Earns $5.4 Million and $12.6 Million for the Three and Nine Months Ended September 30, 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 / October 27, 2022 / First Commerce Bank (the "Bank") (OTC PINK:CMRB) today reported net income of $5.4 million and $12.6 million, respectively, for the three and nine months ended September 30, 2022, as compared to $4.0 million and $12.6 million, respectively, for the three and nine months ended September 30, 2021. Basic earnings per common share for the three and nine months ended September 30, 2022, were $0.23 and $0.54 respectively, compared to $0.17 and $0.55 for the three and nine months ended September 30, 2021. The Board of Directors unanimously approved and declared a quarterly cash dividend of $0.04 per common share payable to shareholders on November 23, 2022 for shareholders of record as of November 9, 2022.Regarding the performance of the Bank, President & CEO Donald Mindiak stated, "We are proud to have declared and paid our first special cash dividend of $0.35/share in September and equally proud of the declaration of our first regular quarterly cash dividend. The implementation of the Bank's initiative to deploy excess liquidity into higher yielding assets in the form of quality credit facilities and federally sponsored investment securities has proven successful as witnessed by improvements in net income, net interest margin and quarterly earnings per share results."He continued, "The changes in net income for the 2022 periods compared to the 2021 periods primarily reflect increases in net interest income and non-interest income, partially offset by an increase in non-interest expense. The increase in net interest income resulted primarily from the redeployment of excess liquidity and growth in loans and investments, coupled with the active management of the pricing of interest paying liabilities. The increase in non-interest income resulted primarily from the impact of the income for the nine months ended September 30, 2022 derived from our BOLI investment acquired in the fourth quarter of 2021. The increase in non-interest expense resulted from increases in salary and benefits expense and the impact of a new bonus plan designed to attract and retain employees in a competitive labor market. Our effective tax rate decreased slightly during the 2022 fiscal year as a result of the BOLI purchase consummated during the fourth quarter of 2021 with the Allowance f...