Business
First Commerce Bank Reports Net Income of $3.35 Million for the First Quarter of 2023 and Declares a Quarterly Cash Dividend of $0.04 per Common Share
First Commerce Bank Reports Net Income of $3.35 Million for the First Quarter of 2023 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 / April 25, 2023 / First Commerce Bank (the "Bank") (OTC PINK:CMRB) today reported net income of $3.35 million for the first quarter of 2023 as compared to $4.2 million for the first quarter of 2022. Basic earnings per common share for the first quarter of 2023 was $0.14 compared to $0.18 for the first quarter of 2022. The Board of Directors approved and declared a quarterly cash dividend of $0.04 per common share payable to shareholders on May 22, 2023, for shareholders of record as of May 8, 2023.Regarding the performance of the Bank, President & CEO Donald Mindiak commented, "Balance sheet growth in the areas of cash and cash equivalents, loans receivable, net, and retail deposits from year-end levels has been encouraging. Recent industry events notwithstanding, the ability to attract quality credits as well as the retail and wholesale funding to support that growth bespeaks a sense of confidence in our vision, business acumen and risk management protocols to successfully navigate the current market uncertainty. Total interest income increased by $4.5 million or 38.8% to $16.2 million for the three months ended March 31, 2023 from $11.7 million for the three months ended March 31, 2022 which was offset by a $5.0 million increase in interest expense to $5.7 million for the three months ended March 31, 2023 from $713,000 for the three months ended March 31, 2022.In addition, the migration to the Current Expected Credit Loss standard ("CECL") in conjunction with strong loan growth resulted in an additional provision for credit loss entry of $509,000 to appropriately account for the allowance for credit losses. Also due to a net decrease in unfunded commitments, a benefit for credit losses for unfunded commitments of $319,000 was recorded for the three months ended March 31, 2023. These entries amount to an increase of $190,000 being recorded in the provision for the three months ended March 31, 2023 as compared to a reversal from the provision of $775,000 for the three months ended March 31, 2022, resulting in an increase of $965,000 in the provision for the comparative quarterly periods. Non-interest income increased by $515,000 from the prior three-month period due primarily to a one-time benefit related to our Bank-Owned Life Insurance ("BOLI") investment. Non-i...