First Commerce Bancorp Reports Strong First Half Results
ENCINO, Calif.--First Commerce Bancorp (OTCBB:FCCC) today announced that net income on a consolidated basis for the six months ended June 30, 2007 was $1,747,000 compared to $1,399,000 for the same period last year, a 25% improvement. Net income for the quarter ended June 30, 2007 was $932,000 compared to net income of $706,000 for the quarter ended June 30, 2006, a 32% improvement.
Assets at June 30, 2007 were $276,726,000, up $21,917,000 or 9% as compared to June 30, 2006.
Net Loans and deposits at June 30, 2007 were $229,784,000 and $241,153,000, respectively, up 23% and 8% as compared to June 30, 2006.
According to Jack Feldman, First Commerce Bancorp's President and CEO, the strong improvement in net income over the prior year is the result of maintaining the net interest margin above 5%. During the first half, new deposits were difficult to attract due to strong competition. The 23% improvement in net loans as compared to the same period in the prior year is both the result of continued strong loan demand and our successful business development program.
First Commerce Bancorp is located at 16861 Ventura Boulevard, Encino, CA. First Commerce Bancorp's subsidiary, First Commerce Bank, is an independent community bank with its main office at 16861 Ventura Boulevard, Encino, California and regional offices in Los Angeles and Glendale, California. The Bank has been designated a Super Premier Performing Bank for the past five years by The Findley Reports, an independent service which rates the financial performance of California banks. Also, Bauer Financial, a national bank rating service, has designated the Bank as a 5-star superior institution, its highest rating. The Bancorp's stock trades on the Over The Counter Bulletin Board (OTCBB) under the symbol FCCC.
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government, and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
Contacts
First Commerce Bancorp
Jack Feldman, 818-501-2265
Assets at June 30, 2007 were $276,726,000, up $21,917,000 or 9% as compared to June 30, 2006.
Net Loans and deposits at June 30, 2007 were $229,784,000 and $241,153,000, respectively, up 23% and 8% as compared to June 30, 2006.
According to Jack Feldman, First Commerce Bancorp's President and CEO, the strong improvement in net income over the prior year is the result of maintaining the net interest margin above 5%. During the first half, new deposits were difficult to attract due to strong competition. The 23% improvement in net loans as compared to the same period in the prior year is both the result of continued strong loan demand and our successful business development program.
First Commerce Bancorp is located at 16861 Ventura Boulevard, Encino, CA. First Commerce Bancorp's subsidiary, First Commerce Bank, is an independent community bank with its main office at 16861 Ventura Boulevard, Encino, California and regional offices in Los Angeles and Glendale, California. The Bank has been designated a Super Premier Performing Bank for the past five years by The Findley Reports, an independent service which rates the financial performance of California banks. Also, Bauer Financial, a national bank rating service, has designated the Bank as a 5-star superior institution, its highest rating. The Bancorp's stock trades on the Over The Counter Bulletin Board (OTCBB) under the symbol FCCC.
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government, and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
Contacts
First Commerce Bancorp
Jack Feldman, 818-501-2265
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