Community business bank Commerce National Bank today posted its financial results for the first quarter ended March 31, 2010.
The bank reported a net profit of $9,000, or $0.00 per diluted share, compared to a net loss of $152,000, or ($0.06) per diluted share, for the quarter ended March 31, 2009.
Like many other banking executives commenting on quarterly results, president and CEO Mark E. Simmons said overall financial worries affected the bank, though commercial loans and business deposits remain solid.
“While the current economic conditions are still depressed from normal levels, our bank is experiencing some growth in commercial loans and the growth in core business deposits is very positive. The small profit was after expensing a loan loss provision for the quarter of $375,000,” Simmons stated in the press release.
As of March 31, 2020, the bank reported an increase in total assets, up $19.7 million, or 8.8 percent, to $242.6 million from $222.9 million at March 31, 2009.
Net loans for the quarter decreased $9.3 million, or 6.8 percent, to $126.3 million from $135.6 million at March 31, 2009. Total deposits increased $33.1 million, or 19.9 percent, to $199.2 million at March 31, 2010, compared to $166.1 million at March 31, 2009.
Total equity decreased $6.3 million, or 18.9 percent, to $27.3 million at March 31, 2010, compared to $33.7 million for the same quarter of 2009. The bank attributes the reduction primarily to the redemption in the fourth quarter of 2009 of the preferred stock that had been issued under the terms of the U.S. Treasury’s Capital Purchase Program.
The bank also reported that it remains well-capitalized, with a Tier 1 Capital to Average Assets ratio of 11.1 percent at the quarter end.