NEWPORT BEACH, CA — (Marketwire) — 10/24/11 — Commerce National Bank (“the Bank”) (OTCBB: CNBF), a community business bank in its eighth year of operation, announced its financial results for the quarter and nine months ended September 30, 2011.
For the nine months ended September 30, 2011, the Bank reported net income of $459 thousand, or $0.17 per diluted share, compared to a net loss of $52 thousand, or ($0.02) per diluted share, for the nine months ended September 30, 2010. For the quarter ended September 30, 2011, the Bank reported net income of $126 thousand, or $0.05 per diluted share, compared to a net income of $180 thousand, or $0.07 per diluted share, for the quarter ended September 30, 2010. President and CEO Mark E. Simmons stated, “The Bank is continuing to actively seek new business relationships within the local community, and has seen success during the first nine months of 2011 in increasing fee income.”
The Bank-s total assets as of September 30, 2011, decreased $22.6 million, or 8%, to $242.5 million from $265.2 million at September 30, 2010, primarily due to the Bank paying off credit advances totaling $17.6 million from the Federal Home Loan Bank. Net loans at September 30, 2011, decreased $2.1 million, or 1%, to $146.4 million from $148.5 million at September 30, 2010, primarily due to the sale of SBA loans. Total deposits decreased $4.7 million, or 2%, to $213.4 million at September 30, 2011, compared to $218.1 million at September 30, 2010, primarily due to seasonal fluctuations in several major customer accounts. Total equity increased $448 thousand, or 2%, to $28.0 million at September 30, 2011, as compared to $27.4 million at September 30, 2010.
With its headquarters office in Newport Beach near John Wayne airport, the Bank is well positioned to serve businesses, professionals and selected real estate customers throughout Orange County. The Bank is staffed by experienced business bankers who are committed to providing exemplary service to their customers in the business community.
Forward-Looking Statement
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about Commerce National Bank-s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: Commerce National Bank-s timely development of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in Commerce National Bank-s reports and filings with the Office of the Comptroller of the Currency. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and Commerce National Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
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