Welcome to our dedicated page for First Commerce Bank news (Ticker: CMRB), a resource for investors and traders seeking the latest updates and insights on First Commerce Bank stock.
First Commerce Bank (CMRB) provides essential financial services through its New Jersey branch network, specializing in community-focused banking solutions. This page serves as the definitive source for official updates and analysis on the institution's strategic initiatives, financial performance, and market positioning.
Investors and stakeholders will find timely information about earnings announcements, leadership developments, and regulatory filings. Our curated collection includes press releases detailing product innovations like digital banking enhancements and commercial lending programs, along with operational updates affecting the New Jersey banking sector.
Key updates cover capital management strategies, branch network expansions, and risk management practices critical for assessing the bank's stability. Bookmark this resource to monitor CMRRB's progress in maintaining asset quality while executing its community banking vision.
First Commerce Bancorp (OTC: CMRB) reported Q1 2025 net income of $1.7 million ($0.08 per share), up from $1.2 million ($0.05 per share) in Q1 2024. Total assets increased 2.0% to $1.58 billion, with deposits growing 8.8% year-over-year to $1.20 billion.
Key highlights include a thirteen basis point increase in net interest margin to 2.33%, improved return on assets to 0.44%, and book value per share growth to $8.47. The company continued its stock repurchase plan, buying back 653,000 shares at approximately $6.23 per share.
Notable challenges include a $21.0 million loan moving to non-accrual status, though remediation is expected in Q2 2025. Total non-accrual loans reached $37.9 million (3.02% of gross loans). The allowance for credit losses stands at $14.8 million, representing 1.18% of gross loans.
First Commerce Bancorp (OTC: CMRB) has announced significant additions to its Board of Directors and Management Team. The company appointed two new board members: Aaron Bookman, a corporate finance executive with 25+ years of experience, and Stanley Koreyva, a former senior banking executive.
The bank has also strengthened its Business Development and Risk Management teams with several key hires, including: Leonard Allen (VP/Business Banking Officer), Daniel Dunn (VP/Treasury Management Officer), Matteo DiGrigoli (Retail Sales & Service Officer), Wendy Glatz-Akmentins (AVP/Branch Manager), and Logan Cheow (AVP/Relationship Manager). Additionally, Daniel Beagle joined as SVP/Chief Risk Officer, bringing 30+ years of banking and insurance industry experience.
First Commerce Bancorp (OTC PINK:CMRB) has announced the relocation of its corporate headquarters to a new facility in Lakewood, New Jersey. The new headquarters, situated on the third floor of Liberty Plaza at 1700 Avenue of the States, encompasses over 15,700 square feet of space featuring modern workspaces and cutting-edge technology.
The facility will house all the Bank's back-office operations, including loan operations, digital banking, customer support, and administrative offices. Additionally, a new retail branch will open on the building's first floor to serve commercial and retail clients in the Lakewood market, while maintaining operations at their existing 105 River Ave. branch.
The relocation represents part of the Bank's strategic plan to enhance operational capabilities and customer service, with the company working alongside local firms for the design and build process.
First Commerce Bancorp (OTC PINK:CMRB) reported net income of $1.1 million for Q4 2024 and $4.5 million for full-year 2024, down from $5.8 million and $13.8 million respectively in 2023. Basic earnings per share decreased to $0.06 for Q4 and $0.21 for 2024, compared to $0.25 and $0.58 in 2023.
The company's total assets increased by 8% to $1.55 billion, while total deposits grew 7% to $1.17 billion. Through their Stock Repurchase Plan, they repurchased over 3.4 million shares at an average price of $6.37, which is $2.00 below book value. The book value per share increased to $8.39 from $8.06.
Key financial metrics showed mixed results: net interest margin decreased to 2.20% from 2.51%, return on average assets declined to 0.31% from 0.99%, and return on average equity fell to 2.55% from 7.51%. The company focused on reducing reliance on volatile time deposits and strengthening core deposit relationships.
First Commerce Bancorp reported net income of $1.1 million for Q3 2024 and $3.4 million for the first nine months of 2024, down from $1.7 million and $7.9 million respectively in the same periods of 2023. Total assets increased by $40.2 million to $1.48 billion, while net interest margin decreased to 2.35% from 2.73% year-over-year. The company's performance was impacted by higher funding costs due to the inverted yield curve. During Q3 2024, the company repurchased 800,381 shares at an average price of $6.15/share, representing a 26% discount to book value of $8.31/share.
First Commerce Bancorp (OTC PINK:CMRB) reported net income of $1.1 million for Q2 2024, a decline from $2.9 million in Q2 2023. Earnings per share fell to $0.05 from $0.12. The company plans to suspend future cash dividends and initiate a second stock repurchase program for up to 5% of its outstanding shares, approximately 1.1 million shares. Total interest income increased by 9% to $19.8 million, while net interest margin decreased to 2.38% from 3.16%. Total assets rose by $31.4 million to $1.47 billion. Despite higher interest income, net interest income fell by 21.3% to $8.3 million due to increased funding costs. Non-interest income grew by 21.1% to $562,000, while non-interest expense increased by 2.2% to $7.2 million. For the six months ended June 30, 2024, net income was $2.2 million, down from $6.2 million in the same period last year. The company emphasized that the repurchase at a discount to tangible book value is beneficial to shareholders.
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