Welcome to our dedicated page for FIRST COMMERCE BANCORP news (Ticker: $CMRB), a resource for investors and traders seeking the latest updates and insights on FIRST COMMERCE BANCORP stock.
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First Commerce Bancorp, Inc. reported net income of $1.2 million and basic earnings per common share of $0.05 for the first quarter of 2024, compared to $3.3 million and $0.14 for the same period in 2023. The company declared a quarterly cash dividend of $0.04 per common share payable to shareholders on May 22, 2024.
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First Commerce Bancorp, Inc. (CMRB) has announced the continuation of its stock repurchase plan, aiming to repurchase up to an additional 5% of its outstanding shares of common stock, for an aggregate repurchase of 10%, or approximately 2.4 million shares, of its common stock. The company's first stock repurchase program since completing its holding company reorganization on May 31, 2023. The program has no expiration date and may be suspended, terminated, or modified at any time and for any reason. The company is not obligated to repurchase any particular number of shares in any specific time period, and there is no guarantee as to the exact number of shares to be repurchased. President & CEO Donald Mindiak stated that the initial stock repurchase plan has been accretive to the company's book value per share calculation, and they will continue to engage in this initiative to enhance both franchise and shareholder value.
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First Commerce Bancorp, Inc. reported net income of $5.8 million and basic earnings per common share of $0.25 for the three months ended December 31, 2023, with a quarterly cash dividend of $0.04 per common share. The company's net interest margin decreased by 134 basis points to 2.51% for the fourth quarter of 2023, and total yield on interest earning assets increased by forty-three basis points to 5.43%. Total loans receivable increased by $133.1 million, and total deposits increased by $71.3 million. The annualized return on average total assets was 0.99%, and the annualized return on average shareholders' equity was 7.51%. Total assets increased by $144.0 million or 11.1% to $1.44 billion at December 31, 2023. The company repurchased 1.0 million shares for approximately $7.0 million, and net interest income decreased by $3.0 million or 25.4% to $8.8 million for the three months ended December 31, 2023.
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First Commerce Bancorp, Inc. (CMRB) announced the appointment of Thomas Bovino as Chairman, Abraham Penzer as Vice Chairman, and Michael Merkin as Corporate Secretary. Each of them has been a member of the board since 2010, with Mr. Bovino previously serving as corporate secretary and Mr. Merkin as a director.
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First Commerce Bancorp reports net income of $1.7 million for Q3 2023, compared to $5.4 million in Q3 2022. Board declares $0.04 quarterly cash dividend. Net interest margin decreases by 145 basis points. Total loans receivable increase by $144.1 million. Total deposits increase by $85.5 million. Shareholders' equity increases by $5.1 million. Net interest income decreases by $2.8 million. Total interest income increases by $4.8 million. Total interest expense increases by $7.6 million. Non-interest income increases by $34,000.
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First Commerce Bancorp, Inc. announces a stock repurchase program to buy back up to 5% of its outstanding shares of common stock, or approximately 1.2 million shares. This is the company's first repurchase program since its holding company reorganization in May 2023. The program has no expiration date and may be suspended, terminated, or modified at any time. The timing and amount of repurchases will depend on various factors, including stock availability, market conditions, trading price, capital uses, and financial performance.
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First Commerce Bank and First Commerce Bancorp, Inc. have completed the Bank's reorganization into a bank holding company structure. Each share of common stock of the Bank will be exchanged for one share of common stock of the Holding Company. Shareholders will receive a letter of transmittal to exchange their certificates for shares of the Holding Company. The common stock of the Holding Company now trades under the Bank's former ticker symbol, 'CMRB'.
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