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First Commerce Bancorp, Inc. Reports First Quarter 2025 Results

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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) ha riportato un utile netto nel primo trimestre 2025 di 1,7 milioni di dollari (0,08 dollari per azione), in aumento rispetto a 1,2 milioni di dollari (0,05 dollari per azione) nel primo trimestre 2024. Gli attivi totali sono cresciuti del 2,0% raggiungendo 1,58 miliardi di dollari, con depositi in aumento dell'8,8% su base annua a 1,20 miliardi di dollari.

I punti salienti includono un incremento di tredici punti base nel margine di interesse netto, arrivato al 2,33%, un miglioramento del rendimento degli attivi al 0,44% e una crescita del valore contabile per azione a 8,47 dollari. La società ha proseguito il piano di riacquisto azionario, ricomprando 653.000 azioni a circa 6,23 dollari per azione.

Tra le sfide più rilevanti si segnala un prestito di 21,0 milioni di dollari passato allo stato di non rendimento, anche se si prevede una risoluzione nel secondo trimestre 2025. I prestiti non produttivi totali hanno raggiunto 37,9 milioni di dollari (3,02% dei prestiti lordi). La riserva per perdite su crediti ammonta a 14,8 milioni di dollari, pari all'1,18% dei prestiti lordi.

First Commerce Bancorp (OTC: CMRB) reportó un ingreso neto en el primer trimestre de 2025 de 1,7 millones de dólares (0,08 dólares por acción), frente a 1,2 millones de dólares (0,05 dólares por acción) en el primer trimestre de 2024. Los activos totales aumentaron un 2,0% hasta 1,58 mil millones de dólares, con depósitos que crecieron un 8,8% interanual hasta 1,20 mil millones de dólares.

Los aspectos destacados incluyen un aumento de trece puntos básicos en el margen neto de interés hasta el 2,33%, una mejora en el rendimiento de activos al 0,44% y un crecimiento en el valor contable por acción hasta 8,47 dólares. La compañía continuó con su plan de recompra de acciones, adquiriendo 653.000 acciones a aproximadamente 6,23 dólares por acción.

Los desafíos notables incluyen un préstamo de 21,0 millones de dólares que pasó a estado de no devengo, aunque se espera su recuperación en el segundo trimestre de 2025. Los préstamos en mora totalizaron 37,9 millones de dólares (3,02% de los préstamos brutos). La provisión para pérdidas crediticias es de 14,8 millones de dólares, representando el 1,18% de los préstamos brutos.

First Commerce Bancorp (OTC: CMRB)는 2025년 1분기 순이익이 170만 달러(주당 0.08달러)로, 2024년 1분기 120만 달러(주당 0.05달러)에서 증가했다고 보고했습니다. 총자산은 2.0% 증가한 15억 8천만 달러를 기록했으며, 예금은 전년 대비 8.8% 증가한 12억 달러에 달했습니다.

주요 내용으로는 순이자마진이 13bp 상승하여 2.33%를 기록했고, 총자산수익률이 0.44%로 개선되었으며, 주당 장부가치가 8.47달러로 증가했습니다. 회사는 주식 재매입 계획을 계속 진행하여 약 6.23달러에 653,000주를 매입했습니다.

주요 과제로는 2,100만 달러 대출이 이자 미수 상태로 전환되었으나, 2025년 2분기 중 해결이 예상됩니다. 총 이자 미수 대출은 3,790만 달러(총 대출의 3.02%)에 달합니다. 대손충당금은 1,480만 달러로 총 대출의 1.18%를 차지합니다.

First Commerce Bancorp (OTC : CMRB) a annoncé un bénéfice net au premier trimestre 2025 de 1,7 million de dollars (0,08 dollar par action), en hausse par rapport à 1,2 million de dollars (0,05 dollar par action) au premier trimestre 2024. Les actifs totaux ont augmenté de 2,0 % pour atteindre 1,58 milliard de dollars, les dépôts ayant progressé de 8,8 % en glissement annuel pour s'établir à 1,20 milliard de dollars.

Les points clés incluent une augmentation de treize points de base de la marge nette d'intérêt à 2,33 %, une amélioration du rendement des actifs à 0,44 % et une croissance de la valeur comptable par action à 8,47 dollars. La société a poursuivi son programme de rachat d'actions, rachetant 653 000 actions à environ 6,23 dollars chacune.

Parmi les défis notables figure un prêt de 21,0 millions de dollars passé en statut de non-accrual, bien que sa régularisation soit attendue au deuxième trimestre 2025. Le total des prêts non productifs a atteint 37,9 millions de dollars (3,02 % des prêts bruts). La provision pour pertes sur prêts s'élève à 14,8 millions de dollars, soit 1,18 % des prêts bruts.

First Commerce Bancorp (OTC: CMRB) meldete für das erste Quartal 2025 einen Nettogewinn von 1,7 Millionen Dollar (0,08 Dollar je Aktie), gegenüber 1,2 Millionen Dollar (0,05 Dollar je Aktie) im ersten Quartal 2024. Die Gesamtaktiva stiegen um 2,0 % auf 1,58 Milliarden Dollar, wobei die Einlagen im Jahresvergleich um 8,8 % auf 1,20 Milliarden Dollar zunahmen.

Wesentliche Highlights sind ein Anstieg der Nettozinsmarge um dreizehn Basispunkte auf 2,33 %, eine verbesserte Gesamtkapitalrendite von 0,44 % sowie ein Anstieg des Buchwerts je Aktie auf 8,47 Dollar. Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte 653.000 Aktien zu etwa 6,23 Dollar je Aktie zurück.

Zu den bemerkenswerten Herausforderungen gehört ein 21,0 Millionen Dollar Kredit, der auf den Status „nicht verzinslich“ umgestellt wurde, wobei eine Behebung im zweiten Quartal 2025 erwartet wird. Die gesamten notleidenden Kredite beliefen sich auf 37,9 Millionen Dollar (3,02 % der Bruttokredite). Die Rückstellung für Kreditverluste beträgt 14,8 Millionen Dollar, was 1,18 % der Bruttokredite entspricht.

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LAKEWOOD, N.J., April 25, 2025 (GLOBE NEWSWIRE) -- First Commerce Bancorp, Inc. (the “Company”), (OTC: CMRB), the holding company for First Commerce Bank (the “Bank”), today reported net income of $1.7 million and basic earnings per common share of $0.08 for the three months ended March 31, 2025, as compared to net income of $1.2 million and basic earnings per common share of $0.05 for the three months ended March 31, 2024.

President & CEO Donald Mindiak commented, “Measured balance sheet growth during the first quarter was highlighted by calculated increases in both loans and investment securities, redeploying excess liquidity into higher yielding assets, with a risk profile consistent with our underwriting standards. While our average yield on interest earning assets and average cost on interest bearing liabilities remained relatively stable as compared to the first quarter of 2024, on a linked quarter basis the average yield on interest earning assets increased by nine basis points and the average cost of interest bearing liabilities decreased by nine basis points resulting in a thirteen basis point increase in our net interest margin and a thirteen basis point increase in our return on average assets in the comparative quarters ended March 31, 2025 and December 31, 2024, respectively. The continued success of our stock repurchase plan, coupled with improving profitability, is reflected in the increase in book value by $0.08/share since year end 2024 and $0.34/share since March 31, 2024.”

Continuing, Mr. Mindiak remarked that, “From an asset quality perspective, one large loan of $21.0 million migrated into non-accrual status during the first quarter, however, a contract is in place to remediate this facility which is anticipated to close during the second quarter of 2025. While a degree of uncertainty has permeated the marketplace as a result of certain prospective economic, regulatory and geopolitical headwinds which remain an on-going challenge to navigate, we will endeavor to continue to execute our strategies with prudence and forethought in an effort to increase franchise and shareholder value.”

Financial Highlights

  • Total interest income increased by $1.4 million or 7.4% for the first quarter of 2025 compared to the first quarter of 2024 as a result of the growth in average interest-earning assets year over year.
  • Total interest expense increased by $1.0 million or 9.5% for the first quarter of 2025 compared to the first quarter of 2024 as a result of the growth in interest-bearing liabilities.
  • Total deposits increased by $96.9 million or 8.8% to $1.20 billion at March 31, 2025, compared to $1.11 billion at March 31, 2024.
  • The annualized return on average total assets increased by twelve basis points to 0.44% at March 31, 2025, compared to 0.32% at March 31, 2024.
  • The annualized return on average shareholders’ equity was 3.93% at March 31, 2025, compared to 2.54% at March 31, 2024.
  • The book value per common share was $8.47 at March 31, 2025, compared to $8.13 at March 31, 2024.
  • Net interest margin increased thirteen basis points on a linked quarter basis to 2.33% as of March 31, 2025, from 2.20% as of December 31, 2024.

Balance Sheet Review

Total assets increased by $30.9 million or 2.0% to $1.58 billion at March 31, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total investment securities and total loans receivable, partially offset by a decrease in cash and cash equivalents during the three months ended March 31, 2025.

Total cash and cash equivalents decreased by $48.1 million or 36.3% to $84.3 million at March 31, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to funding of loan closings and the purchases of investment securities during the first quarter of 2025.

Total investment securities increased by $65.6 million or 58.5% to $177.8 million at March 31, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $69.3 million in purchases of investment securities, partially offset by $1.3 million in redemptions and $2.4 million in mortgage-backed security amortization.

Total loans receivable, net of allowance for credit losses increased by $17.1 million or 1.4% to $1.24 billion at March 31, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans, and construction loans increased $8.2 million and $13.5 million, respectively, partially offset by decreases in commercial loans, residential loans and home equity loans of $1.8 million, $1.6 million and $1.4 million, respectively. The allowance for credit losses increased by $78,000 to $14.8 million or 1.18% of gross loans at March 31, 2025, as compared to $14.7 million or 1.19% of gross loans at December 31, 2024.

Total deposits increased $27.1 million or 2.3% to $1.20 billion at March 31, 2025, from $1.17 billion at December 31, 2024. Within the components of total deposits, time deposits increased $33.6 million, savings deposits increased $9.9 million, and non-interest-bearing demand deposits increased $7.0 million, partially offset by decreases of $10.8 million in NOW deposits, $7.9 million in money market account deposits and $4.6 million in brokered deposits.

Stockholders’ equity decreased by $1.8 million or 1.1% to $170.4 million at March 31, 2025, from $172.3 million at December 31, 2024. The decrease in stockholders’ equity was primarily due to $4.1 million in repurchases of common stock, offset by increases of $1.7 million in retained earnings and $713,000 in additional paid-in-capital. During the three months ended March 31, 2025, the Company repurchased 653,000 shares for approximately $4.1 million, or a weighted average price of approximately $6.23 per share.

Three Months of Operations

Net interest income increased by $382,000 or 4.6% to $8.6 million for the three months ended March 31, 2025, from $8.2 million for the three months ended March 31, 2024. The increase in net interest income was primarily due to an increase in total interest income of $1.4 million as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $1.0 million as a result of an increase in average interest-bearing liabilities.

Total interest income increased by $1.4 million or 7.4% to $20.5 million for the three months ended March 31, 2025, from $19.1 million for the three months ended March 31, 2024. Interest income on loans, including fees, decreased $289,000 or 1.6% to $17.4 million for the three months ended March 31, 2025, as compared to $17.7 million for the three months ended March 31, 2024. The decrease in interest income on loans, including fees, resulted primarily from a decline in the average balance of loans receivable of $9.9 million or 0.8% to $1.24 billion for the three months ended March 31, 2025, as compared to $1.25 billion for the three months ended March 31, 2024. Average yield on loans receivable was 5.67% for the three months ended March 31, 2025, unchanged year over year. Interest income on interest-bearing deposits with other banks increased by $338,000 or 51.6% to $993,000 for the three months ended March 31, 2025, as compared to $655,000 for the same period in the prior year. This increase resulted from a higher average balance of interest-bearing deposits with banks of $43.7 million or 80.7% to $97.8 million for the three months ended March 31, 2025, as compared to $54.1 million for the same period in the prior year. Interest income on investment securities increased by $1.3 million or 231.0% to $1.9 million for the three months ended March 31, 2025, as compared to $561,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of investment securities portfolio increased by $81.8 million or 117.2% to $151.6 million for the three months ended March 31, 2025, as compared to $69.8 million for the same period in the prior year. The average yield on investment securities increased by 168 basis points to 4.90% for the three months ended March 31, 2025, as compared to 3.22% for the same period in the prior year. Dividend income on FHLB stock increased by $63,000 or 40.1% to $220,000 for the three months ended March 31, 2025, as compared to $157,000 for the same period in the prior year, primarily as a result of an increase in average yield of 128 basis points to 9.34% for the three months ended March 31, 2025, as compared to 8.06% for the same period in the prior year.

Total interest expense increased by $1.0 million or 9.5% to $11.8 million for the three months ended March 31, 2025, from $10.8 million for the three months ended March 31, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $118.6 million or 11.0%, to $1.20 billion for the three months ended March 31, 2025, from $1.08 billion for the three months ended March 31, 2024. Despite the increase in the average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.99% for the three months ended March 31, 2025, as compared to 4.01% for the three months ended March 31, 2024. The increase in average balance of interest-bearing liabilities included a $85.3 million increase in average interest-bearing deposit liabilities and a $33.3 million increase in average wholesale borrowings for the three months ended March 31, 2025. The increase in interest-bearing liabilities was primarily used to maintain an increased level of liquidity consistent with regulatory guidance.

During the first quarter of 2025, the Company recorded an $83,000 provision for credit losses as compared to a $7,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors for the first quarter of 2025, the Company recorded a provision for credit losses of $51,000 on corporate securities held-to-maturity, a $19,000 provision for credit losses for unfunded commitments and a $13,000 provision for credit losses on loans. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at March 31, 2025, and 2024 were appropriate.

Net interest margin decreased by six basis points to 2.33% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. The decrease in the net interest margin is primarily due to an increase in the average balance of interest bearing liabilities of $118.6 million to $1.20 billion for the three months ended March 31, 2025 from $1.08 billion three months ended March 31, 2024, despite a decrease in the cost of interest-bearing liabilities to 3.99% for the three months ended March 31, 2025 from 4.01% for the three months ended March 31, 2024. This increase was partially offset by an increase in average balance of interest earning assets of $117.3 million to $1.50 billion for the three months ended March 31, 2025, compared to $1.39 billion for the three months ended March 31, 2024.

Non-interest income increased by $872,000 or 167.0% to $1.4 million for the three months ended March 31, 2025, from $522,000 for the three months ended March 31, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $764,000 as a result of a non-recurring gain of $778,000 on the sale of a Company owned property recorded in the first quarter of 2025. Excluding this non-recurring gain, other income would have decreased $14,000 when compared to the same period in the prior year. Service charges and fees increased by $102,000 or 53.4% to $293,000 for the three months ended March 31, 2025, from $191,000 for the same period in the prior year, primarily due to an increase in loan fees of $47,000 and an increase in deposit accounts fees of $51,000.

Non-interest expense increased by $638,000 or 8.8% to $7.8 million for the three months ended March 31, 2025, compared to $7.2 million for the three months ended March 31, 2024. Salaries and employee benefits increased by $238,000 or 5.3% to $4.7 million for the three months ended March 31, 2025, as compared to $4.5 million for the three months ended March 31, 2024. The increase in salaries and employee benefits resulted primarily due to new positions appointed to assist in the growth of the Bank and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $245,000 or 26.9% to $1.2 million for the three months ended March 31, 2025, as compared to $912,000 for the three months ended March 31, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $23,000 or 29.5% to $55,000 for the three months ended March 31, 2025, as compared to $78,000 for the three months ended March 31, 2024, as a result of reduction in marketing consultant services. Data processing expense increased by $57,000 or 20.0% to $342,000 for the three months ended March 31, 2025, compared to $285,000 for the three months ended March 31, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $26,000 or 13.3% to $221,000 for the three months ended March 31, 2025, from $195,000 for the three months ended March 31, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $79,000 or 10.5% to $828,000 for the three months ended March 31, 2025, from $749,000 for the three months ended March 31, 2024, primarily due to minor increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, dues and subscriptions, digital banking expenses, sponsorships, training and education, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses.

The income tax provision increased by $22,000 or 5.8% to $403,000 for the three months ended March 31, 2025, from $381,000 for the three months ended March 31, 2024. This increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year. In addition, the effective tax yield declined year over year as a result of a reduction in New York state tax apportionment. The effective tax rate for the quarter ended March 31, 2025, was 19.4% compared to 24.8% for the quarter ended March 31, 2024.

Asset Quality

The allowance for credit losses increased by $78,000 to $14.8 million or 1.18% of gross loans at March 31, 2025, as compared to $14.7 million or 1.19% of gross loans at December 31, 2024, and $14.6 million or 1.18% at March 31, 2024. During the first quarter of 2025, the Company added a $13,000 provision to the allowance for credit losses and had net recoveries of $65,000. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors during the quarter, changes in the allowance for credit losses are adjusted accordingly.

The Bank had non-accrual loans totaling $37.9 million or 3.02% of gross loans at March 31, 2025, as compared to $16.6 million or 1.34% of gross loans at December 31, 2024. Non-accrual loans increased by $21.3 million or 128.0% from December 31, 2024, as a result of one commercial real estate loan in the amount of approximately $21.0 million which was placed on non-accrual status during the first quarter of 2025. A contract is in place to remediate this facility which is anticipated to close during the second quarter of 2025. The allowance for credit losses was 39.1% of non-accrual loans at March 31, 2025, compared to 88.7%, at December 31, 2024.

About First Commerce Bancorp, Inc.

First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company’s wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please visit our website https://www.firstcommercebk.com/ or contact our offices at 732-364-0032.

Forward-Looking Statements

This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank’s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

 
First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
             
           March 31, 2025 vs. 
           December 31, 2024 
(dollars in thousands, except percentages and share data) March 31, 2025  December 31, 2024   Amount  % 
Assets                 
Cash and cash equivalents:                 
Cash on hand $2,052  $1,790   $262   14.6%
Interest-bearing deposits in other banks  82,285   130,690    (48,405)  -37.0%
Total cash and cash equivalents  84,337   132,480    (48,143)  -36.3%
Investment securities:                 
Available-for-sale, at fair value  26,789   300    26,489   8829.7%
Held-to-maturity ("HTM"), at amortized cost  151,258   112,107    39,151   34.9%
Less: Allowance for credit losses - HTM securities  (249)  (198)   (51)  25.8
%
Held-to-maturity, net of allowance for credit losses  151,009   111,909    39,100   34.9
%
Total investment securities  177,798   112,209    65,589   58.5%
Restricted stock  9,483   9,348    135   1.4%
Loans receivable  1,256,247   1,239,031    17,216   1.4%
Less: Allowance for credit losses  (14,834)  (14,756)   (78)  0.5%
Net loans receivable  1,241,413   1,224,275    17,138   1.4%
Premises and equipment, net  10,338   17,059    (6,721)  -39.4%
Right-of-use asset  18,201   16,085    2,116   13.2%
Accrued interest receivable  6,541   5,829    712   12.2%
Bank owned life insurance  26,951   26,711    240   0.9%
Deferred tax asset, net  3,031   3,076    (45)  -1.5%
Other assets  3,890   4,053    (163)  -4.0%
Total assets $1,581,983  $1,551,125   $30,858   2.0%
Liabilities and Stockholders' Equity                 
Liabilities                 
Deposits:                 
Non-interest bearing $164,686  $157,684   $7,002   4.4%
Interest-bearing  1,037,393   1,017,254    20,139   2.0%
Total Deposits  1,202,079   1,174,938    27,141   2.3%
Borrowings  178,000   175,000    3,000   1.7%
Accrued interest payable  1,970   1,913    57   3.0%
Lease liability  18,968   16,773    2,195   13.1%
Other liabilities  10,544   10,232    312   3.1%
Total liabilities  1,411,561   1,378,856    32,705   2.4%
Commitments and contingencies  -   -    -   - 
Stockholders' equity                 
Preferred stock; authorized 5,000,000 shares; none issued  -   -    -   N/A 
Common stock, par value of $0; 30,000,000 authorized  -   -    -   N/A 
Additional paid-in capital  90,270   89,557    713   0.8%
Retained earnings  106,641   104,965    1,676   1.6%
Treasury stock  (26,360)  (22,253)   (4,107)  18.5%
Accumulated other comprehensive loss  (129)  -    (129)  -100.0%
Total stockholders' equity  170,422   172,269    (1,847)  -1.1%
Total liabilities and stockholders' equity $1,581,983  $1,551,125   $30,858   2.0%
                  
Shares issued  24,243,030   23,995,390          
Shares outstanding  20,130,474   20,536,214          
Treasury shares  4,112,556   3,459,176          
                  


 
First Commerce Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
          
   Three Months Ended    Variance 
(dollars in thousands, except percentages and share data) March 31, 2025  March 31, 2024   Amount  % 
Interest and Dividend Income                 
Loans, including fees $17,388  $17,677   $(289)  -1.6%
Investment securities:                 
Available-for-sale  182   68    114   167.6%
Held-to-maturity  1,675   493    1,182   239.8%
Interest-bearing deposits with other banks  993   655    338   51.6%
Restricted stock dividends  220   157    63   40.1%
Total interest and dividend income  20,458   19,050    1,408   7.4%
Interest expense:                 
Deposits  9,731   9,052    679   7.5%
Borrowings  2,106   1,759    347   19.7%
Total interest expense  11,837   10,811    1,026   9.5%
Net interest income  8,621   8,239    382   4.6%
Provision for credit losses  13   124    (111)  -89.5%
Provision for (reversal of) unfunded commitments for credit losses  19   (119)   138   -116.0%
Provision for credit losses - HTM securities  51   2    49   2450.0
% 
Total provision for credit losses  83   7    76   1085.7%
Net interest income after provision for (reversal of) credit losses  8,538   8,232    306   3.7%
Non-interest Income:                 
Service charges and fees  293   191    102   53.4%
Bank owned life insurance income  240   234    6   2.6%
Other income  861   97    764   787.6%
Total non-interest income  1,394   522    872   167.0%
Non-Interest Expenses:                 
Salaries and employee benefits  4,740   4,502    238   5.3%
Occupancy and equipment expense  1,157   912    245   26.9%
Advertising and marketing  55   78    (23)  -29.5%
Professional fees  512   496    16   3.2%
Data processing expense  342   285    57   20.0%
FDIC insurance assessment  221   195    26   13.3%
Other operating expenses  828   749    79   10.5%
Total non-interest expenses  7,855   7,217    638   8.8%
Income before income taxes  2,077   1,537    540   35.1%
Income tax provision  403   381    22   5.8%
Net income $1,674  $1,156   $518   44.8%
                  
Earnings per common share - Basic $0.08  $0.05   $0.03   60.0%
Earnings per common share - Diluted  0.08   0.05    0.03   60.0%
Weighted average shares outstanding - Basic  20,392   22,600    (2,208)  -9.8%
Weighted average shares outstanding - Diluted  20,435   22,930    (2,495)  -10.9%
                  


 
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
       
  Three months ended March 31, 2025  Three months ended March 31, 2024 
  Average      Average  Average      Average 
(dollars in thousands) Balance  Interest  Yield/Cost  Balance  Interest  Yield/Cost 
Assets:                        
Interest-earning assets:                        
Interest-bearing deposits in other banks $97,808  $993   4.12% $54,138  $655   4.86%
Investment securities:                        
Available-for-sale  11,672   182   6.25%  9,054   68   2.99%
Held-to-maturity  139,935   1,675   4.79%  60,731   493   3.25%
Total investment securities  151,607   1,857   4.90%  69,785   561   3.22%
Restricted stock  9,433   220   9.34%  7,779   157   8.06%
Loans receivable:                        
Consumer loans  881   7   3.16%  372   2   2.42%
Home equity loans  2,384   50   8.52%  2,948   59   8.11%
Construction loans  104,991   2,057   7.84%  115,401   2,529   8.67%
Commercial loans  42,935   845   7.87%  36,192   736   8.04%
Commercial mortgage loans  1,060,105   13,936   5.26%  1,056,058   13,664   5.12%
Residential mortgage loans  11,598   136   4.76%  14,873   174   4.71%
SBA loans  21,131   357   6.75%  28,037   513   7.24%
Total loans receivable  1,244,025   17,388   5.67%  1,253,881   17,677   5.67%
Total interest-earning assets  1,502,873   20,458   5.52%  1,385,583   19,050   5.53%
Non-interest-earning assets:                        
Allowance for credit losses  (14,800)          (14,485)        
Cash on hand  1,927           1,906         
Other assets  67,951           59,935         
Total non-interest-earning assets  55,078           47,356         
Total assets $1,557,951          $1,432,939         
Liabilities and stockholders' equity:                        
Interest-bearing liabilities:                        
Interest-bearing checking accounts $77,377  $404   2.12% $53,428  $225   1.69%
NOW accounts  8,629   62   2.91%  38,092   322   3.40%
Money market accounts  258,121   2,107   3.31%  210,400   1,748   3.34%
Savings accounts  39,467   195   2.00%  29,145   29   0.40%
Certificates of deposit  486,298   5,125   4.27%  506,261   5,465   4.34%
Brokered CDs  154,957   1,838   4.81%  102,213   1,263   4.97%
Borrowings  176,878   2,106   4.83%  143,553   1,759   4.93%
Total interest-bearing liabilities  1,201,727  $11,837   3.99%  1,083,092  $10,811   4.01%
Non-interest-bearing liabilities:                        
Demand deposits  154,448           143,325         
Other liabilities  29,196           23,291         
Total non-interest-bearing liabilities  183,644           166,616         
Stockholders' equity  172,580           183,231         
Total liabilities and stockholders' equity $1,557,951          $1,432,939         
Net interest spread          1.53%          1.52%
Net interest margin     $8,621   2.33%     $8,239   2.39%
                         


 
First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)
    
  As of and for the quarters ended 
(In thousands, except per share data) 3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 
Summary earnings:                    
Interest income $20,458  $19,672  $20,149  $19,793  $19,050 
Interest expense  11,837   11,706   11,785   11,451   10,811 
Net interest income  8,621   7,966   8,364   8,342   8,239 
Provision for (reversal of) credit losses  83   (55)  54   300   7 
Net interest income after provision for (reversal of) credit losses  8,538   8,021   8,310   8,042   8,232 
Non-interest income  1,394   412   582   562   522 
Non-interest expense  7,855   7,117   7,524   7,230   7,217 
Income before income tax expense  2,077   1,316   1,368   1,374   1,537 
Income tax expense  403   167   240   287   381 
Net income $1,674  $1,149  $1,128  $1,087  $1,156 
Per share data:                    
Earnings per share - basic $0.08  $0.06  $0.05  $0.05  $0.05 
Earnings per share - diluted  0.08   0.06   0.05   0.05   0.05 
Cash dividends declared  -   -   -   -   0.04 
Book value at period end  8.47   8.39   8.31   8.19   8.13 
Shares outstanding at period end  20,130   20,536   20,780   21,489   22,146 
Basic weighted average shares outstanding  20,392   20,552   21,164   21,641   22,600 
Fully diluted weighted average shares outstanding  20,435   20,612   21,387   21,898   22,930 
Balance sheet data (at period end):                    
Total assets $1,581,983  $1,551,125  $1,476,252  $1,467,517  $1,452,419 
Investment securities, available-for-sale  26,789   300   7,748   8,337   8,758 
Investment securities, held-to-maturity  151,009   111,909   73,977   74,109   61,483 
Total loans  1,256,247   1,239,031   1,262,481   1,260,236   1,244,357 
Allowance for credit losses  (14,834)  (14,756)  (14,869)  (14,922)  (14,628)
Total deposits  1,202,079   1,174,938   1,097,165   1,107,159   1,105,161 
Stockholders' equity  170,422   172,269   172,642   175,933   179,963 
Common cash dividends  -   -   -   -   904 
Selected performance ratios:                    
Return on average total assets  0.44%  0.31%  0.31%  0.30%  0.32%
Return on average stockholders' equity  3.93%  2.65%  2.56%  2.47%  2.54%
Dividend payout ratio  N/A   N/A   N/A   N/A   78.21%
Average yield on earning assets  5.52%  5.43%  5.66%  5.64%  5.53%
Average cost of funding liabilities  3.99%  4.08%  4.18%  4.12%  4.01%
Net interest margin  2.33%  2.20%  2.35%  2.38%  2.39%
Efficiency ratio  78.43%  84.95%  84.10%  81.19%  82.37%
Non-interest income to average assets  0.36%  0.11%  0.16%  0.16%  0.15%
Non-interest expenses to average assets  2.04%  1.90%  2.04%  1.99%  2.03%
Asset quality ratios:                    
Non-performing loans to total loans  3.02%  1.34%  1.15%  1.21%  1.53%
Non-performing assets to total assets  2.40%  1.07%  0.98%  1.04%  1.31%
Allowance for credit losses to non-performing loans  39.12%  88.71%  102.67%  97.76%  76.77%
Allowance for credit losses to total loans  1.18%  1.19%  1.18%  1.18%  1.18%
Net recoveries (charge-offs) to average loans  0.02%  -0.01%  -0.03%  0.01%  0.01%
Liquidity and capital ratios:                    
Net loans to deposits  103.27%  104.20%  113.71%  112.48%  111.27%
Average loans to average deposits  105.49%  111.83%  114.54%  113.30%  115.79%
Total stockholders' equity to total assets  10.77%  11.11%  11.69%  11.99%  12.39%
Total capital to risk-weighted assets  13.29%  14.45%  14.30%  14.67%  15.33%
Tier 1 capital to risk-weighted assets  12.16%  13.26%  13.13%  13.48%  15.15%
Common equity tier 1 capital ratio to risk-weighted assets  12.16%  13.26%  13.13%  13.48%  15.15%
Tier 1 leverage ratio  10.74%  11.56%  11.80%  12.08%  12.58%
                     

FAQ

What was First Commerce Bancorp's (CMRB) earnings per share in Q1 2025?

First Commerce Bancorp reported basic earnings per share of $0.08 for Q1 2025, compared to $0.05 in Q1 2024.

How many shares did CMRB repurchase in Q1 2025 and at what price?

The company repurchased 653,000 shares at approximately $6.23 per share, totaling about $4.1 million during Q1 2025.

What is CMRB's current non-accrual loan situation as of Q1 2025?

Non-accrual loans totaled $37.9 million (3.02% of gross loans), including a new $21.0 million commercial real estate loan added in Q1 2025.

How much did First Commerce Bancorp's deposits grow year-over-year in Q1 2025?

Total deposits increased by $96.9 million or 8.8% to $1.20 billion compared to Q1 2024.

What is CMRB's book value per share as of March 31, 2025?

The book value per common share was $8.47 as of March 31, 2025, up from $8.13 in March 2024.
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First Commerce Bank

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CMRB Latest News

Feb 25, 2025
First Commerce Bancorp, Inc. Announces Additions to Its Board and Management
Feb 6, 2025
First Commerce Bancorp, Inc., Announces Relocation of Its Corporate Headquarters in Lakewood, NJ
Jan 31, 2025
First Commerce Bancorp, Inc., Reports the Fourth Quarter and Year-to-Date 2024 Results
Oct 30, 2024
First Commerce Bancorp, Inc. Reports the Third Quarter and Year-to-Date 2024 Results
Jul 30, 2024
First Commerce Bancorp, Inc. Reports the Second Quarter and Year-to-Date 2024 Results and Adopts Second Stock Repurchase Program

CMRB Stock Data

106.16M
23.32M
Banks - Regional
Financial Services
Link
United States
Lakewood