First Commerce Bancorp, Inc. Reports First Quarter 2026 Results and Declares a Cash Dividend

Rhea-AI Summary

First Commerce Bancorp (OTCID: CMRB) reported Q1 2026 net income of $3.5M versus $1.7M in Q1 2025 and declared a cash dividend of $0.05 per share payable May 28, 2026 to holders of record May 13, 2026.

Key metrics: loans $1.47B, deposits $1.32B, NIM 2.85%, book value $9.22, and a $21.0M share repurchase completed.

AI-generated analysis. Not financial advice.

Positive

• Net income increased to $3.5M (Q1 2026) from $1.7M (Q1 2025)
• Net interest margin rose 52 bps to 2.85% year-over-year
• Loans grew $48.7M to $1.47B at March 31, 2026
• Reinstated dividend of $0.05 per share payable May 28, 2026
• Share repurchase completed: 3.0M shares for $21.0M, boosting tangible book value

Negative

• Stockholders' equity decreased $19.0M (10.8%) to $156.4M at March 31, 2026
• Cash and equivalents declined $74.3M (54.5%) to $62.1M, reflecting deployment into loans and securities
• Non-interest income fell 29.0% to $1.0M due to absence of prior-period property sale gain
• Non-interest expense increased 15.7% to $9.1M, driven by higher staffing and operating costs

News Market Reaction – CMRB

+2.06%

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+2.06% News Effect

On the day this news was published, CMRB gained 2.06%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LAKEWOOD, NJ / ACCESS Newswire / April 27, 2026 / First Commerce Bancorp, Inc. (the "Company"), (OTCID:CMRB), the holding company for First Commerce Bank (the "Bank"), today reported net income of $3.5 million for the three months ending March 31, 2026, as compared to $1.7 million for the three months ending March 31, 2025, respectively. Basic earnings per common share for the three months ending March 31, 2026, was $0.18, compared to $0.08 for the three months ending March 31, 2025. The Board of Directors has unanimously declared a cash dividend of $0.05 per common share for shareholders of record on May 13, 2026, with a payable date of May 28, 2026.

President & CEO Donald Mindiak commented, "The growth in loans receivable and investment securities and operational results during the first quarter of 2026 demonstrate the continuation of the successful execution of the organic growth initiatives established and enacted starting with the first quarter of 2025. Net income on both a year-over-year and linked quarter basis reflects increases in revenue and the profitability metrics that accompany that performance. The additional capital raised through the Subordinated Note Offering occurred in the absence of any shareholder ownership dilution and allowed for the prudent deployment of a portion of that capital to repurchase an additional 3.0 million common shares at $7.00 per share which was a material discount to our tangible book value, accretive to book value calculations and improved our tangible book value by $0.75 per share year-over-year to $9.22 per share at quarter end."

Continuing, he stated, "The reinstatement of a cash dividend, which is 25% greater than previous cash dividend declarations prior to cessation, underscores the confidence the Board and Management have in our collective ability to successfully formulate, engage and execute corporate initiatives that have the capacity to provide enhancements to franchise and shareholder value. We look forward to the opportunities and challenges that lie ahead, heartened by the confidence that our dedicated shareholders have in our ability to perform on their behalf."

Financial Highlights

• Total interest and dividend income increased by $4.5 million or 21.8% for the first quarter of 2026 compared to the first quarter of 2025 as a result of the growth in average interest-earning assets year over year, and an increase in the average yield of interest earning assets.

• Total interest expense increased by $1.0 million or 8.5% for the first quarter of 2026 compared to the first quarter of 2025 as a result of the growth in borrowings (primarily Federal Home Loan Bank advances) used primarily to fund loan growth and the issuance of subordinated notes.

• Total loans increased by $48.7 million or 3.4% to $1.47 billion at March 31, 2026, compared to $1.42 billion at December 31, 2025.

• Total deposits increased by $28.1 million or 2.2% to $1.32 billion at March 31, 2026, compared to $1.30 billion at December 31, 2025.

• Quarter-to-date (annualized) return on average total assets increased by thirty-four basis points to 0.78% at March 31, 2026, compared to 0.44% at March 31, 2025.

• Quarter-to-date (annualized) return on average shareholders' equity increased by 427 basis points to 8.20% at March 31, 2026, compared to 3.93% at March 31, 2025.

• Book value per common share increased by $0.75 or 8.9% to $9.22 at March 31, 2026, compared to $8.47 at March 31, 2025.

• Net interest margin increased fifty-two basis points to 2.85% as of March 31, 2026, from 2.33% at March 31, 2025.

Balance Sheet Review

Total assets increased by $26.1 million or 1.5% to $1.82 billion at March 31, 2026, from $1.79 billion at December 31, 2025. The increase in total assets was primarily related to increases in total loans receivable, total investment securities and bank-owned life insurance, offset by a decrease in total cash and cash equivalents during the three months ending March 31, 2026, in an effort to deploy lower yielding liquid assets into higher yielding loans and investment securities.

Total cash and cash equivalents decreased by $74.3 million or 54.5% to $62.1 million at March 31, 2026, from $136.4 million at December 31, 2025. This decrease was primarily due to funding of loan growth and investment securities purchases.

Total investment securities increased by $36.0 million or 21.9% to $200.3 million at March 31, 2026, from $164.3 million at December 31, 2025. The increase in investment securities resulted primarily from $47.7 million in purchases of investment securities, partially offset by $5.7 million in redemptions and maturities and $6.0 million of amortization of mortgage-backed securities.

Total loans receivable, net of allowance for credit losses increased by $49.2 million or 3.5% to $1.45 billion at March 31, 2026, from $1.40 billion at December 31, 2025. Commercial mortgage loans increased $22.9 million, construction loans increased $22.4 million, and 1-4 family mortgage loans increased $5.4 million, partially offset by a decrease in multifamily loans of $2.0 million. The allowance for credit losses decreased by $478,000 or 3.0% to $15.5 million or 1.06% of total loans at March 31, 2026, as compared to $16.0 million or 1.13% of total loans at December 31, 2025, based on an evaluation of the quantitative and qualitative factors used for the CECL Model and a comprehensive review of the Bank's loan loss history.

Total deposits increased $28.1 million or 2.2% to $1.32 billion at March 31, 2026, from $1.30 billion at December 31, 2025. Money market deposits increased $29.2 million, non-interest-bearing demand deposits increased $5.3 million, savings accounts increased $3.3 million, and brokered CDs increased $18.6 million, partially offset by a decrease of $27.9 million in certificates of deposit.

Borrowings, which are primarily Federal Home Loan Bank advances increased $13.0 million or 5.1% to $265.5 million at March 31, 2026, from $252.5 million at December 31, 2025, which assisted in the facilitation of the loan and investment growth discussed previously.

Stockholders' equity decreased by $19.0 million or 10.8% to $156.4 million at March 31, 2026, from $175.4 million at December 31, 2025. The decrease in stockholders' equity was primarily due to an increase in treasury stock of $21.2 million and an increase in accumulated other comprehensive loss of $453,000, partially offset by an increase of $2.6 million in retained earnings. During the three months ending March 31, 2026, the Company completed a tender offer to repurchase 3.0 million shares of its outstanding common stock at $7.00 per common share for a total cost of $21.0 million which resulted in an increase in treasury stock.

Three Months of Operations

Net interest income increased by $3.5 million or 40.1% to $12.1 million for the three months ending March 31, 2026, from $8.6 million for the three months ending March 31, 2025. The increase in net interest income was primarily due to an increase in total interest and dividend income of $4.5 million as a result of an increase in the average balance of average interest earning assets, partially offset by an increase in total interest expense of $1.0 million as a result of an increase in the average balance of average interest-bearing liabilities.

Total interest and dividend income increased by $4.5 million or 21.8% to $24.9 million for the three months ending March 31, 2026, from $20.5 million for the three months ending March 31, 2025. Interest income on loans, including fees, increased $3.9 million or 22.7% to $21.3 million for the three months ending March 31, 2026, as compared to $17.4 million for the three months ending March 31, 2025. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $185.6 million or 14.9% to $1.43 billion for the three months ending March 31, 2026, as compared to $1.24 billion for the three months ending March 31, 2025. Average yield on loans receivable was 6.05% for the three months ending March 31, 2026, increasing thirty-eight basis points over the comparative time period in 2025. Interest income on investment securities increased by $662,000 or 35.6% to $2.5 million for the three months ending March 31, 2026, as compared to $1.9 million 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 the investment security portfolio increased by $26.5 million or 17.5% to $178.1 million for the three months ending March 31, 2026, as compared to $151.6 million for the same period in the prior year. The average yield on investment securities increased by seventy-six basis points to 5.66% for the three months ending March 31, 2026, as compared to 4.90% for the same period in the prior year. Interest income on interest-bearing deposits with other banks decreased by $159,000 or 16.0% to $834,000 for the three months ending March 31, 2026, as compared to $1.0 million for the same period in the prior year. This decrease resulted primarily from a decline in average yield of sixty-two basis points to 3.50% for the three months ending March 31, 2026, as compared to 4.12% for the same period in the prior year. Dividend income on restricted stock increased moderately as a result of an increase in average balance of restricted stock of $3.1 million to $12.5 million for the three months ending March 31, 2026, as compared to $9.4 million for the same period in the prior year despite a decrease in average yield of 160 basis points to 7.74% for the three months ending March 31, 2026, as compared to 9.34% for the same period in the prior year.

Total interest expense increased by $1.0 million or 8.5% to $12.8 million for the three months ending March 31, 2026, from $11.8 million for the three months ending March 31, 2025. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $218.3 million or 18.2%, to $1.42 billion for the three months ending March 31, 2026, from $1.20 billion for the three months ending March 31, 2025. The increase in total interest expense was attributable to an increase in average balance of interest-bearing liabilities, partially offset by a decrease in the average cost of interest-bearing liabilities of thirty-two basis points to 3.67% for the three months ending March 31, 2026, as compared to 3.99% for the three months ending March 31, 2025. The increase in average balance of interest-bearing liabilities included a $111.5 million increase in average interest-bearing deposit liabilities, a $67.9 million increase in average wholesale borrowings, and a $39.0 million addition of subordinated notes for the three months ending March 31, 2026. The increase in interest-bearing liabilities was primarily used to facilitate asset growth and strategic initiatives as well as to maintain an increased level of liquidity consistent with regulatory guidance.

During the first quarter of 2026, the Company recorded a $617,000 reversal of provision for credit losses as compared to a $83,000 provision for credit losses for the same period in the prior year. The decrease in provision for credit losses for the first quarter of 2026, was primarily due to management's evaluation of both quantitative and qualitative factors, and a comprehensive loss history review, which impacts the CECL model calculations, despite an increase of $48.7 million in gross loans receivable. The Company recorded a $478,000 reversal of provision for credit losses on loans, a $125,000 reversal of provision for credit losses for unfunded commitments and a $14,000 reversal of provision for credit losses on corporate securities held-to-maturity. Management believes that the allowance for credit losses on loans and investment securities at March 31, 2026, and 2025 were appropriate.

Net interest margin increased by fifty-two basis points to 2.85% for the three months ending March 31, 2026, compared to 2.33% for the three months ending March 31, 2025. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $214.2 million or 14.3% to $1.72 billion for the three months ending March 31, 2026, compared to $1.50 billion for the three months ending March 31, 2025, and an increase in average yield of interest-earning assets to 5.89% for the three months ending March 31, 2026 from 5.52% for the three months ending March 31, 2025, coupled with a decrease in the average cost of interest-bearing liabilities to 3.67% for the three months ending March 31, 2026 from 3.99% for the three months ending March 31, 2025, partially offset by an increase in the average balance of total interest-bearing liabilities of $218.3 million or 18.2% to $1.42 billion for the three months ending March 31, 2026, from $1.20 billion for the three months ending March 31, 2025.

Non-interest income decreased by $404,000 or 29.0% to $1.0 million for the three months ending March 31, 2026, from $1.4 million for the three months ending March 31, 2025. The decrease in total non-interest income was primarily due to a decrease of $752,000 in other income, partially offset by increases in service charges and fees of $61,000 and BOLI income of $287,000 for the three months ending March 31, 2026. Other income for the three months ending March 31, 2025, was impacted by a non-recurring $778,000 gain recorded on the sale of a Company owned property. BOLI income increased as result of the Company purchasing $13.4 million in new BOLI policies to insure additional employees as well as an increase in the rate of return on the policies.

Non-interest expense increased by $1.2 million or 15.7% to $9.1 million for the three months ending March 31, 2026, compared to $7.9 million for the three months ending March 31, 2025. Salaries and employee benefits increased by $394,000 or 8.3% to $5.1 million for the three months ending March 31, 2026, as compared to $4.7 million for the three months ending March 31, 2025. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount as a result of the growth of the Bank, annual merit increases, employee incentives and increased health insurance costs year over year. Occupancy and equipment expense increased by $195,000 or 16.9% to $1.4 million for the three months ending March 31, 2026, as compared to $1.2 million for the three months ending March 31, 2025, primarily due to increase in facilities maintenance contracts, lease expense, and other real estate owned expenses. Advertising and marketing expense increased $53,000 or 96.4% to $108,000 for the three months ending March 31, 2026, as compared to $55,000 for the same period in the prior year, primarily due to an increase in advertising campaigns and product promotions. Professional fees increased $103,000 or 20.1% to $615,000 for the three months ending March 31, 2026, as compared to $512,000 for the three months ending March 31, 2025, primarily due to increase in director fees, partially offset by a decrease in audit and legal fees. FDIC insurance assessment increased $64,000 or 29.0% to $285,000, for the three months ending March 31, 2026, from $221,000 for the three months ending March 31, 2025, as a result of the growth in total assets. Other operating expenses increased by $417,000 or 50.4% to $1.2 million for the three months ending March 31, 2026, from $828,000 for the three months ending March 31, 2025, primarily due to a $200,000 accrual to miscellaneous expenses related to 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, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses, while executing on our organic growth initiative.

The income tax provision increased by $739,000 or 183.4% to $1.1 million for the three months ending March 31, 2026, from $403,000 for the three months ending March 31, 2025. The increase in income tax provision resulted primarily from an increase in the pre-tax income year over year of $2.5 million or 121.3% to $4.6 million for the three months ending March 31, 2026, from $2.1 million for the three months ending March 31, 2025. The effective tax rate for the quarter ending March 31, 2026, was 24.8% compared to 19.4% for the quarter ending March 31, 2025. The effective tax rate for the quarter ended March 31, 2025, was impacted by a reduction in New York state tax apportionment.

Asset Quality

The allowance for credit losses decreased by $478,000 or 3.0% to $15.5 million or 1.06% of total loans at March 31, 2026, as compared to $14.8 million or 1.18% of total loans at March 31, 2025. During the three months ending March 31, 2026, the Company reversed $478,000 in provision for credit losses and had no charge-offs or recoveries. Based on the results of the CECL model and management's evaluation of both the quantitative and qualitative factors and a comprehensive loss history review, changes in the allowance for credit losses for the three months ended March 31, 2026, were adjusted accordingly.

The Bank had non-accrual loans totaling $11.4 million or 0.78% of total loans at March 31, 2026, as compared to $10.5 million or 0.74% of total loans at December 31, 2025. Non-accrual loans increased by $900,000 from December 31, 2025, primarily as a result of one commercial real estate loan which was reclassed to non-accrual status during the first quarter of 2026. The allowance for credit losses was 136.2% of non-accrual loans at March 31, 2026, compared to 152.4%, at December 31, 2025.

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 go to www.firstcommercebk.com.

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)

										Variance
(dollars in thousands, except percentages and share data)		March 31, 2026				December 31, 2025				Amount				%
Assets
Cash and cash equivalents:
Cash on hand		$	2,237			$	2,573			$	(336	)			-13.1	%
Interest-bearing deposits in other banks			59,850				133,845				(73,995	)			-55.3	%
Total cash and cash equivalents			62,087				136,418				(74,331	)			-54.5	%
Investment securities:
Available-for-sale, at fair value			83,492				38,684				44,808				115.8	%
Held-to-maturity ("HTM"), at amortized cost			116,948				125,780				(8,832	)			-7.0	%
Less: Allowance for credit losses - HTM securities			(105	)			(119	)			14				-11.8	%
Held-to-maturity, net of allowance for credit losses			116,843				125,661				(8,818	)			-7.0	%
Total investment securities			200,335				164,345				35,990				21.9	%
Restricted stock			13,464				12,879				585				4.5	%
Loans receivable			1,467,440				1,418,701				48,739				3.4	%
Less: Allowance for credit losses			(15,541	)			(16,019	)			478				-3.0	%
Net loans receivable			1,451,899				1,402,682				49,217				3.5	%
Premises and equipment, net			11,130				10,966				164				1.5	%
Right-of-use asset			16,743				17,119				(376	)			-2.2	%
Accrued interest receivable			8,089				7,594				495				6.5	%
Bank owned life insurance			41,611				27,697				13,914				50.2	%
Other real estate owned			6,937				6,937				-				N/A
Deferred tax asset, net			3,269				3,496				(227	)			-6.5	%
Other assets			4,854				4,188				666				15.9	%
Total assets		$	1,820,418			$	1,794,321			$	26,097				1.5	%
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing		$	176,280			$	171,010			$	5,270				3.1	%
Interest-bearing			1,147,468				1,124,686				22,782				2.0	%
Total deposits			1,323,748				1,295,696				28,052				2.2	%
Borrowings			265,500				252,500				13,000				5.1	%
Subordinated notes, net			38,965				38,953				12				N/A
Accrued interest payable			2,409				1,965				444				22.6	%
Lease liability			18,279				18,612				(333	)			-1.8	%
Other liabilities			15,111				11,204				3,907				34.9	%
Total liabilities			1,664,012				1,618,930				45,082				2.8	%
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			91,280				91,201				79				0.1	%
Retained earnings			115,828				113,221				2,607				2.3	%
Treasury stock			(50,070	)			(28,852	)			(21,218	)			73.5	%
Accumulated other comprehensive loss			(632	)			(179	)			(453	)			253.1	%
Total stockholders' equity			156,406				175,391				(18,985	)			-10.8	%
Total liabilities and stockholders' equity		$	1,820,418			$	1,794,321			$	26,097				1.5	%
Shares issued			24,474,830				24,462,830
Shares outstanding			16,964,579				19,952,579
Treasury shares			7,510,251				4,510,251

First Commerce Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)

		Three Months Ended								Variance
(dollars in thousands, except percentages and share data)		March 31, 2026				March 31, 2025				Amount				%
Interest and Dividend Income
Loans, including fees		$	21,331			$	17,388			$	3,943				22.7	%
Investment securities:
Available-for-sale			769				182				587				322.5	%
Held-to-maturity			1,750				1,675				75				4.5	%
Interest-bearing deposits with other banks			834				993				(159	)			-16.0	%
Restricted stock dividends			242				220				22				10.0	%
Total interest and dividend income			24,926				20,458				4,468				21.8	%
Interest expense:
Deposits			9,485				9,731				(246	)			-2.5	%
Borrowings			2,530				2,106				424				20.1	%
Subordinated notes			829				-				829				N/A
Total interest expense			12,844				11,837				1,007				8.5	%
Net interest income			12,082				8,621				3,461				40.1	%
(Reversal of) provision for credit losses			(478	)			13				(491	)			-3776.9	%
(Reversal of) provision for unfunded commitments for credit losses			(125	)			19				(144	)			-757.9	%
(Reversal of) provision for credit losses - HTM securities			(14	)			51				(65	)			-127.5	%
Total (reversal of) provision for credit losses			(617	)			83				(700	)			-843.4	%
Net interest income after provision for credit losses			12,699				8,538				4,161				48.7	%
Non-interest Income:
Service charges and fees			354				293				61				20.8	%
Bank owned life insurance income			527				240				287				119.6	%
Other income			109				861				(752	)			-87.3	%
Total non-interest income			990				1,394				(404	)			-29.0	%
Non-Interest Expenses:
Salaries and employee benefits			5,134				4,740				394				8.3	%
Occupancy and equipment expense			1,352				1,157				195				16.9	%
Advertising and marketing			108				55				53				96.4	%
Professional fees			615				512				103				20.1	%
Data processing expense			353				342				11				3.2	%
FDIC insurance assessment			285				221				64				29.0	%
Other operating expenses			1,245				828				417				50.4	%
Total non-interest expenses			9,092				7,855				1,237				15.7	%
Income before income taxes			4,597				2,077				2,520				121.3	%
Income tax provision			1,142				403				739				183.4	%
Net income		$	3,455			$	1,674			$	1,781				106.4	%
Earnings per common share - Basic		$	0.18			$	0.08			$	0.10				127.1	%
Earnings per common share - Diluted			0.18				0.08				0.10				126.9	%
Weighted average shares outstanding - Basic			19,021				20,392				(1,371	)			-6.7	%
Weighted average shares outstanding - Diluted			19,030				20,435				(1,405	)			-6.9	%

 

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

		Three months ended March 31, 2026												Three months ended March 31, 2025
		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		$	96,741			$	834				3.50	%		$	97,808			$	993				4.12	%
Investment securities:
Available-for-sale			55,808				769				5.51	%			11,672				182				6.25	%
Held-to-maturity			122,309				1,750				5.72	%			139,935				1,675				4.79	%
Total investment securities			178,117				2,519				5.66	%			151,607				1,857				4.90	%
Restricted stock			12,510				242				7.74	%			9,433				220				9.34	%
Loans receivable:
Consumer loans			997				12				4.88	%			881				7				3.16	%
Home equity loans			1,551				31				8.11	%			2,384				50				8.52	%
Construction loans			56,038				1,130				8.07	%			104,991				2,057				7.84	%
Commercial loans			39,943				879				8.80	%			42,935				845				7.87	%
Commercial mortgage loans			1,307,412				18,924				5.79	%			1,060,105				13,936				5.26	%
Residential mortgage loans			7,745				66				3.46	%			11,598				136				4.76	%
SBA loans			15,978				289				7.23	%			21,131				357				6.75	%
Total loans receivable			1,429,664				21,331				6.05	%			1,244,025				17,388				5.67	%
Total interest-earning assets			1,717,032				24,926				5.89	%			1,502,873				20,458				5.52	%
Non-interest-earning assets:
Allowance for credit losses			(16,014	)											(14,800	)
Cash on hand			3,226												1,927
Other assets			88,974												67,951
Total non-interest-earning assets			76,186												55,078
Total assets		$	1,793,218											$	1,557,951
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts		$	93,052			$	510				2.22	%		$	77,377			$	404				2.12	%
NOW accounts			4,114				24				2.37	%			8,629				62				2.91	%
Money market accounts			276,647				1,889				2.77	%			258,121				2,107				3.31	%
Savings accounts			76,955				448				2.36	%			39,467				195				2.00	%
Certificates of deposit			528,222				5,092				3.91	%			486,298				5,125				4.27	%
Brokered CDs			157,322				1,522				3.92	%			154,957				1,838				4.81	%
Borrowings			244,755				2,530				4.19	%			176,878				2,106				4.83	%
Subordinated notes			38,952				829				8.51	%			-				-				N/A
Total interest-bearing liabilities			1,420,019			$	12,844				3.67	%			1,201,727			$	11,837				3.99	%
Non-interest-bearing liabilities:
Demand deposits			170,687												154,448
Other liabilities			31,556												29,196
Total non-interest-bearing liabilities			202,243												183,644
Stockholders' equity			170,956												172,580
Total liabilities and stockholders' equity		$	1,793,218											$	1,557,951
Net interest spread											2.22	%											1.53	%
Net interest margin						$	12,082				2.85	%						$	8,621				2.33	%

 

First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)

		As of and for the quarters ended
(In thousands, except per share data)		3/31/2026				12/31/2025				9/30/2025				6/30/2025				3/31/2025
Summary earnings:
Interest income		$	24,926			$	25,321			$	24,113			$	21,739			$	20,458
Interest expense			12,844				12,667				13,266				12,099				11,837
Net interest income			12,082				12,654				10,847				9,640				8,621
(Reversal of) provision for credit losses			(617	)			348				452				712				83
Net interest income after provision for credit losses			12,699				12,306				10,395				8,928				8,538
Non-interest income			990				732				859				586				1,394
Non-interest expense			9,092				8,851				8,485				7,806				7,855
Income before income tax expense			4,597				4,187				2,770				1,708				2,077
Income tax expense			1,142				1,010				687				385				403
Net income		$	3,455			$	3,177			$	2,082			$	1,323			$	1,674
Per share data:
Earnings per share - basic		$	0.18			$	0.16			$	0.10			$	0.07			$	0.08
Earnings per share - diluted			0.18				0.16				0.10				0.07				0.08
Book value at period end			9.22				8.79				8.63				8.51				8.47
Shares outstanding at period end			16,965				19,953				20,010				20,096				20,130
Basic weighted average shares outstanding			19,021				19,994				20,077				20,095				20,392
Fully diluted weighted average shares outstanding			19,030				20,011				20,079				20,095				20,435
Balance sheet data (at period end):
Total assets		$	1,820,418			$	1,794,321			$	1,709,669			$	1,689,642			$	1,581,983
Investment securities, available-for-sale			83,492				38,684				26,605				26,605				26,789
Investment securities, held-to-maturity			116,843				125,661				145,572				153,324				151,009
Loans receivable			1,467,440				1,418,701				1,395,847				1,376,116				1,256,247
Allowance for credit losses			(15,541	)			(16,019	)			(15,866	)			(15,220	)			(14,834	)
Total deposits			1,323,748				1,295,696				1,282,904				1,247,358				1,202,079
Stockholders' equity			156,406				175,391				172,610				171,000				170,422
Selected performance ratios:
Return on average total assets			0.78	%			0.73	%			0.48	%			0.33	%			0.44	%
Return on average stockholders' equity			8.20	%			7.24	%			4.79	%			3.10	%			3.93	%
Average yield on earning assets			5.89	%			6.07	%			5.79	%			5.58	%			5.52	%
Average cost of funding liabilities			3.67	%			3.74	%			3.95	%			3.87	%			3.99	%
Net interest margin			2.85	%			3.03	%			2.61	%			2.47	%			2.33	%
Efficiency ratio			69.55	%			66.12	%			72.48	%			76.33	%			78.43	%
Non-interest income to average assets			0.22	%			0.17	%			0.20	%			0.15	%			0.36	%
Non-interest expenses to average assets			2.06	%			2.04	%			1.97	%			1.94	%			2.04	%
Asset quality ratios:
Non-performing loans to total loans			0.78	%			0.74	%			0.89	%			1.30	%			3.02	%
Non-performing assets to total assets			1.01	%			0.97	%			1.13	%			1.06	%			2.40	%
Allowance for credit losses to non-performing loans			136.16	%			152.35	%			128.38	%			84.97	%			39.12	%
Allowance for credit losses to total loans			1.06	%			1.13	%			1.14	%			1.11	%			1.18	%
Net recoveries (charge-offs) to average loans			N/A				-0.02	%			0.01	%			0.02	%			0.02	%
Liquidity and capital ratios:
Net loans to deposits			109.68	%			108.26	%			107.57	%			109.10	%			103.27	%
Average loans to average deposits			109.39	%			111.04	%			108.43	%			107.13	%			105.49	%
Total stockholders' equity to total assets			8.59	%			9.77	%			10.10	%			10.12	%			10.77	%
Total capital to risk-weighted assets			12.93	%			14.93	%			12.32	%			12.53	%			13.29	%
Tier 1 capital to risk-weighted assets			9.56	%			11.32	%			11.24	%			11.44	%			12.16	%
Common equity tier 1 capital ratio to risk-weighted assets			9.56	%			11.32	%			11.24	%			11.44	%			12.16	%
Tier 1 leverage ratio			8.76	%			10.22	%			10.12	%			10.59	%			10.74	%

Press Contact:
Donald Mindiak
First Commerce Bancorp, Inc.
Lakewood, NJ 08701
(732) 364-0032
dmindiak@firstcommercebk.com
http://firstcommercebk.com

SOURCE: First Commerce Bancorp, Inc.

View the original press release on ACCESS Newswire

FAQ

What were First Commerce Bancorp (CMRB) Q1 2026 earnings and EPS?

First Commerce Bancorp reported Q1 2026 net income of $3.5M and basic EPS of $0.18. According to First Commerce Bancorp, this compares with $1.7M and $0.08 EPS in Q1 2025, reflecting higher interest income and loan growth year over year.

Why did First Commerce Bancorp (CMRB) reinstate a dividend in May 2026?

The board declared a $0.05 per share cash dividend payable May 28, 2026. According to First Commerce Bancorp, the dividend reinstatement reflects stronger operating results and board confidence following capital and profitability improvements.

How did First Commerce Bancorp (CMRB) fund loan and investment growth in Q1 2026?

Growth was funded by increased borrowings, subordinated notes and deploying cash into loans and securities. According to First Commerce Bancorp, borrowings rose to $265.5M and cash declined as liquid assets were deployed into higher-yielding assets.

What impact did the $21.0M share repurchase have on First Commerce Bancorp (CMRB)?

The company repurchased 3.0M shares at $7.00 per share for $21.0M, increasing treasury stock and reducing equity. According to First Commerce Bancorp, the repurchase was accretive and raised tangible book value by $0.75 per share year-over-year.

Which key balance-sheet metrics changed for First Commerce Bancorp (CMRB) in Q1 2026?

Loans rose to $1.47B, deposits to $1.32B, and assets to $1.82B at March 31, 2026. According to First Commerce Bancorp, these changes were driven by loan growth, investment purchases, and a strategic deployment of cash into higher-yielding assets.