First Commerce Bancorp, Inc. Reports Third Quarter and Year-to-Date 2025 Results

Rhea-AI Summary

First Commerce Bancorp (OTC: CMRB) reported net income of $2.1M for Q3 2025 and $5.1M for the nine months ended September 30, 2025, up from $1.1M and $3.4M year‑ago, respectively. Basic EPS were $0.10 (Q3) and $0.25 (YTD).

Key drivers included loan growth to $1.40B (+12.7% vs Dec 31, 2024), deposits to $1.28B (+9.2%), investment securities up to $172.2M (+53.4%), a higher net interest margin of 2.61%, and repurchases of 991,000 shares for ~$6.2M. Book value per share rose to $8.63 at Sept 30, 2025.

Positive

• Net income +84.4% to $2.1M (Q3 2025 vs Q3 2024)
• Nine‑month net income +50.6% to $5.1M
• Loans +12.7% to $1.40B at Sept 30, 2025
• Deposits +9.2% to $1.28B at Sept 30, 2025
• Net interest margin up to 2.61%
• Repurchased 991,000 shares for ~$6.2M

Negative

• Cash and cash equivalents down 48.0% to $68.9M at Sept 30, 2025
• Provision for credit losses in Q3 2025 of $452,000 (vs $54,000)
• Non‑interest expense +12.8% to $8.5M in Q3 2025
• FDIC assessment increased 75.8% to $283,000 in Q3 2025
• Share repurchases reduced equity by $6.2M during nine months

LAKEWOOD, N.J., Oct. 29, 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 $2.1 million and $5.1 million for the three and nine months ending September 30, 2025, respectively, as compared to $1.1 million and $3.4 million for the three and nine months ending September 30, 2024, respectively. Basic earnings per common share for the three- and nine-months ending September 30, 2025, were $0.10 and $0.25, respectively, compared to $0.05 and $0.15 for the three- and nine- months ending September 30, 2024, respectively.

President & CEO Donald Mindiak commented, “The balance sheet growth that we realized through the first six months of the year have now been manifested in the operational results for the three and nine-month periods reported herein. Net income increased by $954,000 or 84.4% to $2.1 million for the three months ending September 30, 2025, as compared to $1.1 million for the three months ending September 30, 2024. Net income increased by $1.7 million or 50.6% to $5.1 million for the nine months ending September 30, 2025, compared to $3.4 million for the nine months ending September 30, 2024. The increases in net income were facilitated by leveraging our excess capital position through a combination of judicious loan underwriting and investing in higher yielding investment securities, while maintaining sufficient liquidity and allowance levels consistent with prudent risk management practices. Funding for the asset growth occurred through a combination of measured increases in retail deposit growth and wholesale funding sources, partially offset by a decrease in brokered deposit balances. We are encouraged by the pattern of increasing profitability and its effect on our operational performance metrics, and coupled with our on-going stock repurchase plan, we have recorded a $0.24/share increase in our book value to $8.63/share at September 30, 2025, as compared to $8.39/share at December 31, 2024.”

Continuing, Mr. Mindiak remarked that, “While a number of domestic, foreign and geopolitical uncertainties remain in the form of the federal government shutdown, economic sanctions and tariff implications, possibly leading to challenging economic headwinds, we remain committed to executing our strategies with prudence and forethought, while delivering exceptional customer service in an effort to focus on our goal of systematic growth in both franchise and shareholder value.”

Financial Highlights

• Total interest and dividend income increased by $4.0 million or 19.7% for the third quarter of 2025 compared to the third quarter of 2024 as a result of the growth in average interest-earning assets and yield during those comparative periods year over year.
• Total interest expense increased by $1.5 million or 12.6% for the third quarter of 2025 compared to the third quarter of 2024 as a result of the growth in borrowings (primarily Federal Home Loan Bank advances), utilized to fund growth in interest earning assets.
• Total loans increased by $156.8 million or 12.7% to $1.40 billion at September 30, 2025, compared to $1.24 billion at December 31, 2024.
• Total deposits increased by $108.0 million or 9.2% to $1.28 billion at September 30, 2025, compared to $1.17 billion at December 31, 2024.
• The annualized return on average total assets increased by seventeen basis points to 0.48% at September 30, 2025, compared to 0.31% at September 30, 2024.
• The annualized return on average shareholders’ equity increased by 223 basis points to 4.79% at September 30, 2025, compared to 2.56% at September 30, 2024.
• Book value per common share increased by $0.32 to $8.63 at September 30, 2025, compared to $8.31 at September 30, 2024.
• Net interest margin increased fourteen basis points on a linked quarter basis to 2.61% as of September 30, 2025, from 2.47% as of June 30, 2025, and increased twenty-six basis points from 2.35% at September 30, 2024.

Balance Sheet Review

Total assets increased by $158.5 million or 10.2% to $1.71 billion at September 30, 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 nine months ending September 30, 2025.

Total cash and cash equivalents decreased by $63.6 million or 48.0% to $68.9 million at September 30, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to the funding of higher yielding assets in the form of loan closings and the purchase of investment securities during the nine months ended September 30, 2025.

Total investment securities increased by $60.0 million or 53.4% to $172.2 million at September 30, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $79.1 million in purchases of investment securities, partially offset by $4.9 million in redemptions and maturities and $14.2 million of amortization of mortgage-backed securities.

Total loans receivable, net of allowance for credit losses increased by $155.7 million or 12.7% to $1.38 billion at September 30, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans and multifamily mortgages loans increased $175.2 million and $33.3 million, respectively, partially offset by decreases in construction loans, residential loans and home equity loans of $40.7 million, $8.0 million and $2.7 million, respectively. The allowance for credit losses increased by $1.1 million to $15.9 million or 1.14% of total loans at September 30, 2025, as compared to $14.8 million or 1.19% of total loans at December 31, 2024.

Total deposits increased $108.0 million or 9.2% to $1.28 billion at September 30, 2025, from $1.17 billion at December 31, 2024. Time deposits increased $65.0 million, savings deposits increased $36.7 million, non-interest-bearing demand deposits increased $22.5 million, and money market accounts increased $1.3 million, partially offset by a decrease of $16.9 million in brokered deposits and $648,000 in NOW account deposits. As an augmentation to deposit growth, Federal Home Loan Bank advances increased by $45.0 million or 25.7% to $220.0 million at September 30, 2025, from $175.0 million at December 31, 2024. which assisted in the facilitation of the loan growth discussed previously.

Stockholders’ equity increased by $341,000 or 0.2% to $172.6 million at September 30, 2025, from $172.3 million at December 31, 2024. The increase in stockholders’ equity was primarily due to increases of $5.1 million in retained earnings and $1.6 million in additional paid-in-capital, offset by a decrease of $6.2 million in repurchases of common stock. During the nine months ending September 30, 2025, the Company repurchased 991,000 shares for approximately $6.2 million, or a weighted average price of approximately $6.25 per share.

Three Months of Operations

Net interest income increased by $2.5 million or 29.7% to $10.8 million for the three months ending September 30, 2025, from $8.4 million for the three months ending September 30, 2024. The increase in net interest income was primarily due to an increase in total interest income of $4.0 million as a result of an increase in the balance of average interest earning assets, as well as an increase in the yield on average earning assets and a decrease in the cost of interest-bearing liabilities, partially offset by an increase in total interest expense of $1.5 million as a result of an increase in average interest-bearing liabilities.

Total interest and dividend income increased by $4.0 million or 19.7% to $24.1 million for the three months ending September 30, 2025, from $20.1 million for the three months ending September 30, 2024. Interest income on loans, including fees, increased $2.4 million or 13.1% to $20.7 million for the three months ending September 30, 2025, as compared to $18.3 million for the three months ending September 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $127.2 million or 10.1% to $1.38 billion for the three months ending September 30, 2025, as compared to $1.26 billion for the three months ending September 30, 2024. Average yield on loans receivable was 5.93% for the three months ending September 30, 2025, increasing fourteen basis points over the comparative time period in 2024. Interest income on investment securities increased by $1.6 million or 191.4% to $2.4 million for the three months ending September 30, 2025, as compared to $824,000 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 the investment security portfolio increased by $95.0 million or 116.0% to $177.0 million for the three months ending September 30, 2025, as compared to $81.9 million for the same period in the prior year. The average yield on investment securities increased by 141 basis points to 5.43% for the three months ending September 30, 2025, as compared to 4.02% for the same period in the prior year. Interest income on interest-bearing deposits with other banks decreased by $23,000 or 2.8% to $811,000 for the three months ending September 30, 2025, as compared to $834,000 for the same period in the prior year. This decrease resulted primarily from a decline in average yield of seventy-seven basis points to 4.14% for the three months ending September 30, 2025, as compared to 4.91% for the same period in the prior year. The average balance of interest-bearing deposits with banks increased by $10.3 million or 15.2% to $77.8 million for the three months ending September 30, 2025, as compared to $67.5 million for the same period in the prior year.

Total interest expense increased by $1.5 million or 12.6% to $13.3 million for the three months ending September 30, 2025, from $11.8 million for the three months ending September 30, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $212.7 million or 19.0%, to $1.33 billion for the three months ending September 30, 2025, from $1.12 billion for the three months ending September 30, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased by twenty-three basis points to 3.95% for the three months ending September 30, 2025, as compared to 4.18% for the three months ending September 30, 2024. The increase in average balance of interest-bearing liabilities included a $155.7 million increase in average interest-bearing deposit liabilities and a $57.0 million increase in average wholesale borrowings for the three months ending September 30, 2025. The increase in interest-bearing liabilities was primarily used to facilitate asset growth and maintain an increased level of liquidity consistent with regulatory guidance.

During the third quarter of 2025, the Company recorded a $452,000 provision for credit losses as compared to a $54,000 provision for credit losses for the same period in the prior year. The increase in provision for credit losses for the third quarter of 2025 was primarily due to the increase in gross loans and management’s evaluation of both quantitative and qualitative factors which impacts the CECL model calculations. The Company recorded a $645,000 provision for credit losses on loans, a $133,000 reversal of provision for credit losses for unfunded commitments and a $60,000 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 September 30, 2025, and 2024 were appropriate.

Net interest margin increased by twenty-six basis points to 2.61% for the three months ending September 30, 2025, compared to 2.35% for the three months ending September 30, 2024. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $235.1 million or 16.6% to $1.65 billion for the three months ending September 30, 2025, as compared to $1.42 billion for the three months ending September 30, 2024, and an increase in the average yield of interest-earning assets to 5.79% for the three months ending September 30, 2025 from 5.66% for the three months ending September 30, 2024, coupled with a decrease in the average cost of interest-bearing liabilities to 3.95% for the three months ending September 30, 2025 from 4.18% for the three months ending September 30, 2024, partially offset by an increase in total interest-bearing liabilities of $212.7 million or 19.0% to $1.33 billion for the three months ending September 30, 2025, from $1.12 billion for the three months ending September 30, 2024.

Non-interest income increased by $277,000 or 47.6% to $859,000 for the three months ending September 30, 2025, from $582,000 for the three months ending September 30, 2024. The increase in total non-interest income was primarily due to an increase in service charges and fees of $363,000 resulting primarily from $284,000 in loan referral fee income, partially offset by a decrease of $95,000 in other income.

Non-interest expense increased by $961,000 or 12.8% to $8.5 million for the three months ending September 30, 2025, compared to $7.5 million for the three months ending September 30, 2024. Salaries and employee benefits increased by $320,000 or 7.0% to $4.9 million for the three months ending September 30, 2025, as compared to $4.6 million for the three months ending September 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank, employee incentives and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $338,000 or 37.6% to $1.2 million for the three months ending September 30, 2025, as compared to $898,000 for the three months ending September 30, 2024, primarily due to the Company leasing additional office space to relocate its corporate offices and the increase in facilities maintenance contracts. Professional fees increased $116,000 or 25.7% to $567,000 for the three months ending September 30, 2025, as compared to $451,000 for the three months ending September 30, 2024, primarily due to increases in legal fees and director fees, partially offset by a decrease in audit and other professional fees. FDIC insurance assessment increased $122,000 or 75.8% to $283,000, for the three months ending September 30, 2025, from $161,000 for the three months ending September 30, 2024, as a result of an increase in the assessment rate as well as the growth in total assets. Other operating expenses increased by $46,000 or 4.4% to $1.1 million for the three months ending September 30, 2025, from $1.0 million for the three months ending September 30, 2024, primarily due to 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, 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 the organic growth initiative.

The income tax provision increased by $447,000 or 186.3% to $687,000 for the three months ending September 30, 2025, from $240,000 for the three months ending September 30, 2024. The increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year of $1.4 million or 102.4% to $2.8 million for the three months ending September 30, 2025, from $1.4 million for the three months ending September 30, 2024. The effective tax rate for the quarter ending September 30, 2025, was 24.8% compared to 17.5% for the quarter ending September 30, 2024. The effective tax rate for the quarter ending September 30, 2024, was impacted by a reduction in New York state tax apportionment.

Nine Months of Operations

Net interest income increased by $4.2 million or 16.7% to $29.1 million for the nine months ending September 30, 2025, from $24.9 million for the nine months ending September 30, 2024. The increase in net interest income was the result of an increase in total interest income of $7.3 million resulting from increases in the average balance and average yield on interest-earning assets, as well as a decrease in the average cost of interest-bearing liabilities, partially offset by an increase in total interest expense of $3.1 million as a result of an increase in average balance of interest-bearing liabilities.

Total interest and dividend income increased by $7.3 million or 12.4% to $66.3 million for the nine months ending September 30, 2025, from $59.0 million for the nine months ending September 30, 2024. Interest income on loans, including fees, increased $2.6 million or 4.8% to $56.5 million for the nine months ending September 30, 2025, as compared to $53.9 million for the nine months ending September 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $53.9 million or 4.3% to $1.31 billion for the nine months ending September 30, 2025, as compared to $1.25 billion for the nine months ending September 30, 2024. Average yield on loans receivable was 5.78% for the nine months ending September 30, 2025, an increase of three basis points year over year. Interest income on interest-bearing deposits with other banks increased by $199,000 or 8.2% to $2.6 million for the nine months ending September 30, 2025, as compared to $2.4 million for the same period in the prior year. This increase resulted from a higher average balance of interest-bearing deposits with banks of $19.2 million or 29.2% to $84.9 million for the nine months ending September 30, 2025, as compared to $65.7 million for the same period in the prior year. Interest income on investment securities increased by $4.5 million or 213.0% to $6.6 million for the nine months ending September 30, 2025, as compared to $2.1 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 securities portfolio increased by $93.5 million or 122.7% to $169.6 million for the nine months ending September 30, 2025, as compared to $76.2 million for the same period in the prior year. The average yield on investment securities increased by 149 basis points to 5.16% for the nine months ending September 30, 2025, as compared to 3.67% for the same period in the prior year. Dividend income on FHLB stock increased by $73,000 or 13.6% to $611,000 for the nine months ending September 30, 2025, as compared to $538,000 for the same period in the prior year, primarily as a result of an increase in average balance of restricted stock of $2.2 million or 26.5% to $10.6 million for the nine months ending September 30, 2025, as compared to $8.4 million for the same period in the prior year.

Total interest expense increased by $3.2 million or 9.3% to $37.2 million for the nine months ending September 30, 2025, from $34.0 million for the nine months ending September 30, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $156.9 million or 14.2%, to $1.26 billion for the nine months ending September 30, 2025, from $1.10 billion for the nine months ending September 30, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.94% for the nine months ending September 30, 2025, as compared to 4.11% for the nine months ending September 30, 2024. The increase in average balance of interest-bearing liabilities included a $109.1 million increase in average interest-bearing deposit liabilities and a $47.8 million increase in average wholesale borrowings for the nine months ending September 30, 2025. The increase in interest-bearing liabilities was primarily used to facilitate balance sheet growth and to maintain an increased level of liquidity consistent with regulatory guidance and support the loan growth.

During the nine months ending September 30, 2025, the Company recorded a $1.2 million provision for credit losses as compared to a $363,000 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 as well as the loan growth for the nine months ending September 30, 2025, the Company recorded a provision for loan losses of $1.1 million on loans, a $157,000 provision for credit losses for unfunded commitments and a $31,000 provision for credit losses on corporate securities held-to-maturity. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at September 30, 2025, and 2024 were appropriate.

Net interest margin increased by ten basis points to 2.47% for the nine months ending September 30, 2025, compared to 2.37% for the nine months ending September 30, 2024. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $168.8 million or 12.0% to $1.57 billion for the nine months ending September 30, 2025, compared to $1.40 billion for the nine months ending September 30, 2024, and an increase in average yield of interest-earning assets to 5.64% for the nine months ending September 30, 2025 from 5.61% for the nine months ending September 30, 2024, coupled with a decrease in the average cost of interest-bearing liabilities to 3.94% for the nine months ending September 30, 2025 from 4.11% for the nine months ending September 30, 2024, partially offset by an increase in the total interest-bearing liabilities of $156.9 million or 14.2% to $1.26 billion for the nine months ending September 30, 2025, from $1.11 billion for the nine months ending September 30, 2024.

Non-interest income increased by $1.2 million or 70.3% to $2.8 million for the nine months ending September 30, 2025, from $1.7 million for the nine months ending September 30, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $624,000 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 $154,000 when compared to the same period in the prior year. Service charges and fees increased by $525,000 or 82.4% to $1.2 million for the nine months ending September 30, 2025, from $637,000 for the same period in the prior year, primarily due to an increase in loan fees of $353,000 and an increase in deposit accounts fees of $172,000.

Non-interest expense increased by $2.2 million or 9.9% to $24.1 million for the nine months ending September 30, 2025, as compared to $22.0 million for the nine months ending September 30, 2024. Salaries and employee benefits increased by $752,000 or 5.6% to $14.3 million for the nine months ending September 30, 2025, as compared to $13.5 million for the nine months ending September 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank, employee incentives, and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $754,000 or 27.7% to $3.5 million for the nine months ending September 30, 2025, as compared to $2.7 million for the nine months ending September 30, 2024, primarily due to the Company leasing additional office space to relocate its corporate offices, other occupancy related expenses and facilities maintenance contracts. Advertising and marketing expense decreased by $45,000 or 15.7% to $241,000 for the nine months ending September 30, 2025, as compared to $286,000 for the nine months ending September 30, 2024, as a result of reduction in marketing consultant services. Professional fees increased $82,000 or 5.8% to $1.5 million for the nine months ending September 30, 2025, as compared to $1.4 million for the nine months ending September 30, 2024, primarily due to increases in legal fees, director fees and consulting fees, partially offset by a decrease in audit and other professional fees. Data processing expense increased by $93,000 or 10.2% to $1.0 million for the nine months ending September 30, 2025, compared to $915,000 for the nine months ending September 30, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $240,000 or 45.2% to $771,000 for the nine months ending September 30, 2025, from $531,000 for the nine months ending September 30, 2024, as a result of an increase in the assessment rate as well as the growth in total assets. Other operating expenses increased by $298,000 or 11.7% to $2.9 million for the nine months ending September 30, 2025, from $2.6 million for the nine months ending September 30, 2024, primarily due to minor increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, communications, 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 $567,000 or 62.4% to $1.48 million for the nine months ending September 30, 2025, from $908,000 for the nine months ending September 30, 2024. This increase in the income tax provision resulted primarily from an increase in pre-tax income of $2.27 million or 53.1% to $6.55 million for the nine months ending September 30, 2025, from $4.28 million for the nine months ending September 30, 2024. The effective tax rate for the nine months ending September 30, 2025, was 22.5% compared to 21.2% for the nine months ending September 30, 2024. The effective tax rate for the nine months ending September 30, 2024, was impacted by a reduction in New York state tax apportionment.

Asset Quality

The allowance for credit losses increased by $1.1 million or 7.5% to $15.9 million or 1.14% of total loans at September 30, 2025, as compared to $14.8 million or 1.19% of total loans at December 31, 2024, and $14.9 million or 1.18% at September 30, 2024. During the first nine months of 2025, the Company added a $1.1 million provision to the allowance for credit losses and had net recoveries of $51,000. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors during the nine months ended September 30, 2025, changes in the allowance for credit losses were adjusted accordingly.

The Bank had non-accrual loans totaling $12.4 million or 0.89% of total loans at September 30, 2025, as compared to $16.6 million or 1.34% of total loans at December 31, 2024, and $17.9 million or 1.30% of total loans at June 30, 2025. Non-accrual loans decreased by $5.5 million from June 30, 2025, primarily as a result of one construction loan in the amount of approximately $6.9 million for which the Company obtained the title and was reclassed to other real estate owned during the third quarter of 2025. The allowance for credit losses was 128.2% of non-accrual loans at September 30, 2025, compared to 88.7%, at December 31, 2024, and 85.0% at June 30, 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)
										September 30, 2025 vs.
										December 31, 2024
(dollars in thousands, except percentages and share data)		September 30, 2025				December 31, 2024				Amount				%
Assets
Cash and cash equivalents:
Cash on hand		$	2,478			$	1,790			$	688				38.4	%
Interest-bearing deposits in other banks			66,413				130,690				(64,277	)			-49.2	%
Total cash and cash equivalents			68,891				132,480				(63,589	)			-48.0	%
Investment securities:
Available-for-sale, at fair value			26,605				300				26,305				8768.3	%
Held-to-maturity ("HTM"), at amortized cost			145,802				112,107				33,695				30.1	%
Less: Allowance for credit losses - HTM securities			(229	)			(198	)			(31	)			15.7	%
Held-to-maturity, net of allowance for credit losses			145,573				111,909				33,664				30.1	%
Total investment securities			172,178				112,209				59,969				53.4	%
Restricted stock			11,416				9,348				2,068				22.1	%
Loans receivable			1,395,847				1,239,031				156,816				12.7	%
Less: Allowance for credit losses			(15,866	)			(14,756	)			(1,110	)			7.5	%
Net loans receivable			1,379,981				1,224,275				155,706				12.7	%
Premises and equipment, net			10,826				17,059				(6,233	)			-36.5	%
Right-of-use asset			17,352				16,085				1,267				7.9	%
Accrued interest receivable			7,087				5,829				1,258				21.6	%
Bank owned life insurance			27,446				26,711				735				2.8	%
Other real estate owned			6,937				-				6,937				N/A
Deferred tax asset, net			3,710				3,076				634				20.6	%
Other assets			3,845				4,053				(208	)			-5.1	%
Total assets		$	1,709,669			$	1,551,125			$	158,544				10.2	%
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing		$	180,209			$	157,684			$	22,525				14.3	%
Interest-bearing			1,102,695				1,017,254				85,441				8.4	%
Total Deposits			1,282,904				1,174,938				107,966				9.2	%
Borrowings			220,000				175,000				45,000				25.7	%
Accrued interest payable			2,097				1,913				184				9.6	%
Lease liability			18,800				16,773				2,027				12.1	%
Other liabilities			13,258				10,232				3,026				29.6	%
Total liabilities			1,537,059				1,378,856				158,203				11.5	%
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			91,171				89,557				1,614				1.8	%
Retained earnings			110,044				104,965				5,079				4.8	%
Treasury stock			(28,467	)			(22,253	)			(6,214	)			27.9	%
Accumulated other comprehensive loss			(138	)			-				(138	)			N/A
Total stockholders' equity			172,610				172,269				341				0.2	%
Total liabilities and stockholders' equity		$	1,709,669			$	1,551,125			$	158,544				10.2	%
Shares issued			24,459,830				23,995,390
Shares outstanding			20,010,069				20,536,214
Treasury shares			4,449,761				3,459,176

  

First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended September 30, 2025 and 2024
(Unaudited)
			Three Months Ended								Variance
(dollars in thousands, except percentages and share data)		September 30, 2025				September 30, 2024				Amount				%
Interest and Dividend Income
Loans, including fees		$	20,696			$	18,294			$	2,402				13.1	%
Investment securities:
Available-for-sale			414				59				355				601.7	%
Held-to-maturity			1,987				765				1,222				159.7	%
Interest-bearing deposits with other banks			811				834				(23	)			-2.8	%
Restricted stock dividends			205				198				7				3.5	%
Total interest and dividend income			24,113				20,150				3,963				19.7	%
Interest expense:
Deposits			10,512				9,720				792				8.1	%
Borrowings			2,754				2,065				689				33.4	%
Total interest expense			13,266				11,785				1,481				12.6	%
Net interest income			10,847				8,365				2,482				29.7	%
Provision for credit losses			645				39				606				1553.8	%
Benefit for unfunded commitments for credit losses			(133	)			(19	)			(114	)			600.0	%
Provision (benefit) for credit losses - HTM securities			(60	)			34				(94	)			-278.6	%
Total provision for credit losses			452				54				398				743.3	%
Net interest income after provision for credit losses			10,395				8,310				2,085				25.1	%
Non-interest Income:
Service charges and fees			580				217				363				167.3	%
Bank owned life insurance income			250				241				9				3.7	%
Other income			29				124				(95	)			-76.6	%
Total non-interest income			859				582				277				47.6	%
Non-Interest Expenses:
Salaries and employee benefits			4,872				4,552				320				7.0	%
Occupancy and equipment expense			1,236				898				338				37.6	%
Advertising and marketing			112				96				16				16.7	%
Professional fees			567				451				116				25.7	%
Data processing expense			333				330				3				0.9	%
FDIC insurance assessment			283				161				122				75.8	%
Other operating expenses			1,082				1,036				46				4.4	%
Total non-interest expenses			8,485				7,524				961				12.8	%
Income before income taxes			2,769				1,368				1,401				102.4	%
Income tax provision			687				240				447				186.3	%
Net income		$	2,082			$	1,128			$	954				84.5	%
Earnings per common share - Basic		$	0.10			$	0.05			$	0.05				100.0	%
Earnings per common share - Diluted			0.10				0.05				0.05				100.0	%
Weighted average shares outstanding - Basic			20,076,800				21,163,621				(1,086,821	)			-5.1	%
Weighted average shares outstanding - Diluted			20,079,127				21,386,694				(1,307,567	)			-6.1	%

First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the nine months ended September 30, 2025 and 2024
(Unaudited)
		Nine Months Ended								Variance
(dollars in thousands, except percentages and share data)		September 30, 2025				September 30, 2024				Amount				%
Interest and Dividend Income
Loans, including fees		$	56,500			$	53,925			$	2,575				4.8	%
Investment securities:
Available-for-sale			1,011				191				820				429.3	%
Held-to-maturity			5,556				1,907				3,649				191.3	%
Interest-bearing deposits with other banks			2,632				2,433				199				8.2	%
Restricted stock dividends			611				538				73				13.6	%
Total interest and dividend income			66,310				58,994				7,316				12.4	%
Interest expense:
Deposits			30,085				28,311				1,774				6.3	%
Borrowings			7,117				5,736				1,381				24.1	%
Total interest expense			37,202				34,047				3,155				9.3	%
Net interest income			29,108				24,947				4,161				16.7	%
Provision for credit losses			1,059				423				636				150.4	%
Provision (benefit) for unfunded commitments for credit losses			157				(143	)			300				-209.8	%
Provision for credit losses - HTM securities			31				82				(51	)			-62.2	%
Total provision for credit losses			1,247				362				885				244.5	%
Net interest income after provision for credit losses			27,861				24,585				3,276				13.3	%
Non-interest Income:
Service charges and fees			1,162				637				525				82.4	%
Bank owned life insurance income			734				711				23				3.2	%
Other income			943				319				624				195.6	%
Total non-interest income			2,839				1,667				1,172				70.3	%
Non-Interest Expenses:
Salaries and employee benefits			14,293				13,541				752				5.6	%
Occupancy and equipment expense			3,477				2,723				754				27.7	%
Advertising and marketing			241				286				(45	)			-15.7	%
Professional fees			1,503				1,421				82				5.8	%
Data processing expense			1,008				915				93				10.2	%
FDIC insurance assessment			771				531				240				45.2	%
Other operating expenses			2,853				2,555				298				11.7	%
Total non-interest expenses			24,146				21,972				2,174				9.9	%
Income before income taxes			6,554				4,280				2,274				53.1	%
Income tax provision			1,475				908				567				62.4	%
Net income		$	5,079			$	3,372			$	1,707				50.6	%
Earnings per common share - Basic		$	0.25			$	0.15			$	0.10				66.7	%
Earnings per common share - Diluted			0.25				0.15				0.10				66.7	%
Weighted average shares outstanding - Basic			20,186,561				21,799,263				(1,612,702	)			-7.4	%
Weighted average shares outstanding - Diluted			20,188,888				22,022,336				(1,833,448	)			-8.3	%

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
		Three months ended September 30, 2025												Three months ended September 30, 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		$	77,814			$	811				4.14	%		$	67,531			$	834				4.91	%
Investment securities:
Available-for-sale			26,605				414				6.23	%			7,900				59				2.99	%
Held-to-maturity			150,352				1,987				5.29	%			74,027				765				4.13	%
Total investment securities			176,957				2,401				5.43	%			81,927				824				4.02	%
Restricted stock			11,582				205				7.09	%			8,971				198				8.85	%
Loans receivable:
Consumer loans			1,151				11				3.79	%			535				2				1.58	%
Home equity loans			1,711				51				11.82	%			3,018				61				8.00	%
Construction loans			100,274				2,032				7.93	%			111,480				2,453				8.61	%
Commercial loans			43,617				922				8.27	%			41,023				855				8.16	%
Commercial mortgage loans			1,207,759				17,191				5.57	%			1,062,409				14,296				5.27	%
Residential mortgage loans			8,891				81				3.61	%			14,115				171				4.81	%
SBA loans			21,474				408				7.44	%			25,134				456				7.10	%
Total loans receivable			1,384,877				20,696				5.93	%			1,257,714				18,294				5.79	%
Total interest-earning assets			1,651,230				24,113				5.79	%			1,416,143				20,150				5.66	%
Non-interest-earning assets:
Allowance for credit losses			(15,210	)											(14,905	)
Cash on hand			2,210												2,010
Other assets			69,180												60,880
Total non-interest-earning assets			56,180												47,985
Total assets		$	1,707,410											$	1,464,128
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts		$	88,212			$	533				2.40	%		$	58,652			$	281				1.91	%
NOW accounts			6,216				45				2.87	%			45,104				395				3.49	%
Money market accounts			265,600				2,212				3.30	%			231,605				2,170				3.73	%
Savings accounts			63,881				432				2.68	%			24,729				32				0.51	%
Certificates of deposit			520,558				5,379				4.10	%			476,006				5,387				4.50	%
Brokered CDs			165,333				1,911				4.59	%			118,039				1,455				4.91	%
Borrowings			223,696				2,754				4.88	%			166,625				2,065				4.93	%
Total interest-bearing liabilities			1,333,496			$	13,266				3.95	%			1,120,760			$	11,785				4.18	%
Non-interest-bearing liabilities:
Demand deposits			167,464												143,936
Other liabilities			33,824												24,262
Total non-interest bearing liabilities			201,288												168,198
Stockholders' equity			172,626												175,170
Total liabilities and stockholders' equity		$	1,707,410											$	1,464,128
Net interest spread											1.84	%											1.48	%
Net interest margin						$	10,847				2.61	%						$	8,365				2.35	%

 

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
		Nine months ended September 30, 2025												Nine months ended September 30, 2024
		Average								Average				Average								Average
(dollars in thousands)		Balance				Interest				Yield/Cost				Balance				Interest				Yield/Cost
Assets:
Interest-earning assets:
Interest-bearing deposits		$	84,917			$	2,632				4.14	%		$	65,736			$	2,433				4.94	%
Investment securities:
Available -for-sale			21,722				1,011				6.20	%			8,488				191				3.00	%
Held-to-maturity			147,903				5,556				5.01	%			67,674				1,907				3.76	%
Total investment securities			169,625				6,567				5.16	%			76,162				2,098				3.67	%
Restricted stock			10,642				611				7.66	%			8,410				538				8.54	%
Loans:
Consumer loans			1,005				22				2.90	%			459				7				1.90	%
Home equity loans			2,088				149				9.54	%			2,977				180				8.08	%
Construction loans			107,299				6,423				7.89	%			112,462				7,405				8.65	%
Commercial loans			44,119				2,681				8.01	%			37,360				2,237				7.87	%
Commercial mortgage loans			1,121,693				45,757				5.38	%			1,059,528				42,126				5.22	%
Residential mortgage loans			10,227				338				4.42	%			14,534				524				4.81	%
SBA loans			21,234				1,130				7.01	%			26,435				1,446				7.18	%
Total loans			1,307,665				56,500				5.78	%			1,253,755				53,925				5.75	%
Total interest-earning assets			1,572,849				66,310				5.64	%			1,404,063				58,994				5.61	%
Non-interest-earning assets:
Allowance for credit losses			(14,947	)											(14,615	)
Cash and due from bank			2,061												1,959
Other assets			68,081												60,283
Total non-interest-earning assets			55,195												47,627
Total assets		$	1,628,044											$	1,451,690
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts		$	81,050			$	1,362				2.25	%		$	53,617			$	703				1.75	%
NOW accounts			6,909				151				2.92	%			42,121				1,095				3.47	%
Money market accounts			258,750				6,371				3.29	%			223,467				5,960				3.56	%
Savings accounts			52,064				943				2.42	%			27,011				87				0.43	%
Certificates of deposit			500,682				15,594				4.16	%			492,531				16,314				4.42	%
Brokered CDs			161,214				5,664				4.70	%			112,782				4,152				4.92	%
Borrowings			203,126				7,117				4.68	%			155,341				5,736				4.93	%
Total interest-bearing liabilities			1,263,795			$	37,202				3.94	%			1,106,870			$	34,047				4.11	%
Non-interest-bearing liabilities:
Demand deposits			160,714												143,100
Other liabilities			31,332												23,190
Total non-interest bearing liabilities			192,046												166,290
Stockholders' equity			172,203												178,530
Total liabilities and stockholders' equity		$	1,628,044											$	1,451,690
Net interest spread											1.70	%											1.50	%
Net interest margin						$	29,108				2.47	%						$	24,947				2.37	%

First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)
		As of and for the quarters ended
(In thousands, except per share data)		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024
Summary earnings:
Interest income		$	24,113			$	21,739			$	20,458			$	19,672			$	20,149
Interest expense			13,266				12,099				11,837				11,706				11,785
Net interest income			10,847				9,640				8,621				7,966				8,364
Provision for (reversal of) credit losses			452				712				83				(55	)			54
Net interest income after provision for (reversal of) credit losses			10,395				8,928				8,538				8,021				8,310
Non-interest income			859				586				1,394				412				582
Non-interest expense			8,485				7,806				7,855				7,117				7,524
Income before income tax expense			2,770				1,708				2,077				1,316				1,368
Income tax expense			687				385				403				167				240
Net income		$	2,082			$	1,323			$	1,674			$	1,149			$	1,128
Per share data:
Earnings per share - basic		$	0.10			$	0.07			$	0.08			$	0.06			$	0.05
Earnings per share - diluted			0.10				0.07				0.08				0.06				0.05
Book value at period end			8.63				8.51				8.47				8.39				8.31
Shares outstanding at period end			20,010				20,096				20,130				20,536				20,780
Basic weighted average shares outstanding			20,077				20,095				20,392				20,552				21,164
Fully diluted weighted average shares outstanding			20,079				20,095				20,435				20,612				21,387
Balance sheet data (at period end):
Total assets		$	1,709,669			$	1,689,642			$	1,581,983			$	1,551,125			$	1,476,252
Investment securities, available-for-sale			26,605				26,605				26,789				300				7,748
Investment securities, held-to-maturity			145,572				153,324				151,009				111,909				73,977
Total loans			1,395,847				1,376,116				1,256,247				1,239,031				1,262,481
Allowance for credit losses			(15,866	)			(15,220	)			(14,834	)			(14,756	)			(14,869	)
Total deposits			1,282,904				1,247,358				1,202,079				1,174,938				1,097,165
Stockholders' equity			172,610				171,000				170,422				172,269				172,642
Selected performance ratios:
Return on average total assets			0.48	%			0.33	%			0.44	%			0.31	%			0.31	%
Return on average stockholders' equity			4.79	%			3.10	%			3.93	%			2.65	%			2.56	%
Average yield on earning assets			5.79	%			5.58	%			5.52	%			5.43	%			5.66	%
Average cost of funding liabilities			3.95	%			3.87	%			3.99	%			4.08	%			4.18	%
Net interest margin			2.61	%			2.47	%			2.33	%			2.20	%			2.35	%
Efficiency ratio			72.48	%			76.33	%			78.43	%			84.95	%			84.10	%
Non-interest income to average assets			0.20	%			0.15	%			0.36	%			0.11	%			0.16	%
Non-interest expenses to average assets			1.97	%			1.94	%			2.04	%			1.90	%			2.04	%
Asset quality ratios:
Non-performing loans to total loans			0.89	%			1.30	%			3.02	%			1.34	%			1.15	%
Non-performing assets to total assets			1.13	%			1.06	%			2.40	%			1.07	%			0.98	%
Allowance for credit losses to non-performing loans			128.38	%			84.97	%			39.12	%			88.71	%			102.67	%
Allowance for credit losses to total loans			1.14	%			1.11	%			1.18	%			1.19	%			1.18	%
Net recoveries (charge-offs) to average loans			0.01	%			0.02	%			0.02	%			-0.01	%			-0.03	%
Liquidity and capital ratios:
Net loans to deposits			107.57	%			109.10	%			103.27	%			104.20	%			113.71	%
Average loans to average deposits			108.43	%			107.13	%			105.49	%			111.83	%			114.54	%
Total stockholders' equity to total assets			10.10	%			10.12	%			10.77	%			11.11	%			11.69	%
Total capital to risk-weighted assets			12.32	%			12.53	%			13.29	%			14.45	%			14.30	%
Tier 1 capital to risk-weighted assets			11.24	%			11.44	%			12.16	%			13.26	%			13.13	%
Common equity tier 1 capital ratio to risk-weighted assets			11.24	%			11.44	%			12.16	%			13.26	%			13.13	%
Tier 1 leverage ratio			10.12	%			10.59	%			10.74	%			11.56	%			11.80	%

Contact:
Donald Mindiak
President and Chief Executive Officer
dmindiak@firstcommercebk.com

FAQ

What were First Commerce Bancorp (CMRB) Q3 2025 net income and EPS?

Q3 2025 net income was $2.1M and basic EPS were $0.10.

How much did First Commerce Bancorp (CMRB) loans and deposits grow by Sept 30, 2025?

Loans increased to $1.40B (+12.7% vs Dec 31, 2024) and deposits rose to $1.28B (+9.2%).

What drove First Commerce Bancorp's (CMRB) higher net interest income in Q3 2025?

Higher average interest‑earning assets, improved yields and investment securities purchases led to net interest income up to $10.8M.

How did First Commerce Bancorp (CMRB) use cash during the nine months ended Sept 30, 2025?

The company funded loan originations and purchased investment securities, reducing cash to $68.9M from $132.5M.

How many shares did First Commerce Bancorp (CMRB) repurchase in 9M 2025 and at what cost?

The company repurchased 991,000 shares for approximately $6.2M, ~$6.25 per share.

Did First Commerce Bancorp (CMRB) report any meaningful changes to credit reserves in Q3 2025?

Yes; provision for credit losses in Q3 2025 was $452,000, driven by higher loan balances and CECL model factors.