Welcome to our dedicated page for First Commerce Bank news (Ticker: CMRB), a resource for investors and traders seeking the latest updates and insights on First Commerce Bank stock.
First Commerce Bancorp, Inc. (CMRB) is the holding company for First Commerce Bank, a community-focused commercial bank headquartered in Lakewood, New Jersey. This news page aggregates the company’s public announcements and financial updates so readers can follow developments affecting the bank and its holding company.
Company releases regularly cover quarterly and year-to-date financial results, including net income, net interest income, net interest margin, returns on average assets and equity, and efficiency ratios. These updates also discuss trends in loans, deposits, investment securities, cash and cash equivalents, and the allowance for credit losses, with management commentary on credit quality, CECL modeling and non-accrual loans.
News items highlight balance sheet growth driven by commercial mortgage and construction lending, changes in deposit mix, and the use of wholesale funding such as Federal Home Loan Bank advances. They also describe strategic actions such as the formation of the bank holding company, stock repurchase programs, cash dividend declarations and subsequent suspension of future dividends in favor of repurchases.
In addition, readers will find announcements on capital initiatives, including the private placement of a subordinated note intended to qualify as Tier 2 capital, as well as updates on digital banking enhancements and branch network developments in New Jersey. Management commentary provides context on how interest rate conditions, competition for deposits and regulatory considerations influence performance.
Investors and followers of CMRB can use this page to review historical and recent news, compare management’s commentary across periods, and monitor how First Commerce Bancorp, Inc. describes its strategy, risk management and community banking activities over time.
First Commerce Bancorp reported net income of $1.1 million for Q3 2024 and $3.4 million for the first nine months of 2024, down from $1.7 million and $7.9 million respectively in the same periods of 2023. Total assets increased by $40.2 million to $1.48 billion, while net interest margin decreased to 2.35% from 2.73% year-over-year. The company's performance was impacted by higher funding costs due to the inverted yield curve. During Q3 2024, the company repurchased 800,381 shares at an average price of $6.15/share, representing a 26% discount to book value of $8.31/share.
First Commerce Bancorp (OTC PINK:CMRB) reported net income of $1.1 million for Q2 2024, a decline from $2.9 million in Q2 2023. Earnings per share fell to $0.05 from $0.12. The company plans to suspend future cash dividends and initiate a second stock repurchase program for up to 5% of its outstanding shares, approximately 1.1 million shares. Total interest income increased by 9% to $19.8 million, while net interest margin decreased to 2.38% from 3.16%. Total assets rose by $31.4 million to $1.47 billion. Despite higher interest income, net interest income fell by 21.3% to $8.3 million due to increased funding costs. Non-interest income grew by 21.1% to $562,000, while non-interest expense increased by 2.2% to $7.2 million. For the six months ended June 30, 2024, net income was $2.2 million, down from $6.2 million in the same period last year. The company emphasized that the repurchase at a discount to tangible book value is beneficial to shareholders.
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