First Commerce Bank - CMRB STOCK NEWS

First Commerce Bank (OTC PINK:CMRB) reported a net income of $3.35 million for Q1 2023, a decrease from $4.2 million in Q1 2022. Earnings per share fell to $0.14 from $0.18. The Board declared a quarterly cash dividend of $0.04 per share, payable on May 22, 2023, to shareholders of record as of May 8, 2023. Total interest income surged by 38.8% to $16.2 million, but was countered by a $5.0 million rise in interest expenses. Loans receivable increased by 6.4% to $1.17 billion, driven by growth in commercial and construction loans. The Bank's asset quality improved, with non-accrual loans decreasing by $1.0 million. Despite challenges like inflation and market turbulence, the Bank's strong capital position is seen as a buffer against economic headwinds.

First Commerce Bank (OTC:CMRB) announced plans to apply for listing on the Nasdaq Capital Market as part of its holding company reorganization. The bank believes it meets the financial and corporate governance requirements for Nasdaq. The move to Nasdaq aims to enhance access to capital, increase trading volume, and improve shareholder value. Following the annual shareholders' meeting in April 2023, the bank will file a registration statement with the SEC. If the reorganization is not completed, the bank will directly apply for Nasdaq listing. The CEO expressed confidence in the benefits of the transition.

First Commerce Bank (OTC PINK:CMRB) reported a fiscal year 2022 net income of $16.6 million, slightly down from $16.7 million in 2021. Basic earnings per share decreased to $0.70 from $0.72. The Board declared a quarterly cash dividend of $0.04 per share, payable on February 21, 2023. Total assets grew by 13.9% to $1.29 billion, driven by a 21.0% increase in loans receivable, net, and a 72.4% increase in investment securities. While net interest income grew by 8.9%, non-interest expense rose by 21.4%, primarily due to increased salaries and employee benefits.

First Commerce Bank (OTC PINK:CMRB) has announced a plan to reorganize into a bank holding company structure, pending stockholder approval and regulatory nonobjection. Each share of the Bank will be exchanged for a share in the newly formed First Commerce Bancorp, Inc.. This reorganization aims to provide enhanced financial and operational flexibility and better access to capital. The Board anticipates completing the reorganization in early 2023, with no change in the current executive team.

First Commerce Bank (OTC PINK:CMRB) reported a net income of $5.4 million for Q3 2022, up from $4.0 million in Q3 2021. For the first nine months, net income remained stable at $12.6 million. Earnings per share were $0.23 for Q3 2022 versus $0.17 in Q3 2021. The Board declared a quarterly cash dividend of $0.04 per share, payable on November 23, 2022. Key drivers for income growth include an increase in net interest income and non-interest income, partly offset by rising non-interest expenses due to increased salaries and benefits.