First Commerce Bancorp reports news as the holding company for First Commerce Bank, with recurring updates centered on bank earnings, loan and investment securities growth, net interest trends, asset quality, dividends and capital management. The company's releases describe operating results for quarterly and annual periods, changes in loans receivable, interest expense, borrowings and allowance provisions tied to the bank's balance sheet activity.
CMRB news also covers shareholder-capital actions, including cash dividends, common stock repurchases, tender offer results and completed subordinated debt financing intended for regulatory capital and general corporate purposes. These announcements frame the company's public updates around community-bank profitability, capital structure and shareholder-return decisions.
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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.