First Commerce Bank Stock Price, News & Analysis

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.

First Commerce Bank (OTC PINK:CMRB) has declared a special dividend of $0.35 per share, payable on September 20, 2022, to shareholders of record as of September 6, 2022. Additionally, the bank will initiate a quarterly cash dividend starting in Q4 2022, with the first dividend set at $0.04 per share. CEO Donald Mindiak emphasized the board's commitment to enhancing shareholder value through these dividend initiatives.

First Commerce Bank (OTC: CMRB) reported net income of $2.9 million for Q2 2022, down from $4.4 million in Q2 2021. Basic earnings per share decreased to $0.12 from $0.19 year-over-year. The decline was attributed to higher allowance expenses and increased salaries due to a new employee bonus plan. However, total assets grew by 3.7% to $1.18 billion, with a significant 8.6% increase in net loans. The net interest margin rose to 4.06%, reflecting effective deployment of excess liquidity into higher yielding assets.

First Commerce Bank (OTC: CMRB) reported a net income of $4.196 million for Q1 2022, showing a slight increase from $4.054 million in Q4 2021, but a decrease from $4.246 million in Q1 2021. Basic earnings per share rose to $0.18 from $0.17 in the previous quarter. The net interest margin improved to 4.04%, while total assets grew by $24.3 million to reach $1.16 billion. However, non-interest expenses surged by 43.45% to $6.51 million. The bank's balance sheet showed growth primarily in loans and investment securities.

First Commerce Bank (OTC 'CMRB') has appointed Donald Mindiak as its new Chief Executive Officer, alongside his current role as President. Mindiak has been with the bank since 2019. Gregory Garcia has been named Chief Operating Officer, following his role as Chief Risk Officer. This leadership transition comes after the retirement of Ira Hoberman, the former CEO. As of December 31, 2021, the bank reported total assets of $1.13 Billion, with total loans of $909.3 Million and total deposits of $941.9 Million.