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.
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.