CMFB Commercefirst Bancorp (MM)

CommerceFirst Bancorp Releases 1st Quarter 2005 Financial Results ANNAPOLIS, Md., April 27 /PRNewswire-FirstCall/ -- CommerceFirst Bancorp, Inc., the holding company for CommerceFirst Bank, earned a consolidated pre- tax profit of $293 thousand for the three months ended March 31, 2005, an improvement of $219 thousand compared to the same period last year. These results are attributable to an increased asset base and an improved net interest margin. Pre-tax profit was reduced by $113 thousand as a result of recording an income tax expense in the first quarter 2005. (Due to continuing profitability the Company was able to recognize a deferred tax asset of $945 thousand in the third quarter 2004 that is now being utilized by the Company on a quarter to quarter basis based primarily on the profitability of the Bank). As a result, the Company earned a net profit of $180 thousand for the three month period ended March 31, 2005. Assets grew to $91.5 million at March 31, 2005, an increase of 20% over the asset total of $76.0 million at December 31, 2004. A significant portion is attributable to the successful common stock offering which concluded on February 28, 2005 (NASDAQ:CMFB). The offering proceeds grossed over $10.3 million, with the net proceeds of $9.6 million to the company. The company has contributed $6 million to the capital accounts of CommerceFirst Bank, retaining the balance at the holding company for future deployment. Our plans for the balance of 2005 include exploration of potential future branch sites, consideration of possible additions to our lending and business development teams, and appropriate investment in our operational infrastructure on both the loan and deposit sides to insure our ability to deliver a very high quality performance consistently to our customer base. Forward Looking Statements. This press release includes forward looking statements within the meaning of Section 21(e) of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations and estimates as to prospective events and circumstances that may or may not be in the Company's control and as to which there can be no firm assurances given. These forward looking statements are subject to risks and uncertainties; there can be no assurance that any of these forward looking statements may prove to be correct and actual results may differ materially. DATASOURCE: CommerceFirst Bancorp, Inc. CONTACT: Richard J. Morgan, President and Chief Executive Officer, +1-410-280-6695 x 127 Web site: http://www.commerce1st.com/

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