CMFB Commercefirst Bancorp (MM)

ANNAPOLIS, Md., July 28 /PRNewswire-FirstCall/ -- CommerceFirst Bancorp, Inc., (NASDAQ:CMFB), the parent company of CommerceFirst Bank, today released financial results for its 2nd quarter 2006 operations, revised to correct diluted earnings per share, as follows: CommerceFirst Bancorp, Inc., the holding company for CommerceFirst Bank, reported a consolidated net profit of $587 thousand for the six-month period ended June 30, 2006. This reflected a 51.7% increase over the $387 thousand earned for the six-month period ended June 30, 2005. The Company reported a net profit of $302 thousand for the three-month period ended June 30, 2006 as compared to a net profit of $207 thousand for the three-month period ended June 30, 2005. These results are attributable to increased loans outstanding and an improved net interest margin. Three Six Months Months 2006 2005 2006 2005 Revenues $2,087,392 $1,392,424 $3,973,364 $2,650,578 Earnings before income tax 485,982 352,146 914,803 645,236 Income tax (1) 184,000 145,000 327,874 258,000 Net earnings 301,982 207,146 586,929 387,236 Earnings per basic share $0.17 $0.11 $0.33 $0.26 Earnings per diluted share $0.16 $0.11 $0.32 $0.26 Average basic shares outstanding 1,803,583 1,803,583 1,803,583 1,489,123 Average diluted shares outstanding 1,849,632 1,822,711 1,846,976 1,509,459 (1) Includes federal and state income taxes. Our plans for the balance of 2006 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 of CommerceFirst Bancorp, Inc., +1-410-280-6695 Web site: http://www.commerce1st.com/

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