ANNAPOLIS, Md., Feb. 8 /PRNewswire-FirstCall/ -- CommerceFirst
Bancorp, Inc. (NASDAQ:CMFB), the holding company for CommerceFirst
Bank, earned a consolidated net profit of $1,087,814 for the year
ended December 31, 2007 compared to a net profit of $1,282,528 for
the year ended December 31, 2006. The Company continued its pattern
of growth during the year ended December 31, 2007. This growth has
resulted in increased revenues as compared to prior periods. The
Company continues to experience strong loan demand for commercial
loans and commercial real estate loans. The Company has no consumer
loans and commercial loans are primarily provided to locally owned
business relationships that are based in the Bank's primary service
area. Key measurements and events for the year ended December 31,
2007 include the following: -- Net loans outstanding increased by
31.1% to $125 million as of December 31, 2007 from $95 million as
of December 31, 2006. -- Total assets as of December 31, 2007
increased by 5.3% to $149 million as compared to $141 million as of
December 31, 2006. -- Deposits as of December 31, 2007 were $123
million, an increase of $11 million or 10.0% from December 31,
2006. -- The Company's net income decreased to $1.088 million, or
15.2%, for the year ended December 31, 2007 as compared to net
income of $1.282 million for the year ended December 31, 2006. --
Net interest income, the Company's main source of income, was $6.0
million during the year ended December 31, 2007 compared to $5.3
million for the same period in 2006. This represents an increase of
12.4% for the year December 31, 2007 as compared to 2006. --
Non-interest expenses increased by $1.096 million or 30.0%, for the
year ended December 31, 2007, as compared to 2006 as the result of
changing the Bank's core data processor, its internet service
provider, changes to its communication system and costs of
additional branches. Earnings were adversely influenced by a
decline in the Company's net interest margin and increased expenses
compared to last year. Net interest margin declined from 5.06% in
2006 to 4.38% in 2007 as the cost of funds increased faster than
increases in the yields on interest earning assets. The increase in
expenses was primarily the relate of the strategic implementation
and expansion of the Bank's branch network from two to five over
the past fifteen months. Additionally, management implemented other
infrastructure objectives in many areas of technology, changed core
processing vendors, retained a new internet banking provider and
renovated the Company's head office branch and administrative
facilities. These improvements will allow the Company to support
its measured growth plan. 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. CommerceFirst Bancorp, Inc. and
Subsidiary Consolidated Statements of Financial Condition December
31, 2007 and December 31, 2006 December 31, December 31, 2007 2006
ASSETS (Unaudited) (Audited) Cash and due from banks $3,001,573
$3,689,487 Federal funds sold 8,723,315 28,665,993 Cash and cash
equivalents 11,724,888 32,355,480 Investment securities - available
for sale, at fair value 9,167,700 11,012,774 Investments in
restricted stocks, at cost 467,000 467,000 Loans receivable, net of
allowance for loan losses of $1,665,000 at December 31, 2007 and
$1,613,693 at December 31, 2006 124,669,790 95,080,787 Premises and
equipment, net 1,097,927 578,024 Accrued interest receivable
742,766 654,044 Deferred income taxes 551,882 549,021 Other assets
388,630 572,641 Total Assets $148,810,583 $141,269,771 LIABILITIES
Non-interest bearing deposits $19,245,887 $19,014,612 Interest
bearing deposits 104,161,959 93,190,128 Total deposits 123,407,846
112,204,740 Securities sold under agreements to repurchase
4,305,936 9,579,116 Accrued interest payable 201,253 175,839 Other
liabilities 839,187 623,091 Total Liabilities 128,754,222
122,582,786 STOCKHOLDERS' EQUITY Common stock - $.01 par value;
authorized 4,000,000 shares. Issued and outstanding: 1,820,548
shares at December 31, 2007 and 1,803,583 at December 31, 2006
18,205 18,036 Additional paid-in capital 17,852,931 17,683,450
Retained earnings 2,097,967 1,010,153 Accumulated other
comprehensive loss: Unrealized gain (loss) on securities available
for sale 87,258 (24,654) Total Stockholders' Equity 20,056,361
18,686,985 Total Liabilities and Stockholders' Equity $148,810,583
$141,269,771 CommerceFirst Bancorp, Inc. and Subsidiary
Consolidated Statement of Operations For the years Ended December
31, 2007, 2006 and 2005 December 31, December 31, December 31, 2007
2006 2005 Interest income: (Unaudited) (Audited) (Audited) Interest
and fees on loans $9,680,244 $7,451,852 $4,949,541 U.S. Treasury
securities 434,685 251,378 275,168 Investment in stocks 25,153
25,087 20,923 Federal funds sold 682,783 477,785 393,253 Total
interest income 10,822,865 8,206,102 5,638,885 Interest expense:
Deposits 4,775,274 2,773,737 1,402,736 Repurchase agreements 91,605
127,863 35,993 Federal funds purchased - 3,876 - Total interest
expense 4,866,879 2,905,476 1,438,729 Net interest income 5,955,986
5,300,626 4,200,155 Provision for loan losses 45,383 225,000
360,000 Net interest income after provision for loan losses
5,910,603 5,075,626 3,840,155 Non-interest income: Gain on sale of
SBA loans 344,421 300,443 329,887 Service charges and other income
276,433 332,443 294,634 Total non-interest income 620,854 632,886
624,521 Non-interest expenses: Compensation and benefits 2,646,492
2,210,744 1,732,805 Legal and professional 221,479 174,990 111,576
Rent and occupancy 500,911 329,989 254,199 Marketing and business
development 107,617 111,850 53,196 Core processing conversion
117,227 - - Insurance 42,433 41,858 33,953 Data processing 112,287
83,230 72,161 Support services 132,546 154,161 164,403
Communications 106,260 33,523 13,053 Office supplies 101,406 90,470
42,810 SBA interest strip amortization 61,413 79,835 24,457
Depreciation and amortization 233,681 119,565 83,331 Other 365,386
221,970 187,158 Total non-interest expenses 4,749,138 3,652,185
2,773,102 Income before income taxes 1,782,319 2,056,327 1,691,575
Income tax expense 694,505 773,799 658,155 Net income $1,087,814
$1,282,528 $1,033,420 Basic earnings per share $0.60 $0.71 $0.63
Diluted earnings per share $0.59 $0.69 $0.62 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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