CommerceFirst Bancorp Announces Results of Operations
13 4월 2010 - 5:20AM
PR Newswire (US)
ANNAPOLIS, Md., April 12 /PRNewswire-FirstCall/ -- CommerceFirst
Bancorp, Inc. (Nasdaq: CMFB), the holding company for CommerceFirst
Bank, earned a consolidated net profit of $528 thousand for the quarter ended March 31, 2010 compared to a net loss of
$77 thousand for the quarter ended
March 31, 2009. The Company's
growth and reduced cost of funds resulted in increased revenues and
net income as compared to prior periods. The Company continues to
experience strong loan demand for commercial and industrial loans
as well as for 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. A majority of commercial real estate loans
are owner-occupied transactions. Key measurements and events for
the three months ended March 31, 2010
include the following:
- Total assets increased by 6.6% from $200.4 million at December
31, 2009 to $213.7 million at
March 31, 2010.
- Net loans outstanding decreased by 0.3% from $183.1 million at December
31, 2009 to $182.5 million as
of March 31, 2010. This small
decline resulted from the sale of SBA guaranteed portions of loans
in the amount of $3.5 million during
the quarter. Without these sales, loan balances would have
increased by $2.9 million. Loan
quality continues to be impacted by difficulties in the local
economy for our business borrowers. The Company expensed a
$447 thousand loan loss provision and
charged off $475 thousand in
commercial and industrial loans during the quarter. The
Company continues to review the impact on its loan customers of a
challenging national and local economy and provides for estimated
and occurred loan losses based on the reviews.
- Non-performing loans were $2.5
million at March 31, 2010 as
compared to $2.7 million at
December 31, 2009, a 7.2% decrease.
The allowance for loan losses was $2.4
million at March 31, 2010 or
93.7% of non-performing loans. There were no changes in other real
estate owned during the first quarter of 2010.
- Deposits increased by 7.0% from $178.6
million at December 31, 2009
to $191.1 million at March 31, 2010.
- The Company's net income was $528
thousand during the three months ended March 31, 2010 as compared to a net loss of
$77 thousand for the three month
period ended March 31, 2009 primarily
resulting from increased net interest income during 2010.
- Net interest income, the Company's main source of income,
increased by 41.7% from $1.6 million
during the three month period ended March
31, 2009 to $2.3 million for
the three months ended March 31,
2010. This increase was attributable to an increase in
interest income of $386 thousand and
a decrease in interest expense of $277
thousand. Interest expense declined in spite of the increase
in interest bearing deposits because of the re-pricing of a
significant portion of the Company's longer term certificates of
deposit as they were renewed or were replaced at substantially
reduced rates during the last quarter of 2009 and first quarter of
2010. Net interest margin was 4.6% in the first quarter of 2010, as
compared to 3.9% in the comparable period in 2009.
- Non-interest income increased by 242.6% from $101 thousand for the three month period ended
March 31, 2009 to $346 thousand for the three month period ended
March 31, 2010 resulting primarily
from gains on loan sales during 2010. Non-interest expenses
decreased by 1.0% from $1.29 million
for the three months ended March 31,
2009 to $1.28 million for the
three month period ended March 31,
2010.
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
Condensed
Consolidated Statements of Financial Condition
March 31, 2010 and
December 31, 2009
|
|
|
Unaudited
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
|
ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
$24,558,079
|
|
$10,488,307
|
|
|
Investments in restricted stocks, at
cost
|
527,000
|
|
527,000
|
|
|
Loans receivable, net of allowance for
loan losses
|
182,472,624
|
|
183,101,808
|
|
|
Other real estate owned
|
2,461,957
|
|
2,461,957
|
|
|
Other assets
|
3,656,682
|
|
3,792,265
|
|
|
Total Assets
|
$213,676,342
|
|
$200,371,337
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Deposits
|
$191,078,561
|
|
$178,645,491
|
|
|
Other liabilities
|
1,127,606
|
|
783,872
|
|
|
Total Liabilities
|
192,206,167
|
|
179,429,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Common stock - $.01 par value; issued
and
|
|
|
|
|
|
outstanding 1,820,548
shares
|
18,205
|
|
18,205
|
|
|
Additional paid-in capital
|
17,852,931
|
|
17,852,931
|
|
|
Retained earnings
|
3,599,039
|
|
3,070,838
|
|
|
Total Stockholders' Equity
|
21,470,175
|
|
20,941,974
|
|
|
Total Liabilities and Stockholders' Equity
|
$213,676,342
|
|
$200,371,337
|
|
|
|
|
|
|
|
|
|
CommerceFirst
Bancorp, Inc. and Subsidiary
Condensed
Consolidated Statements of Operations
For the Three
Months Ended March 31, 2010 and 2009
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
Interest income
|
$3,140,081
|
|
$2,753,797
|
|
|
Interest expense
|
886,283
|
|
1,163,756
|
|
|
Net
interest income
|
2,253,798
|
|
1,590,041
|
|
|
Provision for loan losses
|
447,062
|
|
529,450
|
|
|
Net
interest income after provision for loan losses
|
1,806,736
|
|
1,060,591
|
|
|
|
|
|
|
|
|
Non-interest income
|
345,910
|
|
100,955
|
|
|
Non-interest expenses
|
1,275,142
|
|
1,287,418
|
|
|
Income (loss) before income taxes
|
877,504
|
|
(125,872)
|
|
|
Income tax expense
(benefit)
|
349,303
|
|
(49,289)
|
|
|
Net income
(loss)
|
$528,201
|
|
$(76,583)
|
|
|
Basic earnings (loss) per
share
|
$0.29
|
|
$(.04)
|
|
|
Diluted earnings (loss) per
share
|
$0.29
|
|
$(.04)
|
|
|
|
|
|
|
|
|
|
SOURCE CommerceFirst Bancorp, Inc.
Copyright l 12 PR Newswire
Commercefirst Bancorp (NASDAQ:CMFB)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Commercefirst Bancorp (NASDAQ:CMFB)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
Commercefirst Bancorp (MM) (나스닥)의 실시간 뉴스: 최근 기사 0
More Commercefirst Bancorp News Articles