CommerceFirst Bancorp Announces Results of Operations
29 7월 2010 - 6:49AM
PR Newswire (US)
ANNAPOLIS, Md., July 28 /PRNewswire-FirstCall/ -- CommerceFirst
Bancorp, Inc. (Nasdaq: CMFB), the holding company for CommerceFirst
Bank, earned a consolidated net profit of $916 thousand for the six months ended
June 30, 2010 compared to a net
profit of $100 thousand for the six
months ended June 30, 2009.
Basic and diluted earnings were $0.50 per share for the first half of 2010 as
compared to $0.05 for the same period
in 2009. Earnings improved as the result of asset growth and the
reduction of the cost of deposits due to re-pricing of the deposits
to lower current market interest rates. The provision for loan
losses continues to remain relatively high as compared to prior
years in recognition of the effect of uncertain economic conditions
on the Company's borrowers and collateral values. The Company
assets increased modestly at June 30,
2010 from December 31, 2009
primarily with the increase in cash and cash equivalents as the
Company increased its liquidity position. Key measurements and
events for the period include the following:
- The Company's net income was $916
thousand during the six months ended June 30, 2010 as compared to net income of
$100 thousand for the six month
period ended June 30, 2009 largely
resulting from increased net interest income during 2010.
- Net interest income, the Company's main source of income,
increased by 37.5% from $3.3 million
during the six month period ended June 30,
2009 to $4.6 million for the
six months ended June 30, 2010.
Net interest income increased primarily because of the
increase in average earning assets and the reduced cost of funds
during 2010. 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 half of
2010. Net interest margin was 4.56% in the first half of 2010, as
compared to 3.92% in the comparable period in 2009
- Non-interest income increased by 89.5% from $325 thousand for the six month period ended
June 30, 2009 to $617 thousand for the six month period ended
June 30, 2010 primarily from gains on
loan sales during 2010. Non-interest expenses decreased by 1.8%
from $2.69 million for the six months
ended June 30, 2009 to $2.64 million for the six month period ended
June 30, 2010.
- Total assets increased by 5.2% from $200
million at December 31, 2009
to $211 million at June 30, 2010.
- Net loans outstanding increased by 0.3% from $183 million at December
31, 2009 to $184 million as of
June 30, 2010. The small increase in
the loan balances from December 31,
2009 to June 30, 2010 resulted
partially from the sale of SBA guaranteed portions of loans in the
amount of $5.6 million during the
first half of 2010. Without these sales, loan balances would have
increased by $6.1 million.
- Non-performing loans were $2.7
million at June 30, 2010 and
at December 31, 2009. The allowance
for loan losses was $2.0 million at
June 30, 2010 or 73.2% of
non-performing loans. There were no changes in other real estate
owned during the first half of 2010.
- Deposits increased by 5.3% from $179
million at December 31, 2009
to $188 million at June 30, 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
June 30, 2010 and December 31,
2009
|
|
|
June 30,
|
|
December 31,
|
|
|
2010
|
|
2009
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$20,386,302
|
|
$10,488,307
|
|
|
Investments in restricted
stocks, at cost
|
527,000
|
|
527,000
|
|
|
Loans receivable, net of
allowance for loan losses
|
183,661,524
|
|
183,101,808
|
|
|
Other real estate
owned
|
2,461,957
|
|
2,461,957
|
|
|
Other assets
|
3,683,798
|
|
3,792,265
|
|
|
Total Assets
|
$210,720,581
|
|
$200,371,337
|
|
|
|
|
|
|
|
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LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
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Deposits
|
$188,053,040
|
|
$178,645,491
|
|
|
Other liabilities
|
806,645
|
|
783,872
|
|
|
Total Liabilities
|
188,862,685
|
|
179,429,363
|
|
|
|
|
|
|
|
|
|
|
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STOCKHOLDERS' EQUITY
|
|
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|
|
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Common stock - $.01 par value;
authorized 4,000,000 shares.
|
|
|
|
|
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Issued and outstanding:
1,820,548 shares at June 30, 2010
|
|
|
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and at
December 31, 2009
|
18,205
|
|
18,205
|
|
|
Additional paid-in
capital
|
17,852,931
|
|
17,852,931
|
|
|
Retained earnings
|
3,986,760
|
|
3,070,838
|
|
|
Total Stockholders' Equity
|
21,857,896
|
|
20,941,974
|
|
|
Total Liabilities and Stockholders' Equity
|
$210,720,581
|
|
$200,371,337
|
|
|
|
|
|
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|
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|
CommerceFirst Bancorp, Inc. and
Subsidiary
Condensed Consolidated
Statements of Operations
For the Six Months ended June
30, 2010 and 2009
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|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Interest income
|
$6,329,858
|
|
$5,674,748
|
|
|
Interest expense
|
1,747,032
|
|
2,342,777
|
|
|
Net
interest income
|
4,582,826
|
|
3,331,971
|
|
|
Provision for loan
losses
|
1,033,985
|
|
799,253
|
|
|
Net
interest income after provision for loan losses
|
3,548,841
|
|
2,532,718
|
|
|
|
|
|
|
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Non-interest income
|
616,533
|
|
325,300
|
|
|
Non-interest expenses
|
2,640,078
|
|
2,689,602
|
|
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Income before income taxes
|
1,525,296
|
|
168,416
|
|
|
Income tax expense
|
609,374
|
|
68,495
|
|
|
Net income
|
$915,922
|
|
$99,921
|
|
|
Basic earnings per
share
|
$0.50
|
|
$0.05
|
|
|
Diluted earnings per
share
|
$0.50
|
|
$0.05
|
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SOURCE CommerceFirst Bancorp, Inc.
Copyright y 28 PR Newswire
Commercefirst Bancorp (NASDAQ:CMFB)
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