CommerceFirst Bancorp Releases 2nd Quarter 2005 Financial Results
29 7월 2005 - 9:09AM
PR Newswire (US)
CommerceFirst Bancorp Releases 2nd Quarter 2005 Financial Results
ANNAPOLIS, Md., July 28 /PRNewswire-FirstCall/ -- CommerceFirst
Bancorp, Inc., (OTC:CMFB) (BULLETIN BOARD: CMFB) , the parent
company of CommerceFirst Bank, today released financial results for
its 2nd quarter 2005 operations, as follows: CommerceFirst Bancorp,
Inc. the holding company for CommerceFirst Bank, reported a
consolidated net profit of $387 thousand for the six-month period
ended June 30, 2005 after recording a provision for income tax
expense of $258 thousand. This reflected a 95% increase over the
$198 thousand earned for the six-month period ended June 30, 2004,
a period during which the Company recorded no income tax expense.
The Company reported a net profit of $207 thousand for the
three-month period ended June 30, 2005 after recording an income
tax provision of $145 thousand, as compared to a net profit of $124
thousand for the three-month period ended June 30, 2004. No
provision for income tax expense was required for the three- or
six-month periods in 2004. These results are attributable to an
increased asset base and an improved net interest margin. Three
Months Six Months 2005 2004 2005 2004 Revenues $1,392,424 $839,820
$2,650,578 $1,585,162 Earnings before income tax 352,146 124,290
645,236 197,985 Income tax (1) 145,000 - 258,000 - Net earnings
207,146 124,390 387,236 197,985 Earnings per basic and diluted
share 0.11 0.15 0.26 0.24 Average basic shares outstdg. 1,803,583
822,250 1,489,123 822,250 Average diluted shares outstdg. 1,822,711
822,250 1,509,459 822,250 (1) Includes federal and state income
taxes. Loan volume, net of allowance, increased by $10.7 million or
21% since December 31, 2004, and we continue to experience strong
activity in this area despite increasing rates. This past quarter,
we were able to deploy the liquid assets provided by our successful
1st quarter public offering into higher yielding assets such as
loans and investment securities. As a result, the bank's net
interest margin improved from 4.59% at March 31, 2005 to 4.77% at
June 30, 2005. Over the next quarter, we will continue our search
for possible branch sites in desirable growth areas as well as
continue to expand the commercial business development team.
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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