CommerceFirst Bancorp Releases 3rd Quarter 2005 Financial Results
29 10월 2005 - 7:35AM
PR Newswire (US)
ANNAPOLIS, Md., Oct. 28 /PRNewswire-FirstCall/ CommerceFirst
Bancorp, Inc., (OTC:CMFB) (BULLETIN BOARD: CMFB) , the parent
company of CommerceFirst Bank, today released financial results for
its 3rd quarter 2005 operations, as follows: CommerceFirst Bancorp,
Inc., the holding company for CommerceFirst Bank, reported a
consolidated net profit of $737 thousand for the nine-month period
ended September 30, 2005 after recording a provision for income tax
expense of $492 thousand. The Company reported a consolidated net
profit of $956 thousand for the nine-month period ended September
30, 2004 after recording an income tax benefit of $945 thousand.
The Company reported a net profit of $350 thousand after recording
a provision for income tax expense of $234 thousand for the
three-month period ended September 30, 2005 as compared to a net
profit of $758 thousand after recording an income tax benefit of
$945 thousand for the three month period ended September 30, 2004.
The Company reported total assets of $98 million at September 30,
2005, an increase of $22 million or 29% from the $76 million
reported at December 31, 2004. Three Nine Months Months 2005 2004
2005 2004 Revenues $1,739,390 $908,347 $4,389,968 $2,493,509
Earnings before income tax 584,424 (186,950) 1,229,660 11,035
Income tax (expense) benefit(1) (234,265) 945,000 (492,265) 945,000
Net earnings 350,159 758,050 737,395 956,035 Earnings per basic and
diluted share 0.11 0.92 0.46 1.16 Average basic shares outstanding
1,803,583 822,250 1,595,095 822,250 Average diluted shares
outstanding 1,829,431 822,250 1,617,325 822,250 (1) Includes
federal and state income taxes. Loan volume, net of allowance,
increased 20 million or 39% since December 31, 2004. We continued
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 4.55% for 2004 to 4.82% for year-to-date 2005. In
October 2005, the bank filed for regulatory permission to establish
its third banking facility, a branch office to be located in a
building to be constructed near the Baltimore-Washington
International Airport. The office is expected to commence
operations late in the second or early in the third quarter of
2006. Further, in October 2005, the bank announced that W. Craig
Engelhaupt, a banker with 20 years of commercial banking
experience, has joined the organization as Senior Vice President
and will lead business development in northern Anne Arundel and
Howard Counties. 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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