CommerceFirst Bancorp Releases 1st Quarter 2006 Financial Results
21 4월 2006 - 2:07AM
PR Newswire (US)
ANNAPOLIS, Md., April 20 /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 $292 thousand for the three-month period
ended March 31, 2006 after recording a provision for income tax
expense of $144 thousand. This reflected a 62% increase over the
$180 thousand earned for the three-month period ended March 31,
2005 after recording a provision for income tax expense of $113
thousand. These results are attributable to an increased asset base
and an improved net interest margin. Three Months 2006 2005
Revenues $ 1,885,972 $ 1,258,154 Earnings before income tax 435,689
293,090 Income tax (1) 143,874 113,000 Net earnings 291,815 180,090
Earnings per basic and diluted share $ 0.16 $ 0.15 Average basic
shares outstanding 1,803,583 1,171,168 Average diluted shares
outstanding 1,844,169 1,192,723 (1) Includes federal and state
income taxes Loan volume, net of allowance, increased by $9.1
million or 12% since December 31, 2005, and we continue to
experience strong activity in this area despite increasing rates.
The bank's net interest margin improved from 4.86% for the year
ended December 31, 2005 to 5.13% for the quarter ended March 31,
2006. We have received regulatory approval to establish two new
branch offices and expect to open both within the next three to
four months. One branch will be located in the BWI business
district at 910 Cromwell Park Drive, Glen Burnie, Maryland. The
second branch will be located at 6230 Old Dobbin Lane, Columbia,
Maryland and will be our first office in Howard County. 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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