CommerceFirst Bancorp Announces Results of Operations
02 2월 2010 - 8:26AM
PR Newswire (US)
ANNAPOLIS, Md., Feb. 1 /PRNewswire-FirstCall/ -- CommerceFirst
Bancorp, Inc. (NASDAQ:CMFB), the holding company for CommerceFirst
Bank, earned a consolidated net profit of $678 thousand for the
year ended December 31, 2009 compared to a net profit of $295
thousand for the year ended December 31, 2008. The Company
continued its pattern of measured growth in fiscal year 2009. This
growth has resulted in increased revenues as compared to prior
periods. The Company continues to experience strong loan demand for
both commercial and industrial loans and 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 year ended December 31, 2009 include the
following: -- Net loans outstanding increased by 21.2% to $183.1
million as of December 31, 2009 from $151.1 million as of December
31, 2008. -- Loan quality was impacted by difficulties in the local
economy for our business borrowers. The bank recorded a $1.6
million loan loss provision and in addition charged off $1.1
million in commercial industrial loans and commercial real estate
loans during the year ended December 31, 2009. Other real estate-
owned increased from $0 at December 31, 2008 to $2.5 million as of
December 31, 2009 as the bank foreclosed upon and took ownership of
two commercial real estate properties. 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. -- Total assets as of December 31,
2009 increased by 20.3% to $200.4 million as compared to $166.6
million as of December 31, 2008. -- Deposits as of December 31,
2009 were $178.6 million, an increase of $33.4 million or 23% from
December 31, 2008. -- The Company's net income increased to $678
thousand, or 129.9%, for the year ended December 31, 2009 as
compared to net income of $295 thousand for the year ended December
31, 2008. -- Net interest income, the Company's main source of
income, increased by $1.7 million or 31.9% during the year ended
December 31, 2009 as compared to the same period in 2008. This
increase was attributable to an increase in interest income of $1.2
million and a decrease in interest expense of $.5 million. 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 2009. Most
of this deposit re-pricing occurred during the fourth quarter of
2009. The increase in the Company's net interest income was
partially offset by the increase in the provision for loan losses
of $969 thousand. The bank's net interest margin improved steadily
during the past year, to 4.64% for the month of December 2009
compared to 3.67% in January 2009. -- Non-interest expenses were
closely managed and increased by $287 thousand during 2009 compared
to 2008 primarily as a result of a $264 thousand increase in FDIC
deposit insurance. 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 December
31, 2009 and December 31, 2008 Unaudited December 31, December 31,
2009 2008 ---- ---- ASSETS Cash and cash equivalents $10,488,307
$8,964,357 Investment securities - available-for-sale, at fair
value - 3,085,770 Investments in restricted stocks, at cost 527,000
467,000 Loans receivable, net of allowance for loan losses
183,101,808 151,101,169 Other real estate owned 2,461,957 - Other
assets 3,792,265 2,950,778 --------- --------- Total Assets
$200,371,337 $166,569,074 ============ ============ LIABILITIES
Deposits $178,645,491 $145,241,060 Other liabilities 783,872
1,017,457 ------- --------- Total Liabilities 179,429,363
146,258,517 ----------- ----------- STOCKHOLDERS' EQUITY Common
stock -$.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 3,070,838 2,392,882 Accumulated other
comprehensive income - 46,539 --- ------ Total Stockholders' Equity
20,941,974 20,310,557 ---------- ---------- Total Liabilities and
Stockholders' Equity $200,371,337 $166,569,074 ============
============ CommerceFirst Bancorp, Inc. and Subsidiary Condensed
Consolidated Statements of Operations For the Years Ended December
31, 2009 and 2008 Unaudited December 31, December 31, 2009 2008
---- ---- Interest income $11,928,141 $10,650,754 Interest expense
4,586,705 5,083,466 --------- --------- Net interest income
7,341,436 5,567,288 Provision for loan losses 1,616,167 647,105
--------- ------- Net interest income after provision for loan
losses 5,725,269 4,920,183 Non-interest income 719,685 569,068
Non-interest expenses 5,315,339 5,027,939 --------- ---------
Income before income taxes 1,129,615 461,312 Income tax expense
451,659 166,397 Net income $677,956 $294,915 ======== ========
Basic earnings per share $0.37 $0.16 ==== ==== Diluted earnings per
share $0.37 $0.16 ==== ==== DATASOURCE: CommerceFirst Bancorp, Inc.
CONTACT: Richard J. Morgan, President and Chief Executive Officer,
+1-410-280-6695
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