Anzeige
Mehr »
Donnerstag, 31.07.2025 - Börsentäglich über 12.000 News
Geheime Millionen-Käufe in Bitcoin & Altcoins - ohne Wallet, ohne Risiko? Jetzt wird's spannend
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A3ECUD | ISIN: US31985R1041 | Ticker-Symbol:
1-Jahres-Chart
FIRST COMMERCE BANCORP INC Chart 1 Jahr
5-Tage-Chart
FIRST COMMERCE BANCORP INC 5-Tage-Chart
GlobeNewswire (Europe)
48 Leser
Artikel bewerten:
(0)

First Commerce Bancorp, Inc. Reports Second Quarter and Year-to-Date 2025 Results

LAKEWOOD, N.J., July 29, 2025 (GLOBE NEWSWIRE) -- First Commerce Bancorp, Inc. (the "Company"), (OTC: CMRB), the holding company for First Commerce Bank (the "Bank"), today reported net income of $1.3 million and $3.0 million for the three and six months ended June 30, 2025, respectively, as compared to $1.1 million and $2.2 million for the three and six months ended June 30, 2024, respectively. Basic earnings per common share for the three and six months ended June 30, 2025, were $0.07 and $0.15, respectively, compared to $0.05 and $0.10 for the three and six months ended June 30, 2024, respectively.

President & CEO Donald Mindiak commented, "We are encouraged by the balance sheet growth that we have achieved through the first six months of the year. Prudent loan underwriting, coupled with systematic investment portfolio activity has spearheaded growth in the loan portfolio of $137.1 million or 11.1% and $67.7 million or 60.4% growth in the investment portfolio during the semi-annual period ended June 30, 2025, while continuing to manage our liquidity and allowance levels at prudent levels. Funding for this growth has occurred through a combination of retail deposit growth as well as the usage of several wholesale funding sources. Since a material portion of the loan growth occurred late in the second quarter, we anticipate that the full operational effect of that growth will manifest itself in the operating statement through the balance of 2025. We are heartened by the incremental improvement of our profitability metrics and anticipate continued improvement through the end of the year. With a strong loan pipeline having solid credits at attractive spreads, we will continue to employ disciplined credit-risk management practices and conservative underwriting standards. Our goals remain steadfast in delivering exceptional customer service and growing franchise and shareholder value."

Continuing, Mr. Mindiak remarked that, "Last quarter we reported that one large loan of $21.0 million was placed on non-accrual. We are pleased to report that this loan was successfully resolved in the second quarter, thereby improving our asset quality in the quarter. While a degree of uncertainty still exists due to the implementation of tariffs, as a community bank we have not seen any adverse effect on our credit quality."

Financial Highlights

  • Total interest income increased by $1.9 million or 9.8% for the second quarter of 2025 compared to the second quarter of 2024 as a result of the growth in average interest-earning assets year over year.

  • Total interest expense increased by $648,000 or 5.7% for the second quarter of 2025 compared to the second quarter of 2024 as a result of the growth in interest-bearing liabilities.

  • Total loans increased by $137.1 million or 11.1% to $1.38 billion at June 30, 2025, compared to $1.24 billion at December 31, 2024.

  • Total deposits increased by $72.4 million or 6.2% to $1.25 billion at June 30, 2025, compared to $1.17 billion at December 31, 2024.

  • The annualized return on average total assets increased by three basis points to 0.33% at June 30, 2025, compared to 0.30% at June 30, 2024.

  • The annualized return on average shareholders' equity increased by sixty-three basis points to 3.10% at June 30, 2025, compared to 2.47% at June 30, 2024.

  • Book value per common share increased by $0.32 to $8.51 at June 30, 2025, compared to $8.19 at June 30, 2024.

  • Net interest margin increased fourteen basis points on a linked quarter basis to 2.47% as of June 30, 2025, from 2.33% as of March 31, 2025, and increased nine basis points from 2.38% at June 30, 2024.

Balance Sheet Review

Total assets increased by $138.5 million or 8.9% to $1.69 billion at June 30, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total investment securities and total loans receivable, partially offset by a decrease in cash and cash equivalents during the six months ended June 30, 2025.

Total cash and cash equivalents decreased by $64.9 million or 49.0% to $67.6 million at June 30, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to funding of loan closings and the purchases of investment securities during the six months ended June 30, 2025.

Total investment securities increased by $67.7 million or 60.4% to $179.9 million at June 30, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $77.9 million in purchases of investment securities, partially offset by $1.3 million in redemptions and $8.9 million in investment securities amortization.

Total loans receivable, net of allowance for credit losses increased by $136.6 million or 11.2% to $1.36 billion at June 30, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans, and construction loans increased $120.1 million and $23.3 million, respectively, partially offset by decreases in commercial loans, residential loans and home equity loans of $1.0 million, $3.6 million and $2.3 million, respectively. The allowance for credit losses increased by $464,000 to $15.2 million or 1.11% of gross loans at June 30, 2025, as compared to $14.8 million or 1.19% of gross loans at December 31, 2024.

Total deposits increased $72.4 million or 6.2% to $1.25 billion at June 30, 2025, from $1.17 billion at December 31, 2024. Within the components of total deposits, time deposits increased $49.3 million, savings deposits increased $21.1 million, NOW deposits increased $6.5 million, and non-interest-bearing demand deposits increased $13.9 million, partially offset by a decrease of $18.4 million in money market account deposits. As an augmentation to deposit growth, Federal Home Loan Bank advances increased by $62.5 million or 35.7% to $237.5 million at June 30, 2025 from $175.0 million at December 31, 2024 which assisted in the facilitation of the loan growth discussed previously.

Stockholders' equity decreased by $1.3 million or 0.7% to $171.0 million at June 30, 2025, from $172.3 million at December 31, 2024. The decrease in stockholders' equity was primarily due to $5.7 million in repurchases of common stock, offset by increases of $3.0 million in retained earnings and $1.6 million in additional paid-in-capital. During the six months ended June 30, 2025, the Company repurchased 904,000 shares for approximately $5.6 million, or a weighted average price of approximately $6.23 per share.

Three Months of Operations

Net interest income increased by $1.3 million or 15.6% to $9.6 million for the three months ended June 30, 2025, from $8.3 million for the three months ended June 30, 2024. The increase in net interest income was primarily due to an increase in total interest income of $1.9 million as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $648,000 as a result of an increase in average interest-bearing liabilities.

Total interest income increased by $1.9 million or 9.8% to $21.7 million for the three months ended June 30, 2025, from $19.8 million for the three months ended June 30, 2024. Interest income on loans, including fees, increased $462,000 or 2.6% to $18.4 million for the three months ended June 30, 2025, as compared to $18.0 million for the three months ended June 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $42.9 million or 3.4% to $1.29 billion for the three months ended June 30, 2025, as compared to $1.25 billion for the three months ended June 30, 2024. Average yield on loans receivable was 5.71% for the three months ended June 30, 2025, decreasing seven basis points year over year. Interest income on investment securities increased by $1.6 million or 224.4% to $2.3 million for the three months ended June 30, 2025, as compared to $712,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of investment securities portfolio increased by $103.3 million or 134.7% to $180.0 million for the three months ended June 30, 2025, as compared to $76.7 million for the same period in the prior year. The average yield on investment securities increased by 142 basis points to 5.13% for the three months ended June 30, 2025, as compared to 3.71% for the same period in the prior year. Interest income on interest-bearing deposits with other banks decreased by $117,000 or 12.3% to $828,000 for the three months ended June 30, 2025, as compared to $945,000 for the same period in the prior year. This decrease resulted primarily from a decline in average yield of eighty-four basis points to 4.19% for the three months ended June 30, 2025, as compared to 5.03% for the same period in the prior year. The average balance of interest-bearing deposits with banks increased by $3.8 million or 5.1% to $79.3 million for the three months ended June 30, 2025, as compared to $75.5 million for the same period in the prior year.

Total interest expense increased by $648,000 or 5.7% to $12.1 million for the three months ended June 30, 2025, from $11.5 million for the three months ended June 30, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $138.1 million or 12.4%, to $1.25 billion for the three months ended June 30, 2025, from $1.12 billion for the three months ended June 30, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.87% for the three months ended June 30, 2025, as compared to 4.12% for the three months ended June 30, 2024. The increase in average balance of interest-bearing liabilities included a $85.5 million increase in average interest-bearing deposit liabilities and a $52.6 million increase in average wholesale borrowings for the three months ended June 30, 2025. The increase in interest-bearing liabilities was primarily used to facilitate asset growth and maintain an increased level of liquidity consistent with regulatory guidance.

During the second quarter of 2025, the Company recorded a $712,000 provision for credit losses as compared to a $300,000 provision for credit losses for the same period in the prior year. The increase in provision for credit losses for the second quarter of 2025, was primarily due to the increase in gross loans and management's evaluation of both quantitative and qualitative factors which impact the CECL model calculations. The Company recorded a $401,000 provision for credit losses on loans, a $271,000 provision for credit losses for unfunded commitments and a $40,000 provision for credit losses on corporate securities held-to-maturity. Management believes that the allowance for credit losses on loans and investment securities at June 30, 2025, and 2024 were appropriate.

Net interest margin increased by nine basis points to 2.47% for the three months ended June 30, 2025, compared to 2.38% for the three months ended June 30, 2024. The increase in the net interest margin was primarily due to a decrease in the average cost of interest-bearing liabilities to 3.87% for the three months ended June 30, 2025 from 4.12% for the three months ended June 30, 2024, partially offset by a slight decrease in the yield on average earning assets of six basis points to 5.58% for the three months ended June 30, 2025 from 5.64% for the three months ended June 30, 2024.

Non-interest income increased by $24,000 or 4.3% to $586,000 for the three months ended June 30, 2025, from $562,000 for the three months ended June 30, 2024. The increase in total non-interest income resulted primarily from an increase in service charges and fees of $60,000, partially offset by a decrease of $44,000 in other income.

Non-interest expense increased by $576,000 or 8.0% to $7.8 million for the three months ended June 30, 2025, compared to $7.2 million for the three months ended June 30, 2024. Salaries and employee benefits increased by $194,000 or 4.3% to $4.7 million for the three months ended June 30, 2025, as compared to $4.5 million for the three months ended June 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank and annual merit increases, partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $171,000 or 18.7% to $1.1 million for the three months ended June 30, 2025, as compared to $913,000 for the three months ended June 30, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $38,000 or 34.5% to $74,000 for the three months ended June 30, 2025, as compared to $112,000 for the three months ended June 30, 2024, as a result of reduction in marketing consultant services. Professional fees decreased $47,000 or 9.7% to $427,000 for the three months ended June 30, 2025 as compared to $474,000 for the three months ended June 30, 2024, primarily due to a reduction in audit and consulting fees. Data processing expense increased by $33,000 or 10.9% to $333,000 for the three months ended June 30, 2025, compared to $300,000 for the three months ended June 30, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $92,000 or 52.6% to $267,000, for the three months ended June 30, 2025, from $175,000 for the three months ended June 30, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $171,000 or 22.2% to $940,000 for the three months ended June 30, 2025, from $769,000 for the three months ended June 30, 2024, primarily due to increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, dues and subscriptions, digital banking expenses, sponsorships, training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses, while executing on our organic growth initiative.

The income tax provision increased by $98,000 or 33.9% to $385,000 for the three months ended June 30, 2025, from $287,000 for the three months ended June 30, 2024. The increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year of $334,000 or 24.3% to $1.7 million for the three months ended June 30, 2025 from $1.4 million for the three months ended June 30, 2024. The effective tax rate for the quarter ended June 30, 2025, was 22.5% compared to 20.9% for the quarter ended June 30, 2024. The effective tax yield for the quarter ended June 30, 2024, was impacted by a reduction in New York state tax apportionment.

Six Months of Operations

Net interest income increased by $1.7 million or 10.1% to $18.3 million for the six months ended June 30, 2025, from $16.6 million for the six months ended June 30, 2024. The increase in net interest income was primarily due to an increase in total interest income of $3.4 million as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $1.7 million as a result of an increase in average interest-bearing liabilities.

Total interest income increased by $3.4 million or 8.6% to $42.2 million for the six months ended June 30, 2025, from $38.8 million for the six months ended June 30, 2024. Interest income on loans, including fees, increased $172,000 or 0.5% to $35.8 million for the six months ended June 30, 2025, as compared to $35.6 million for the six months ended June 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $16.7 million or 1.3% to $1.27 billion for the six months ended June 30, 2025, as compared to $1.25 billion for the six months ended June 30, 2024. Average yield on loans receivable was 5.69% for the six months ended June 30, 2025, a decrease of three basis points year over year. Interest income on interest-bearing deposits with other banks increased by $222,000 or 13.9% to $1.8 million for the six months ended June 30, 2025, as compared to $1.6 million for the same period in the prior year. This increase resulted from a higher average balance of interest-bearing deposits with banks of $23.7 million or 36.6% to $88.5 million for the six months ended June 30, 2025, as compared to $64.8 million for the same period in the prior year. Interest income on investment securities increased by $2.9 million or 227.1% to $4.2 million for the six months ended June 30, 2025, as compared to $1.3 million for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of the investment securities portfolio increased by $92.7 million or 126.5% to $165.9 million for the six months ended June 30, 2025, as compared to $73.2 million for the same period in the prior year. The average yield on investment securities increased by 154 basis points to 5.02% for the six months ended June 30, 2025, as compared to 3.48% for the same period in the prior year. Dividend income on FHLB stock increased by $66,000 or 19.4% to $406,000 for the six months ended June 30, 2025, as compared to $340,000 for the same period in the prior year, primarily as a result of an increase in average balance of restricted stock of $2.0 million or 25.1% to $10.2 million for the six months ended June 30, 2025, as compared to $8.1 million for the same period in the prior year.

Total interest expense increased by $1.7 million or 7.5% to $23.9 million for the six months ended June 30, 2025, from $22.3 million for the six months ended June 30, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $128.5 million or 11.7%, to $1.23 billion for the six months ended June 30, 2025, from $1.10 billion for the six months ended June 30, 2024. Despite the increase in the average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.93% for the six months ended June 30, 2025, as compared to 4.07% for the six months ended June 30, 2024. The increase in average balance of interest-bearing liabilities included an $85.5 million increase in average interest-bearing deposit liabilities and a $43.0 million increase in average wholesale borrowings for the six months ended June 30, 2025. The increase in interest-bearing liabilities was primarily used to maintain an increased level of liquidity consistent with regulatory guidance and support the loan growth.

During the six months ended June 30, 2025, the Company recorded $795,000 provision for credit losses as compared to $308,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors as well as the loan growth for the six months ended June 30, 2025, the Company recorded a provision for loan losses of $414,000 on loans, a $290,000 provision for credit losses for unfunded commitments and a $91,000 provision for credit losses on corporate securities held-to-maturity. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at June 30, 2025, and 2024 were appropriate.

Net interest margin for the six months ended June 30, 2025, was 2.40% compared to 2.39% for the six months ended June 30, 2024. The average yield on interest-earning assets declined 4 basis points to 5.55% for the six months ended June 30, 2025, as compared to 5.59% for the same period in the prior year. Average cost of interest-bearing liabilities declined fourteen basis points to 3.93% from 4.07% for the same period in the prior year, despite an increase in the average balance of interest-bearing liabilities of $128.5 million or 11.7% to $1.23 billion for the six months ended June 30, 2025, from $1.10 billion six months ended June 30, 2024.

Non-interest income increased by $895,000 or 82.5% to $2.0 million for the six months ended June 30, 2025, from $1.1 million for the six months ended June 30, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $719,000 as a result of a non-recurring gain of $778,000 on the sale of a Company owned property recorded in the first quarter of 2025. Excluding this non-recurring gain, other income would have decreased $59,000 when compared to the same period in the prior year. Service charges and fees increased by $162,000 or 38.6% to $582,000 for the six months ended June 30, 2025, from $420,000 for the same period in the prior year, primarily due to an increase in loan fees of $56,000 and an increase in deposit accounts fees of $102,000.

Non-interest expense increased by $1.2 million or 8.4% to $15.7 million for the six months ended June 30, 2025, compared to $14.4 million for the six months ended June 30, 2024. Salaries and employee benefits increased by $432,000 or 4.8% to $9.4 million for the six months ended June 30, 2025, as compared to $9.0 million for the six months ended June 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank and annual merit increases, partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $416,000 or 22.8% to $2.2 million for the six months ended June 30, 2025, as compared to $1.8 million for the six months ended June 30, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $61,000 or 32.2% to $129,000 for the six months ended June 30, 2025, as compared to $190,000 for the six months ended June 30, 2024, as a result of reduction in marketing consultant services. Data processing expense increased by $90,000 or 15.4% to $675,000 for the six months ended June 30, 2025, compared to $585,000 for the six months ended June 30, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $118,000 or 31.9% to $488,000 for the six months ended June 30, 2025, from $370,000 for the six months ended June 30, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $253,000 or 16.6% to $1.8 million for the six months ended June 30, 2025, from $1.5 million for the six months ended June 30, 2024, primarily due to minor increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, communications, dues and subscriptions, digital banking expenses, sponsorships, training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses while executing on our organic growth initiative.

The income tax provision increased by $120,000 or 17.9% to $788,000 for the six months ended June 30, 2025, from $668,000 for the six months ended June 30, 2024. This increase in the income tax provision resulted primarily from an increase in the pre-tax income of $873,000 or 30.0% to $3.8 million for the six months ended June 30, 2025 from $2.9 million for the six months ended June 30, 2024 year over year. In addition, the effective tax yield declined year over year as a result of a reduction in New York state tax apportionment. The effective tax rate for the six months ended June 30, 2025, was 20.8% compared to 22.9% for the same period in the prior year.

Asset Quality

The allowance for credit losses increased by $464,000 or 3.1% to $15.2 million or 1.11% of gross loans at June 30, 2025, as compared to $14.8 million or 1.19% of gross loans at December 31, 2024, and $14.9 million or 1.18% at June 30, 2024. During the first six months of 2025, the Company added a $414,000 provision to the allowance for credit losses and had net recoveries of $50,000. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors during the six months ended June 30, 2025, changes in the allowance for credit losses were adjusted accordingly.

The Bank had non-accrual loans totaling $17.9 million or 1.30% of gross loans at June 30, 2025, as compared to $16.6 million or 1.34% of gross loans at December 31, 2024, and $37.9 million or 3.02% of gross loans at March 31, 2025. Non-accrual loans decreased by $20.0 million from March 31, 2025, as a result of one commercial real estate loan in the amount of approximately $21.0 million which was resolved and placed on accrual status during the second quarter of 2025. The allowance for credit losses was 85.0% of non-accrual loans at June 30, 2025, compared to 88.7%, at December 31, 2024, and 39.1% at March 31, 2025.

About First Commerce Bancorp, Inc.

First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company's wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.

Forward-Looking Statements

This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to the factors previously disclosed in prior Company communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank's investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank's products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)

June 30, 2025 vs.
December 31, 2024
(dollars in thousands, except percentages and share data) June 30, 2025 December 31, 2024 Amount %
Assets
Cash and cash equivalents:
Cash on hand $2,354 $1,790 $564 31.5%
Interest-bearing deposits in other banks 65,272 130,690 (65,418) -50.1%
Total cash and cash equivalents 67,626 132,480 (64,854) -49.0%
Investment securities:
Available-for-sale, at fair value 26,605 300 26,305 8770.5%
Held-to-maturity ("HTM"), at amortized cost 153,614 112,107 41,507 37.0%
Less: Allowance for credit losses - HTM securities (290) (198) (92) 46.2%
Held-to-maturity, net of allowance for credit losses 153,324 111,909 41,415 37.0%
Total investment securities 179,929 112,209 67,720 60.4%
Restricted stock 12,204 9,348 2,856 30.5%
Loans receivable 1,376,116 1,239,031 137,085 11.1%
Less: Allowance for credit losses (15,220) (14,756) (464) 3.1%
Net loans receivable 1,360,896 1,224,275 136,621 11.2%
Premises and equipment, net 10,452 17,059 (6,607) -38.7%
Right-of-use asset 17,583 16,085 1,498 9.3%
Accrued interest receivable 6,645 5,829 816 14.0%
Bank owned life insurance 27,196 26,711 485 1.8%
Deferred tax asset, net 3,283 3,076 207 6.7%
Other assets 3,828 4,053 (225) -5.5%
Total assets $1,689,642 $1,551,125 $138,517 8.9%
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing $171,617 $157,684 $13,933 8.8%
Interest-bearing 1,075,741 1,017,254 58,487 5.7%
Total Deposits 1,247,358 1,174,938 72,420 6.2%
Borrowings 237,500 175,000 62,500 35.7%
Accrued interest payable 1,918 1,913 5 0.3%
Lease liability 18,982 16,773 2,209 13.2%
Other liabilities 12,884 10,232 2,652 25.9%
Total liabilities 1,518,642 1,378,856 139,786 10.1%
Commitments and contingencies - - - -
Stockholders' equity
Preferred stock; authorized 5,000,000 shares; none issued - - - N/A
Common stock, par value of $0; 30,000,000 authorized - - - N/A
Additional paid-in capital 91,154 89,557 1,597 1.8%
Retained earnings 107,963 104,965 2,998 2.9%
Treasury stock (27,925) (22,253) (5,672) 25.5%
Accumulated other comprehensive loss (192) - (192) N/A
Total stockholders' equity 171,000 172,269 (1,269) -0.7%
Total liabilities and stockholders' equity $1,689,642 $1,551,125 $138,517 8.9%
Shares issued 24,459,830 23,995,390
Shares outstanding 20,096,480 20,536,214
Treasury shares 4,363,350 3,459,176

First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended June 30, 2025 and 2024
(Unaudited)

Three Months Ended Variance
(dollars in thousands, except percentages and share data) June 30, 2025 June 30, 2024 Amount %
Interest and Dividend Income
Loans, including fees $18,415 $17,953 $462 2.6%
Investment securities:
Available-for-sale 414 64 350 548.5%
Held-to-maturity 1,896 648 1,248 192.3%
Interest-bearing deposits with other banks 828 945 (117) -12.3%
Restricted stock dividends 186 183 3 1.7%
Total interest and dividend income 21,739 19,793 1,946 9.8%
Interest expense:
Deposits 9,842 9,539 303 3.2%
Borrowings 2,257 1,912 345 18.0%
Total interest expense 12,099 11,451 648 5.7%
Net interest income 9,640 8,342 1,298 15.6%
Provision for credit losses 401 260 141 54.4%
Provision for (reversal of) unfunded commitments for credit losses 271 (5) 276 -5344.8%
Provision for credit losses - HTM securities 40 45 (5) -11.9%
Total provision for credit losses 712 300 412 137.4%
Net interest income after provision for (reversal of) credit losses 8,928 8,042 886 11.0%
Non-interest Income:
Service charges and fees 289 229 60 26.3%
Bank owned life insurance income 244 236 8 3.6%
Other income 53 97 (44) -45.6%
Total non-interest income 586 562 24 4.3%
Non-Interest Expenses:
Salaries and employee benefits 4,681 4,487 194 4.3%
Occupancy and equipment expense 1,084 913 171 18.7%
Advertising and marketing 74 112 (38) -34.5%
Professional fees 427 474 (47) -9.7%
Data processing expense 333 300 33 10.9%
FDIC insurance assessment 267 175 92 52.6%
Other operating expenses 940 769 171 22.2%
Total non-interest expenses 7,806 7,230 576 8.0%
Income before income taxes 1,708 1,374 334 24.3%
Income tax provision 385 287 98 33.9%
Net income $1,323 $1,087 $236 21.8%
Earnings per common share - Basic $0.07 $0.05 $0.02 31.1%
Earnings per common share - Diluted 0.07 0.05 0.02 32.7%
Weighted average shares outstanding - Basic 20,095 21,641 (1,546) -7.1%
Weighted average shares outstanding - Diluted 20,095 21,898 (1,803) -8.2%

First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the six months ended June 30, 2025 and 2024

(Unaudited)

Six Months Ended Variance
(dollars in thousands, except percentages and share data) June 30, 2025 June 30, 2024 Amount %
Interest and Dividend Income
Loans, including fees $35,803 $35,631 $172 0.5%
Investment securities:
Available-for-sale 597 132 465 352.6%
Held-to-maturity 3,570 1,142 2,428 212.7%
Interest-bearing deposits with other banks 1,821 1,599 222 13.9%
Restricted stock dividends 406 340 66 19.5%
Total interest and dividend income 42,197 38,844 3,353 8.6%
Interest expense:
Deposits 19,573 18,591 982 5.3%
Borrowings 4,363 3,671 692 18.9%
Total interest expense 23,936 22,262 1,674 7.5%
Net interest income 18,261 16,582 1,679 10.1%
Provision for credit losses 414 384 30 7.9%
Provision for (reversal of) unfunded commitments for credit losses 290 (124) 414 -333.7%
Provision for credit losses - HTM securities 91 48 43 89.0%
Total provision for credit losses 795 308 487 158.4%
Net interest income after provision for (reversal of) credit losses 17,466 16,274 1,192 7.3%
Non-interest Income:
Service charges and fees 582 420 162 38.6%
Bank owned life insurance income 484 470 14 3.0%
Other income 914 195 719 367.9%
Total non-interest income 1,980 1,085 895 82.5%
Non-Interest Expenses:
Salaries and employee benefits 9,421 8,989 432 4.8%
Occupancy and equipment expense 2,241 1,825 416 22.8%
Advertising and marketing 129 190 (61) -32.2%
Professional fees 936 970 (34) -3.5%
Data processing expense 675 585 90 15.4%
FDIC insurance assessment 488 370 118 31.9%
Other operating expenses 1,771 1,518 253 16.6%
Total non-interest expenses 15,661 14,447 1,214 8.4%
Income before income taxes 3,785 2,912 873 30.0%
Income tax provision 788 668 120 17.9%
Net income $2,997 $2,244 $753 33.6%
Earnings per common share - Basic $0.15 $0.10 $0.05 45.9%
Earnings per common share - Diluted 0.15 0.10 0.05 47.6%
Weighted average shares outstanding - Basic 20,242 22,121 (1,879) -8.5%
Weighted average shares outstanding - Diluted 20,243 22,377 (2,134) -9.5%

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

Three months ended June 30, 2025 Three months ended June 30, 2024
Average Average Average Average
(dollars in thousands) Balance Interest Yield/Cost Balance Interest Yield/Cost
Assets:
Interest-earning assets:
Interest-bearing deposits in other banks $79,350 $828 4.19% $75,520 $945 5.03%
Investment securities:
Available-for-sale 26,726 414 6.20% 8,515 64 3.01%
Held-to-maturity 153,307 1,896 4.95% 68,194 648 3.80%
Total investment securities 180,033 2,310 5.13% 76,709 712 3.71%
Restricted stock 10,886 186 6.82% 8,474 183 8.64%
Loans receivable:
Consumer loans 978 4 1.74% 469 2 1.72%
Home equity loans 2,176 48 8.88% 2,965 60 8.13%
Construction loans 116,684 2,334 7.91% 110,515 2,423 8.67%
Commercial loans 45,798 915 7.90% 34,825 647 7.35%
Commercial mortgage loans 1,095,592 14,628 5.28% 1,060,086 14,166 5.29%
Residential mortgage loans 10,223 121 4.76% 14,618 179 4.92%
SBA loans 21,095 365 6.84% 26,147 476 7.21%
Total loans receivable 1,292,546 18,415 5.71% 1,249,625 17,953 5.78%
Total interest-earning assets 1,562,815 21,739 5.58% 1,410,328 19,793 5.64%
Non-interest-earning assets:
Allowance for credit losses (14,826) (14,452)
Cash on hand 2,042 1,959
Other assets 67,098 60,030
Total non-interest-earning assets 54,314 47,537
Total assets $1,617,129 $1,457,865
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts $77,441 $424 2.19% $48,715 $198 1.63%
NOW accounts 5,908 44 2.95% 43,133 378 3.52%
Money market accounts 252,446 2,052 3.26% 228,306 2,042 3.60%
Savings accounts 52,577 317 2.42% 27,184 26 0.38%
Certificates of deposit 494,811 5,091 4.13% 495,512 5,461 4.43%
Brokered CDs 163,238 1,914 4.70% 118,037 1,434 4.89%
Borrowings 208,291 2,257 4.35% 155,720 1,912 4.94%
Total interest-bearing liabilities 1,254,712 $12,099 3.87% 1,116,607 $11,451 4.12%
Non-interest-bearing liabilities:
Demand deposits 160,087 142,030
Other liabilities 30,927 22,003
Total non-interest bearing liabilities 191,014 164,033
Stockholders' equity 171,403 177,225
Total liabilities and stockholders' equity $1,617,129 $1,457,865
Net interest spread 1.71% 1.52%
Net interest margin $9,640 2.47% $8,342 2.38%

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

Six months ended June 30, 2025 Six months ended June 30, 2024
Average Average Average Average
(dollars in thousands) Balance Interest Yield/Cost Balance Interest Yield/Cost
Assets:
Interest-earning assets:
Interest-bearing deposits $88,528 $1,821 4.15% $64,829 $1,599 4.96%
Investment securities:
Available-for-sale 19,241 597 6.20% 8,784 132 3.00%
Held-to-maturity 146,658 3,570 4.87% 64,462 1,142 3.54%
Total investment securities 165,899 4,167 5.02% 73,246 1,274 3.48%
Restricted stock 10,164 406 7.99% 8,126 340 8.37%
Loans:
Consumer loans 930 11 2.41% 421 4 1.91%
Home equity loans 2,279 98 8.70% 2,957 119 8.09%
Construction loans 110,870 4,391 7.88% 112,958 4,952 8.67%
Commercial loans 44,375 1,759 7.89% 35,509 1,382 7.70%
Commercial mortgage loans 1,077,946 28,565 5.27% 1,058,072 27,832 5.20%
Residential mortgage loans 10,906 258 4.76% 14,746 353 4.84%
SBA loans 21,112 721 6.80% 27,092 989 7.22%
Total loans 1,268,418 35,803 5.69% 1,251,755 35,631 5.72%
Total interest-earning assets 1,533,009 42,197 5.55% 1,397,956 38,844 5.59%
Non-interest-earning assets:
Allowance for credit losses (14,813) (14,469)
Cash and due from bank 1,985 1,932
Other assets 67,523 59,983
Total non-interest-earning assets 54,695 47,446
Total assets $1,587,704 $1,445,402
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts $77,410 $828 2.16% $51,071 $422 1.66%
NOW accounts 7,261 105 2.93% 40,613 700 3.47%
Money market accounts 255,268 4,159 3.29% 219,353 3,790 3.47%
Savings accounts 46,059 511 2.24% 28,165 55 0.39%
Certificates of deposit 490,578 10,217 4.20% 500,886 10,927 4.39%
Brokered CDs 159,120 3,753 4.76% 110,125 2,697 4.92%
Borrowings 192,671 4,363 4.57% 149,637 3,671 4.93%
Total interest-bearing liabilities 1,228,367 $23,936 3.93% 1,099,850 $22,262 4.07%
Non-interest-bearing liabilities:
Demand deposits 157,283 142,677
Other liabilities 30,066 22,647
Total non-interest bearing liabilities 187,349 165,324
Stockholders' equity 171,988 180,228
Total liabilities and stockholders' equity $1,587,704 $1,445,402
Net interest spread 1.62% 1.52%
Net interest margin $18,261 2.40% $16,582 2.39%

First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)

As of and for the quarters ended
(In thousands, except per share data) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024
Summary earnings:
Interest income $21,739 $20,458 $19,672 $20,149 $19,793
Interest expense 12,099 11,837 11,706 11,785 11,451
Net interest income 9,640 8,621 7,966 8,364 8,342
Provision for (reversal of) credit losses 712 83 (55) 54 300
Net interest income after provision for (reversal of) credit losses 8,928 8,538 8,021 8,310 8,042
Non-interest income 586 1,394 412 582 562
Non-interest expense 7,806 7,855 7,117 7,524 7,230
Income before income tax expense 1,708 2,077 1,316 1,368 1,374
Income tax expense 385 403 167 240 287
Net income $1,323 $1,674 $1,149 $1,128 $1,087
Per share data:
Earnings per share - basic $0.07 $0.08 $0.06 $0.05 $0.05
Earnings per share - diluted 0.07 0.08 0.06 0.05 0.05
Cash dividends declared - - - - -
Book value at period end 8.51 8.47 8.39 8.31 8.19
Shares outstanding at period end 20,096 20,130 20,536 20,780 21,489
Basic weighted average shares outstanding 20,095 20,392 20,552 21,164 21,641
Fully diluted weighted average shares outstanding 20,095 20,435 20,612 21,387 21,898
Balance sheet data (at period end):
Total assets $1,689,642 $1,581,983 $1,551,125 $1,476,252 $1,467,517
Investment securities, available-for-sale 26,605 26,789 300 7,748 8,338
Investment securities, held-to-maturity 153,324 151,009 111,909 73,977 74,109
Total loans 1,376,116 1,256,247 1,239,031 1,262,481 1,260,236
Allowance for credit losses (15,220) (14,834) (14,756) (14,869) (14,922)
Total deposits 1,247,358 1,202,079 1,174,938 1,097,165 1,107,159
Stockholders' equity 171,000 170,422 172,269 172,642 175,933
Common cash dividends - - - - -
Selected performance ratios:
Return on average total assets 0.33% 0.44% 0.31% 0.31% 0.30%
Return on average stockholders' equity 3.10% 3.93% 2.65% 2.56% 2.47%
Dividend payout ratio N/A N/A N/A N/A N/A
Average yield on earning assets 5.58% 5.52% 5.43% 5.66% 5.64%
Average cost of funding liabilities 3.87% 3.99% 4.08% 4.18% 4.12%
Net interest margin 2.47% 2.33% 2.20% 2.35% 2.38%
Efficiency ratio 76.33% 78.43% 84.95% 84.10% 81.19%
Non-interest income to average assets 0.15% 0.36% 0.11% 0.16% 0.16%
Non-interest expenses to average assets 1.94% 2.04% 1.90% 2.04% 1.99%
Asset quality ratios:
Non-performing loans to total loans 1.30% 3.02% 1.34% 1.15% 1.21%
Non-performing assets to total assets 1.06% 2.40% 1.07% 0.98% 1.04%
Allowance for credit losses to non-performing loans 84.97% 39.12% 88.71% 102.67% 97.76%
Allowance for credit losses to total loans 1.11% 1.18% 1.19% 1.18% 1.18%
Net recoveries (charge-offs) to average loans 0.02% 0.02% -0.01% -0.03% 0.01%
Liquidity and capital ratios:
Net loans to deposits 109.10% 103.27% 104.20% 113.71% 112.48%
Average loans to average deposits 107.13% 105.49% 111.83% 114.54% 113.30%
Total stockholders' equity to total assets 10.12% 10.77% 11.11% 11.69% 11.99%
Total capital to risk-weighted assets 12.53% 13.29% 14.45% 14.30% 14.67%
Tier 1 capital to risk-weighted assets 11.44% 12.16% 13.26% 13.13% 13.48%
Common equity tier 1 capital ratio to risk-weighted assets 11.44% 12.16% 13.26% 13.13% 13.48%
Tier 1 leverage ratio 10.59% 10.74% 11.56% 11.80% 12.08%

Source: First Commerce Bancorp, Inc.
Contact:
Donald Mindiak
President and Chief Executive Officer
dmindiak@firstcommercebk.com


© 2025 GlobeNewswire (Europe)
Zeitenwende! 3 Uranaktien vor der Neubewertung
Ende Mai leitete US-Präsident Donald Trump mit der Unterzeichnung mehrerer Dekrete eine weitreichende Wende in der amerikanischen Energiepolitik ein. Im Fokus: der beschleunigte Ausbau der Kernenergie.

Mit einem umfassenden Maßnahmenpaket sollen Genehmigungsprozesse reformiert, kleinere Reaktoren gefördert und der Anteil von Atomstrom in den USA massiv gesteigert werden. Auslöser ist der explodierende Energiebedarf durch KI-Rechenzentren, der eine stabile, CO₂-arme Grundlastversorgung zwingend notwendig macht.

In unserem kostenlosen Spezialreport erfahren Sie, welche 3 Unternehmen jetzt im Zentrum dieser energiepolitischen Neuausrichtung stehen, und wer vom kommenden Boom der Nuklearindustrie besonders profitieren könnte.

Holen Sie sich den neuesten Report! Verpassen Sie nicht, welche Aktien besonders von der Energiewende in den USA profitieren dürften, und laden Sie sich das Gratis-PDF jetzt kostenlos herunter.

Dieses exklusive Angebot gilt aber nur für kurze Zeit! Daher jetzt downloaden!
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.