LAKEWOOD, NJ / ACCESSWIRE / October 27, 2023 / First Commerce Bancorp, Inc., (OTC PINK:CMRB), (the "Company"), today reported net income of $1.7 million and $7.9 million, respectively, for the three and nine months ended September 30, 2023, as compared to $5.4 million and $12.6 million, respectively, for the three and nine months ended September 30, 2022. Basic earnings per common share for the three and nine months ended September 30, 2023, were $0.07 and $0.33 respectively, compared to $0.23 and $0.54 for the three and nine months ended September 30, 2022.
The Company's Board of Directors declared a quarterly cash dividend of $0.04 per common share payable on November 20, 2023 to shareholders of record on November 10, 2023.
Donald Mindiak, President & Chief Executive Officer, commented, "We are pleased by the steady loan growth demonstrated year to date despite unfavorable market conditions. While higher interest rates and shift in funding mix have adversely impacted our net interest margin, our interest rate risk management remains both diligent and prudent. Our retail deposit balances have remained stable while consumers shift balances into higher yielding deposit products. The provision for credit losses increased primarily due to changes in our CECL projections which also impacted the quarterly results, however, nonperforming assets improved year over year. Our management team continues to monitor the on-balance sheet liquidity as well as prudent expense management. Lastly, our stock repurchase plan, which started in August 2023, has produced encouraging results."
Financial Highlights
- Net interest margin decreased by 145 basis points to 2.73% for the third quarter of 2023 as compared to 4.18% for the third quarter of 2022 and decreased by 101 basis points to 3.07% year-to-date for 2023 as compared to 4.08% year-to-date for 2022.
- Total yield on interest earning assets increased by 66 basis points to 5.38% for the third quarter of 2023 as compared to 4.72% for the third quarter of 2022 and increased by 88 basis points to 5.32% year-to-date for 2023 as compared to 4.44% year-to-date for 2022.
- Total cost of interest-bearing liabilities increased by 271 basis points to 3.51% for the third quarter of 2023 compared to 0.80% for the third quarter of 2022 and increased by 251 basis points to 3.05% year-to-date for 2023 as compared to 0.54% year-to-date for 2022.
- The year-to-date efficiency ratio was 64.53% at September 30, 2023 as compared to 53.73% at September 30, 2022.
- Total loans receivable, net of allowance for credit losses, increased by $144.1 million or 13.1% to $1.24 billion at September 30, 2023, as compared to $1.1 billion at December 31, 2022.
- The net loan to deposit ratio increased to 110.92% at September 30, 2023, from 104.36% at September 30, 2022.
- The annualized return on average total assets was 0.47% at September 30, 2023 compared to 1.77% at September 30, 2022.
- The annualized return on average shareholders' equity was 3.63% at September 30, 2023 compared to 11.92% at September 30, 2022.
- The tangible book value per common share was $7.80 at September 30, 2023 compared to $7.45 at September 30, 2022.
Balance Sheet Review
Total assets increased by $136.8 million or 10.6% to $1.43 billion at September 30, 2023 from $1.29 billion at December 31, 2022. The increase in total assets was primarily related to increase in total loans, partially offset by decreases in total investment securities and other real estate owned ("OREO").
Total cash and cash equivalents increased by $948,000 or 2.2% to $43.5 million at September 30, 2023 from $42.6 million at December 31, 2022. This increase was primarily due to an increase in in total deposits.
Total loans receivable, net of allowance for credit losses, increased by $144.1 million or 13.1% to $1.24 billion at September 30, 2023 from $1.10 billion at December 31, 2022. This increase occurred primarily as a result of a $129.3 million increase in commercial mortgages, a $25.6 million increase in construction loans and a $818,000 increase in Small Business Administration loans, partially offset by an $8.6 million decrease in commercial loans and a $717,000 decrease in home equity loans. The allowance for credit losses increased by $1.8 million or 10.0% to $19.6 million or 1.55% of gross loans at September 30, 2023 as compared to $17.8 million or 1.59% of gross loans at December 31, 2022.
Total investment securities decreased by $7.8 million or 9.7% to $71.9 million at September 30, 2023 from $79.7 million at December 31, 2022. The decrease in investment securities resulted primarily from $8.1 million in total amortization of investment securities and a $4.1 million in maturities, partially offset by $4.5 million in purchases.
Total deposits increased by $85.5 million or 8.3% to $1.12 billion at September 30, 2023 from $1.03 billion at December 31, 2022. The increase in total deposits occurred primarily as a result of a $99.4 million increase in time deposits, an $84.3 million increase in brokered time deposits and a $6.2 million increase in interest checking deposits, partially offset by decreases of $31.7 million in noninterest-bearing demand deposits, $31.2 million in savings deposits, $26.3 million in money market deposits and $15.2 million in NOW deposits.
Shareholders' equity increased by $5.1 million or 2.8% to $185.5 million at September 30, 2023 from $180.4 million at December 31, 2022. The increase in shareholders' equity was primarily attributable to increase in retained earnings of $5.2 million and an increase of $62,000 in additional paid in capital as a result of the exercise of certain stock options, partially offset by $74,000 in share repurchase and an increase of $84,000 in accumulated other comprehensive loss. During the third quarter of 2023, the Company repurchased 11,912 shares for approximately $74,000, or a weighted average price of $6.21 per share.
Three Months of Operations
Net interest income decreased by $2.8 million or 23.1% to $9.5 million for the three months ended September 30, 2023 from $12.3 million for the three months ended September 30, 2022. The decrease in net interest income was primarily due to a significant increase in the cost of interest-bearing liabilities.
Total interest income increased by $4.8 million or 34.2% to $18.7 million for the three months ended September 30, 2023 from $13.9 million for the three months ended September 30, 2022. Interest income on loans, including fees, increased $4.2 million or 32.0% to $17.3 million for the three months ended September 30, 2023 compared to $13.1 million for the three months September 30, 2022. The increase in interest income from loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $199.5 million or 19.1% to $1.25 billion for the three months ended September 30, 2023 compared to $1.05 billion for the three months ended September 30, 2022 and an increase of fifty-four basis points in the average yield on loans to 5.52% for the three months ended September 30, 2023 compared to 4.98% for the same period in the prior year. Interest income on interest-bearing deposits with banks increased $495,000 or 272.0% to $677,000 for the three months ended September 30, 2023 as compared to $182,000 for the same period in the prior year. This increase resulted from a significantly higher average yield on interest-bearing deposits with banks of 4.90% for the three months ended September 30, 2023 compared to 1.88% for the same period in the prior year, and an increase of $16.3 million in average balances of interest-bearing deposits with banks year over year.
Total interest expense increased by $7.6 million or 476.4% to $9.2 million for the three months ended September 30, 2023 from $1.6 million for the three months ended September 30, 2022. The increase in interest expense occurred primarily as a result of a 271 basis points increase in the average cost of interest-bearing liabilities to 3.51% for the three months ended September 30, 2023 from 0.80% for the three months ended September 30, 2022 and an increase in average balance of interest-bearing liabilities of $249.4 million or 31.5%, to $1.04 billion for the three months ended September 30, 2023 from $791.7 million for the three months ended September 30, 2022. The increase in average balance of interest-bearing liabilities included a $152.7 million increase in average interest-bearing deposit liabilities and a $96.7 million increase in average wholesale borrowings for the three months ended September 30, 2023. The increase in the average cost of interest-bearing liabilities resulted primarily from a significant increase in market interest rates over the past several quarters. The increase in interest-bearing liabilities was primarily used to support loan growth.
Net interest margin decreased by 145 basis points to 2.73% for the three months ended September 30, 2023 compared to 4.18% for the three months ended September 30, 2022. The decrease in the net interest margin is primarily attributable to a significant increase in the average cost of interest-bearing liabilities to 3.51% for the three months ended September 30, 2023 from 0.80% for the three months ended September 30, 2022 and an increase in the average balance of interest-bearing liabilities to $1.04 billion for the three months ended September 30, 2023 from $791.7 million for the three months ended September 30, 2022. These increases were partially offset by an increase in average balance of interest earning assets to $1.38 billion for the three months ended September 30, 2023 compared to $1.17 billion for the three months ended September 30, 2022 and an increase in the average yield of interest earning assets to 5.38% for the three months ended September 30, 2023 from 4.72% for the three months ended September 30, 2022.
Non-interest income increased by $34,000 or 9.9% to $378,000 for the three months ended September 30, 2023 from $344,000 for the three months ended September 30, 2022. The increase in total non-interest income resulted primarily from an increase in service charges and fees of $20,000 or 11.9% to $188,000 for the three months ended September 30, 2023 from $168,000 for the three months ended September 30, 2022. All other variances within non-interest income were not material.
Non-interest expense increased by $828,000 or 13.3% to $7.0 million for the three months ended September 30, 2023 compared to $6.2 million for the three months ended September 30, 2022. Salaries and employee benefits increased by $423,000 or 10.7% to $4.37 million for the three months ended September 30, 2023 as compared to $3.94 million for the three months ended September 30, 2022. The increase in salaries and employee benefits resulted primarily due to additions to staff and separation cost. Advertising and marketing expense increased by $39,000 or 68.4% to $96,000 for the three months ended September 30, 2023 from $57,000 for the three months ended September 30, 2022. Marketing expense increased as a result of the Bank utilizing resources to build our brand and attract retail deposits. Professional fees increased by $234,000 or 65.7% to $590,000 for the three months ended September 30, 2023 from $356,000 for the three months ended September 30, 2022 as a result of increased fees related to the formation of the bank holding company and the initiative to up list to the Nasdaq Capital Market exchange. Data processing costs increased by $41,000 or 23.2% to $218,000 for the three months ended September 30, 2023 from $177,000 for the three months ended September 30, 2022. The Bank had no gain/loss on other real estate owned in the third quarter of 2023 compared to a $63,000 gain on other real estate owned in the third quarter of 2022. All other variances within the other components of non-interest expenses were not material.
The income tax provision decreased by $1.2 million or 68.7% to $536,000 for the three months ended September 30, 2023 from $1.7 million for the three months ended September 30, 2022. The decrease in the income tax provision resulted primarily from a significant decrease in the pre-tax income year over year.
Nine Months of Operations
Net interest income decreased by $4.0 million or 11.5% to $30.6 million for the nine months ended September 30, 2023 from $34.6 million for the nine months ended September 30, 2022.
Total interest income increased by $15.4 million or 41.0% to $53.1 million for the nine months ended September 30, 2023 from $37.7 million for the nine months ended September 30, 2022. Interest income on loans, including fees, increased $13.9 million or 38.9% year over year resulting primarily from an increase in the average balance of loans receivable of $225.7 million or 23.1% to $1.2 billion for the nine months ended September 30, 2023 compared to $978.4 million for the nine months ended September 30, 2022 and an increase of sixty-two basis points in the average yield on loans to 5.50% for the nine months ended September 30, 2023 from 4.88% for the nine months ended September 30, 2022. Fee income from loans decreased $697,000 for the nine months ended September 30, 2023 primarily due to declines in both prepayment penalty fees and Paycheck Protection Program fees of $446,000 and $495,000, respectively, partially offset by a net increase of $182,000 in commercial loan fees compared to the same period in the prior year.
Interest income on interest-bearing deposits with banks increased $1.3 million or 325.4% to $1.7 million for the nine months ended September 30, 2023 compared to $389,000 for the same period in the prior year. This increase resulted from a significantly higher average yield on interest-bearing deposits with banks of 4.50% for the nine months ended September 30, 2023 compared to 0.62% for the same period in the prior year, despite a decline of $34.1 million in average balances of interest-bearing deposits with banks year over year. Dividend income on Federal Home Loan Bank stock increased $261,000, or 767.6% to $295,000 for the nine months ended September 30, 2023 compared to $34,000 for the same period in the prior year. This increase was a result of an increase in dividend yield to 6.64% for the nine months ended September 30, 2023 compared to 3.82% for the same period in the prior year coupled with an increase in average balance of $4.7 million to $5.9 million compared to $1.2 million year over year. Interest income on investment securities increased $38,000 or 2.4% as a result of increase in average balance of investment securities of $5.0 million or 7.0% to $75.8 million for the nine months ended September 30, 2023 from $70.8 million for the nine months ended September 30, 2022. The average yield on investment securities declined ten basis points to 2.84% for the nine months ended September 30, 2023 compared to 2.94% for the same period in the prior year.
Total interest expense increased by $19.4 million or 630.7% to $22.5 million for the nine months ended September 30, 2023 from $3.1 million for the nine months ended September 30, 2022. The increase in interest expense occurred primarily as a result of an increase in the average cost of interest-bearing liabilities of 251 basis points to 3.05% for the nine months ended September 30, 2023 from 0.54% for the nine months ended September 30, 2022, coupled with an increase in average balance of interest-bearing liabilities of $224.7 million or 29.5% to $985.5 million for the nine months ended September 30, 2023 from $760.7 million for the nine months ended September 30, 2022. The average balance of interest-bearing liabilities included a $124.1 million increase in average interest-bearing deposit liabilities and a $100.6 million increase in average wholesale borrowings for the nine months ended September 30, 2023. The increase in the average cost of interest-bearing liabilities resulted primarily from a significant increase in market interest rates over the past two years as the Federal Reserve Bank has embarked on their strategy of reducing forty years high inflation rates by systematically tightening short-term interest rates.
Net interest margin decreased by 101 basis points to 3.07% for the nine months ended September 30, 2023 compared to 4.08% for the nine months ended September 30, 2022. The decrease in the net interest margin is primarily attributable to a significant increase in the cost of interest-bearing liabilities and increase in the average balance of interest-bearing liabilities year over year partially offset by an increase in the average balance of interest earning assets as well as an increase in average yield on average interest earning assets.
Non-interest income increased by $570,000 or 55.3% to $1.6 million for the nine months ended September 30, 2023 from $1.0 million for the nine months ended September 30, 2022. The increase in total non-interest income resulted primarily from an increase in Bank owned life insurance ("BOLI") income of $530,000 or 107.3% to $1.0 million for the nine months ended September 30, 2023 from $494,000 for the nine months ended September 30, 2022. The increase in BOLI income resulted from a one-time benefit received on the Bank's investment in BOLI.
Non-interest expense increased by $1.6 million or 8.6% to $20.8 million for the nine months ended September 30, 2023 compared to $19.1 million for the nine months ended September 30, 2022. Salaries and employee benefits increased by $976,000 or 8.1% to $13.0 million for the nine months ended September 30, 2023 compared to $12.0 million for the nine months ended September 30, 2022. The increase in salaries and employee benefits resulted primarily due to additions to staff year-over-year as well as increased employee incentive plan cost and employee health benefits cost. Occupancy and equipment expense increased by $60,000 or 2.3% to $2.7 million for the nine months ended September 30, 2023 compared to $2.6 million for the nine months ended September 30, 2022. Marketing expense increased by $135,000 or 89.4% to $286,000 for the nine months ended September 30, 2023 from $151,000 for the nine months ended September 30, 2022. Marketing expense increased as a result of the Bank utilizing resources to build our brand and attract retail deposits. Professional fees increased by $486,000 or 42.0% to $1.6 million for the nine months ended September 30, 2023 from $1.1 million for the nine months ended September 30, 2022 as a result of increased fees related to the bank holding company reorganization application and the initiative to up list to the Nasdaq Capital Market exchange. Data processing costs increased by $120,000 or 22.4% to $655,000 for the nine months ended September 30, 2023 from $535,000 for the nine months ended September 30, 2022. FDIC assessment decreased by $53,000 or 11.0% to $429,000 for the nine months ended September 30, 2023 from $482,000 for the nine months ended September 30, 2022 primarily due to a lower deposit insurance assessment rate in effect during the first nine months of 2023 compared to the first nine months of 2022. Other expenses decreased by $204,000 or 9.0% to $2.1 million for the nine months ended September 30, 2023 from $2.3 million for the nine months ended September 30, 2022. Other expenses are primarily comprised of miscellaneous loan expense, telephone, subscriptions, software maintenance and depreciation, office supplies and computer supplies. These decreases were partially offset by a $59,000 loss recorded on the sale of OREO for the nine months ended September 30, 2023 compared to a gain on sale of OREO of $65,000 for the nine months ended September 30, 2022.
The income tax provision decreased by $1.6 million or 39.5% to $2.5 million for the nine months ended September 30, 2023 from $4.1 million for the nine months ended September 30, 2022. The decrease in the income tax provision resulted primarily from a decrease in earnings before income taxes of $6.3 million or 37.5%, which included additional non-taxable income of $510,000 for the one-time benefit from BOLI investment, to $10.5 million for the nine months ended September 30, 2023 from $16.7 million for the nine months ended September 30, 2022. The effective tax rate for the nine months ended September 30, 2023 was 24.0% as compared to 24.8% for the nine months ended September 30, 2022.
Asset Quality
The allowance for credit losses increased by $1.8 million and $1.9 million respectively from December 31, 2022 and September 30, 2022, to $19.6 million or 1.55% of gross loans at September 30, 2023 as compared to $17.8 million or 1.59% of gross loans at December 31, 2022 and $17.7 million or 1.63% of gross loans at September 30, 2022. Changes in the allowance for credit losses are calculated and adjusted quarterly, relative to those identified parameters within CECL which include, but are not necessarily limited to: loan growth, expected credit losses, economic conditions and forecasts. Total loans increased by $145.8 million or 13.0% and $181.7 million or 16.8% at December 31, 2022 and September 30, 2022, respectively, to $1.26 billion at September 30, 2023 from $1.1 billion at December 31, 2022 and $1.1 billion at September 30, 2022.
The Bank had non-accrual loans totaling $15.7 million or 1.24% of gross loans at September 30, 2023 as compared to $12.7 million or 1.14% of gross loans at December 31, 2022 and $17.4 million or 1.61% of gross loans at September 30, 2022. Non-accrual loans increased by $3.0 million or 23.6% to $15.7 million at September 30, 2023 from $12.7 million at December 31, 2022 and OREO balances decreased by $4.0 million or 100% to no OREO at September 30, 2023 from $4.0 million at December 31, 2022.
The allowance for credit losses was 124.3% of non-accrual loans at September 30, 2023, 139.6% of non-accrual loans at December 31, 2022 and 101.2% of non-accrual loans at September 30, 2022.
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, Montvale, 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 Bank 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; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); 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 and the impact of a potential shutdown of the federal government.
First Commerce Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
| September 30, 2023 vs. | |||||||||||||||||||||
| December 31, 2022 | September 30, 2022 | ||||||||||||||||||||
(In thousands, except percentages and share amounts) |
September 30, 2023 | December 31, 2022 | September 30, 2022 | Amount | % | Amount | % | ||||||||||||||
Assets |
|||||||||||||||||||||
Cash and cash equivalents: |
|||||||||||||||||||||
Cash on hand |
$ | 1,795 | $ | 1,686 | $ | 1,498 | $ | 109 | 6.5 | % | $ | 297 | 19.8 | % | |||||||
Interest bearing deposits in other banks |
41,738 | 40,899 | 32,184 | 839 | 2.1 | % | 9,554 | 29.7 | % | ||||||||||||
Total cash and cash equivalents |
43,533 | 42,585 | 33,682 | 948 | 2.2 | % | 9,851 | 29.2 | % | ||||||||||||
Investment securities: |
|||||||||||||||||||||
Available-for-sale, at fair value |
10,703 | 13,902 | 14,371 | (3,199 | ) | -23.0 | % | (3,668 | ) | -25.5 | % | ||||||||||
Held-to-maturity, at amortized cost |
61,262 | 65,788 | 69,736 | (4,526 | ) | -6.9 | % | (8,474 | ) | -12.2 | % | ||||||||||
Less: Allowance for credit losses - HTM securities |
(28 | ) | - | - | (28 | ) | 0.0 | % | (28 | ) | 0.0 | % | |||||||||
Total investment securities |
71,937 | 79,690 | 84,107 | (7,753 | ) | -9.7 | % | (12,170 | ) | -14.5 | % | ||||||||||
Federal Home Loan Bank stock |
6,044 | 3,699 | 2,731 | 2,345 | 63.4 | % | 3,313 | 121.3 | % | ||||||||||||
Loans receivables |
1,263,918 | 1,118,081 | 1,082,210 | 145,837 | 13.0 | % | 181,708 | 16.8 | % | ||||||||||||
Less: Allowance for credit losses |
(19,562 | ) | (17,781 | ) | (17,652 | ) | (1,781 | ) | 10.0 | % | (1,910 | ) | 10.8 | % | |||||||
Net loans |
1,244,356 | 1,100,300 | 1,064,558 | 144,056 | 13.1 | % | 179,798 | 16.9 | % | ||||||||||||
Premises and equipment |
16,228 | 15,725 | 15,912 | 503 | 3.2 | % | 316 | 2.0 | % | ||||||||||||
Right-of-use asset |
9,603 | 9,913 | 9,082 | (310 | ) | -3.1 | % | 521 | 5.7 | % | |||||||||||
Bank owned life insurance |
25,535 | 25,781 | 25,609 | (246 | ) | -1.0 | % | (74 | ) | -0.3 | % | ||||||||||
Other real estate owned |
- | 3,971 | 4,201 | (3,971 | ) | -100.0 | % | (4,201 | ) | -100.0 | % | ||||||||||
Deferred tax asset |
4,428 | 4,436 | 3,990 | (8 | ) | -0.2 | % | 438 | 11.0 | % | |||||||||||
Accrued interest receivable |
5,630 | 4,638 | 4,276 | 992 | 21.4 | % | 1,354 | 31.7 | % | ||||||||||||
Other assets |
1,679 | 1,388 | 1,241 | 291 | 21.0 | % | 438 | 35.3 | % | ||||||||||||
Total assets |
$ | 1,428,973 | $ | 1,292,126 | $ | 1,249,389 | $ | 136,847 | 10.6 | % | $ | 179,584 | 14.4 | % | |||||||
Liabilities and Shareholders' Equity |
|||||||||||||||||||||
Liabilities |
|||||||||||||||||||||
Deposits: |
|||||||||||||||||||||
Non-interest bearing |
$ | 180,047 | $ | 211,794 | $ | 240,698 | $ | (31,747 | ) | -15.0 | % | $ | (60,651 | ) | -25.2 | % | |||||
Interest bearing |
941,814 | 824,520 | 779,379 | 117,294 | 14.2 | % | 162,435 | 20.8 | % | ||||||||||||
Total Deposits |
1,121,861 | 1,036,314 | 1,020,077 | 85,547 | 8.3 | % | 101,784 | 10.0 | % | ||||||||||||
Borrowings |
105,000 | 59,000 | 37,500 | 46,000 | 78.0 | % | 67,500 | 0.0 | % | ||||||||||||
Accrued interest payable |
1,742 | 993 | 398 | 749 | 75.4 | % | 1,344 | 337.7 | % | ||||||||||||
Lease liability |
10,237 | 10,453 | 9,594 | (216 | ) | -2.1 | % | 643 | 6.7 | % | |||||||||||
Other liabilities |
4,647 | 4,976 | 4,575 | (329 | ) | -6.6 | % | 72 | 1.6 | % | |||||||||||
Total liabilities |
1,243,487 | 1,111,736 | 1,072,144 | 131,751 | 11.9 | % | 171,343 | 16.0 | % | ||||||||||||
Commitments and contingencies |
- | - | - | - | - | ||||||||||||||||
Shareholders' equity |
|||||||||||||||||||||
Preferred stock |
- | - | - | - | N/A | - | N/A | ||||||||||||||
Common stock |
- | 47,570 | 47,570 | (47,570 | ) | N/A | (47,570 | ) | N/A | ||||||||||||
Additional paid-in capital |
88,654 | 41,022 | 40,923 | 47,632 | 116.1 | % | 47,731 | 116.6 | % | ||||||||||||
Retained earnings |
97,299 | 92,107 | 89,141 | 5,192 | 5.6 | % | 8,158 | 9.2 | % | ||||||||||||
Treasury shares, at cost |
(74 | ) | - | - | (74 | ) | (74 | ) | |||||||||||||
Accumulated other comprehensive loss |
(393 | ) | (309 | ) | (389 | ) | (84 | ) | 27.2 | % | (4 | ) | 1.0 | % | |||||||
Total shareholders' equity |
185,486 | 180,390 | 177,245 | 5,096 | 2.8 | % | 8,241 | 4.6 | % | ||||||||||||
Total liabilities and shareholders' equity |
$ | 1,428,973 | $ | 1,292,126 | $ | 1,249,389 | $ | 136,847 | 10.6 | % | $ | 179,584 | 14.4 | % | |||||||
Shares issued |
23,788,990 | 23,785,490 | 23,785,490 | ||||||||||||||||||
Shares outstanding |
23,777,078 | 23,785,490 | 23,785,490 | ||||||||||||||||||
Treasury shares |
11,912 | - | - | ||||||||||||||||||
First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended September 30, 2023 and 2022
(Unaudited)
| Variance | ||||||||||||||||
(In thousands, except percentages and per share amounts) |
September 30, 2023 | September 30, 2022 | Amount | % | ||||||||||||
Interest Income |
||||||||||||||||
Loans, including fees |
$ | 17,349 | $ | 13,146 | $ | 4,203 | 32.0 | % | ||||||||
Investment securities: |
||||||||||||||||
Available-for-sale |
85 | 114 | (29 | ) | -25.4 | % | ||||||||||
Held-to-maturity |
445 | 485 | (40 | ) | -8.2 | % | ||||||||||
Interest-bearing deposits with banks |
677 | 182 | 495 | 272.0 | % | |||||||||||
Federal Home Loan Bank stock |
154 | 13 | 141 | 1084.6 | % | |||||||||||
Total interest income |
18,710 | 13,940 | 4,770 | 34.2 | % | |||||||||||
Interest expense |
- | |||||||||||||||
Deposits |
7,869 | 1,513 | 6,356 | 420.1 | % | |||||||||||
Borrowings |
1,348 | 86 | 1,262 | 1467.4 | % | |||||||||||
Total interest expense |
9,217 | 1,599 | 7,618 | 476.4 | % | |||||||||||
Net interest income |
9,493 | 12,341 | (2,848 | ) | -23.1 | % | ||||||||||
Provision (benefit) for credit losses |
736 | (685 | ) | 1,421 | -207.4 | % | ||||||||||
Benefit for unfund commitments for credit losses |
(164 | ) | - | (164 | ) | N/A | ||||||||||
Provision for credit losses - HTM securities |
28 | - | 28 | N/A | ||||||||||||
Total provision (benefit) for credit losses |
600 | (685 | ) | 1,285 | -187.6 | % | ||||||||||
Net interest income after provision for credit losses |
8,893 | 13,026 | (4,133 | ) | -31.7 | % | ||||||||||
Non-interest income |
||||||||||||||||
Service charges and fees |
188 | 168 | 20 | 11.9 | % | |||||||||||
Bank owned life insurance income |
175 | 168 | 7 | 4.2 | % | |||||||||||
Other income |
15 | 8 | 7 | 87.5 | % | |||||||||||
Total non-interest income |
378 | 344 | 34 | 9.9 | % | |||||||||||
Non-Interest Expenses |
||||||||||||||||
Salaries and employee benefits |
4,366 | 3,943 | 423 | 10.7 | % | |||||||||||
Occupancy and equipment expense |
858 | 839 | 19 | 2.3 | % | |||||||||||
Marketing |
96 | 57 | 39 | 68.4 | % | |||||||||||
Professional fees |
590 | 356 | 234 | 65.7 | % | |||||||||||
Data processing |
218 | 177 | 41 | 23.2 | % | |||||||||||
FDIC assessment |
150 | 150 | - | 0.0 | % | |||||||||||
Loss/(gain) on valuation of OREO |
- | (63 | ) | 63 | -100.0 | % | ||||||||||
Other expenses |
760 | 751 | 9 | 1.2 | % | |||||||||||
Total non-interest expenses |
7,038 | 6,210 | 828 | 13.3 | % | |||||||||||
Income before income taxes |
2,233 | 7,160 | (4,927 | ) | -68.8 | % | ||||||||||
Income tax expense |
536 | 1,712 | (1,176 | ) | -68.7 | % | ||||||||||
Net income |
$ | 1,697 | $ | 5,448 | $ | (3,751 | ) | -68.9 | % | |||||||
Earnings per common share - Basic |
$ | 0.07 | $ | 0.23 | $ | (0.16 | ) | -69.6 | % | |||||||
Earnings per common share - Diluted |
0.07 | 0.23 | (0.16 | ) | -69.6 | % | ||||||||||
Weighted average shares outstanding - Basic |
23,787 | 23,743 | 44 | 0.2 | % | |||||||||||
Weighted average shares outstanding - Diluted |
24,116 | 23,891 | 225 | 0.9 | % | |||||||||||
Consolidated Statements of Income
For the nine months ended September 30, 2023 and 2022
(Unaudited)
| Variance | ||||||||||||||||
(In thousands, except percentages and per share amounts) |
September 30, 2023 | September 30, 2022 | Amount | % | ||||||||||||
Interest Income |
||||||||||||||||
Loans, including fees |
$ | 49,550 | $ | 35,677 | $ | 13,873 | 38.9 | % | ||||||||
Investment securities: |
||||||||||||||||
Available-for-sale |
279 | 467 | (188 | ) | -40.3 | % | ||||||||||
Held-to-maturity |
1,337 | 1,111 | 226 | 20.3 | % | |||||||||||
Interest-bearing deposits with banks |
1,655 | 389 | 1,266 | 325.4 | % | |||||||||||
Federal Home Loan Bank stock |
295 | 34 | 261 | 767.6 | % | |||||||||||
Total interest income |
53,116 | 37,678 | 15,438 | 41.0 | % | |||||||||||
Interest expense |
- | |||||||||||||||
Deposits |
18,651 | 2,994 | 15,657 | 522.9 | % | |||||||||||
Borrowings |
3,854 | 86 | 3,768 | 4381.4 | % | |||||||||||
Total interest expense |
22,505 | 3,080 | 19,425 | 630.7 | % | |||||||||||
Net interest income |
30,611 | 34,598 | (3,987 | ) | -11.5 | % | ||||||||||
Provision (benefit) for credit losses |
1,496 | (244 | ) | 1,740 | -713.1 | % | ||||||||||
Benefit for unfund commitments for credit losses |
(553 | ) | - | (553 | ) | N/A | ||||||||||
Provision for credit losses - HTM securities |
28 | - | 28 | N/A | ||||||||||||
Total provision (benefit) for credit losses |
971 | (244 | ) | 1,215 | -498.0 | % | ||||||||||
Net interest income after provision for credit losses |
29,640 | 34,842 | (5,202 | ) | -14.9 | % | ||||||||||
Non-interest income |
||||||||||||||||
Service charges and fees |
543 | 487 | 56 | 11.5 | % | |||||||||||
Bank owned life insurance income |
1,024 | 494 | 530 | 107.3 | % | |||||||||||
Other income |
33 | 49 | (16 | ) | -32.7 | % | ||||||||||
Total non-interest income |
1,600 | 1,030 | 570 | 55.3 | % | |||||||||||
Non-Interest Expenses |
||||||||||||||||
Salaries and employee benefits |
12,973 | 11,997 | 976 | 8.1 | % | |||||||||||
Occupancy and equipment expense |
2,667 | 2,607 | 60 | 2.3 | % | |||||||||||
Marketing |
286 | 151 | 135 | 89.4 | % | |||||||||||
Professional fees |
1,644 | 1,158 | 486 | 42.0 | % | |||||||||||
Data processing |
655 | 535 | 120 | 22.4 | % | |||||||||||
FDIC assessment |
429 | 482 | (53 | ) | -11.0 | % | ||||||||||
Loss/(gain) on valuation of OREO |
59 | (65 | ) | 124 | -190.8 | % | ||||||||||
Other expenses |
2,073 | 2,277 | (204 | ) | -9.0 | % | ||||||||||
Total non-interest expenses |
20,786 | 19,142 | 1,644 | 8.6 | % | |||||||||||
Income before income taxes |
10,454 | 16,730 | (6,276 | ) | -37.5 | % | ||||||||||
Income tax expense |
2,511 | 4,147 | (1,636 | ) | -39.5 | % | ||||||||||
Net income |
$ | 7,943 | $ | 12,583 | $ | (4,640 | ) | -36.9 | % | |||||||
Earnings per common share - Basic |
$ | 0.33 | $ | 0.54 | $ | (0.21 | ) | -38.9 | % | |||||||
Earnings per common share - Diluted |
0.33 | 0.53 | (0.04 | ) | -7.5 | % | ||||||||||
Weighted average shares outstanding - Basic |
23,787 | 23,533 | 254 | 1.1 | % | |||||||||||
Weighted average shares outstanding - Diluted |
24,116 | 23,681 | 435 | 1.8 | % | |||||||||||
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
| Three months ended September 30, 2023 | Three months ended September 30, 2022 | |||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||
(Dollars in thousands) |
||||||||||||||||||
Assets: |
||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||
Interest-bearing deposits |
$ | 54,790 | $ | 677 | 4.90 | % | $ | 38,474 | $ | 182 | 1.88 | % | ||||||
Investment securities: |
||||||||||||||||||
Available -for-sale |
11,099 | 85 | 3.06 | % | 15,561 | 114 | 2.92 | % | ||||||||||
Held-to-maturity |
62,107 | 445 | 2.87 | % | 70,636 | 485 | 2.74 | % | ||||||||||
Total investment securities |
73,206 | 530 | 2.90 | % | 86,197 | 598 | 2.78 | % | ||||||||||
Federal Hone Loan Bank stock |
6,185 | 154 | 9.95 | % | 1,557 | 14 | 0.22 | % | ||||||||||
Loans: |
||||||||||||||||||
Consumer loans |
326 | 2 | 2.92 | % | 282 | 3 | 3.74 | % | ||||||||||
Home equity loans |
3,337 | 60 | 7.14 | % | 3,832 | 48 | 4.96 | % | ||||||||||
Construction loans |
122,440 | 2,750 | 8.79 | % | 96,823 | 1,650 | 6.67 | % | ||||||||||
Commercial loans |
35,227 | 703 | 7.81 | % | 50,318 | 838 | 6.52 | % | ||||||||||
Commercial mortgage loans |
1,040,349 | 13,087 | 4.99 | % | 847,069 | 9,886 | 4.57 | % | ||||||||||
Residential mortgage loans |
15,363 | 186 | 4.81 | % | 17,728 | 211 | 4.71 | % | ||||||||||
SBA loans |
28,738 | 561 | 7.63 | % | 30,235 | 511 | 6.61 | % | ||||||||||
Loans Held for Sale |
24 | - | 0.00 | % | 3 | - | 0.00 | % | ||||||||||
Total loans |
1,245,804 | 17,349 | 5.52 | % | 1,046,291 | 13,146 | 4.98 | % | ||||||||||
Total interest-earning assets |
1,379,985 | 18,710 | 5.38 | % | 1,172,519 | 13,941 | 4.72 | % | ||||||||||
Non-interest-earning assets: |
||||||||||||||||||
Allowance for credit losses |
(18,786 | ) | (18,402 | ) | ||||||||||||||
Cash and due from bank |
1,759 | 1,751 | ||||||||||||||||
Other assets |
60,666 | 63,810 | ||||||||||||||||
Total non-interest-earning assets |
43,639 | 47,159 | ||||||||||||||||
Total assets |
$ | 1,423,624 | $ | 1,219,678 | ||||||||||||||
Liabilities and shareholders' equity: |
||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||
Interest-bearing checking accounts |
$ | 51,250 | $ | 162 | 1.25 | % | $ | 57,161 | $ | 71 | 0.49 | % | ||||||
NOW accounts |
23,195 | 45 | 0.77 | % | 29,379 | 28 | 0.38 | % | ||||||||||
Money market accounts |
178,827 | 1,259 | 2.79 | % | 247,324 | 597 | 0.96 | % | ||||||||||
Savings accounts |
37,457 | 34 | 0.36 | % | 140,295 | 117 | 0.33 | % | ||||||||||
Certificates of deposit |
574,328 | 5,391 | 3.72 | % | 306,128 | 700 | 0.91 | % | ||||||||||
Brokered CDs |
67,960 | 978 | 5.71 | % | - | - | 0.00 | % | ||||||||||
Borrowings |
108,128 | 1,348 | 4.95 | % | 11,413 | 86 | 2.98 | % | ||||||||||
Total interest-bearing liabilities |
1,041,145 | $ | 9,217 | 3.51 | % | 791,700 | $ | 1,599 | 0.80 | % | ||||||||
Non-interest-bearing liabilities: |
||||||||||||||||||
Demand deposits |
179,651 | 230,931 | ||||||||||||||||
Other liabilities |
17,071 | 15,652 | ||||||||||||||||
Total non-interest bearing liabilities |
196,722 | 246,584 | ||||||||||||||||
Shareholders' equity |
185,757 | 181,394 | ||||||||||||||||
Total liabilities and shareholders' equity |
$ | 1,423,624 | $ | 1,219,678 | ||||||||||||||
Net interest spread |
1.87 | % | 3.92 | % | ||||||||||||||
Net interest margin |
$ | 9,493 | 2.73 | % | $ | 12,342 | 4.18 | % | ||||||||||
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
| Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | |||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||
(Dollars in thousands) |
||||||||||||||||||
Assets: |
||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||
Interest-bearing deposits |
$ | 49,191 | $ | 1,655 | 4.50 | % | $ | 83,295 | $ | 389 | 0.62 | % | ||||||
Investment securities: |
||||||||||||||||||
Available -for-sale |
12,293 | 279 | 3.03 | % | 17,762 | 467 | 3.50 | % | ||||||||||
Held-to-maturity |
63,489 | 1,337 | 2.81 | % | 53,041 | 1,111 | 2.79 | % | ||||||||||
Total investment securities |
75,782 | 1,616 | 2.84 | % | 70,803 | 1,578 | 2.94 | % | ||||||||||
Federal Home Loan Bank stock |
5,924 | 295 | 6.64 | % | 1,184 | 34 | 3.82 | % | ||||||||||
Loans: |
||||||||||||||||||
Consumer loans |
294 | 7 | 3.33 | % | 278 | 8 | 3.88 | % | ||||||||||
Home equity loans |
3,611 | 185 | 6.83 | % | 4,142 | 127 | 4.10 | % | ||||||||||
Construction loans |
112,118 | 7,379 | 8.68 | % | 94,691 | 3,987 | 5.55 | % | ||||||||||
Commercial loans |
38,047 | 2,197 | 7.61 | % | 55,179 | 2,372 | 5.67 | % | ||||||||||
Commercial mortage loans |
1,006,038 | 37,603 | 4.93 | % | 773,290 | 26,938 | 4.59 | % | ||||||||||
Residential mortgage loans |
15,513 | 557 | 4.80 | % | 18,273 | 646 | 4.73 | % | ||||||||||
SBA loans |
28,455 | 1,622 | 7.52 | % | 32,510 | 1,599 | 6.48 | % | ||||||||||
Loans held for sale |
8 | - | 0.00 | % | 1 | - | 0.00 | % | ||||||||||
Total loans |
1,204,084 | 49,550 | 5.50 | % | 978,365 | 35,677 | 4.88 | % | ||||||||||
Total interest-earning assets |
1,334,981 | 53,116 | 5.32 | % | 1,133,647 | 37,678 | 4.44 | % | ||||||||||
Non-interest-earning assets: |
||||||||||||||||||
Allowance for credit losses |
(18,389 | ) | (17,723 | ) | ||||||||||||||
Cash and due from bank |
1,733 | 1,793 | ||||||||||||||||
Other assets |
61,106 | 63,746 | ||||||||||||||||
Total non-interest-earning assets |
44,450 | 47,816 | ||||||||||||||||
Total assets |
$ | 1,379,431 | $ | 1,181,462 | ||||||||||||||
Liabilities and shareholders' equity: |
||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||
Interest-bearing checking accounts |
$ | 48,583 | $ | 345 | 0.95 | % | $ | 59,794 | $ | 162 | 0.36 | % | ||||||
NOW accounts |
27,046 | 110 | 0.54 | % | 29,452 | 86 | 0.39 | % | ||||||||||
Money market accounts |
178,937 | 3,158 | 2.36 | % | 237,712 | 1,014 | 0.57 | % | ||||||||||
Savings accounts |
45,771 | 118 | 0.34 | % | 164,555 | 416 | 0.34 | % | ||||||||||
Certificates of deposit |
554,874 | 13,817 | 3.33 | % | 265,370 | 1,315 | 0.66 | % | ||||||||||
Brokered CDs |
25,795 | 1,103 | 5.72 | % | - | - | 0.00 | % | ||||||||||
Borrowings |
104,478 | 3,854 | 4.93 | % | 3,846 | 86 | 2.98 | % | ||||||||||
Total interest-bearing liabilities |
985,484 | $ | 22,505 | 3.05 | % | 760,729 | $ | 3,079 | 0.54 | % | ||||||||
Non-interest-bearing liabilities: |
||||||||||||||||||
Demand deposits |
193,105 | 226,930 | ||||||||||||||||
Other liabilities |
16,595 | 15,163 | ||||||||||||||||
Total non-interest bearing liabilities |
209,700 | 242,093 | ||||||||||||||||
Shareholders' equity |
184,247 | 178,640 | ||||||||||||||||
Total liabilities and shareholders' equity |
$ | 1,379,431 | $ | 1,181,462 | ||||||||||||||
Net interest spread |
2.27 | % | 3.90 | % | ||||||||||||||
Net interest margin |
$ | 30,611 | 3.07 | % | $ | 34,598 | 4.08 | % | ||||||||||
First Commerce Bancorp, Inc.
Selected Quarterly Financial Data
(Unaudited)
| As of and for the quarters ended | |||||||||||||||
(In thousands, except per share data) |
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | ||||||||||
Summary earnings: |
|||||||||||||||
Interest income |
$ | 18,710 | $ | 18,163 | $ | 16,244 | $ | 15,289 | $ | 13,940 | |||||
Interest expense |
9,217 | 7,560 | 5,728 | 3,520 | 1,599 | ||||||||||
Net interest income |
9,493 | 10,603 | 10,516 | 11,769 | 12,341 | ||||||||||
Provision (credit) for credit losses |
600 | 182 | 190 | (114 | ) | (685 | ) | ||||||||
Net interest income after provision (credit) for credit losses |
8,893 | 10,421 | 10,326 | 11,883 | 13,026 | ||||||||||
Non-interest income |
378 | 347 | 875 | 411 | 344 | ||||||||||
Non-interest expense |
7,038 | 6,954 | 6,794 | 7,156 | 6,210 | ||||||||||
Income before income tax expense |
2,233 | 3,814 | 4,407 | 5,138 | 7,160 | ||||||||||
Income tax expense |
536 | 914 | 1,061 | 1,127 | 1,712 | ||||||||||
Net income |
$ | 1,697 | $ | 2,900 | $ | 3,346 | $ | 4,011 | $ | 5,448 | |||||
Per share data: |
|||||||||||||||
Earnings per share - basic |
$ | 0.07 | $ | 0.12 | $ | 0.14 | $ | 0.17 | $ | 0.23 | |||||
Earnings per share - diluted |
0.07 | 0.12 | 0.14 | 0.17 | 0.23 | ||||||||||
Cash dividends declared |
0.04 | 0.04 | 0.04 | 0.04 | 0.35 | ||||||||||
Book value at period end |
7.80 | 7.77 | 7.69 | 7.58 | 7.45 | ||||||||||
Shares outstanding at period end |
23,777 | 23,789 | 23,785 | 23,785 | 23,785 | ||||||||||
Basic weighted average shares outstanding |
23,787 | 23,788 | 23,785 | 23,785 | 23,743 | ||||||||||
Fully diluted weighted average shares outstanding |
24,116 | 24,070 | 24,164 | 24,176 | 24,124 | ||||||||||
Balance sheet data (at period end): |
|||||||||||||||
Total assets |
$ | 1,428,973 | $ | 1,426,003 | $ | 1,382,231 | $ | 1,292,127 | $ | 1,249,389 | |||||
Investment securities, available-for-sale |
10,703 | 11,566 | 12,891 | 13,902 | 14,371 | ||||||||||
Investment securities, held-to-maturity |
61,234 | 61,719 | 64,135 | 65,788 | 69,736 | ||||||||||
Total loans |
1,263,918 | 1,228,451 | 1,188,898 | 1,118,081 | 1,082,210 | ||||||||||
Allowance for credit losses |
(19,562 | ) | (18,763 | ) | (18,563 | ) | (17,781 | ) | (17,652 | ) | |||||
Total deposits |
1,121,861 | 1,104,883 | 1,045,473 | 1,034,200 | 1,020,077 | ||||||||||
Shareholders' equity |
185,486 | 184,880 | 182,977 | 180,390 | 177,246 | ||||||||||
Common cash dividends |
952 | 951 | 951 | 951 | 8,325 | ||||||||||
Selected performance ratios: |
|||||||||||||||
Return on average total assets |
0.47 | % | 0.84 | % | 1.02 | % | 1.27 | % | 1.77 | % | |||||
Return on average shareholders' equity |
3.63 | % | 6.30 | % | 7.44 | % | 8.93 | % | 11.92 | % | |||||
Dividend payout ratio |
56.09 | % | 32.79 | % | 28.42 | % | 23.71 | % | 152.81 | % | |||||
Net interest margin |
2.73 | % | 3.16 | % | 3.33 | % | 3.93 | % | 4.18 | % | |||||
Efficiency ratio |
71.30 | % | 63.51 | % | 59.64 | % | 58.75 | % | 48.96 | % | |||||
Non-interest income to average assets |
0.11 | % | 0.10 | % | 0.27 | % | 0.13 | % | 0.11 | % | |||||
Non-interest expenses to average assets |
1.96 | % | 2.01 | % | 2.08 | % | 2.25 | % | 2.02 | % | |||||
Asset quality ratios: |
|||||||||||||||
Non-performing loans to total loans |
1.24 | % | 1.28 | % | 0.99 | % | 1.14 | % | 1.61 | % | |||||
Non-performing assets to total assets |
1.10 | % | 1.10 | % | 0.85 | % | 1.29 | % | 1.71 | % | |||||
Allowance for credit losses to non-performing loans |
124.32 | % | 119.25 | % | 158.04 | % | 139.63 | % | 101.25 | % | |||||
Allowance for credit losses to total loans |
1.55 | % | 1.53 | % | 1.56 | % | 1.59 | % | 1.63 | % | |||||
Net recoveries (charge-offs) to average loans |
0.02 | % | -0.02 | % | 0.01 | % | -0.15 | % | 0.00 | % | |||||
Liquidity and capital ratios: |
|||||||||||||||
Net loans to deposits |
110.92 | % | 109.49 | % | 111.94 | % | 106.39 | % | 104.36 | % | |||||
Average loans to average deposits |
111.97 | % | 115.19 | % | 109.33 | % | 108.36 | % | 104.43 | % | |||||
Total shareholders' equity to total assets |
12.98 | % | 12.96 | % | 13.24 | % | 13.96 | % | 14.19 | % | |||||
Total capital to risk-weighted assets |
15.58 | % | 15.81 | % | 15.72 | % | 16.23 | % | 16.44 | % | |||||
Tier 1 capital to risk-weighted assets |
14.32 | % | 14.56 | % | 14.47 | % | 14.97 | % | 15.19 | % | |||||
Common equity tier 1 capital ratio to risk-weighted assets |
14.32 | % | 14.56 | % | 14.47 | % | 14.97 | % | 15.19 | % | |||||
Tier 1 leverage ratio |
13.05 | % | 13.34 | % | 13.83 | % | 14.33 | % | 14.56 | % | |||||
SOURCE: First Commerce Bancorp, Inc.
View source version on accesswire.com:
https://www.accesswire.com/797183/first-commerce-bancorp-inc-reports-third-quarter-and-year-to-date-2023-results-and-declares-a-quarterly-cash-dividend-of-004-per-share
