First Commerce Bancorp, Inc. Reports the First Quarter 2024 Results and Declares a Quarterly Cash Dividend of $0.04 per Common Share

LAKEWOOD, NJ / ACCESSWIRE / April 25, 2024 / First Commerce Bancorp, Inc. (OTC PINK:CMRB), (the "Company"), today reported net income of $1.2 million and basic earnings per common share of $0.05 for the three months ended March 31, 2024, as compared to net income of $3.3 million and basic earnings per common share of $0.14 for the three months ended March 31, 2023.

The Board of Directors approved and declared a quarterly cash dividend of $0.04 per common share payable to shareholders on May 22, 2024, for shareholders of record as of May 8, 2024.

President & CEO, Donald Mindiak, commented, "Our first quarter results were challenged by the persistent ‘higher-for-longer' interest rate environment, resulting in continued pressure on our profitability metrics and net interest margin. Despite the present tangible macroeconomic and intangible geopolitical challenges, we are focused on those initiatives that can produce long-term franchise and shareholder value such as enhancing credit quality and strengthening our retail deposit and liquidity positions as we continue to maintain a strong capital base and allowance for credit loss structure. As we navigate further into 2024, the Company and management will remain focused on high quality growth, expense discipline, and prudent balance sheet management."

Mr. Mindiak added, "We are very excited about the enhancements made to our digital banking platform this quarter, which now allows account opening online and many other exciting features."

Financial Highlights

  • Total interest income increased by $2.8 million or 17.3% from the first quarter of 2023 as a result of the growth in average loans receivable year over year.
  • Average yield on interest earning assets increased by forty-two basis points to 5.53% for the first quarter of 2024 as compared to 5.11% for the first quarter of 2023.
  • Total cost of interest-bearing liabilities increased by 151 basis points to 4.01% for the first quarter of 2024 compared to 2.50% for the first quarter of 2023.
  • Net interest margin decreased by ninety-two basis points to 2.39% for the first quarter of 2024 as compared to 3.31% for the first quarter of 2023.
  • The annualized return on average total assets was 0.32% at March 31, 2024 compared to 1.02% at March 31, 2023.
  • The annualized return on average shareholders' equity was 2.54% at March 31, 2024 compared to 7.44% at March 31, 2023.
  • The book value per common share was $8.13 at March 31, 2024 compared to $7.69 at March 31, 2023.

Balance Sheet Review

Total assets increased by $16.3 million or 1.1% to $1.45 billion at March 31, 2024 from $1.44 billion at December 31, 2023. The increase in total assets was primarily related to an increase in total cash and cash equivalents, partially offset by decrease in total loans receivable during the three months ended March 31, 2024.

Total cash and cash equivalents increased by $21.1 million or 34.2% to $82.8 million at March 31, 2024 from $61.7 million at December 31, 2023. This increase was primarily due to an increase in wholesale borrowings and total deposits.

Total loans receivable, net of allowance for credit losses totaled $1.23 billion, virtually unchanged from $1.24 billion at December 31, 2023. Construction and commercial loans decreased $8.5 million and $3.8 million, respectively, partially offset by a $7.0 million increase in commercial mortgages. The allowance for credit losses increased by $158,000 to $14.6 million or 1.18% of gross loans at March 31, 2024 as compared to $14.5 million or 1.16% of gross loans at December 31, 2023.

Total investment securities increased by $1.2 million or 1.7% to $70.2 million at March 31, 2024 from $69.1 million at December 31, 2023. The increase in investment securities resulted primarily from $2.0 million in purchases of investment securities, partially offset by $800,000 in total paydowns of investment securities.

Total deposits totaled $1.11 billion at March 31, 2024, compared to $1.10 billion at December 31, 2023. Within the components of total deposits, money market deposits increased $16.9 million and brokered deposits increased $48.2 million, partially offset by a $42.2 million decrease in time deposits, a $12.6 million decrease in non-interest bearing demand deposits and a $2.0 million decrease in savings deposits.

Stockholders' equity decreased by $4.0 million or 2.2% to $180.0 million at March 31, 2024 from $184.0 million at December 31, 2023. The decrease in stockholders' equity was attributable to a $4.3 million reduction as a result of the successful execution of the Company's stock repurchase plan. During the first quarter of 2024, the Company repurchased 693,000 shares for approximately $4.3 million, or a weighted average price of approximately $6.21 per share.

Three Months of Operations

Net interest income decreased by $2.3 million or 21.7% to $8.2 million for the three months ended March 31, 2024 from $10.5 million for the three months ended March 31, 2023. The decrease in net interest income was primarily due to an increase in funding costs as a result of the inverted yield curve where short-term rates continue to outprice medium and long-term maturities.

Total interest income increased by $2.8 million or 17.3% to $19.1 million for the three months ended March 31, 2024 from $16.2 million for the three months ended March 31, 2023. Interest income on loans, including fees, increased $2.5 million or 16.4% to $17.7 million for the three months ended March 31, 2024, compared to $15.2 million for the three months ended March 31, 2023. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $103.2 million or 9.0% to $1.25 billion for the three months ended March 31, 2024 compared to $1.15 billion for the three months ended March 31, 2023 and an increase of thirty-six basis points in the average yield on loans to 5.67% for the three months ended March 31, 2024 compared to 5.31% for the same period in the prior year. Interest income on interest-bearing deposits with other banks increased $204,000 or 45.2% to $655,000 for the three months ended March 31, 2024 as compared to $451,000 for the same period in the prior year. This increase resulted from a higher average yield on interest-bearing deposits with banks of 4.86% for the three months ended March 31, 2024 compared to 3.98% for the same period in the prior year, and an increase of $8.6 million in average balances of interest-bearing deposits with banks year over year.

Total interest expense increased by $5.1 million or 88.7% to $10.8 million for the three months ended March 31, 2024 from $5.7 million for the three months ended March 31, 2023. The increase in interest expense occurred primarily as a result of a 151 basis points increase in the average cost of interest-bearing liabilities to 4.01% for the three months ended March 31, 2024 from 2.50% for the three months ended March 31, 2023 and an increase in average balance of interest-bearing liabilities of $160.6 million or 17.4%, to $1.08 billion for the three months ended March 31, 2024 from $922.5 million for the three months ended March 31, 2023. The increase in average balance of interest-bearing liabilities included a $88.1 million increase in average interest-bearing deposit liabilities and a $72.4 million increase in average wholesale borrowings for the three months ended March 31, 2024. The increase in the average cost of interest-bearing liabilities resulted primarily from continued higher market interest rates over the last twelve months. The increase in interest-bearing liabilities was primarily used to support the loan growth.

During the first quarter of 2024, the Company recorded a net $7,000 provision for credit losses as compared to a net $190,000 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 for the first quarter of 2024, the Company recorded a provision for credit losses of $124,000, which was offset by a $119,000 reversal of credit losses for unfunded commitments. The loan portfolio remained stable during the first quarter of 2024 when compared to year-end 2023, however, as a result of changes in risk ratings of certain loans, an additional provision for credit losses was recorded. Unfunded commitment balances declined by $24.3 million during the first quarter of 2024 compared to the year-end 2023, which resulted in recording a reversal in provision for credit losses for unfunded commitments. Management believes that the allowance for credit losses on loans was appropriate at March 31, 2024.

Net interest margin decreased by ninety-two basis points to 2.39% for the three months ended March 31, 2024 compared to 3.31% for the three months ended March 31, 2023. The decrease in the net interest margin is primarily attributable to a significant increase in the average cost of interest-bearing liabilities to 4.01% for the three months ended March 31, 2024 from 2.50% for the three months ended March 31, 2023 and an increase in the average balance of interest-bearing liabilities to $1.08 billion for the three months ended March 31, 2024 from $922.5 million for the three months ended March 31, 2023. This increase were partially offset by an increase in average balance of interest earning assets of $74.6 million or 5.8% to $1.39 billion for the three months ended March 31, 2024 compared to $1.28 billion for the three months ended March 31, 2023 and an increase in the average yield of interest earning assets to 5.53% for the three months ended March 31, 2024 from 5.11% for the three months ended March 31, 2023.

Non-interest income decreased by $478,000 or 47.8% to $522,000 for the three months ended March 31, 2024 from $1.0 million for the three months ended March 31, 2023. The decrease in total non-interest income resulted primarily from a decrease in bank owned life insurance of $444,000 as a result of death benefit payout recorded in the first quarter of 2023 and a decrease of $37,000 in other income primarily due to a decrease in rental income of leased office space in offices owned by the Bank during the first quarter of 2024 compared to the same period in the prior year.

Non-interest expense increased by $298,000 or 4.3% to $7.2 million for the three months ended March 31, 2024 compared to $6.9 million for the three months ended March 31, 2023. Salaries and employee benefits increased by $233,000 or 5.5% to $4.5 million for the three months ended March 31, 2024 as compared to $4.3 million for the three months ended March 31, 2023. The increase in salaries and employee benefits resulted primarily from annual merit increases and an increase in health benefit costs year over year. Occupancy and equipment expense decreased by $198,000 or 17.8% to $912,000 for the three months ended March 31, 2024 as compared to $1.1 million for the three months ended March 31, 2023, primarily due to a $114,000 reduction in OREO expenses and a $38,000 reduction in equipment maintenance expenses for the three months ended March 31, 2024 compared to the same period in the prior year. Data processing costs increased by $67,000 or 30.7% to $285,000 for the three months ended March 31, 2024 from $218,000 for the three months ended March 31, 2023. FDIC insurance assessment increased $146,000 to $195,000 for the three months ended March 31, 2024, compared to $49,000 for the same period in the prior year, primarily due to an increase in the insurance assessment rate. Other operating expenses increased by $87,000 or 13.1% to $749,000 for the three months ended March 31, 2024 from $662,000 for the three months ended March 31, 2023. Other expenses are primarily comprised of miscellaneous loan expense, telephone, subscriptions, software maintenance and depreciation, office supplies and computer supplies. These increases were partially offset by a $59,000 or 100.0% decrease in loss on other real estate owned.

The income tax provision decreased by $680,000 or 64.1% to $381,000 for the three months ended March 31, 2024 from $1.1 million for the three months ended March 31, 2023. This decrease in the income tax provision resulted primarily from a decrease in the pre-tax income year over year.

Asset Quality

The allowance for credit losses increased by $158,000 or 1.1% to $14.6 million or 1.18% of gross loans at March 31, 2024 as compared to $14.5 million or 1.16% of gross loans at December 31, 2023 and $18.6 million or 1.56% of gross loans at March 31, 2023. During the first quarter of 2024, the Company added a $124,000 provision to the allowance for credit losses and recovered $34,000 in previously charged-off loans. Changes in the allowance for credit losses are calculated and adjusted quarterly and accordingly, relative to loan growth and quantitatively measured asset quality metrics.

The Bank had non-accrual loans totaling $19.1 million or 1.53% of gross loans at March 31, 2024 as compared to $18.4 million or 1.47% of gross loans at December 31, 2023 and $11.8 million or 0.99% of gross loans at March 31, 2023. Non-accrual loans increased by $696,000 or 3.8% to $11.7 million at March 31, 2024 from $18.4 million at December 31, 2023. The allowance for credit losses was 76.8% of non-accrual loans at March 31, 2024, compared to 78.8% and 158.04% of non-accrual loans at December 31, 2023 and March 31, 2023, respectively.

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 Statements of Financial Condition
(Unaudited)




March 31, 2024 vs.



December 31, 2023
(dollars in thousands, except percentages and share data)
March 31, 2024 December 31, 2023 Amount %
Assets




Cash and cash equivalents:




Cash on hand
$ 1,593 $ 1,745 $ (152 ) -8.7 %
Interest-bearing deposits in other banks
81,236 59,979 21,257 35.4 %
Total cash and cash equivalents
82,829 61,724 21,105 34.2 %
Investment securities:
Available-for-sale, at fair value
8,758 9,537 (779 ) -8.2 %
Held-to-maturity, at amortized cost
61,511 59,551 1,960 3.3 %
Less: Allowance for credit losses - HTM securities
(28 ) (26 ) (2 ) 0.0 %
Held-to-maturity, net of allowance for credit losses
61,483 59,525 1,958 0.0 %
Total investment securities
70,241 69,062 1,179 1.7 %
Restricted stock
7,844 7,169 675 9.4 %
Loans receivable
1,244,357 1,251,227 (6,870 ) -0.5 %
Less: Allowance for credit losses
(14,628 ) (14,470 ) (158 ) 1.1 %
Net loans receivable
1,229,729 1,236,757 (7,028 ) -0.6 %
Premises and equipment, net
15,779 15,861 (82 ) -0.5 %
Right-of-use asset
9,392 9,498 (106 ) -1.1 %
Accrued interest receivable
5,720 5,632 88 1.6 %
Bank owned life insurance
25,991 25,757 234 0.9 %
Deferred tax asset, net
2,918 2,947 (29 ) -1.0 %
Other assets
1,975 1,692 283 16.7 %
Total assets
$ 1,452,419 $ 1,436,099 $ 16,320 1.1 %
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing
$ 141,852 $ 154,503 $ (12,651 ) -8.2 %
Interest-bearing
963,309 943,295 20,014 2.1 %
Total Deposits
1,105,161 1,097,798 7,363 0.7 %
Borrowings
145,000 130,000 15,000 11.5 %
Accrued interest payable
2,179 2,008 171 8.5 %
Lease liability
10,079 10,161 (82 ) -0.8 %
Other liabilities
10,037 12,136 (2,099 ) -17.3 %
Total liabilities
1,272,456 1,252,103 20,353 1.6 %
Commitments and contingencies
- - - -
Stockholders' equity
Preferred stock; authorized 5,000,000 shares; non issued
- - - N/A
Common stock, par value of $0; 30,000,000 authorized
- - - N/A
Additional paid-in capital
88,988 88,941 47 0.1 %
Retained earnings
102,469 102,219 250 0.2 %
Treasury stock
(11,253 ) (6,964 ) (4,289 ) 61.6 %
Accumulated other comprehensive loss
(241 ) (200 ) (41 ) 20.5 %
Total stockholders' equity
179,963 183,996 (4,033 ) -2.2 %
Total liabilities and stockholders' equity
$ 1,452,419 $ 1,436,099 $ 16,320 1.1 %

Shares issued
23,865,490 23,856,990
Shares outstanding
22,146,296 22,830,559
Treasury shares
1,719,194 1,026,431
First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended March 31, 2024 and 2023
(Unaudited)



Variance
(dollars in thousands, except percentages and share data)
March 31, 2024 March 31, 2023 Amount %
Interest and Dividend Income




Loans, including fees
$ 17,677 $ 15,182 $ 2,495 16.4 %
Investment securities:
Available-for-sale
68 100 (32 ) -32.0 %
Held-to-maturity
493 451 42 9.3 %
Interest-bearing deposits with other banks
655 451 204 45.2 %
Restricted stock dividends
157 60 97 161.7 %
Total interest and dividend income
19,050 16,244 2,806 17.3 %
Interest expense:
-
Deposits
9,052 4,876 4,176 85.6 %
Borrowings
1,759 852 907 106.5 %
Total interest expense
10,811 5,728 5,083 88.7 %
Net interest income
8,239 10,516 (2,277 ) -21.7 %
Provision (benefit) for credit losses
124 509 (385 ) -75.6 %
Benefit for unfunded commitments for credit losses
(119 ) (319 ) 200 -62.7 %
Provision for credit losses - HTM securities
2 - 2 N/A
Total provision (benefit) for credit losses
7 190 (183 ) -96.3 %
Net interest income after provision for
credit losses
8,232 10,326 (2,094 ) -20.3 %
Non-interest Income:
Service charges and fees
191 188 3 1.6 %
Bank owned life insurance income
234 678 (444 ) -65.5 %
Other income
97 134 (37 ) -27.6 %
Total non-interest income
522 1,000 (478 ) -47.8 %
Non-Interest Expenses:
Salaries and employee benefits
4,502 4,269 233 5.5 %
Occupancy and equipment expense
912 1,110 (198 ) -17.8 %
Advertising and marketing
78 91 (13 ) -14.3 %
Professional fees
496 461 35 7.6 %
Data processing expense
285 218 67 30.7 %
FDIC insurance assessment
195 49 146 298.0 %
Loss on valuation of OREO
- 59 (59 ) -100.0 %
Other operating expenses
749 662 87 13.1 %
Total non-interest expenses
7,217 6,919 298 4.3 %
Income before income taxes
1,537 4,407 (2,870 ) -65.1 %
Income tax provision
381 1,061 (680 ) -64.1 %
Net income
$ 1,156 $ 3,346 $ (2,190 ) -65.5 %

Earnings per common share - Basic
$ 0.05 $ 0.14 $ (0.09 ) -64.3 %
Earnings per common share - Diluted
0.05 0.14 (0.09 ) -64.3 %
Weighted average shares outstanding - Basic
22,600 23,785 (1,185 ) -5.0 %
Weighted average shares outstanding - Diluted
22,930 24,164 (1,234 ) -5.1 %
First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)








Three months ended March 31, 2024 Three months ended March 31, 2023

Average
Balance

Average
Yield/Cost
Average
Balance

Average
Yield/Cost
(dollars in thousands)
Interest Interest
Assets:






Interest-earning assets:






Interest-bearing deposits in other banks
$ 54,138 $ 655 4.86 % $ 45,529 $ 451 3.98 %
Investment securities:
Available -for-sale
9,054 68 2.99 % 13,378 100 3.00 %
Held-to-maturity
60,731 493 3.25 % 65,150 451 2.77 %
Total investment securities
69,785 561 3.22 % 78,528 551 2.81 %
Restricted stock
7,779 157 8.06 % 4,246 60 5.69 %
Loans receivable:
Consumer loans
372 2 2.42 % 271 2 3.67 %
Home equity loans
2,948 59 8.11 % 3,914 63 6.47 %
Construction loans
115,401 2,529 8.67 % 103,613 2,323 8.87 %
Commercial loans
36,192 736 8.04 % 41,173 759 7.29 %
Commercial mortage loans
1,056,058 13,664 5.12 % 958,527 11,344 4.68 %
Residential mortgage loans
14,873 174 4.71 % 15,671 185 4.76 %
SBA loans
28,037 513 7.24 % 27,503 506 7.28 %
Total loans receivable
1,253,881 17,677 5.67 % 1,150,672 15,182 5.31 %
Total interest-earning assets
1,385,583 19,050 5.53 % 1,278,975 16,244 5.11 %
Non-interest-earning assets:
Allowance for credit losses
(14,485 ) (17,800 )
Cash and due from bank
1,906 1,753
Other assets
59,935 62,293
Total non-interest-earning assets
47,356 46,246
Total assets
$ 1,432,939 $ 1,325,221
Liabilities and shareholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts
$ 53,428 $ 225 1.69 % $ 48,749 $ 88 0.73 %
NOW accounts
38,092 322 3.40 % 30,497 30 0.39 %
Money market accounts
210,400 1,748 3.34 % 179,938 819 1.83 %
Savings accounts
29,145 29 0.40 % 55,632 45 0.33 %
Certificates of deposit
506,261 5,465 4.34 % 536,584 3,894 2.92 %
Brokered CDs
102,213 1,263 4.97 % - - 0.00 %
Borrowings
143,553 1,759 4.93 % 71,134 852 4.82 %
Total interest-bearing liabilities
1,083,092 $ 10,811 4.01 % 922,534 $ 5,728 2.50 %
Non-interest-bearing liabilities:
Demand deposits
143,325 203,200
Other liabilities
23,291 17,069
Total non-interest bearing liabilities
166,616 220,269
Shareholders' equity
183,231 182,419
Total liabilities and shareholders' equity
$ 1,432,939 $ 1,325,222
Net interest spread
1.52 % 2.61 %
Net interest margin
$ 8,239 2.39 % $ 10,516 3.31 %
First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)

As of and for the quarters ended
(In thousands, except share data)
3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Summary earnings:





Interest income
$ 19,050 $ 18,964 $ 18,710 $ 18,163 $ 16,244
Interest expense
10,811 10,183 9,217 7,560 5,728
Net interest income
8,239 8,781 9,493 10,603 10,516
Provision (benefit) for credit losses
7 (5,698 ) 600 182 190
Net interest income after provision (benefit) for credit losses
8,232 14,479 8,893 10,421 10,326
Non-interest income
522 506 378 347 875
Non-interest expense
7,217 7,005 7,038 6,954 6,794
Income before income tax expense
1,537 7,980 2,233 3,814 4,407
Income tax expense
381 2,146 536 914 1,061
Net income
$ 1,156 $ 5,834 $ 1,697 $ 2,900 $ 3,346
Per share data:
Earnings per share - basic
$ 0.05 $ 0.25 $ 0.07 $ 0.12 $ 0.14
Earnings per share - diluted
0.05 0.25 0.07 0.12 0.14
Cash dividends declared
0.04 0.04 0.04 0.04 0.04
Book value at period end
8.13 8.06 7.80 7.77 7.69
Shares outstanding at period end
22,146 22,831 23,777 23,789 23,785
Basic weighted average shares outstanding
22,600 22,969 23,787 23,788 23,785
Fully diluted weighted average shares outstanding
22,930 23,272 24,116 24,070 24,164
Balance sheet data (at period end):
Total assets
$ 1,452,419 $ 1,436,099 $ 1,428,973 $ 1,426,003 $ 1,382,231
Investement securities, available-for-sale
8,758 9,537 10,703 11,566 12,891
Investment securities, held-to-maturity
61,483 59,525 61,234 61,719 64,135
Total loans
1,244,357 1,251,227 1,263,918 1,228,451 1,188,898
Allowance for credit losses
(14,628 ) (14,470 ) (19,562 ) (18,763 ) (18,563 )
Total deposits
1,105,161 1,107,639 1,121,861 1,104,883 1,045,473
Shareholders' equity
179,963 183,996 185,486 184,880 182,977
Common cash dividends
904 952 952 951 951
Selected performance ratios:
Return on average total assets
0.32 % 1.62 % 0.47 % 0.84 % 1.02 %
Return on average shareholders' equity
2.54 % 12.80 % 3.63 % 6.30 % 7.44 %
Dividend payout ratio
78.21 % 16.32 % 56.09 % 32.79 % 28.42 %
Net interest margin
2.39 % 2.51 % 2.73 % 3.16 % 3.31 %
Efficiency ratio
82.37 % 75.43 % 71.30 % 63.51 % 59.64 %
Non-interest income to average assets
0.15 % 0.14 % 0.11 % 0.10 % 0.27 %
Non-interest expenses to average assets
2.03 % 1.94 % 1.96 % 2.01 % 2.08 %
Asset quality ratios:
Non-performing loans to total loans
1.53 % 1.47 % 1.24 % 1.28 % 0.99 %
Non-performing assets to total assets
1.31 % 1.28 % 1.10 % 1.10 % 0.85 %
Allowance for credit losses to non-performing loans
76.77 % 78.82 % 124.32 % 119.25 % 158.04 %
Allowance for credit losses to total loans
1.18 % 1.16 % 1.55 % 1.53 % 1.56 %
Net recoveries (charge-offs) to average loans
0.01 % -0.03 % 0.02 % -0.02 % 0.01 %
Liquidity and capital ratios:
Net loans to deposits
111.27 % 111.66 % 110.92 % 109.49 % 111.94 %
Average loans to average deposits
102.24 % 112.57 % 111.97 % 115.19 % 109.33 %
Total shareholders' equity to total assets
12.39 % 12.81 % 12.98 % 12.96 % 13.24 %
Total capital to risk-weighted assets
15.33 % 15.71 % 15.58 % 15.81 % 15.72 %
Tier 1 capital to risk-weighted assets
15.15 % 14.52 % 14.32 % 14.56 % 14.47 %
Common equity tier 1 capital ratio to risk-weighted assets
15.15 % 14.52 % 14.32 % 14.56 % 14.47 %
Tier 1 leverage ratio
12.58 % 12.88 % 13.05 % 13.34 % 13.83 %

SOURCE: First Commerce Bancorp, Inc.



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