Commerce Bank 4th Quarter Earnings Increase By 55%.CAMP HILL, Pa.--(BUSINESS WIRE)--Jan. 20, 1999--Commerce Bank/Harrisburg, N.A. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap Market:COBH Cobh An urban district of southern Ireland on Cork Harbor. It is a popular seaside resort. Population: 9,100. ) reported Wednesday Wednesday: see week. that net income in the fourth quarter of 1998 jumped 55 percent to a record $653,000, compared to the same period in 1997, the highest quarterly earnings in the bank's history. Commerce also reported that net income for 1998 increased to more than $2.2 million, an increase of 17 percent over 1997, while total assets rose to more than $319 million, up 33 percent in the last 12 months. Commerce Chairman Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. L. Nalbandian said the sharp increases reflect Commerce's growing role in the Harrisburg-York banking market and the "increasing consumer confidence in the services and products we offer." Nalbandian said the basic earnings per share for the fourth quarter were 43 cents, compared to 27 cents in the fourth quarter of 1997 -- an increase of 59 percent. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share for the fourth quarter increased to 40 cents, from 25 cents in the fourth quarter of 1997 -- an increase of 60 percent. Basic earnings per share for 1998 rose by 9 percent to $1.44. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the year were up 11 percent to $1.33. Commerce, which has opened four new offices since the fall of 1997, also reported that total deposits rose to $298 million, an increase of 35 percent over the $220 million reported at the end of 1997. Total loans were up almost 25 percent, from $141 million to $176 million. Commerce, founded in 1985, has 11 offices serving Cumberland Cumberland, former county, England Cumberland, former county, N England. In 1974, Cumberland became part of the nonmetropolitan county of Cumbria. Cumberland, river, United States Cumberland, , Dauphin Dauphin, town, Canada Dauphin (dô`fĭn), town (1991 pop. 8,453), SW Man., Canada, on the Vermilion River. It is the retail and distribution center for an agricultural, lumbering, and fishing area. and York Counties York County may refer to one of several counties:
Commerce Bank/Harrisburg, N.A.
Selected Financial Data (Unaudited)
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Three Months Twelve Months
Ended % Ended %
Dec. 31, Change Dec. 31, Change
(dollars in 1998 1997 1998 1997
thousands,
except per
share amounts)
----------------------------------------------------------------------
Income Statement
Data
Net interest
income $ 3,126 $ 2,515 24% $ 11,297 $ 9,308 21%
Provision for
loan losses 165 0 0% 542 150 261%
Noninterest
income 1,101 675 63% 4,055 2,740 48%
Noninterest
operating
expenses 3,083 2,576 20% 11,486 9,078 27%
Income before
income taxes 979 614 59% 3,324 2,820 18%
Net income 653 420 55% 2,218 1,892 17%
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Per Common
Share Data(a)
Net income:
Basic $ 0.43 $ 0.27 59% $ 1.44 $ 1.32 9%
Diluted 0.40 0.25 60% 1.33 1.20 11%
Book value:
Basic 13.00 11.72 11%
Diluted 12.04 11.44 5%
Weighted
average
shares
outstanding:
Basic 1,483,344 1,455,408 2% 1,480,415 1,364,017 9%
Diluted 1,600,531 1,575,526 2% 1,602,809 1,510,415 6%
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Balance Sheet
Data
Total assets $ 319,264 $ 239,829 33%
Loans held
for sale 5,641 6,816 (17)%
Loans
receivable
(gross) 170,305 134,459 27%
Allowance
for loan
losses 2,232 1,699 31%
Securities
available
for sale 93,718 48,512 93%
Securities
held to
maturity 11,493 12,239 (6)%
Federal funds
sold 11,900 14,325 (17)%
Deposits 297,737 220,224 35%
Stockholders'
equity 20,328 18,318 11%
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Selected Ratios
Return on
average
assets 0.83 % 0.73 % 14% 0.80 % 0.91 % (12)%
Return on
average
stockholders'
equity 12.89 9.24 40% 11.50 11.86 (3)%
Risk based
capital:
Tier 1 10.71 12.20 (12)%
Total 11.90 13.36 (11)%
Leverage
ratio 6.48 7.85 (17)%
Stockholders'
equity to
total assets 6.37 7.64 (17)%
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Asset Quality
Non-accrual
loans $ 275 $ 584 (53)%
Other real
estate 10 264 (96)%
Total
nonperforming
assets 285 848 (66)%
Loans past due
90 days or
more and still
accruing 1 0 0%
Total
nonperforming
assets and
loans past due
90 days or more 286 848 (66)%
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Nonperforming
loans to total
period-end
loans 0.16 % 0.43 % (63)%
Nonperforming
assets to total
period-end
assets 0.09 0.35 (74)%
Allowance for
loan losses to
total period-end
loans 1.31 1.26 4%
Allowance for
loan losses to
nonperforming
loans 811.64 290.92 179%
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(a)Per common share data has been adjusted to reflect a 5% common
stock dividend in 1998.
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