Commerce Bank Reports Significant Increase in Earnings.CAMP HILL, Pa.--(BUSINESS WIRE)--July 22, 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, Symbol:COBH Cobh An urban district of southern Ireland on Cork Harbor. It is a popular seaside resort. Population: 9,100. ) reported today a significant increase in net income for the second quarter of 1999 of 36 percent to $636,000, compared to the same period in 1998. This represents the highest second quarter results in Commerce's 14-year history. Fully 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 increased by 37 percent to $0.37 for the quarter over the $0.27 per share reported in the second quarter of last year. Commerce also announced net income of $1.25 million for the first six months of 1999, a 16 percent increase over the first half of 1998. Fully diluted earnings per share were $0.72 for the first half of 1999, a 16 percent increase over the $0.62 per share for the same period in 1998. Core earnings increased by 33 percent in 1999 over the first half of 1998. Total revenues were up by 27 percent for the second quarter and 23 percent for the first six months, compared to the same periods in 1998. Commerce Chairman Gary L. Nalbandian said the second quarter performance reflects the continuing strength of Commerce's unique retail strategy that drives its growth. Nalbandian said the increased earnings were part of Commerce's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. planning strategy when it opened six new branch offices in a 23-month period from October 1996 through August 1998. Total assets, he said, reached $350 million as of June 30, 1999, a 24 percent increase over the past 12 months. Total deposits increased 26 percent and total loans rose 27 percent from the same period last year to record levels of $328 million and $197 million, respectively. Nalbandian said the strong increases in earnings, assets, deposits and loans show that customers are responding to Commerce's expanding unique retail delivery systems. "Customers recognize our retail style of convenience and our superior products," he said. He also said the directors and management feel Commerce's stock price should be positively rewarded as a result of the level of increased earnings and growth. Commerce, founded in 1985, has 11 offices serving 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:
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion