First Commerce Bancorp Reports Strong Growth and Record Earnings.ENCINO, Calif. -- First Commerce Bancorp This article is about the bank headquartered in Cherry Hill, New Jersey. For other uses, see Commerce Bank. Commerce Bancorp (NYSE: CBH), doing business as Commerce Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCCC FCCC Framework Convention on Climate Change (UN) FCCC Fox Chase Cancer Center (Philadelphia, PA, USA) FCCC Four County Career Center FCCC Florida Civil Commitment Center ) today announced that net income for the year ended December 31, 2004 on a consolidated basis was $1,857,000 or $0.25 per share ($0.21 per share on a 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. basis) compared to $1,296,000 for the same period last year, a 43% improvement. Net income for the quarter ended December 31, 2004 was $597,000 or $0.08 per share ($0.07 per share on a diluted basis) compared to net income of $414,000 for the quarter ended December 31, 2003, an increase of 44%. Assets at December 31, 2004 were $202,064,000, up $27,000,000 or 15% from the prior year end. Deposits and net loans totaled $181,175,000 and $149,077,000, respectively, up 16% and 13% over the same period last year. During the first quarter of 2004, First Commerce Bancorp (a bank holding company) was formed with regulatory and shareholder approval. As a result, at the close of business and effective March 31, 2004, First Commerce Bancorp became the 100% owner of its primary subsidiary, First Commerce Bank. First Commerce Bancorp is located at 16861 Ventura Boulevard Ventura Boulevard is one of the primary east-west thouroughfares in the San Fernando Valley; as it was originally a part of the El Camino Real (the trail between Spanish missions), Ventura Boulevard is the oldest route in the San Fernando Valley. It was also U.S. , Encino, CA. First Commerce Bancorp's primary subsidiary, First Commerce Bank, is an independent community bank with its main office at 16861 Ventura Boulevard, Encino, CA and a regional office in Brentwood, CA. The Bank has been designated a Super Premier Performing Bank for the past two years by The Findley Reports, an independent service which rates the financial performance of California banks. The Bancorp's stock trades on the Over The Counter Bulletin Board (OTCBB) under the symbol FCCC. Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government, and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments. |
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