First Commerce Bank Reports First Half Profits.Business Editors ENCINO, Calif.--(BUSINESS WIRE)--July 8, 2003 First Commerce Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCBK) today announced that net income for the six months ended June June: see month. 30, 2003 was $576,000, or $.07 per 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. share. This compares with earnings of $564,000 or $.07 per diluted share for the six months ended June 30, 2002. Pre-tax income for the six months ended June 30, 2003 was $939,000 as compared to $402,000 for the same period in 2002, an increase of $537,000 or 134%. Net income for the quarter ended June 30, 2003 was $310,000 or $.03 per diluted share compared to net income of $353,000 or $.03 per diluted share for the same period last year. Assets at June 30, 2003 were $140,663,000 an increase of $504,000 over the quarter ended March 31, 2003 and up $25,236,000 or 22% as compared to June 30, 2002. Deposits and loans at June 30, 2003 were $127,627,000 and $110,682,000 up, respectively, 22% and 39% as compared to June 30, 2002. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jack Feldman, President and Chief Executive Officer of First Commerce Bank, the 134% improvement in pre-tax income has enabled the Bank to profitably transition from utilizing prior years' net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. to reduce tax expense to its current fully taxable basis. He also noted the profit contribution resulting from the 39% year-over-year loan portfolio increase. First Commerce Bank is an independent community bank with its main office 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 and a regional office in Brentwood, CA. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion