Fourth Quarter 2005 Results Announced for Commerce National Bank.FULLERTON Fullerton, city (1990 pop. 114,144), Orange co., S Calif., SE of Los Angeles; founded 1887, inc. 1904. The city is named for George H. Fullerton, head of a land company, who arranged to route the San Diego–Los Angeles–Santa Fe RR through the settlement in , Calif. -- Commerce National Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNBF), a community business bank that opened for business in December December: see month. 2003, today announced the results for the fourth quarter and full year of 2005. The bank reported a significant increase in total assets as of Dec. 31, 2005 to $113.7 million, an 84% increase over the $62.0 million reported as of Dec. 31, 2004. Total deposits increased to $88.9 million, a 65% increase over the $53.9 million reported as of Dec. 31, 2004. Net loans increased to $64.9 million, a record 169% increase over the $24.2 million reported as of Dec. 31, 2004. Primarily as the result of the $18 million provided by the secondary stock offering, total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. as of Dec. 31, 2005 increased to $24.7 million, a 208% increase over the $8.0 million reported as of Dec. 31, 2004. For the quarter ended Dec. 31, 2005, Commerce National Bank reported net income of $50,000, a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from the $562,000 loss reported for the fourth quarter of 2004. For the year ended Dec. 31, 2005, the bank reported a net loss of $763,000, an improvement from the $2.7 million loss reported for the same period in 2004. The bank has posted net income for four consecutive months from September September: see month. 2005.
Condensed Statement of Financial Condition
(In thousands)
Dec. 31,
------------------
Assets 2005 2004
--------- --------
Cash & Due From Banks $3,455 $1,457
Federal Funds Sold 6,280 9,185
Investments 36,409 25,332
Loans (Net) 64,869 24,151
Other Assets 2,728 1,835
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Total Assets $113,741 $61,960
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Liabilities
Demand Deposits $22,830 $11,591
Money Market, Savings & NOW Deposits 58,311 41,982
Certificates of Deposit 7,726 339
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Total Deposits 88,867 53,912
Other Liabilities 207 42
--------- --------
Total Liabilities 89,074 53,954
Shareholders' Equity
Common Stock 13,038 6,047
Surplus 16,582 5,989
Accumulated Deficit (4,953) (4,030)
--------- --------
Total Shareholders' Equity 24,667 8,006
--------- --------
Total Liabilities & Shareholders' Equity $113,741 $61,960
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Condensed Statement of Operations
(In thousands)
Three Months Ended Year Ended
Dec. 31 Dec. 31
------------------ ------------------
2005 2004 2005 2004
--------- -------- -------- ---------
Interest Income $1,602 $529 $4,590 $1,086
Interest Expense 393 109 1,050 217
--------- -------- -------- ---------
Net Interest Income 1,209 420 3,540 869
Provision for Loan Losses 116 115 476 310
--------- -------- -------- ---------
Net Interest Income After
Provision for Loan Losses 1,093 305 3,064 559
Non Interest Income 41 6 104 26
Non Interest Expense 1,084 874 3,930 3,323
--------- -------- -------- ---------
Net Income (Loss) Before Taxes 50 (563) (762) (2,738)
Income Taxes 0 (1) 1 1
--------- -------- -------- ---------
Net Income (Loss) $50 $(562) $(763) $(2,739)
========= ======== ======== =========
With offices in Fullerton and the city of Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , near the John Wayne Airport John Wayne Airport (IATA: SNA, ICAO: KSNA, FAA LID: SNA) is located at 18601 Airport Way, Santa Ana, CA 92707. Other nearby cities include Newport Beach, Costa Mesa, and Irvine. , the bank is well positioned to serve businesses, professionals and selected real estate customers in both the northern and southern areas of Orange County. The offices are staffed by experienced business bankers who are committed to providing exemplary service to their customers in the Orange County business community. Forward-Looking Statement 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. This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations, estimates and projections about Commerce National Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: Commerce National Bank's timely development of new products and services, technological changes, changes in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and savings habits and other risks discussed from time to time in Commerce National Bank's reports and filings with the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and Commerce National Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. |
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