First Commerce Bancorp Reports a 46% First Quarter Profit Increase
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ENCINO, Calif.--(Business Wire)-- First Commerce Bancorp (OTCBB:FCCC) today announced that net income (unaudited) for the three months ended March 31, 2010 on a consolidated basis was $438,000 compared to $300,000 for the same period last year, an increase of 46%. Total assets at March 31, 2010 were $348,307,000, up $7,381,000 or 2% from year end and $38,205,000 or 12% over the same period last year. Deposits and net loans were $309,840,000 and $231,942,000, respectively, up 13% and down 5% over the same period last year. According to Jack Feldman, First Commerce Bancorp President and CEO, "The year-over-year earnings improvement is the direct result of a lower provision to the loan loss reserve and tight expense controls. These turbulent economic times with depressing banking industry peer reports continue to challenge us. The Bank continues to be well capitalized in all regulatory capital categories." First Commerce Bancorp is located at 16861 Ventura Boulevard, Encino, CA. First Commerce Bancorp`s primary subsidiary, First Commerce Bank, is an independent community bank headquartered in Encino with a regional office in Los Angeles. The Bank has been recognized by Bauer Financial, a bank rating service, as a 5-star Superior institution, its highest rating. The Bancorp`s stock trades on the Over the Counter Bulletin Board (OTCBB) under the symbol FCCC. This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements. First Commerce Bancorp Jack Feldman, (818) 501-3365 Copyright Business Wire 2010
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