Commerce National Bank has reported a net income of $1.05 million for the year ended December 31, 2007, a 53% increase over earnings of $684,000 reported for the corresponding period in 2006.
For the fourth quarter ended December 31, 2007, Commerce National Bank has posted a net income of $347,000, a slump as compared with $818,000 reported for the same quarter of 2006. Diluted earnings per share for 2007 were $0.39, compared to $0.25 in 2006; a 53% year over year increase.
As of December 31, 2007, the bank has reported total assets of $205.8 million, representing an increase of $37.1 million, or 22% from December 31, 2006 and net loans were $119.1 million, a rise of $21.5 million, or 22% from the prior year.
Mark Simmons, president and CEO of Commerce National Bank, said: During a difficult year for the financial industry, Commerce National Bank reported growth in both deposits and loans of more than 20% over yearend 2006. With deposits exceeding loans by more than $55 million and shareholders’ equity representing 13.7% of assets, we have ample liquidity and capital available to take advantage of lending opportunities. We continue to find success in focusing on building our portfolio of quality small business customer relationships.