ENCINO, Calif., July 13, 2004 (PRIMEZONE) -- First Commerce Bancorp (OTCBB:FCCC) today announced that net income for the six months ended June 30, 2004 was $903,000, or $0.10 per diluted share. This compares with net earnings of $576,000, an increase of 57%, or $0.07 per diluted share for the six months ended June 30, 2003. Net income for the quarter ended June 30, 2004 was $459,000 or $0.05 per diluted share compared to net income of $310,000 or $0.03 per diluted share for the same period last year.
Assets at June 30, 2004 were $196,887,000, an increase of $9,622,000 over the quarter ended March 31, 2004 and up $56,224,000 or 40% as compared to June 30, 2003.
Deposits and loans, net of deferred fees, at June 30, 2004 were $157,171,000 and $146,846,000, up, respectively, 23% and 33% as compared to June 30, 2003. According to Jack Feldman, First Commerce Bancorp's President and CEO, the 57% improvement in net income over the prior year is the result of continued strong business development. He also noted the profitable contribution resulting from the 33% year over year loan portfolio increase.
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 with its main office at 16861 Ventura Boulevard, Encino, CA and a regional office in Brentwood, CA. The Bancorp's stock trades on the Over The Counter Bulletin Board (OTCBB) under the symbol FCCC.