ENCINO, Calif., Sept. 24, 2004 (PRIMEZONE) -- First Commerce Bancorp (OTCBB:FCCC) today announced amended results of operations for the six months ended June 30, 2004. In making the announcement Jack Feldman, President and CEO, noted that the results previously published inadvertently reflected net income for the Company's wholly-owned subsidiary, First Commerce Bank, without consolidating the results of operations for the Company or its statutory trust subsidiary through which the Company issued trust preferred securities. Mr. Feldman further noted that the amended results continued to reflect improving results of operations when compared to the prior year.
The Company originally reported net income for the six months ended June 30, 2004, of $903,000, representing earnings per share of $0.12, or $0.10 per share on a diluted basis. As corrected, net income for the period was $778,000, or $0.10 per share ($0.09 per share on a diluted basis). This compared to the Company's results of operations of $576,000 for the first six months of 2003, or $0.08 per share ($0.07 per share on a diluted basis), an increase of $202,000, or 35%.
For the second quarter of the year, the Company originally reported net income of $459,000, or $0.06 per share ($0.05 per share on a diluted basis), compared to net income for the second quarter of 2003 of $310,000, or $0.04 per share ($0.03 per share on a diluted basis). As corrected, net income for the second quarter of 2004 was $334,000, or $0.04 per share ($0.04 per share on a diluted basis).
In reporting the corrected results of operations, Mr. Feldman explained that the most significant differences resulted from the consolidation of the Company's interest expense relating to the new issue of trust preferred securities and the Company's separate operating expenses.
First Commerce Bancorp is located at 16861 Ventura Boulevard, Encino, CA. First Commerce Bancorp's primary subsidiary, First Commerce Bank, is a community bank with its main office located at 16861 Ventura Boulevard, Encino, CA, and with a regional office located at 11661 San Vicente Boulevard, Los Angeles, CA. Through its two offices, First Commerce Bank offers a broad array of community banking services to the West Los Angeles and San Fernando Valley communities of greater Los Angeles.
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government, and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.