Commercial Bankshares, Inc. Reports First Quarter Earnings

Apr 18, 2001, 01:00 ET from Commercial Bankshares, Inc.

    MIAMI, April 18 /PRNewswire/ -- Miami-based
 Commercial Bankshares, Inc. (Nasdaq: CLBK), parent of Commercial Bank of
 Florida, today reported first quarter 2001 earnings of $1.64 million, a
 7% increase over 2000 first quarter earnings of $1.53 million.  Diluted
 earnings per share were $.44 for 2001, as compared to $.40 for 2000.  The
 first quarter earnings represent a 1.26% annualized return on average assets
 and a 14.53% annualized return on average equity.
     Net loans continued to show excellent growth, closing the quarter at
 $308 million.  This is a 23% increase from the 2000 first quarter closing
 balance of $251 million.  The allowance for loan losses closed the quarter at
 $3.88 million, or 1.24% of total loans.  Non-performing assets totaled
 $834,000, or 0.15% of total assets, at March 31, 2001.
     "We have again achieved strong results and growth during the first
 quarter," said Joseph W. Armaly, Chairman and Chief Executive Officer.  "We
 achieved these outstanding results despite broad movement in rates during the
 quarter and uncertainty in the marketplace."
     The Company's first quarter cash dividend declared rose 11% in 2001 to
 $.20 per share, as compared to $.18 per share in 2000.  The Company's sound
 capital position and solid earnings support the increased dividend.
     Tax-equivalent net interest income for the first quarter of 2001 increased
 to $5.14 million, as compared to $5.08 million for the first quarter of 2000.
 The tax-equivalent net interest yield decreased 45 basis points to 4.25%  for
 the first quarter of 2001,  from 4.70% for the same period in 2000.
     Total assets increased 14% to close the quarter at $547 million, as
 compared to $480 million one year ago.  Leverage capital, tier 1 risk-based
 capital and total risk-based capital ratios of 7.98%, 12.25% and 13.69%,
 respectively, continue to exceed regulatory requirements.
 
                          COMMERCIAL BANKSHARES, INC.
                            Selected Financial Data
              (Dollars in thousands except per share information)
 
 
                                                        For the Quarter
                                                         Ended March 31,
                                                        2001           2000
 
     Net income                                        $1,636         $1,528
     Earnings per common share:
      Basic                                              $.45           $.41
      Diluted                                            $.44           $.40
     Return on average assets                           1.26%          1.29%
     Return on average equity                          14.53%         14.99%
     Net interest yield (FTE)                           4.25%          4.70%
     Net interest income (FTE)                         $5,143         $5,075
     Loan loss provision                                  $75            $80
     Weighted average shares
     (in thousands):
      Basic                                             3,602          3,771
      Diluted                                           3,692          3,866
 
 
                                                      3/31/01        3/31/00
 
     Assets                                          $547,389       $479,933
     Loans, net                                      $307,940       $250,836
     Deposits                                        $442,281       $394,072
     Allowance/non-performing assets                     465%           n/a%
     Non-performing assets/assets                        .15%             0%
     Capital ratios:
      Leverage                                          7.98%          8.79%
      Tier 1                                           12.25%         14.12%
      Tier 2                                           13.69%         15.49%
     Book value per common and common
      equivalent share                                 $13.09         $10.85
 
     Commercial Bankshares, Inc. is the parent company of Commercial Bank of
 Florida, a $544 million, state-chartered, FDIC-insured commercial bank and a
 member of the Federal Reserve.  The Bank operates 14 branches in Miami-Dade
 and Broward Counties, Florida.  The Company's stock is traded on NASDAQ under
 the symbol CLBK.  The Bank's web site is www.commercialbankfl.com.
 
 

SOURCE Commercial Bankshares, Inc.
    MIAMI, April 18 /PRNewswire/ -- Miami-based
 Commercial Bankshares, Inc. (Nasdaq: CLBK), parent of Commercial Bank of
 Florida, today reported first quarter 2001 earnings of $1.64 million, a
 7% increase over 2000 first quarter earnings of $1.53 million.  Diluted
 earnings per share were $.44 for 2001, as compared to $.40 for 2000.  The
 first quarter earnings represent a 1.26% annualized return on average assets
 and a 14.53% annualized return on average equity.
     Net loans continued to show excellent growth, closing the quarter at
 $308 million.  This is a 23% increase from the 2000 first quarter closing
 balance of $251 million.  The allowance for loan losses closed the quarter at
 $3.88 million, or 1.24% of total loans.  Non-performing assets totaled
 $834,000, or 0.15% of total assets, at March 31, 2001.
     "We have again achieved strong results and growth during the first
 quarter," said Joseph W. Armaly, Chairman and Chief Executive Officer.  "We
 achieved these outstanding results despite broad movement in rates during the
 quarter and uncertainty in the marketplace."
     The Company's first quarter cash dividend declared rose 11% in 2001 to
 $.20 per share, as compared to $.18 per share in 2000.  The Company's sound
 capital position and solid earnings support the increased dividend.
     Tax-equivalent net interest income for the first quarter of 2001 increased
 to $5.14 million, as compared to $5.08 million for the first quarter of 2000.
 The tax-equivalent net interest yield decreased 45 basis points to 4.25%  for
 the first quarter of 2001,  from 4.70% for the same period in 2000.
     Total assets increased 14% to close the quarter at $547 million, as
 compared to $480 million one year ago.  Leverage capital, tier 1 risk-based
 capital and total risk-based capital ratios of 7.98%, 12.25% and 13.69%,
 respectively, continue to exceed regulatory requirements.
 
                          COMMERCIAL BANKSHARES, INC.
                            Selected Financial Data
              (Dollars in thousands except per share information)
 
 
                                                        For the Quarter
                                                         Ended March 31,
                                                        2001           2000
 
     Net income                                        $1,636         $1,528
     Earnings per common share:
      Basic                                              $.45           $.41
      Diluted                                            $.44           $.40
     Return on average assets                           1.26%          1.29%
     Return on average equity                          14.53%         14.99%
     Net interest yield (FTE)                           4.25%          4.70%
     Net interest income (FTE)                         $5,143         $5,075
     Loan loss provision                                  $75            $80
     Weighted average shares
     (in thousands):
      Basic                                             3,602          3,771
      Diluted                                           3,692          3,866
 
 
                                                      3/31/01        3/31/00
 
     Assets                                          $547,389       $479,933
     Loans, net                                      $307,940       $250,836
     Deposits                                        $442,281       $394,072
     Allowance/non-performing assets                     465%           n/a%
     Non-performing assets/assets                        .15%             0%
     Capital ratios:
      Leverage                                          7.98%          8.79%
      Tier 1                                           12.25%         14.12%
      Tier 2                                           13.69%         15.49%
     Book value per common and common
      equivalent share                                 $13.09         $10.85
 
     Commercial Bankshares, Inc. is the parent company of Commercial Bank of
 Florida, a $544 million, state-chartered, FDIC-insured commercial bank and a
 member of the Federal Reserve.  The Bank operates 14 branches in Miami-Dade
 and Broward Counties, Florida.  The Company's stock is traded on NASDAQ under
 the symbol CLBK.  The Bank's web site is www.commercialbankfl.com.
 
 SOURCE  Commercial Bankshares, Inc.