First Commerce Bank Announces First Quarter 2001 Results

Apr 11, 2001, 01:00 ET from First Commerce Bank

    CHARLOTTE, N.C., April 11 /PRNewswire/ -- Charlotte-based First Commerce
 Bank (OTC Bulletin Board:   FCBD) reported asset growth of 21% for the twelve
 month period from March 31, 2000 to March 31, 2001.  Assets grew to
 $121.4 million aided by strong loan production and overall deposit growth.
 Loans and deposits increased by 14% and 12%, respectively, compared to
 balances at March 31, 2000.
     "We are very pleased to be able to both achieve this strong asset growth
 and maintain our excellent overall loan quality in this slowing economic
 environment," says President Wes Sturges.  "We've also seen a significant
 increase in fee income during the quarter, fueled by mortgage loan production
 income."
     For the quarter ending March 31, 2001, the Bank earned $138,000 ($0.15 per
 share - diluted) compared to $175,000 (0.19 per share - diluted) for the
 comparable quarter in 2000.  The decrease in earnings was primarily due to
 income taxes provided for in 2001 of $61,000 versus none in 2000.  Beginning
 in early January, the Bank exhausted all tax loss carry-forwards and began
 paying income taxes at the statutory rates.  On a pre-tax basis income
 increased to $199,000 or 13.7%, for the quarter ending March 31, 2001 compared
 to the same period in 2000.
     First Commerce Bank has three offices: 301 S. McDowell Street; 4415 Sharon
 Road (near SouthPark Mall); and 8222 Village Harbor Drive (the Lake Norman
 Office) in Cornelius.  The Bank focuses on meeting the needs of small-to mid-
 sized business customers by offering a wide variety of consumer and commercial
 products and services designed for business owners and their employees.
 
     First Commerce Bank
     2001 First Quarter Report
 
 
     Balance Sheets (Unaudited)
     Dollars in Thousands
                                            March 31,                 %
                                        2001            2000        Change
 
     Assets
     Loans, gross                    $82,348         $71,980        14.40%
     Investment securities            29,556          18,745        57.67%
     Other assets                      9,492           9,715        -2.30%
          Total assets              $121,396        $100,440        20.86%
 
     Liabilities and
      Stockholders' Equity
     Deposits                       $103,771         $92,588        12.08%
     Borrowings                        8,150              --          N/A
     Other liabilities                   397             217        82.95%
     Stockholders' equity              9,078           7,635        18.90%
          Total liabilities and
           stockholders' equity     $121,396        $100,440        20.86%
 
 
     Statements of Operations (Unaudited)
     Dollars in Thousands
                                        For Quarter Ending
                                             March 31,
                                        2001            2000
 
     Total interest income            $2,139          $1,822
     Total interest expense            1,156             882
     Net interest income                 983             940
     Provision for loan losses            56              75
     Net interest income after
      provision for loan losses          927             865
     Total other income                  106              61
     Total other expense                 834             751
         Income before taxes             199             175
     Income taxes                         61              --
         Net income                     $138            $175
 
 
     First Commerce Bank
     2001 First Quarter Report
 
     Other Information (Unaudited)
     Dollars in Thousands, Except Per Share Data
                                                         For Quarter Ending
                                                              March 31,
                                                         2001           2000
 
     Per Share Data:
     Net income:
       Basic                                            $0.15          $0.19
       Diluted                                          $0.15          $0.19
     Book value                                         $9.84          $8.27
     Weighted average shares outstanding:
       Basic                                          922,689        922,689
       Diluted                                        922,689        922,689
 
     Allowance for Loan Losses:
     Beginning Balance                                 $1,052           $945
     Add: Provision charged
          to operations                                    56             75
                                                        1,108          1,020
     Less: Loan charge-offs                                --             14
     Less: Loan recoveries                                 --             --
 
     Net loan charge-offs                                  --             14
     Ending balance                                    $1,108         $1,006
 
     Allowance for loan losses
      as a percent of gross loans                        1.35%          1.40%
 
     Non-performing assets                                 --             --
 
     Selected Financial Ratios:
 
     Return on average assets                            0.50%          0.74%
     Return on average equity                            6.30%          9.25%
     Gross loans to total deposits                      79.36%         77.74%
     Gross loans to total assets                        67.83%         71.66%
     Stockholders' equity as a percent
      of total assets                                    7.48%          7.60%
 
 

SOURCE First Commerce Bank
    CHARLOTTE, N.C., April 11 /PRNewswire/ -- Charlotte-based First Commerce
 Bank (OTC Bulletin Board:   FCBD) reported asset growth of 21% for the twelve
 month period from March 31, 2000 to March 31, 2001.  Assets grew to
 $121.4 million aided by strong loan production and overall deposit growth.
 Loans and deposits increased by 14% and 12%, respectively, compared to
 balances at March 31, 2000.
     "We are very pleased to be able to both achieve this strong asset growth
 and maintain our excellent overall loan quality in this slowing economic
 environment," says President Wes Sturges.  "We've also seen a significant
 increase in fee income during the quarter, fueled by mortgage loan production
 income."
     For the quarter ending March 31, 2001, the Bank earned $138,000 ($0.15 per
 share - diluted) compared to $175,000 (0.19 per share - diluted) for the
 comparable quarter in 2000.  The decrease in earnings was primarily due to
 income taxes provided for in 2001 of $61,000 versus none in 2000.  Beginning
 in early January, the Bank exhausted all tax loss carry-forwards and began
 paying income taxes at the statutory rates.  On a pre-tax basis income
 increased to $199,000 or 13.7%, for the quarter ending March 31, 2001 compared
 to the same period in 2000.
     First Commerce Bank has three offices: 301 S. McDowell Street; 4415 Sharon
 Road (near SouthPark Mall); and 8222 Village Harbor Drive (the Lake Norman
 Office) in Cornelius.  The Bank focuses on meeting the needs of small-to mid-
 sized business customers by offering a wide variety of consumer and commercial
 products and services designed for business owners and their employees.
 
     First Commerce Bank
     2001 First Quarter Report
 
 
     Balance Sheets (Unaudited)
     Dollars in Thousands
                                            March 31,                 %
                                        2001            2000        Change
 
     Assets
     Loans, gross                    $82,348         $71,980        14.40%
     Investment securities            29,556          18,745        57.67%
     Other assets                      9,492           9,715        -2.30%
          Total assets              $121,396        $100,440        20.86%
 
     Liabilities and
      Stockholders' Equity
     Deposits                       $103,771         $92,588        12.08%
     Borrowings                        8,150              --          N/A
     Other liabilities                   397             217        82.95%
     Stockholders' equity              9,078           7,635        18.90%
          Total liabilities and
           stockholders' equity     $121,396        $100,440        20.86%
 
 
     Statements of Operations (Unaudited)
     Dollars in Thousands
                                        For Quarter Ending
                                             March 31,
                                        2001            2000
 
     Total interest income            $2,139          $1,822
     Total interest expense            1,156             882
     Net interest income                 983             940
     Provision for loan losses            56              75
     Net interest income after
      provision for loan losses          927             865
     Total other income                  106              61
     Total other expense                 834             751
         Income before taxes             199             175
     Income taxes                         61              --
         Net income                     $138            $175
 
 
     First Commerce Bank
     2001 First Quarter Report
 
     Other Information (Unaudited)
     Dollars in Thousands, Except Per Share Data
                                                         For Quarter Ending
                                                              March 31,
                                                         2001           2000
 
     Per Share Data:
     Net income:
       Basic                                            $0.15          $0.19
       Diluted                                          $0.15          $0.19
     Book value                                         $9.84          $8.27
     Weighted average shares outstanding:
       Basic                                          922,689        922,689
       Diluted                                        922,689        922,689
 
     Allowance for Loan Losses:
     Beginning Balance                                 $1,052           $945
     Add: Provision charged
          to operations                                    56             75
                                                        1,108          1,020
     Less: Loan charge-offs                                --             14
     Less: Loan recoveries                                 --             --
 
     Net loan charge-offs                                  --             14
     Ending balance                                    $1,108         $1,006
 
     Allowance for loan losses
      as a percent of gross loans                        1.35%          1.40%
 
     Non-performing assets                                 --             --
 
     Selected Financial Ratios:
 
     Return on average assets                            0.50%          0.74%
     Return on average equity                            6.30%          9.25%
     Gross loans to total deposits                      79.36%         77.74%
     Gross loans to total assets                        67.83%         71.66%
     Stockholders' equity as a percent
      of total assets                                    7.48%          7.60%
 
 SOURCE  First Commerce Bank