First Commerce Bancorp, Inc. Reports Third Quarter and Year-to-Date 2025 Results
29-Oct-2025 16:14:33 EDT
First Commerce Bancorp, Inc. Reports Third Quarter and Year-to-Date 2025 Results
GlobeNewswire October 29, 2025
LAKEWOOD, N.J., Oct. 29, 2025 (GLOBE NEWSWIRE) — First Commerce Bancorp, Inc. (the “Company”), (OTC: CMRB), the holding company for First Commerce Bank (the “Bank”), today reported net income of $2.1 million and $5.1 million for the three and nine months ending September 30, 2025, respectively, as compared to $1.1 million and $3.4 million for the three and nine months ending September 30, 2024, respectively. Basic earnings per common share for the three- and nine-months ending September 30, 2025, were $0.10 and $0.25, respectively, compared to $0.05 and $0.15 for the three- and nine- months ending September 30, 2024, respectively.
President & CEO Donald Mindiak commented, “The balance sheet growth that we realized through the first six months of the year have now been manifested in the operational results for the three and nine-month periods reported herein. Net income increased by $954,000 or 84.4% to $2.1 million for the three months ending September 30, 2025, as compared to $1.1 million for the three months ending September 30, 2024. Net income increased by $1.7 million or 50.6% to $5.1 million for the nine months ending September 30, 2025, compared to $3.4 million for the nine months ending September 30, 2024. The increases in net income were facilitated by leveraging our excess capital position through a combination of judicious loan underwriting and investing in higher yielding investment securities, while maintaining sufficient liquidity and allowance levels consistent with prudent risk management practices. Funding for the asset growth occurred through a combination of measured increases in retail deposit growth and wholesale funding sources, partially offset by a decrease in brokered deposit balances. We are encouraged by the pattern of increasing profitability and its effect on our operational performance metrics, and coupled with our on-going stock repurchase plan, we have recorded a $0.24/share increase in our book value to $8.63/share at September 30, 2025, as compared to $8.39/share at December 31, 2024.”
Continuing, Mr. Mindiak remarked that, “While a number of domestic, foreign and geopolitical uncertainties remain in the form of the federal government shutdown, economic sanctions and tariff implications, possibly leading to challenging economic headwinds, we remain committed to executing our strategies with prudence and forethought, while delivering exceptional customer service in an effort to focus on our goal of systematic growth in both franchise and shareholder value.”
Financial Highlights
Total interest and dividend income increased by $4.0 million or 19.7% for the third quarter of 2025 compared to the third quarter of 2024 as a result of the growth in average interest-earning assets and yield during those comparative periods year over year.
Total interest expense increased by $1.5 million or 12.6% for the third quarter of 2025 compared to the third quarter of 2024 as a result of the growth in borrowings (primarily Federal Home Loan Bank advances), utilized to fund growth in interest earning assets.
Total loans increased by $156.8 million or 12.7% to $1.40 billion at September 30, 2025, compared to $1.24 billion at December 31, 2024.
Total deposits increased by $108.0 million or 9.2% to $1.28 billion at September 30, 2025, compared to $1.17 billion at December 31, 2024.
The annualized return on average total assets increased by seventeen basis points to 0.48% at September 30, 2025, compared to 0.31% at September 30, 2024.
The annualized return on average shareholders' equity increased by 223 basis points to 4.79% at September 30, 2025, compared to 2.56% at September 30, 2024.
Book value per common share increased by $0.32 to $8.63 at September 30, 2025, compared to $8.31 at September 30, 2024.
Net interest margin increased fourteen basis points on a linked quarter basis to 2.61% as of September 30, 2025, from 2.47% as of June 30, 2025, and increased twenty-six basis points from 2.35% at September 30, 2024.
Balance Sheet Review
Total assets increased by $158.5 million or 10.2% to $1.71 billion at September 30, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total investment securities and total loans receivable, partially offset by a decrease in cash and cash equivalents during the nine months ending September 30, 2025.
Total cash and cash equivalents decreased by $63.6 million or 48.0% to $68.9 million at September 30, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to the funding of higher yielding assets in the form of loan closings and the purchase of investment securities during the nine months ended September 30, 2025.
Total investment securities increased by $60.0 million or 53.4% to $172.2 million at September 30, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $79.1 million in purchases of investment securities, partially offset by $4.9 million in redemptions and maturities and $14.2 million of amortization of mortgage-backed securities.
Total loans receivable, net of allowance for credit losses increased by $155.7 million or 12.7% to $1.38 billion at September 30, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans and multifamily mortgages loans increased $175.2 million and $33.3 million, respectively, partially offset by decreases in construction loans, residential loans and home equity loans of $40.7 million, $8.0 million and $2.7 million, respectively. The allowance for credit losses increased by $1.1 million to $15.9 million or 1.14% of total loans at September 30, 2025, as compared to $14.8 million or 1.19% of total loans at December 31, 2024.
Total deposits increased $108.0 million or 9.2% to $1.28 billion at September 30, 2025, from $1.17 billion at December 31, 2024. Time deposits increased $65.0 million, savings deposits increased $36.7 million, non-interest-bearing demand deposits increased $22.5 million, and money market accounts increased $1.3 million, partially offset by a decrease of $16.9 million in brokered deposits and $648,000 in NOW account deposits. As an augmentation to deposit growth, Federal Home Loan Bank advances increased by $45.0 million or 25.7% to $220.0 million at September 30, 2025, from $175.0 million at December 31, 2024. which assisted in the facilitation of the loan growth discussed previously.
Stockholders' equity increased by $341,000 or 0.2% to $172.6 million at September 30, 2025, from $172.3 million at December 31, 2024. The increase in stockholders' equity was primarily due to increases of $5.1 million in retained earnings and $1.6 million in additional paid-in-capital, offset by a decrease of $6.2 million in repurchases of common stock. During the nine months ending September 30, 2025, the Company repurchased 991,000 shares for approximately $6.2 million, or a weighted average price of approximately $6.25 per share.
Three Months of Operations
Net interest income increased by $2.5 million or 29.7% to $10.8 million for the three months ending September 30, 2025, from $8.4 million for the three months ending September 30, 2024. The increase in net interest income was primarily due to an increase in total interest income of $4.0 million as a result of an increase in the balance of average interest earning assets, as well as an increase in the yield on average earning assets and a decrease in the cost of interest-bearing liabilities, partially offset by an increase in total interest expense of $1.5 million as a result of an increase in average interest-bearing liabilities.
Total interest and dividend income increased by $4.0 million or 19.7% to $24.1 million for the three months ending September 30, 2025, from $20.1 million for the three months ending September 30, 2024. Interest income on loans, including fees, increased $2.4 million or 13.1% to $20.7 million for the three months ending September 30, 2025, as compared to $18.3 million for the three months ending September 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $127.2 million or 10.1% to $1.38 billion for the three months ending September 30, 2025, as compared to $1.26 billion for the three months ending September 30, 2024. Average yield on loans receivable was 5.93% for the three months ending September 30, 2025, increasing fourteen basis points over the comparative time period in 2024. Interest income on investment securities increased by $1.6 million or 191.4% to $2.4 million for the three months ending September 30, 2025, as compared to $824,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of the investment security portfolio increased by $95.0 million or 116.0% to $177.0 million for the three months ending September 30, 2025, as compared to $81.9 million for the same period in the prior year. The average yield on investment securities increased by 141 basis points to 5.43% for the three months ending September 30, 2025, as compared to 4.02% for the same period in the prior year. Interest income on interest-bearing deposits with other banks decreased by $23,000 or 2.8% to $811,000 for the three months ending September 30, 2025, as compared to $834,000 for the same period in the prior year. This decrease resulted primarily from a decline in average yield of seventy-seven basis points to 4.14% for the three months ending September 30, 2025, as compared to 4.91% for the same period in the prior year. The average balance of interest-bearing deposits with banks increased by $10.3 million or 15.2% to $77.8 million for the three months ending September 30, 2025, as compared to $67.5 million for the same period in the prior year.
Total interest expense increased by $1.5 million or 12.6% to $13.3 million for the three months ending September 30, 2025, from $11.8 million for the three months ending September 30, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $212.7 million or 19.0%, to $1.33 billion for the three months ending September 30, 2025, from $1.12 billion for the three months ending September 30, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased by twenty-three basis points to 3.95% for the three months ending September 30, 2025, as compared to 4.18% for the three months ending September 30, 2024. The increase in average balance of interest-bearing liabilities included a $155.7 million increase in average interest-bearing deposit liabilities and a $57.0 million increase in average wholesale borrowings for the three months ending September 30, 2025. The increase in interest-bearing liabilities was primarily used to facilitate asset growth and maintain an increased level of liquidity consistent with regulatory guidance.
During the third quarter of 2025, the Company recorded a $452,000 provision for credit losses as compared to a $54,000 provision for credit losses for the same period in the prior year. The increase in provision for credit losses for the third quarter of 2025 was primarily due to the increase in gross loans and management's evaluation of both quantitative and qualitative factors which impacts the CECL model calculations. The Company recorded a $645,000 provision for credit losses on loans, a $133,000 reversal of provision for credit losses for unfunded commitments and a $60,000 reversal of provision for credit losses on corporate securities held-to-maturity. Management believes that the allowance for credit losses on loans and investment securities at September 30, 2025, and 2024 were appropriate.
Net interest margin increased by twenty-six basis points to 2.61% for the three months ending September 30, 2025, compared to 2.35% for the three months ending September 30, 2024. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $235.1 million or 16.6% to $1.65 billion for the three months ending September 30, 2025, as compared to $1.42 billion for the three months ending September 30, 2024, and an increase in the average yield of interest-earning assets to 5.79% for the three months ending September 30, 2025 from 5.66% for the three months ending September 30, 2024, coupled with a decrease in the average cost of interest-bearing liabilities to 3.95% for the three months ending September 30, 2025 from 4.18% for the three months ending September 30, 2024, partially offset by an increase in total interest-bearing liabilities of $212.7 million or 19.0% to $1.33 billion for the three months ending September 30, 2025, from $1.12 billion for the three months ending September 30, 2024.
Non-interest income increased by $277,000 or 47.6% to $859,000 for the three months ending September 30, 2025, from $582,000 for the three months ending September 30, 2024. The increase in total non-interest income was primarily due to an increase in service charges and fees of $363,000 resulting primarily from $284,000 in loan referral fee income, partially offset by a decrease of $95,000 in other income.
Non-interest expense increased by $961,000 or 12.8% to $8.5 million for the three months ending September 30, 2025, compared to $7.5 million for the three months ending September 30, 2024. Salaries and employee benefits increased by $320,000 or 7.0% to $4.9 million for the three months ending September 30, 2025, as compared to $4.6 million for the three months ending September 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank, employee incentives and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $338,000 or 37.6% to $1.2 million for the three months ending September 30, 2025, as compared to $898,000 for the three months ending September 30, 2024, primarily due to the Company leasing additional office space to relocate its corporate offices and the increase in facilities maintenance contracts. Professional fees increased $116,000 or 25.7% to $567,000 for the three months ending September 30, 2025, as compared to $451,000 for the three months ending September 30, 2024, primarily due to increases in legal fees and director fees, partially offset by a decrease in audit and other professional fees. FDIC insurance assessment increased $122,000 or 75.8% to $283,000, for the three months ending September 30, 2025, from $161,000 for the three months ending September 30, 2024, as a result of an increase in the assessment rate as well as the growth in total assets. Other operating expenses increased by $46,000 or 4.4% to $1.1 million for the three months ending September 30, 2025, from $1.0 million for the three months ending September 30, 2024, primarily due to increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, dues and subscriptions, digital banking expenses, sponsorships, training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses, while executing on the organic growth initiative.
The income tax provision increased by $447,000 or 186.3% to $687,000 for the three months ending September 30, 2025, from $240,000 for the three months ending September 30, 2024. The increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year of $1.4 million or 102.4% to $2.8 million for the three months ending September 30, 2025, from $1.4 million for the three months ending September 30, 2024. The effective tax rate for the quarter ending September 30, 2025, was 24.8% compared to 17.5% for the quarter ending September 30, 2024. The effective tax rate for the quarter ending September 30, 2024, was impacted by a reduction in New York state tax apportionment.
Nine Months of Operations
Net interest income increased by $4.2 million or 16.7% to $29.1 million for the nine months ending September 30, 2025, from $24.9 million for the nine months ending September 30, 2024. The increase in net interest income was the result of an increase in total interest income of $7.3 million resulting from increases in the average balance and average yield on interest-earning assets, as well as a decrease in the average cost of interest-bearing liabilities, partially offset by an increase in total interest expense of $3.1 million as a result of an increase in average balance of interest-bearing liabilities.
Total interest and dividend income increased by $7.3 million or 12.4% to $66.3 million for the nine months ending September 30, 2025, from $59.0 million for the nine months ending September 30, 2024. Interest income on loans, including fees, increased $2.6 million or 4.8% to $56.5 million for the nine months ending September 30, 2025, as compared to $53.9 million for the nine months ending September 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $53.9 million or 4.3% to $1.31 billion for the nine months ending September 30, 2025, as compared to $1.25 billion for the nine months ending September 30, 2024. Average yield on loans receivable was 5.78% for the nine months ending September 30, 2025, an increase of three basis points year over year. Interest income on interest-bearing deposits with other banks increased by $199,000 or 8.2% to $2.6 million for the nine months ending September 30, 2025, as compared to $2.4 million for the same period in the prior year. This increase resulted from a higher average balance of interest-bearing deposits with banks of $19.2 million or 29.2% to $84.9 million for the nine months ending September 30, 2025, as compared to $65.7 million for the same period in the prior year. Interest income on investment securities increased by $4.5 million or 213.0% to $6.6 million for the nine months ending September 30, 2025, as compared to $2.1 million for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of the investment securities portfolio increased by $93.5 million or 122.7% to $169.6 million for the nine months ending September 30, 2025, as compared to $76.2 million for the same period in the prior year. The average yield on investment securities increased by 149 basis points to 5.16% for the nine months ending September 30, 2025, as compared to 3.67% for the same period in the prior year. Dividend income on FHLB stock increased by $73,000 or 13.6% to $611,000 for the nine months ending September 30, 2025, as compared to $538,000 for the same period in the prior year, primarily as a result of an increase in average balance of restricted stock of $2.2 million or 26.5% to $10.6 million for the nine months ending September 30, 2025, as compared to $8.4 million for the same period in the prior year.
Total interest expense increased by $3.2 million or 9.3% to $37.2 million for the nine months ending September 30, 2025, from $34.0 million for the nine months ending September 30, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $156.9 million or 14.2%, to $1.26 billion for the nine months ending September 30, 2025, from $1.10 billion for the nine months ending September 30, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.94% for the nine months ending September 30, 2025, as compared to 4.11% for the nine months ending September 30, 2024. The increase in average balance of interest-bearing liabilities included a $109.1 million increase in average interest-bearing deposit liabilities and a $47.8 million increase in average wholesale borrowings for the nine months ending September 30, 2025. The increase in interest-bearing liabilities was primarily used to facilitate balance sheet growth and to maintain an increased level of liquidity consistent with regulatory guidance and support the loan growth.
During the nine months ending September 30, 2025, the Company recorded a $1.2 million provision for credit losses as compared to a $363,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors as well as the loan growth for the nine months ending September 30, 2025, the Company recorded a provision for loan losses of $1.1 million on loans, a $157,000 provision for credit losses for unfunded commitments and a $31,000 provision for credit losses on corporate securities held-to-maturity. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at September 30, 2025, and 2024 were appropriate.
Net interest margin increased by ten basis points to 2.47% for the nine months ending September 30, 2025, compared to 2.37% for the nine months ending September 30, 2024. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $168.8 million or 12.0% to $1.57 billion for the nine months ending September 30, 2025, compared to $1.40 billion for the nine months ending September 30, 2024, and an increase in average yield of interest-earning assets to 5.64% for the nine months ending September 30, 2025 from 5.61% for the nine months ending September 30, 2024, coupled with a decrease in the average cost of interest-bearing liabilities to 3.94% for the nine months ending September 30, 2025 from 4.11% for the nine months ending September 30, 2024, partially offset by an increase in the total interest-bearing liabilities of $156.9 million or 14.2% to $1.26 billion for the nine months ending September 30, 2025, from $1.11 billion for the nine months ending September 30, 2024.
Non-interest income increased by $1.2 million or 70.3% to $2.8 million for the nine months ending September 30, 2025, from $1.7 million for the nine months ending September 30, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $624,000 as a result of a non-recurring gain of $778,000 on the sale of a Company owned property recorded in the first quarter of 2025. Excluding this non-recurring gain, other income would have decreased $154,000 when compared to the same period in the prior year. Service charges and fees increased by $525,000 or 82.4% to $1.2 million for the nine months ending September 30, 2025, from $637,000 for the same period in the prior year, primarily due to an increase in loan fees of $353,000 and an increase in deposit accounts fees of $172,000.
Non-interest expense increased by $2.2 million or 9.9% to $24.1 million for the nine months ending September 30, 2025, as compared to $22.0 million for the nine months ending September 30, 2024. Salaries and employee benefits increased by $752,000 or 5.6% to $14.3 million for the nine months ending September 30, 2025, as compared to $13.5 million for the nine months ending September 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank, employee incentives, and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $754,000 or 27.7% to $3.5 million for the nine months ending September 30, 2025, as compared to $2.7 million for the nine months ending September 30, 2024, primarily due to the Company leasing additional office space to relocate its corporate offices, other occupancy related expenses and facilities maintenance contracts. Advertising and marketing expense decreased by $45,000 or 15.7% to $241,000 for the nine months ending September 30, 2025, as compared to $286,000 for the nine months ending September 30, 2024, as a result of reduction in marketing consultant services. Professional fees increased $82,000 or 5.8% to $1.5 million for the nine months ending September 30, 2025, as compared to $1.4 million for the nine months ending September 30, 2024, primarily due to increases in legal fees, director fees and consulting fees, partially offset by a decrease in audit and other professional fees. Data processing expense increased by $93,000 or 10.2% to $1.0 million for the nine months ending September 30, 2025, compared to $915,000 for the nine months ending September 30, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $240,000 or 45.2% to $771,000 for the nine months ending September 30, 2025, from $531,000 for the nine months ending September 30, 2024, as a result of an increase in the assessment rate as well as the growth in total assets. Other operating expenses increased by $298,000 or 11.7% to $2.9 million for the nine months ending September 30, 2025, from $2.6 million for the nine months ending September 30, 2024, primarily due to minor increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, communications, dues and subscriptions, digital banking expenses, sponsorships, training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses, while executing on our organic growth initiative.
The income tax provision increased by $567,000 or 62.4% to $1.48 million for the nine months ending September 30, 2025, from $908,000 for the nine months ending September 30, 2024. This increase in the income tax provision resulted primarily from an increase in pre-tax income of $2.27 million or 53.1% to $6.55 million for the nine months ending September 30, 2025, from $4.28 million for the nine months ending September 30, 2024. The effective tax rate for the nine months ending September 30, 2025, was 22.5% compared to 21.2% for the nine months ending September 30, 2024. The effective tax rate for the nine months ending September 30, 2024, was impacted by a reduction in New York state tax apportionment.
Asset Quality
The allowance for credit losses increased by $1.1 million or 7.5% to $15.9 million or 1.14% of total loans at September 30, 2025, as compared to $14.8 million or 1.19% of total loans at December 31, 2024, and $14.9 million or 1.18% at September 30, 2024. During the first nine months of 2025, the Company added a $1.1 million provision to the allowance for credit losses and had net recoveries of $51,000. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors during the nine months ended September 30, 2025, changes in the allowance for credit losses were adjusted accordingly.
The Bank had non-accrual loans totaling $12.4 million or 0.89% of total loans at September 30, 2025, as compared to $16.6 million or 1.34% of total loans at December 31, 2024, and $17.9 million or 1.30% of total loans at June 30, 2025. Non-accrual loans decreased by $5.5 million from June 30, 2025, primarily as a result of one construction loan in the amount of approximately $6.9 million for which the Company obtained the title and was reclassed to other real estate owned during the third quarter of 2025. The allowance for credit losses was 128.2% of non-accrual loans at September 30, 2025, compared to 88.7%, at December 31, 2024, and 85.0% at June 30, 2025.
About First Commerce Bancorp, Inc.
First Commerce Bancorp, Inc., is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company's wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.
Forward-Looking Statements
This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank's investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank's products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.
First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
September 30, 2025 vs.
December 31, 2024
(dollars in thousands, except percentages and share data)
September 30, 2025
December 31, 2024
Amount
%
Assets
Cash and cash equivalents:
Cash on hand
$
2,478
$
1,790
$
688
38.4
%
Interest-bearing deposits in other banks
66,413
130,690
(64,277
)
-49.2
%
Total cash and cash equivalents
68,891
132,480
(63,589
)
-48.0
%
Investment securities:
Available-for-sale, at fair value
26,605
300
26,305
8768.3
%
Held-to-maturity (“HTM”), at amortized cost
145,802
112,107
33,695
30.1
%
Less: Allowance for credit losses – HTM securities
(229
)
(198
)
(31
)
15.7
%
Held-to-maturity, net of allowance for credit losses
