CommerceBank Reports Rise in 3rd Quarter Profits

Citing an improved business economy, CommerceBank in Newport Beach reported increased profits for the third quarter and the first nine months, both ended Sept. 30. Earnings for the quarter were $338,000, up 32% from $256,000 in the same quarter last year. For the nine-month period, the bank earned $722,000, up 8.4% from $666,000.

Total assets at the 6 1/2-year-old bank grew 47% to $156.9 million as of Sept. 30, from $106.8 million at the same time last year. Deposits increased 51% to $144.7 million as of Sept. 30 from last year’s $95.7 million.