Newport Bank Posts Record Net Income

CommerceBank in Newport Beach said it posted record net income of $320,000 in the second quarter and $611,000 in its first six months.

The quarterly figure was 80.8% higher than the $177,000 earned in last year’s second quarter. The six-month net income was 59.1% greater than the $384,000 earned in the same period last year.

As of June 30, CommerceBank’s assets grew 27.9% to $185.4 million from $145 million a year earlier. Its loan portfolio increased 19% to $102.4 million from $86 million a year ago, and its deposits rose 28.5% to $171.9 million from $133.8 million.