CommerceBank Reports Record 1986 Net Income

CommerceBank said it had record net income of $1.25 million for 1986, up 14% from the previous year’s $1.1-million net profit.

Fourth-quarter net income of $318,000 was down 16%, however, from the year-earlier $378,000. Earnings for the final quarter of 1985 were exceptionally high because of an unusual spurt of commercial lending business, said Clyde Gossert, CommerceBank’s president.

The Newport Beach bank’s assets grew 27% to $235 million in 1986 from $184.4 million the year before. Deposits of $219.6 million were up 28% from $171.4 million, while net loans increased 15% to $114.3 million from $99 million.