CommerceBank Reports Record 1st-Quarter Net

CommerceBank reported record first-quarter net income of $361,000, up 24% from $291,000 reported a year earlier.

Total assets were $216 million on March 31, up 20% from $180 million a year earlier. Deposits of $202.8 million at the end of the first quarter were 22% higher than the $166.2 million reported a year earlier.

The Newport Beach-based business bank said its shareholders’ equity totaled $10.8 million on March 31, up 12.8% from $9.55 million at the end of the first quarter of 1986.