CommerceBank’s Upward Trend Shows 29% Increase

CommerceBank, the largest independent bank based in Orange County, reported record second-quarter net income of $413,000, up 29% from the year-earlier $320,000. For the first half, record net income of $774,000 was 26.7% higher than the $611,000 reported a year earlier.

Clyde Gossert, president of the Newport Beach-based bank, said he expects earnings for the full year to hit a new high as well.

The bank has been growing, he said, partly by starting new services in international and mortgage banking and by opening a loan office in Long Beach.

Total assets rose 11.4% to $206.6 million at the end of June from $185.4 million a year earlier. The bank’s loan portfolio rose 27.3% to $130.4 million at the end of June from $102.4 million, while its total deposits grew 11.8% to $192.2 million from $171.9 million.