CommerceBancorp, the holding company for CommerceBank in...

CommerceBancorp, the holding company for CommerceBank in Newport Beach, reported record net income of $2.5 million last year, a 56% increase over $1.6 million earned the previous year. Annual revenue rose 22%, to $22 million last year from $18 million the previous year. For the fourth quarter, the company posted net income of $818,000, a 77% increase over $461,000 earned in the final quarter of 1987. Quarterly revenue rose 20%, to $6 million from $5 million in 1987’s last quarter. The company’s assets were $231 million at the end of the December, a 6% increase over $217 million in assets a year earlier. Total deposits grew 3%, to $209 million at the end of the year from $203 million a year earlier, while total loans rose 4%, to $140 million from $134 million.