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CommerceBancorp, the Newport Beach parent of CommerceBank,...

CommerceBancorp, the Newport Beach parent of CommerceBank, posted net income of $947,000 for the second quarter, a 47% increase over $645,000 in earnings for the same quarter last year. Revenue grew 27% to $6.5 million this year from $5.1 million last year. For the six months, the company earned $1.8 million, a 64% increase over net income of $1.1 million in the same period last year. Revenue rose 30% to $12.9 million this year from $9.9 million last year. At the end of June, the company’s total assets were $239.2 million, a drop of 3% from $247.7 million a year earlier. Total deposits fell 6% to $213.6 million at the end of the period from $227.6 million a year earlier, while the loan portfolio grew 17% to $160.7 million from $137.2 million last year.


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