CommerceBancorp: The holding company for CommerceBank reported a net loss of $957,000, or 40 cents per share, for its first quarter ending March 31. That loss, largely due to its 1990 acquisitions of two banks, compares to a net loss of $920,000, or 39 cents per share, for the same period in 1993.
Non-performing loans increased during the quarter to $9.96 million, from $7 million, and loan loss reserves as a percentage of total outstanding loans increased slightly from 5.66% to to 5.99%.
The Newport Beach company's first-quarter loss is largely attributable to a $427,000 partial write-down from the 1990 acquisition of California City Bancorp and California City Bank.
The bank's leverage capital ratio continues to be below the 6.5% required by law. Its ratio was 2.14%, which makes it undercapitalized according to federal regulations.
Regulators have approved the bank's plan to increase its capital, which includes a possible stock offering.