First Commerce Bank (OTCMKTS:CMRB) Stock On Watchlist After Earnings Update

There are some stocks that may be a bit under the radar at this point in time but at the same time it is important for investors to take a keen interest in such stocks. If one manages to identify stocks earlier than the rest of the market then there could be significant rewards in store. One of the companies that may be worth looking into at this point in time is First Commerce Bank (OTCMKTS:CMRB). Before getting into the specific developments with regards to the bank, it may be a better idea to take a look at its operations first.

Market Stats

On Friday, CMRB stock ended flat at $6.64 with 100 shares, compared to its average volume of 2.7K shares. The stock moved within a range of $6.64 – 6.64 after opening trading at $6.64.

About First Commerce Bank

First Commerce Bank had been established back in 2006 and is based out of Lakewood in New Jersey. It should be noted that First Commerce Bank also boasts of as many as 10 offices. It provides standard commercial banking services to its clients, who are both individuals as well as businesses.

First Commerce Bank Earns $2.9 Million and $7.1 Million for the Three and Six months Ended June 30, 2022

As it happens, the company was in fact in the news this past Friday after it announced its financial results for the quarter and the half year period, both of which ended on June 30, 2022. In the quarter, First Commerce Bank managed to generate net income of $2.9 million and the net income for the half year came in at $7.1 million. However, it should be noted that the two figures actually reflected significant drops from the prior year periods.

In the prior year quarter, the net income had been $4.4 million while the net income in the half year period stood at $8.7 million. First Commerce Bank managed to generate basic earnings per common share to the tune of $0.12 a share in the three month period. On the other hand, the basic earnings per common share in the six month period came in at $0.30. In the prior year quarter, the basic earnings per common share had been $0.19 and in the six month period, the figure had been $0.38.

In the press release from First Commerce Bank, the bank noted that the net income had dropped on a year on year basis because there had been higher allowance expenses with regards to loan portfolio growth. Donald Mindiak, who is the Chief Executive Officer and President of the bank also spoke about the latest strategies that have been put in place. He noted that First Commerce Bank had made a concerted effort to deploy the excess liquidity in its books into assets that are going to yield higher interest.

He went on to state that the initiative had proven to be a success. Loan portfolio had gone up to $78.3 million, while the investment portfolio is now worth as much as $40.4 million. It is now going to be interesting to see if the First Commerce Bank stock can manage to garner attention from investors over the course of the coming days or not. It could well be a good idea to add the stock to your watch lists at this point in time.

Traders Corner

CMRB stock is trading above the 50-Day and 200-Day Moving averages of $6.56 and $6.56 respectively. Moreover, the stock is trading above the 20-Day moving average of $6.06.