COMBANCORP Reports Strong Net Income in Q2 1995
COMBANCORP, the holding company for Commerce National Bank, has announced a strong financial performance in the second quarter of 1995. The company reported net income of $173,553, or 31 cents per share, compared to $94,117, or 17 cents per share, in the same period in 1994. This represents a significant increase of 84.7% over the previous year's earnings. The company's overall earnings for the first half of 1995 were triple the 1994 performance, demonstrating a strong momentum in its financial growth.
Key Takeaways:
- COMBANCORP reported net income of $173,553 in Q2 1995, representing a 31 cents per share earnings.
- The company's net income increased by 84.7% compared to Q2 1994, when earnings were $94,117, or 17 cents per share.
- Overall earnings for the first half of 1995 were triple the 1994 performance, indicating a strong growth trend.
- Commerce National Bank, the operating subsidiary of COMBANCORP, has consistently earned the highest ranking in safety and sound management with VERIBANC's highest rating of a "Blue Ribbon Bank".
- The bank has also received Bauer Financial Reports' "Five Star" rating, its highest ranking for commercial banks.
- Commerce National Bank has a strong presence with full-service offices in Montebello, Downey, and the City of Commerce, with total assets exceeding $70 million and all depositors insured up to $100,000 by the FDIC.
Statistics:
- Net income in Q2 1995: $173,553
- Earnings per share in Q2 1995: 31 cents
- Increase in net income over Q2 1994: 84.7%
- Total assets of Commerce National Bank: Over $70 million
- Maximum deposit insurance coverage: $100,000 (FDIC)
Sources:
- Business Wire, August 15, 1995
- COMBANCORP, press release, August 15, 1995