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First Commerce Bancorp, Inc. Reports Second Quarter and Year-to-Date 2025 Results

LAKEWOOD, N.J., July 29, 2025 (GLOBE NEWSWIRE) -- First Commerce Bancorp, Inc. (the 鈥淐ompany鈥�), (OTC: CMRB), the holding company for First Commerce Bank (the 鈥淏ank鈥�), today reported net income of $1.3 million and $3.0 million for the three and six months ended June 30, 2025, respectively, as compared to $1.1 million and $2.2 million for the听three and six months ended June 30, 2024, respectively. Basic earnings per common share for the听three and six months ended June 30, 2025,听were听$0.07 and $0.15, respectively, compared to $0.05 and $0.10 for the听three and six months ended June 30, 2024, respectively.

President & CEO Donald Mindiak commented, 鈥淲e are encouraged by the balance sheet growth that we have achieved through the first six months of the year. Prudent loan underwriting, coupled with systematic investment portfolio activity has spearheaded growth in the loan portfolio of $137.1 million or 11.1% and $67.7 million or 60.4% growth in the investment portfolio during the semi-annual period ended June 30, 2025, while continuing to manage our liquidity and allowance levels at prudent levels. Funding for this growth has occurred through a combination of retail deposit growth as well as the usage of several wholesale funding sources. Since a material portion of the loan growth occurred late in the second quarter, we anticipate that the full operational effect of that growth will manifest itself in the operating statement through the balance of 2025. We are heartened by the incremental improvement of our profitability metrics and anticipate continued improvement through the end of the year. With a strong loan pipeline having solid credits at attractive spreads, we will continue to employ disciplined credit-risk management practices and conservative underwriting standards. Our goals remain steadfast in delivering exceptional customer service and growing franchise and shareholder value.鈥�

Continuing, Mr. Mindiak remarked that, 鈥淟ast quarter we reported that one large loan of $21.0 million was placed on non-accrual. We are pleased to report that this loan was successfully resolved in the second quarter, thereby improving our asset quality in the quarter. While a degree of uncertainty still exists due to the implementation of tariffs, as a community bank we have not seen any adverse effect on our credit quality.鈥�

Financial Highlights

• Total interest income increased by $1.9 million or 9.8% for the second quarter of听2025 compared to the second quarter of听2024听as a result of the growth in average interest-earning assets听year over year.
  
  
• Total interest expense听increased by $648,000听辞谤 5.7% for the second quarter of听2025 compared 迟辞听the听second听quarter of听2024听as a result of the growth in interest-bearing liabilities.
  
  
• Total loans increased by $137.1 million or 11.1% to $1.38 billion at June 30, 2025, compared to $1.24 billion at听December 31, 2024.
  
  
• Total deposits increased by $72.4 million or 6.2% to $1.25 billion at June 30, 2025, compared to $1.17 billion at December 31, 2024.
  
  
• The annualized return on average total assets increased by three basis points to 0.33% at June 30, 2025, compared to 0.30% at June 30, 2024.
  
  
• The annualized return on average shareholders鈥櫶齟quity increased by sixty-three basis points to 3.10% at听June 30, 2025, compared to 2.47% at听June 30, 2024.
  
  
• Book value per common share increased by $0.32 to $8.51听at听June 30, 2025, compared to $8.19听at June 30, 2024.
  
  
• Net interest margin increased fourteen basis points on a linked quarter basis to 2.47% as of June 30, 2025, from 2.33% as of March 31, 2025, and increased nine basis points from 2.38% at听June 30, 2024.

Balance Sheet Review

Total assets increased by $138.5 million or 8.9% to $1.69 billion at June 30, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total investment securities and total loans receivable, partially offset by a decrease in cash and cash equivalents during the听six months ended June 30, 2025.

Total cash and cash equivalents decreased by $64.9 million or 49.0% to $67.6 million at June 30, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to funding of loan closings and the purchases of investment securities during the six months ended June 30, 2025.

Total investment securities increased by $67.7听尘颈濒濒颈辞苍 or 60.4% to $179.9听尘颈濒濒颈辞苍 at听June 30, 2025, from $112.2听尘颈濒濒颈辞苍 at December 31, 2024. The increase in investment securities resulted primarily from $77.9听尘颈濒濒颈辞苍 in purchases of investment securities, partially offset by $1.3听尘颈濒濒颈辞苍听in redemptions听and $8.9听尘颈濒濒颈辞苍 in investment securities听amortization.

Total loans receivable, net of allowance for credit losses increased by $136.6听尘颈濒濒颈辞苍 or 11.2% 迟辞听$1.36听产颈濒濒颈辞苍 at听June 30, 2025, from听$1.22听产颈濒濒颈辞苍 at December 31, 2024. Commercial mortgage loans, and construction loans increased $120.1听尘颈濒濒颈辞苍 and $23.3听尘颈濒濒颈辞苍, respectively, partially offset by decreases in commercial听loans, residential loans and home equity loans of $1.0听尘颈濒濒颈辞苍, $3.6听尘颈濒濒颈辞苍 and $2.3听尘颈濒濒颈辞苍, respectively.听The allowance for credit losses increased by $464,000 to $15.2听尘颈濒濒颈辞苍 or 1.11% of gross loans at听June 30, 2025, as compared to $14.8听尘颈濒濒颈辞苍 or 1.19% of gross loans at听December 31, 2024.

Total deposits increased $72.4听尘颈濒濒颈辞苍 or 6.2% to $1.25听产颈濒濒颈辞苍 at June 30, 2025, from $1.17听产颈濒濒颈辞苍 at听December 31, 2024. Within the components of total deposits, time deposits听increased $49.3听尘颈濒濒颈辞苍, savings听deposits increased $21.1听尘颈濒濒颈辞苍, NOW deposits increased $6.5 million, and non-interest-bearing demand deposits increased $13.9听尘颈濒濒颈辞苍, partially offset by a decrease听of $18.4听尘颈濒濒颈辞苍 in money market听account deposits. As an augmentation to deposit growth, Federal Home Loan Bank advances increased by $62.5 million or 35.7% to $237.5 million at June 30, 2025 from $175.0 million at December 31, 2024 which assisted in the facilitation of the loan growth discussed previously.

Stockholders鈥� equity decreased by $1.3听尘颈濒濒颈辞苍 or 0.7% to $171.0听尘颈濒濒颈辞苍 at June 30, 2025, from $172.3听尘颈濒濒颈辞苍 at December 31, 2024. The decrease in stockholders鈥� equity was primarily due to $5.7 million in repurchases of common stock, offset by increases of $3.0 million in retained earnings and $1.6 million in additional paid-in-capital. During the听six months ended June 30, 2025, the Company repurchased 904,000听shares for approximately $5.6听尘颈濒濒颈辞苍, or a weighted average price of approximately $6.23听per share.

Three Months of Operations

Net interest income increased by $1.3 million or 15.6% to $9.6 million for the three months ended June 30, 2025, from $8.3 million for the听three months ended June 30, 2024. The increase in net interest income was primarily due to an increase in total interest income of $1.9听尘颈濒濒颈辞苍 as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $648,000听as a result of an increase in听average interest-bearing liabilities.

Total interest income increased by $1.9听尘颈濒濒颈辞苍听辞谤 9.8% to $21.7听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, from $19.8听尘颈濒濒颈辞苍 for the three months ended June 30, 2024. Interest income on loans, including fees, increased听$462,000听辞谤 2.6% to $18.4听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, as compared to $18.0听尘颈濒濒颈辞苍 for the听three months ended June 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an听increase听in the average balance of loans receivable of $42.9听尘颈濒濒颈辞苍 or 3.4% to $1.29听产颈濒濒颈辞苍 for the听three months ended June 30, 2025, as compared to $1.25听产颈濒濒颈辞苍 for the听three months ended June 30, 2024. Average yield on loans receivable was 5.71% for the听three months ended June 30, 2025, decreasing seven basis points听year over year. Interest income on investment securities increased by $1.6听尘颈濒濒颈辞苍听辞谤 224.4% to $2.3听尘颈濒濒颈辞苍听for the听three months ended June 30, 2025, as compared to $712,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of investment securities portfolio increased by $103.3听尘颈濒濒颈辞苍 or 134.7% to $180.0听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, as compared to $76.7听尘颈濒濒颈辞苍听for the same period in the prior year. The average yield on investment securities increased by 142听basis points to 5.13% for the听three months ended June 30, 2025, as compared to 3.71% for the same period in the prior year.听Interest income on interest-bearing deposits with other banks decreased by $117,000 or 12.3% to $828,000听for the听three months ended June 30, 2025, as compared to $945,000 for the same period in the prior year. This decrease resulted primarily from a decline in听average听yield of eighty-four basis points to 4.19% for the听three months ended June 30, 2025, as compared to 5.03% for the same period in the prior year.听The average balance听of听interest-bearing deposits with banks increased by $3.8 million or 5.1% 迟辞听$79.3听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, as compared to $75.5听尘颈濒濒颈辞苍听for the same period in the prior year.

Total interest expense increased by $648,000听辞谤 5.7% to $12.1听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, from $11.5听尘颈濒濒颈辞苍 for the听three months ended June 30, 2024. The increase in interest expense occurred primarily as a result of听an increase in average balance of interest-bearing liabilities of $138.1听尘颈濒濒颈辞苍 or 12.4%, to $1.25听产颈濒濒颈辞苍 for the听three months ended June 30, 2025, from $1.12听产颈濒濒颈辞苍 for the听three months ended June 30, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased听迟辞听3.87% for the听three months ended June 30, 2025, as compared to 4.12% for the听three months ended June 30, 2024. The increase in average balance of interest-bearing liabilities included a $85.5听尘颈濒濒颈辞苍 increase听in average interest-bearing deposit liabilities and a听$52.6听尘颈濒濒颈辞苍 increase听in average wholesale borrowings for the听three months ended June 30, 2025. The increase in interest-bearing liabilities was primarily used to facilitate asset growth and maintain an increased level of liquidity consistent with regulatory guidance.

During the听second quarter of 2025, the Company recorded a $712,000 provision for credit losses as compared to a $300,000 provision for credit losses for the same period in the prior year. The increase in provision for credit losses for the second quarter of 2025, was primarily due to the increase in gross loans and management鈥檚 evaluation of both quantitative and qualitative factors which impact the CECL model calculations. The Company recorded a $401,000 provision for credit losses on loans, a $271,000 provision for credit losses for unfunded commitments and a $40,000 provision for credit losses on corporate securities held-to-maturity. Management believes that the allowance for credit losses on loans and investment securities at June 30, 2025, and 2024听were appropriate.

Net interest margin increased by nine听basis points to 2.47% for the听three months ended June 30, 2025, compared to 2.38% for the听three months ended June 30, 2024. The increase in the net interest margin was primarily due to a听decrease in the average cost of interest-bearing liabilities to 3.87% for the听three months ended June 30, 2025听from 4.12% for the听three months ended June 30, 2024,听partially offset by a slight decrease in the yield on average earning assets of six basis points to 5.58% for the three months ended June 30, 2025 from 5.64% for the three months ended June 30, 2024.

Non-interest income increased by $24,000 or 4.3% to $586,000听for the听three months ended June 30, 2025, from $562,000 for the听three months ended June 30, 2024. The increase in total non-interest income resulted primarily from an increase in service charges and fees of $60,000, partially offset by a decrease of $44,000 in other income.

Non-interest expense increased by $576,000 or 8.0% to $7.8听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, compared to $7.2听尘颈濒濒颈辞苍 for the听three months ended June 30, 2024. Salaries and employee benefits increased by $194,000 or 4.3% to $4.7听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, as compared to $4.5听尘颈濒濒颈辞苍 for the听three months ended June 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank and听annual merit increases, partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $171,000 or 18.7% to $1.1听尘颈濒濒颈辞苍 for the听three months ended June 30, 2025, as compared to $913,000听for the听three months ended June 30, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $38,000 or 34.5% to $74,000 for the听three months ended June 30, 2025, as compared to $112,000 for the听three months ended June 30, 2024,听as a result of reduction in marketing consultant services. Professional fees decreased $47,000 or 9.7% to $427,000 for the听three months ended June 30, 2025听听as compared to $474,000 for the听three months ended June 30, 2024听, primarily due to a reduction in audit and consulting fees. Data processing expense increased by $33,000 or 10.9% to $333,000 for the听three months ended June 30, 2025, compared to $300,000 for the听three months ended June 30, 2024,听primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $92,000 or 52.6% to $267,000,听for the听three months ended June 30, 2025, from $175,000 for the听three months ended June 30, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $171,000 or 22.2% to $940,000 for the听three months ended June 30, 2025, from $769,000 for the听three months ended June 30, 2024, primarily due to increases in various components of other operating expenses.听Other operating expenses are primarily comprised of loan听related expenses, dues and subscriptions, digital banking expenses, sponsorships,听training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain听on prudently managing its听operating expenses, while executing on our organic growth initiative.

The income tax provision increased by $98,000听辞谤 33.9%听迟辞 $385,000 for the听three months ended June 30, 2025, from $287,000听for the听three months ended June 30, 2024. The increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year of $334,000 or 24.3% to $1.7 million for the three months ended June 30, 2025 from $1.4 million for the three months ended June 30, 2024. The effective tax rate for the quarter ended听June 30, 2025, was 22.5% compared to 20.9% for the quarter ended听June 30, 2024. The effective tax yield for the quarter ended听June 30, 2024, was impacted by听a reduction in New York state tax apportionment.

Six Months of Operations

Net interest income increased by $1.7 million or 10.1% to $18.3 million for the six months ended June 30, 2025, from $16.6 million for the听six months ended June 30, 2024. The increase in net interest income was primarily due to an increase in total interest income of $3.4 million as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $1.7听尘颈濒濒颈辞苍听as a result of an increase in听average interest-bearing liabilities.

Total interest income increased by $3.4 million听辞谤 8.6% to $42.2听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, from $38.8听尘颈濒濒颈辞苍 for the six months ended June 30, 2024. Interest income on loans, including fees, increased听$172,000听辞谤 0.5% to $35.8听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, as compared to $35.6听尘颈濒濒颈辞苍 for the six months ended June 30, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase听in the average balance of loans receivable of $16.7听尘颈濒濒颈辞苍 or 1.3% to $1.27听产颈濒濒颈辞苍 for the six months ended June 30, 2025, as compared to $1.25听产颈濒濒颈辞苍 for the six months ended June 30, 2024. Average yield on loans receivable was 5.69% for the six months ended June 30, 2025, a decrease of three听basis points year over year. Interest income on interest-bearing deposits with other banks increased by $222,000 or 13.9% to $1.8 million听for the six months ended June 30, 2025, as compared to $1.6 million听for the same period in the prior year. This increase resulted from a higher average balance听of听interest-bearing deposits with banks of $23.7听尘颈濒濒颈辞苍 or 36.6% to $88.5听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, as compared to $64.8听尘颈濒濒颈辞苍听for the same period in the prior year. Interest income on investment securities increased by $2.9听尘颈濒濒颈辞苍听辞谤 227.1% to $4.2听尘颈濒濒颈辞苍听for the six months ended June 30, 2025, as compared to $1.3 million听for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of the investment securities portfolio increased by $92.7听尘颈濒濒颈辞苍 or 126.5% to $165.9听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, as compared to $73.2听尘颈濒濒颈辞苍听for the same period in the prior year. The average yield on investment securities increased by 154听basis points to 5.02% for the six months ended June 30, 2025, as compared to 3.48% for the same period in the prior year. Dividend income on FHLB听stock increased by听$66,000 or 19.4% to $406,000 for the six months ended June 30, 2025, as compared to $340,000 for the same period in the prior year, primarily as a result of an increase in average balance of restricted stock of $2.0 million or 25.1% to $10.2 million for the six months ended June 30, 2025, as compared to $8.1 million for the same period in the prior year.

Total interest expense increased by $1.7听尘颈濒濒颈辞苍 or 7.5% to $23.9听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, from $22.3听尘颈濒濒颈辞苍 for the six months ended June 30, 2024. The increase in interest expense occurred primarily as a result of听an increase in average balance of interest-bearing liabilities of $128.5听尘颈濒濒颈辞苍 or 11.7%, to $1.23听产颈濒濒颈辞苍 for the six months ended June 30, 2025, from $1.10听产颈濒濒颈辞苍 for the six months ended June 30, 2024. Despite the increase in the average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased听迟辞听3.93% for the six months ended June 30, 2025, as compared to 4.07% for the six months ended June 30, 2024. The increase in average balance of interest-bearing liabilities included an $85.5听尘颈濒濒颈辞苍 increase听in average interest-bearing deposit liabilities and a听$43.0听尘颈濒濒颈辞苍 increase听in average wholesale borrowings for the six months ended June 30, 2025. The increase in interest-bearing liabilities was primarily used to maintain an increased level of liquidity consistent with regulatory guidance and support the loan growth.

During the听six months ended June 30, 2025, the Company recorded $795,000 provision for credit losses as compared to $308,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management鈥檚 evaluation of both quantitative and qualitative factors as well as the loan growth for the six months ended June 30, 2025, the Company recorded a provision for loan losses of $414,000 on loans, a $290,000 provision for credit losses for unfunded commitments and a $91,000 provision for credit losses on corporate securities held-to-maturity.听Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities听at June 30, 2025, and听2024听were appropriate.

Net interest margin for the six months ended June 30, 2025, was 2.40% compared to 2.39% for the six months ended June 30, 2024. The average yield on interest-earning assets declined 4 basis points to 5.55% for the听six months ended June 30, 2025,听as compared to 5.59% for the same period in the prior year. Average cost of interest-bearing liabilities declined fourteen basis points to 3.93% from 4.07% for the same period in the prior year, despite听an听increase in the average balance of interest-bearing liabilities of $128.5听尘颈濒濒颈辞苍 or 11.7% 迟辞听$1.23听产颈濒濒颈辞苍 for the听six months ended June 30, 2025, from $1.10听产颈濒濒颈辞苍 six months ended June 30, 2024.

Non-interest income increased by $895,000 or 82.5% to $2.0听尘颈濒濒颈辞苍听for the six months ended June 30, 2025, from $1.1 million听for the six months ended June 30, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $719,000听as a result of a non-recurring gain of $778,000 on the sale of a Company听owned property听recorded in the first听quarter of 2025. Excluding this听non-recurring gain, other income would have decreased $59,000 when compared to the same period in the prior year. Service charges and fees increased by $162,000 or 38.6% to $582,000 for the six months ended June 30, 2025, from $420,000 for the same period in the prior year, primarily due to an increase in loan听fees听of $56,000 and an increase in deposit accounts fees of $102,000.

Non-interest expense increased by $1.2 million听辞谤 8.4% to $15.7听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, compared to $14.4听尘颈濒濒颈辞苍 for the six months ended June 30, 2024. Salaries and employee benefits increased by $432,000 or 4.8% to $9.4听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, as compared to $9.0听尘颈濒濒颈辞苍 for the six months ended June 30, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank and听annual merit increases, partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $416,000 or 22.8% to $2.2 million for the six months ended June 30, 2025, as compared to $1.8 million听for the six months ended June 30, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $61,000 or 32.2% to $129,000 for the six months ended June 30, 2025, as compared to $190,000 for the six months ended June 30, 2024,听as a result of reduction in marketing consultant services. Data processing expense increased by $90,000 or 15.4% to $675,000 for the six months ended June 30, 2025, compared to $585,000 for the six months ended June 30, 2024,听primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $118,000 or 31.9% to $488,000 for the six months ended June 30, 2025, from $370,000 for the six months ended June 30, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $253,000 or 16.6% to $1.8 million听for the six months ended June 30, 2025, from $1.5 million听for the six months ended June 30, 2024, primarily due to minor increases in various components of other operating expenses.听Other operating expenses are primarily comprised of loan听related expenses, communications, dues and subscriptions, digital banking expenses, sponsorships,听training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain听on prudently managing its听operating expenses while executing on our organic growth initiative.

The income tax provision increased by $120,000听辞谤 17.9%听迟辞 $788,000 for the six months ended June 30, 2025, from $668,000听for the six months ended June 30, 2024. This increase in the income tax provision resulted primarily from an increase in the pre-tax income of $873,000 or 30.0% to $3.8 million for the six months ended June 30, 2025 from $2.9 million for the six months ended June 30, 2024 year over year. In addition, the effective tax yield declined year over year as a result of a reduction in New York state tax apportionment.听The effective tax rate for the听six months ended June 30, 2025, was 20.8% compared to 22.9% for the same period in the prior year.

Asset Quality

The allowance for credit losses increased by $464,000 or 3.1% to $15.2 million or 1.11% of gross loans at June 30, 2025, as compared to $14.8 million or 1.19% of gross loans at December 31, 2024, and $14.9 million or 1.18% at听June 30, 2024. During the first six months of听2025, the Company added a $414,000 provision to the allowance for credit losses and had net recoveries听of听$50,000.听叠ased on the results of the CECL model and management鈥檚 evaluation of both quantitative and qualitative factors during听the six months ended June 30, 2025, changes in the allowance for credit losses were听adjusted accordingly.

The Bank had non-accrual loans totaling $17.9听尘颈濒濒颈辞苍 or 1.30% of gross loans at听June 30, 2025, as compared to $16.6听尘颈濒濒颈辞苍 or 1.34% of gross loans at听December 31, 2024, and $37.9 million or 3.02% of gross loans at March 31, 2025. Non-accrual loans decreased by $20.0听尘颈濒濒颈辞苍 from March 31, 2025, as a result of one commercial real estate loan in the amount of approximately $21.0 million which was resolved and placed on accrual status during the second听quarter of听2025. The allowance for credit losses was 85.0% of non-accrual loans at June 30, 2025, compared to 88.7%, at听December 31, 2024, and 39.1% at March 31, 2025.

About First Commerce Bancorp, Inc.

First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company鈥檚 wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.

Forward-Looking Statements

This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥渟eek,鈥� 鈥渟trive,鈥� 鈥渢ry,鈥� or future or conditional verbs such as 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渨ould,鈥� or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to the factors previously disclosed in prior Company communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank鈥�s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank鈥�s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)

First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the three months ended听June 30, 2025 and 2024
(Unaudited)

First Commerce Bancorp, Inc.
Consolidated Statements of Income
For the听six months ended June 30, 2025 and 2024
(Unaudited)

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)

Source: First Commerce Bancorp, Inc.
Contact:
Donald Mindiak
President and Chief Executive Officer
[email protected]