The Bancorp(US:TBBK) Globenewswire·2025-10-29 20:14Core Insights - First Commerce Bancorp, Inc. reported significant growth in net income, with a 84.4% increase to $2.1 million for Q3 2025 and a 50.6% increase to $5.1 million for the first nine months of 2025 compared to the same periods in 2024 [1][2] - The company achieved a book value increase of $0.24 per share to $8.63 as of September 30, 2025, reflecting ongoing profitability and a stock repurchase plan [2] - The balance sheet showed a total asset increase of 10.2% to $1.71 billion, driven by growth in loans and investment securities [4][30] Financial Performance - Net interest income rose by 29.7% to $10.8 million for Q3 2025, attributed to a $4.0 million increase in total interest income [11][21] - Total interest and dividend income increased by 19.7% to $24.1 million for Q3 2025, with interest income on loans rising by 13.1% [12][22] - Non-interest income grew by 47.6% to $859,000 for Q3 2025, primarily due to increased service charges and fees [17] Balance Sheet Overview - Total loans increased by 12.7% to $1.40 billion, with significant growth in commercial mortgage and multifamily mortgage loans [5][8] - Total deposits rose by 9.2% to $1.28 billion, supported by increases in time deposits and savings deposits [9][10] - Total investment securities increased by 53.4% to $172.2 million, driven by purchases of higher-yielding securities [7] Asset Quality - The allowance for credit losses increased by 7.5% to $15.9 million, representing 1.14% of total loans [30][31] - Non-accrual loans decreased to $12.4 million, or 0.89% of total loans, indicating improved asset quality [31] Operational Efficiency - Non-interest expense increased by 12.8% to $8.5 million for Q3 2025, with notable increases in salaries and employee benefits as well as occupancy expenses [18][27] - The income tax provision rose by 186.3% to $687,000 for Q3 2025, reflecting a significant increase in pre-tax income [20][29]