Commerce National Bank in Newport Beach Calif., on Monday posted a first-quarter profit that it credited largely to balance sheet growth.
The $301.9 million-asset bank reported a $236,000 profit, compared with $9,000 a year earlier. Total loans at March 31 rose 20.8% from a year earlier, to $152.6 million. Deposits rose 30.5%, to $259.9 million.
Commerce said it remains well capitalized, with a Tier 1 capital ratio of 9.9% at the end of the quarter.