Despite strong deposit and loan growth, Pennsylvania Commerce Bancorp Inc. said its third-quarter net income fell 29% from a year earlier, to $1.6 million, or 26 cents a share.
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The $1.8 billion-asset Harrisburg company, which issued its earnings report Friday, cited higher operating expenses and increased deposit costs. Noninterest expenses rose 11%, to nearly $14.9 million, and its deposit cost of funds rose 65 basis points, to 2.82%. The net interest margin fell 62 basis points, to 3.14%.
