Buoyed by strong deposit and loan growth, Pennsylvania Commerce Bancorp reported record earnings for the fourth quarter and the full year.
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The $1.3 billion-asset Camp Hill company said Wednesday that its fourth-quarter earnings rose 32% from a year earlier, to $2.3 million. For the year, net income rose 31%, to $8.6 million.
Pennsylvania Commerce's chairman, Gary L. Nalbandian, attributed the growth to a 31% increase in core deposits last year, to $1.12 billion, and a 36% increase in total loans, to $638 million. The company said deposits in branches that have been open at least two years increased 28% from the end of 2003.
