Fourth-quarter earnings at Pennsylvania Commerce Bancorp Inc. in Harrisburg grew 62% from a year earlier, to $2.5 million, on strong loan growth, the company said on Tuesday.
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Earnings per share were up 58%, to 38 cents. The $2 billion-asset company said that total loans grew 18% in the quarter from a year earlier, to $1.15 billion. Its net interest income rose 29%, to $16.8 million, as the net interest margin jumped 57 basis points, to 3.60%. Higher deposit charges and service fees fueled an 18% rise in noninterest income, to $6.1 million.
