This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Commerce National Bank Announces Third Quarter 2009 Results 2009-11-03 21:00 ET - News Release NEWPORT BEACH, CA
-- (MARKET WIRE)
-- 11/03/09 
Commerce National Bank (OTCBB: CNBF), a
community business bank in its sixth year of operation, announced its
financial results for the third quarter and first nine months of 2009.
For the three month period ended September 30, 2009, the Bank reported net
income of $105,000 as compared to a net loss of $152,000 for the same
period in 2008. For the nine month period ended September 30, 2009, the
Bank reported a net loss of $130,000 as compared to net income of $254,000
for the same period in 2008. For the three and nine month periods ended
September 30, 2009, respectively, the Bank recorded provisions for loan and
lease losses of $200,000 and $725,000 as compared to provisions of $375,000
and $702,000 for the similar periods in 2008. For the three and nine month
periods ended September 30, 2009, respectively, the Bank recognized losses
in its investment portfolio of $167,000 and $427,000 for the portion of an
investment that is considered to be Other Than Temporarily Impaired (OTTI).
For the three and nine month periods ended September 30, 2008,
respectively, the Bank recognized OTTI losses in its investment portfolio
of $359,000. For the three and nine month periods ended September 30,
2009, respectively, the Bank recorded income tax expense of $358,000 and
$195,000 as compared to the recording of income tax benefits of $207,000
and $116,000 for the similar periods in 2008. Notwithstanding the profits
for the quarter, the Bank continues to absorb losses in its investment
portfolio as a result of the continued deterioration of the mortgage
markets. The Bank continues to reserve for the loan portfolio but, at this
point, has not seen a significant deterioration in the quality of the loan
portfolio.
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