Newport Beach-based Commerce National Bank reported $374,000 in profit in the second quarter, nearly quadrupling its earnings from the same period a year ago.
The bank’s profit was $611,000 for the first half of this year, up from $333,000 for the same period in 2011. It saw a loss of $231,000 for the first six months of 2010.
The bank now has $242 million in total assets, down 4% from a year earlier. It ranked No. 15 last year on the Business Journal’s list of locally based banks.
Commerce National had net interest income of $2.5 million in the latest quarter, up 19.5% from a year-earlier period.
Non-interest income totaled $478,000, down by 56.7%.
The bank had $148.4 million in net loans as of June 30, a 2% decline from a year ago.
Total deposits fell by 6% to $210.3 million.
