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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Commercefirst Bancorp (MM) | NASDAQ:CMFB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.66 | 0 | 01:00:00 |
ANNAPOLIS, Md., Jan. 25, 2012 /PRNewswire/ -- CommerceFirst Bancorp, Inc. (the "Company") (NASDAQ: CMFB), the holding company for CommerceFirst Bank, earned a consolidated net profit of $1.8 million for the year ended December 31, 2011 compared to a net profit of $1.4 million for the year ended December 31, 2010. Basic and diluted earnings were $1.00 per share in 2011 as compared to $0.78 in 2010. Earnings improved primarily as the result of the reduction of the cost of deposits in 2011 due to re-pricing of the deposits to lower current market interest rates. The Company's assets increased modestly at December 31, 2011 over December 31, 2010 primarily with the increase in cash and cash equivalents as the Company increased its liquidity position. Key measurements and events for the period include the following:
In December of 2011, the Board of Directors approved a merger agreement with Sandy Spring Bancorp, Inc. subject to stockholders approval.
CommerceFirst Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Financial Condition December 31, 2011 and December 31, 2010 (dollars in thousands) | |||||
December 31, | December 31, | ||||
2011 | 2010 | ||||
(Unaudited) | (Audited) | ||||
ASSETS | |||||
Cash and cash equivalents | $17,800 | $13,726 | |||
Investments in restricted stocks, at cost | 509 | 527 | |||
Loans receivable, net of allowance for loan losses | 181,265 | 181,709 | |||
Other real estate owned | 4,232 | 3,324 | |||
Other assets | 3,533 | 3,838 | |||
Total Assets | $207,339 | $203,124 | |||
LIABILITIES | |||||
Deposits | $182,608 | $180,110 | |||
Other liabilities | 551 | 649 | |||
Total Liabilities | 183,159 | 180,759 | |||
STOCKHOLDERS' EQUITY | |||||
Common stock - $.01 par value; authorized 4,000,000 shares. | |||||
Issued and outstanding: 1,820,548 shares at December 31, | |||||
2011 and 2010 | 18 | 18 | |||
Additional paid-in capital | 17,853 | 17,853 | |||
Retained earnings | 6,309 | 4,494 | |||
Total Stockholders' Equity | 24,180 | 22,365 | |||
Total Liabilities and Stockholders' Equity | $207,339 | $203,124 | |||
CommerceFirst Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Operations For the Years ended December 31, 2011 and 2010 (dollars in thousands except per share data) | |||||||
Year Ended | |||||||
December 31, | |||||||
2011 | 2010 | ||||||
(Unaudited) | (Audited) | ||||||
Interest income | $12,241 | $12,560 | |||||
Interest expense | 2,086 | 3,130 | |||||
Net interest income | 10,155 | 9,430 | |||||
Provision for loan losses | 2,533 | 2,716 | |||||
Net interest income after provision for loan losses | 7,622 | 6,714 | |||||
Non-interest income | 1,146 | 1,094 | |||||
Non-interest expenses | 5,784 | 5,434 | |||||
Income before income taxes | 2,984 | 2,374 | |||||
Income tax expense | 1,169 | 951 | |||||
Net income | $1,815 | $1,423 | |||||
Basic and diluted earnings per share | $1.00 | $0.78 | |||||
Forward Looking Statements. This press release includes forward looking statements within the meaning of Section 21(e) of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations and estimates as to prospective events and circumstances that may or may not be in the Company's control and as to which there can be no firm assurances given. These forward looking statements are subject to risks and uncertainties; there can be no assurance that any of these forward looking statements may prove to be correct and actual results may differ materially.
Additional Information About the Merger and Where to Find It
In connection with the proposed merger, Sandy Spring Bancorp, Inc. will file with the Securities and Exchange Commission a Registration Statement on Form S-4 that will include a Proxy Statement of CommerceFirst Bancorp, Inc., and a Prospectus of Sandy Spring Bancorp, as well as other relevant documents concerning the proposed transaction. Shareholders are urged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Sandy Spring Bancorp and CommerceFirst Bancorp, may be obtained at the SEC's Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Sandy Spring Bancorp at www.sandyspringbank.com under the tab "Investor Relations," within the section "News & Media" and then under the heading "Documents" or from CommerceFirst Bancorp by accessing CommerceFirst Bancorp's website at www.commerce1st.com under the tab "About Us," within the section "Investor Relations" and then under the heading "CommerceFirst Bancorp Securities and Exchange Commission (SEC) Data Feed."
Sandy Spring Bancorp and CommerceFirst Bancorp and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of CommerceFirst Bancorp in connection with the proposed merger. Information about the directors and executive officers of Sandy Spring Bancorp is set forth in the proxy statement for Sandy Spring Bancorp's 2011 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 28, 2011. Information about the directors and executive officers of CommerceFirst Bancorp is set forth in the proxy statement for CommerceFirst Bancorp's 2011 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 16, 2011. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
SOURCE CommerceFirst Bancorp, Inc.
Copyright 2012 PR Newswire
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