People's Bank of Commerce reports first-quarter earnings jump

People's Bank of Commerce reported a 135 jump in first-quarter earnings. The Medford-based community bank reported net income of $227,000, or 20 cents per share, compared to $97,000, or 8 cents per share, during the first quarter of 2011.

Net interest income grew 16 percent increase in the first quarter, while non-interest income soared 53 percent, primarily due to a large increase in mortgage loan income — indicative of stronger home lending activity.

Total loans of $99.6 million were up 17 percent, and total deposits of $112.6 million were up 18 percent compared to the first quarter of 2011. Total assets grew 17 percent to $128.3 million at the end of March 2012, up from $109.9 million.

The bank's loan loss reserves dipped 18.3 percent to $1.35 million from $1.65 million, while past due and non-accrual loans equal one half of 1 percent of total loans in March 2012.

"We are pleased with the continuing trend of significantly low non-current loans which signifies not only the diligent efforts of staff working with borrowers but the slight improvement in the local economy," President and Chief Executive Officer Ken Trautman said.

— Greg Stiles

Share This Story