Company Press Release Dated July 30, 2010
United Commerce Bancorp Releases Second Quarter 2010 Earnings
Total assets at June 30, 2010 reached $195 million, compared to $190 million one
year ago, a $5 million increase. Net income for the second quarter of 2010 was
$101,000 compared to $379,000 in the second quarter of 2009. Year-to-date
earnings were $242,000 compared to $685,000 last year. Earnings per share were
$0.25 for the first six months of 2010.
The book value of United Commerce
Bancorp stock was $15.06 as of June 30, 2010 compared to $14.37 one year ago, an
increase of 5%.
Thomas G. Risen, Chairman, President and CEO, commented:
“Given the current economic environment we feel it is prudent to be conservative
and make every effort to insure that our loan loss reserve is adequately funded.
During the first half of 2010 we have allocated $1,185,000 to our reserve,
compared to $360,000 through the same period last year. We are pleased with our
increase of $228,000 in net interest income which is a 7.4% increase over last
year at this time. Through June we have been able to hold noninterest expense to
a 3% increase over the previous year. United Commerce Bank continues to be one
of the top three lenders in the market this year with $28.5 million of
residential and commercial mortgages filed in Monroe County through June, which
has produced almost $280,000 of fee income year-to-date. We are a locally owned
community bank and we appreciate the support of our loyal customers over the
past 10 years. Stop in and see what we mean when we say “banking the way you
want it”.
United Commerce Bancorp was formed May 31, 2005 and is the
parent company of United Commerce Bank, which opened for business on January 31,
2000 and was the first new bank chartered in Bloomington in more than 100 years.
United Commerce Bancorp trades on the OTC Bulletin Board under the symbol of
UCBN.
United Commerce Bancorp, 211 South College Avenue, Bloomington, IN
www.unitedcommercebank.com
Condensed Balance Sheet
(in thousands)
| |
June 30, 2010 |
June 30, 2009 |
| Cash and cash equivalents |
$ 17,700 |
$ 5,158 |
| Investment securities |
6,524 |
13,788 |
| Loans, net of allowance for losses |
164,977 |
167,105 |
| Premises and equipment |
1,888 |
1,899 |
| Other assets |
3,537 |
2,171 |
| Total Assets |
$ 194,626 |
$ 190,121 |
| |
|
|
| Total deposits |
168,635 |
167,408 |
| Other liabilities |
11,450 |
8,837 |
| Total stockholders' equity |
14,541 |
13,876 |
| Total Liabilities and Stockholders' Equity |
$ 194,626 |
$ 190,121 |
Condensed Statements of Operations
(in thousands)
| |
2nd Qtr 2010 |
2nd Qtr 2009 |
| Interest income
| $ 2,265 |
$ 2,386 |
| Interest expense |
659 |
793 |
| Net interest income |
1,606 |
1,593 |
| Provision for loan losses |
660 |
210 |
| Noninterest income |
370 |
356 |
| Noninterest expense |
1,162 |
1,153 |
| Pre-tax Net Income |
$ 154 |
$ 586 |
| Taxes |
53 |
207 |
| Net Income |
$ 101 |
$ 379 |
| |
Y-T-D 2010 |
Y-T-D 2009 |
| Interest income
| $ 4,607 |
$ 4,738 |
| Interest expense |
1,310 |
1,669 |
| Net interest income |
3,297 |
3,069 |
| Provision for loan losses |
1,185 |
360 |
| Noninterest income |
568 |
588 |
| Noninterest expense |
2,309 |
2,241 |
| Pre-tax Net Income |
$ 371 |
$ 1,056 |
| Taxes |
129 |
371 |
| Net Income |
$ 242 |
$ 685 |
|
