Citing an improved business economy, CommerceBank in Newport Beach reported increased profits for the third quarter and the first nine months, both ended Sept. 30. Earnings for the quarter were $338,000, up 32% from $256,000 in the same quarter last year. For the nine-month period, the bank earned $722,000, up 8.4% from $666,000.
Total assets at the 6 1/2-year-old bank grew 47% to $156.9 million as of Sept. 30, from $106.8 million at the same time last year. Deposits increased 51% to $144.7 million as of Sept. 30 from last year's $95.7 million.