CommerceBank in Newport Beach, one of Orange County's largest independent banks, posted a record net income for its first nine months of $939,000, a 30% increase over the $772,000 it earned in the same period last year. Its third-quarter net earnings dropped slightly to $328,000 from $338,000 a year ago.
The two-branch bank, which targets the small and middle-size business market, reached $190.9 million in assets by the end of September, a 21.6% increase over the $157 million in assets posted a year earlier.
At the end of the month, the bank's loan portfolio had grown 11.5% to $105.4 million from $94.5 million a year earlier. Its total deposits had grown 21.6% to $175.9 million from $144.7 million.