CommerceBank Reports Record Income for Year

CommerceBank in Newport Beach reported Tuesday a record net income of $1.1 million for 1985, a 7.8% increase over net income of $1.02 million the prior year.

The bank’s board of directors also declared a 5% stock dividend and a 10-cents-a-share cash dividend. The dividends are payable to all shareholders of record as of Feb. 6 and will be distributed within a week, officials said.

Net income for the fourth quarter rose 6.7% to $378,000 from $354,000 in the same quarter a year earlier.

As of Dec. 31, the bank’s assets were $184.4 million, a 41% increase over the $130.6 million recorded a year earlier. Deposits rose 47% to $171.4 million from $116.4 million, and total loans rose 20.7% to $99 million from $82 million.