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Commerce National Bank Announces 2nd Quarter 2012 Results


July 24, 2012 - Newport Beach, CA

Commerce National Bank ("the Bank") (OTCBB: CNBF), a community business bank in its ninth year of operation, announced its financial results for the quarter and six months ended June 30, 2012.

For the quarter ended June 30, 2012, the Bank reported net income of $374 thousand, or $0.14 per diluted share, compared to net income of $97 thousand, or $0.04 per diluted share, for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Bank reported net income of $611 thousand, or $0.23 per diluted share, compared to net income of $333 thousand, or $0.13 per diluted share, for the six months ended June 30, 2011. President and CEO Mark E. Simmons stated, "The Bank is pleased to report continued improvement in profitability while the directors, officers and staff strive to maintain the highest quality of service to our existing business banking customers and attract new business and professional firms as customers of the Bank."

The Bank's total assets as of June 30, 2012, decreased $10.1 million, or 4%, to $242.0 million from $252.1 million at June 30, 2011. Net loans at June 30, 2012, decreased $2.8 million, or 2%, to $148.4 million from $151.2 million at June 30, 2011. Total deposits decreased $12.8 million, or 6%, to $210.3 million at June 30, 2012, compared to $223.1 million at June 30, 2011. Total equity increased $1.0 million, or 4%, to $28.9 million at June 30, 2012, compared to $27.9 million at June 30, 2011.

With its headquarters office in Newport Beach near John Wayne airport, the Bank is well positioned to serve businesses, professionals and selected real estate customers throughout Orange County. The Bank is staffed by experienced business bankers who are committed to providing exemplary service to their customers in the business community.

Forward-Looking Statement
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about Commerce National Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: Commerce National Bank's timely development of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in Commerce National Bank's reports and filings with the Office of the Comptroller of the Currency. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and Commerce National Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.



Condensed Statements of Operations
In Thousands (Except Per Share Amounts) - Unaudited
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2012 2011 2012 2011
--------- -------- --------- --------
Interest Income $ 2,687 $ 2,370 $ 5,353 $ 5,001
Interest Expense 232 315 468 705
--------- -------- --------- --------
Net Interest Income 2,455 2,054 4,885 4,295
Provision for Loan Losses 225 825 450 1,350
--------- -------- --------- --------
Net Interest Income After
Provision for Loan Losses 2,230 1,229 4,435 2,945
Non-Interest Income 478 1,104 861 1,946
Non-Interest Expense 2,409 2,117 4,708 4,264
Gain / (Loss) on Securities or OREO
Sales 364 (46) 499 (53)
--------- -------- --------- --------
Income Before Income Taxes 664 170 1,087 574
Income Tax Expense 290 73 476 241
--------- -------- --------- --------
Net Income $ 374 $ 97 $ 611 $ 333
========= ======== ========= ========
Basic Earnings Per Share $ 0.14 $ 0.04 $ 0.23 $ 0.13
========= ======== ========= ========
Diluted Earnings Per Share $ 0.14 $ 0.04 $ 0.23 $ 0.13
========= ======== ========= ========


Condensed Statements of Financial Condition
In Thousands - Unaudited
June 30,
-----------------------
Assets 2012 2011
----------- -----------
Cash & Due From Banks $ 3,912 $ 6,128
Federal Funds Sold & Excess Balances at FRB 9,806 21,845
Investments 73,196 65,757
Loans (Net) 148,412 151,237
Other Assets 6,709 7,109
----------- -----------
Total Assets $ 242,035 $ 252,076
=========== ===========
Liabilities & Shareholders' Equity
Demand Deposits $ 62,494 $ 51,144
Money Market, Savings and NOW Accounts 42,136 50,379
Certificates of Deposit 105,669 121,613
----------- -----------
Total Deposits 210,299 223,136
Other Liabilities 2,827 1,032
Total Shareholders' Equity 28,909 27,908
----------- -----------
Total Liabilities & Shareholders' Equity $ 242,035 $ 252,076
=========== ===========

Contact:
Mark Simmons
President/CEO
Phone: 949-870-3860
Fax: 949-870-4499

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