Commerce posted net income of $ 541,000 in the third quarter and just over $ 2 million in the first three quarters of 2021 after posting a profit of $ 2.9 million for 2020.
The PPP loans brought Commerce $ 384,000 in third-quarter loan creation fees, the bank’s parent company, CBOA Financial Inc., said in a press release.
The predominantly local investors who supported Commerce Bank during its darker days have shares of the bank that they can sell publicly. CBOA Financial is traded on the “pink sheets” over-the-counter, where it recently traded at $ 3 per share.
All other banks operating in southern Arizona maintained their previous Bauer ratings, with the exception of Utah-based Zions Bancorp, parent company of the National Bank of Arizona, which went from five stars to four. stars or “excellent”.
Canyon Community Bank, which is locally based but majority-owned by a Texas investment group, also continued to improve its balance sheet after raising nearly $ 10 million in 2015 to comply with a regulatory order to increase its balance sheet. capital in 2013.
Canyon Community maintained its three-star or “adequate” Bauer rating after earning $ 195,000 in the second quarter. The bank recorded income of $ 758,000 in the first three quarters of the year, following a loss of $ 580,000 for all of 2020.