(Reuters) - Net income for the Cherry Hill-based company fell to $76.9
million, or 39 cents per share, from $79.5 million, or 41
cents, a year earlier. Revenue rose 12 percent to $519.4
million, though net interest margin, the gap between what
Commerce earns on loans and pays on deposits, fell to 3.22
percent from 3.39 percent.
Commerce last month replaced Chief Executive Vernon Hill,
who founded the company in 1973, under pressure from regulators
critical of the bank's business dealings with insiders. These
included real estate dealings with Hill's own partnerships, and
services by his wife's architectural design firm.
Read more at Reuters.com Bonds News
million, or 39 cents per share, from $79.5 million, or 41
cents, a year earlier. Revenue rose 12 percent to $519.4
million, though net interest margin, the gap between what
Commerce earns on loans and pays on deposits, fell to 3.22
percent from 3.39 percent.
Commerce last month replaced Chief Executive Vernon Hill,
who founded the company in 1973, under pressure from regulators
critical of the bank's business dealings with insiders. These
included real estate dealings with Hill's own partnerships, and
services by his wife's architectural design firm.
Read more at Reuters.com Bonds News
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