The Fed’s many prime rate increases has lifted the fortunes of First Commerce Bancorp. The Encino-based bank reported net income in the second quarter rose to $1.2 million or $0.15 per share compared with earnings of $778,000 or $0.10 per share in the comparable period last year. For the most recent quarter ended June 30, First Commerce Bank reported income rose 83 percent to $610,000 or $0.07 per share compared with earnings of $334,000 or $0.04 per share. Jack Feldman, First Commerce Bancorp’s president and CEO, said the improvements were the result of nine increases in the prime rate during the period combined with a reduced in additive loan production during the same time.
