<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from to
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COMMERCE NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction or organization)
59-2497676
(I.R.S. Employer Identification No.)
1201 South Orlando Avenue
Winter Park, Florida 32789
(Address of principal executive offices)
(Zip Code)
(407) 629-1818
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the Registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No N/A X
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMERCE NATIONAL CORPORATION
Dated: December 11, 1995
By:/s/ Guy D. Colado
-----------------------------
GUY D. COLADO, President and
Chief Executive Officer
Dated: December 11, 1995
By:/s/ Alan M. Scarboro
-----------------------------
ALAN M. SCARBORO,
Secretary/Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FOR COMMERCE NATIONAL
CORPORATION AND SUBSIDIARY DATED MARCH 31, 1995 AND DECEMBER 31, 1994 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 1,374,313
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,989,609
<INVESTMENTS-CARRYING> 7,225,045
<INVESTMENTS-MARKET> 7,241,092
<LOANS> 61,084,611
<ALLOWANCE> 692,398
<TOTAL-ASSETS> 81,379,978
<DEPOSITS> 67,079,331
<SHORT-TERM> 0
<LIABILITIES-OTHER> 393,749
<LONG-TERM> 6,448,333
<COMMON> 54,537
0
0
<OTHER-SE> 7,404,028
<TOTAL-LIABILITIES-AND-EQUITY> 81,379,978
<INTEREST-LOAN> 1,350,179
<INTEREST-INVEST> 271,696
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 1,621,875
<INTEREST-DEPOSIT> 224,283
<INTEREST-EXPENSE> 749,208
<INTEREST-INCOME-NET> 872,667
<LOAN-LOSSES> 35,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 781,638
<INCOME-PRETAX> 218,505
<INCOME-PRE-EXTRAORDINARY> 131,617
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 131,617
<EPS-PRIMARY> .25
<EPS-DILUTED> .25
<YIELD-ACTUAL> .046
<LOANS-NON> 2,624,847
<LOANS-PAST> 0
<LOANS-TROUBLED> 532,479
<LOANS-PROBLEM> 3,412,012
<ALLOWANCE-OPEN> 657,569
<CHARGE-OFFS> 171
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 692,398
<ALLOWANCE-DOMESTIC> 692,398
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 344,777
</TABLE>
