CommerceBancorp: The Newport Beach company reported that...

CommerceBancorp: The Newport Beach company reported that net income for the first quarter dropped to $232,000, equal to 10 cents per share, from $612,000, or 27 cents per share, for the corresponding period in 1991. Total assets were up 9%, to $329 million from $302 million. The company said its earnings continue to be affected by weak economic conditions, which have resulted in lower net interest margins, as well as a decrease in the amount of loans outstanding.