CommerceWest Bank Reports First Quarter 2010 Financial Results
CommerceWest Bank (OTCBB:CWBK) reported earnings for the three months ended March 31, 2010 of $434,000 or $0.10 per basic common share and $0.10 per diluted common share, compared with net income of $320,000 or $0.10 per basic common share and $0.10 per diluted common share for the three months ended March 31, 2009.
Mr. Ivo Tjan, Chairman and CEO commented, “We are pleased with our 1 st quarter results and are remaining cautiously optimistic. 2010 will continue to present its challenges for businesses and the local economy as we begin to stabilize from this deep recession. The Bank will continue to conservatively reserve for loan losses throughout the year, until we absolutely see a strong recovery in the local markets. Our capital ratios remain very strong. The team is focused on risk management, asset quality and improving our efficiency ratio.”
Total assets increased $108.1 million as of March 31, 2010, an increase of 46% as compared to the same period one year ago. Total loans increased $62.9 million as of March 31, 2010, an increase of 45% over the prior year. Total deposits increased $99.3 million as of March 31, 2010, an increase of 52% from March 31, 2009. Stockholders’ equity on March 31, 2010 was $43.5 million, an increase of 26% as compared to stockholders’ equity of $34.5 million on March 31, 2009.
Interest income was $4,352,000 for the three months ended March 31, 2010 as compared to $3,474,000 for the three months ended March 31, 2009, an increase of 25%. Net interest income before provision for loan losses for the three months ended March 31, 2010 was $3,490,000, an increase of $652,000 or 23%, compared to the same period in 2009. This increase resulted from an $878,000 increase in interest income partially offset by a $226,000 increase in interest expense.
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