CommerceWest Bank Reports Second Quarter Financial Results
CommerceWest Bank (OTCBB: CWBK) announced today its financial results for the three and six months ended June 30, 2010. The company reported earnings for the three months ended June 30, 2010 of $68,000 or $0.02 per basic common share and $0.02 per diluted common share, as compared to a loss of $2.6 million or $(0.84) per basic common share and $(0.83) per diluted common share for the three months ended June 30, 2009 an increase of 102%. Net income for the six months ended June 30, 2010 was $502,000 or $0.11 per basic common share and $0.11 per diluted common share, as compared to a loss of $2.3 million or $(0.74) per basic common share and $(0.73) per diluted common share for the six months ended June 30, 2009 an increase of 115%.
“We have finalized the consolidation of Discovery Bank’s administrative office and two regional offices in the first half of 2010, which should provide us with better operating efficiencies going forward,” stated Chairman and CEO Ivo Tjan. “The bank continues to practice its fortress balance sheet approach, by maintaining one of the strongest capital ratios and loan loss reserve percentages for a California bank. We saw positive trends for both the 1 st and 2 nd quarters in 2010, with increased revenues, reduced expenses, increased non-interest income, lower loan loss provision expense and profitability. The Bank has completed the majority of its deleveraging strategy, rolling off non-core high interest rate certificates of deposit or transactional deposit accounts from Discovery Bank.” Mr. Tjan continued, “This is allowing us to focus more on opportunities to grow deposits and loans through new profitable client relationships and increase our cross sell of products to our existing clients.”
Total asset growth of $55.2 million as of June 30, 2010, an increase of 22% as compared to the same period one year ago. Total loans increased $53.2 million as of June 30, 2010, an increase of 39% over the prior year. Total deposits increased $56.5 million as of June 30, 2010, an increase of 29% from June 30, 2009. Stockholders’ equity on June 30, 2010 was $43.7 million, an increase of 35% as compared to stockholders’ equity of $32.4 million on June 30, 2009.
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