CommerceWest Bank Reports Solid Profitability And Net Income Growth Year Over Year Of 141%
CommerceWest Bank (OTCBB: CWBK) announced today its financial results for the three and nine months ended September 30, 2010. The company reported earnings for the three months ended September 30, 2010 of $8,000 or $0.01 per basic common share and $0.01 per diluted common share, as compared to net income of $1.0 million or $0.27 per basic common share and $0.26 per diluted common share for the three months ended September 30, 2009, a decrease of 99%. Net income for the nine months ended September 30, 2010 was $510,000 or $0.12 per basic common share and $0.12 per diluted common share, as compared to a loss of $1.2 million or $(0.26) per basic common share and $(0.26) per diluted common share for the nine months ended September 30, 2009, an increase of 141%.
Financial performance highlights for the nine months ended September 30, 2010:
- Year to date income of $510,000
- 34% increase in non-interest income year over year
- A fortress balance sheet, with a tier 1 leverage ratio of 12.24% and total risk based capital ratio of 20.08%
- 3.65% provision for loan losses as a percent of total loans on the CommerceWest Bank portfolio
- 28% decrease in non-performing assets from 12/31/09
- Strong liquidity with a liquidity position to total assets ratio of 24%
- No TARP funds
Total assets decreased $63.3 million as of September 30, 2010, a decrease of 17% as compared to the same period one year ago. Total loans decreased $70.4 million as of September 30, 2010, a decrease of 29% over the prior year. Total deposits decreased $55.1 million as of September 30, 2010, a decrease of 18% from September 30, 2009. Stockholders’ equity on September 30, 2010 was $43.8 million, an increase of 2% as compared to stockholders’ equity of $42.9 million on September 30, 2009.
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