This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

CommerceWest Bank Reports Net Income Growth Year Over Year Of 134% With A Fortress Balance Sheet, Total Risk Based Capital Of 21.87% And Strong Liquidity

CommerceWest Bank (OTCBB: CWBK) announced today its financial results for the twelve months ended December 31, 2010. Net income for the twelve months ended December 31, 2010 was $546,000 or $0.12 per basic common share and $0.12 per diluted common share, as compared to a loss of $1.6 million or $(0.43) per basic common share and $(0.43) per diluted common share for the twelve months ended December 31, 2009, an increase of 128%.

Financial performance highlights for the twelve months ended December 31, 2010:

  • Income of $546,000 for the year
  • 28% increase in non-interest income year over year
  • A fortress balance sheet, with a tier 1 leverage ratio of 12.38% and total risk based capital ratio of 21.87%
  • 4.36% provision for loan losses as a percent of total loans on the CommerceWest Bank portfolio
  • 63% decrease in nonperforming loans from 12/31/09
  • Strong liquidity with a liquidity position to total assets ratio of 40%
  • Fully integrated and consolidated bank acquisition

Mr. Ivo Tjan, Chairman and CEO, said, “The Bank’s management team has done a great job in completing our bank acquisition integration, increasing our liquidity, fortifying our balance sheet and reducing non performance loans during 2010. The Bank is cautiously optimistic about continuing these trends into 2011 and is focused on developing new client relationships and providing more products or services to our existing clients in 2011,” said Mr. Tjan. “Our vision and culture is clear, so it’s back to basics for us to focus on executing our business plan for 2011. The Bank will continue its fortress balance sheet approach with an emphasis on deploying our strong liquidity to support businesses with their growth plans in 2011 and beyond.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs