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.”
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