CommerceWest Bank (OTCBB: CWBK) announced today its financial results for the three months ended March 31, 2011. Net income for the quarter was $382,000 or $0.09 per basic common share and $0.09 per diluted common share, as compared to earnings of $434,000 or $0.10 per basic common share and $0.10 per diluted common share for the three months ended March 31, 2010.
Financial performance highlights for the three months ended March 31, 2011:
- Net Income of $382,000 for the quarter
- Non-interest income growth of 24%
- 16.8% increase in the allowance for loan losses as a percent of CommerceWest Bank loans
- A fortress balance sheet, with a tier 1 leverage ratio of 12.81% and total risk based capital ratio of 23.23%
- 69% decrease in nonperforming assets year over year
- Strong liquidity with a liquidity position to total assets ratio of 42%
Mr. Ivo Tjan, Chairman and CEO said, “The Bank has spent the last eighteen months strengthening its fortress balance sheet, focusing on strengthening liquidity and risk based capital ratios. We’ve increased the Bank’s liquidity position to total assets ratio by 62% year over year and improved the leverage ratio by 13%, from 11.38% on March 31, 2010 to 12.81% on March 31, 2011. And also improved the total risk based capital position of the Bank by 33%, from 17.49% on March 31, 2010 to 23.23% on March 31, 2011.”
Mr. Tjan continued, “Having negotiated through the turbulent economic environment and absorbing the effects of the 2009 bank acquisition, the Bank is now positioned to focus on banking basics, making loans and attracting deposits. The Bank has recruited some very talented bankers to strategically augment the team during the first quarter of 2011. The Team is now focused on our core business model, producing organic growth with a disciplined approach to driving operating efficiency. By deploying our liquidity, we will improve our net interest margin, profitability, efficiency ratio, while at the same time assisting with the economic recovery by lending to small businesses.”
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