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CommerceWest Bank Reports 44% Increase In Earnings, 41% Increase In Non-Interest Income, And A 80% Decrease In Nonperforming Loans

Stocks in this article: CWBK

CommerceWest Bank (OTCBB: CWBK) reported earnings for the three months ended June 30, 2011 of $343,000 or $0.07 per basic common share and $0.07 per diluted common share, compared with net income of $68,000 or $0.01 per basic common share and $0.01 per diluted common share for the three months ended June 30, 2010, an increase of 600%. Net income for the six months ended June 30, 2011 was $725,000 or $0.16 per basic common share and $0.16 per diluted common share, compared with net income of $502,000 or $0.11 per basic common share and $0.11 per diluted common share for the six months ended June 30, 2010, an increase of 45%.

Financial performance highlights for the three months ended June 30, 2011:

  • 404% increase in net income
  • 71% increase in non-interest income growth
  • 5% reduction in non-interest expense
  • 15% increase in non-interest bearing deposits

Financial performance highlights for the six months ended June 30, 2011:

  • 44% increase in net income
  • 41% increase in non-interest income
  • Allowance for loan losses as a percent of CommerceWest Bank loans was 3.99%, an increase of 2% from the prior year
  • A fortress balance sheet, with a tier 1 leverage ratio of 12.94% and total risk based capital ratio of 22.27%
  • Nonperforming loans as a percent of total assets are 0.75% down from 3.75% or 80% year over year
  • Nonperforming assets as a percent of total assets are 1.40% down from 4.50% or 69% year over year
  • Strong liquidity with $140 million in cash and liquid investment securities

Mr. Ivo Tjan, Chairman and CEO, said, “We are pleased with our financial performance results. The Bank has made tremendous progress addressing post acquisition asset quality issues during the first half of 2011. The team has done an outstanding job, with non-performing loans as a percent of total assets down to 0.75%, an 80% improvement year over year. Net income growth, improved asset quality, decreased overhead expenses and especially our growth in non-interest income was a key factor in our results.

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