This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CommerceWest Bank Reports 3Q 2011 Earnings, 31% Increase In Non-Interest Income, And A 90% Decrease In Nonperforming Assets

Stocks in this article: CWBK

CommerceWest Bank (OTCBB: CWBK) reported earnings for the three months ended September 30, 2011 of $279,000 or $0.07 per basic common share and $0.07 per diluted common share, compared with net income of $8,000 or $0.01 per basic common share and $0.01 per diluted common share for the three months ended September 30, 2010, an increase of 600%. Net income for the nine months ended September 30, 2011 was $1,004,000 or $0.23 per basic common share and $0.23 per diluted common share, compared with net income of $510,000 or $0.12 per basic common share and $0.12 per diluted common share for the nine months ended September 30, 2010, an increase of 92%.

Financial performance highlights for the nine months ended September 30, 2011:

  • 97% increase in net income
  • 31% increase in non-interest income
  • Allowance for loan losses as a percent of CommerceWest Bank loans was 3.04%.
  • A fortress balance sheet, with a tier 1 leverage ratio of 13.08% and total risk based capital ratio of 22.49%
  • Nonaccrual loans as a percent of total assets are 0.57% down from 3.43% or 83% year over year
  • Nonperforming assets as a percent of total assets are 1.55% down from 4.11% or 62% year over year
  • Strong liquidity with $130 million in cash and liquid investment securities
  • 3rd quarter write down of OREOs from bank acquisition of $515,000

Mr. Ivo Tjan, Chairman and CEO, commented, “Management is encouraged by the 2011 financial results for the Bank. The Bank has the right capital levels, revenue focus, cost control plan, and deployment strategy for excess liquidity. Recognizing and addressing asset quality issues early, positions the Bank for strong future earnings, which will in turn, improve shareholder value. Although the Bank significantly de-levered classified loans during the quarter, there has been an encouraging up-tick in loan demand. Asset quality has materially improved, especially compared to our local peer group.”

1 of 5

Select the service that is right for you!

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!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • 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