This Day On The Street
Continue to site
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

CommerceWest Bank Reports Increased Earnings For The Year, Favorable Loan Growth, Cost Of Funds And Expense Management Trends

CommerceWest Bank (OTCBB: CWBK) reported earnings for the three months ended December 31, 2011 of $402,000 or $0.09 per basic common share and $0.09 per diluted common share, compared with net income of $36,000 or $0.01 per basic common share and $0.01 per diluted common share for the three months ended December 31, 2010, an increase of 800%. Net income for the twelve months ended December 31, 2011 was $1,406,000 or $0.32 per basic common share and $0.32 per diluted common share, compared with net income of $546,000 or $0.12 per basic common share and $0.12 per diluted common share for the twelve months ended December 31, 2010, an increase of 167%.

Financial performance highlights for the three months ended December 31, 2011:

  • Loan growth of 8.50% as of December 31, 2011 as compared to September 30, 2011
  • Cost of funds reduced 17% for the three months ended December 31, 2011 as compared to the three months ended December 31, 2010
  • Non-interest expense reduction of 11% for the three months ended December 31, 2011 as compared to the three months ended December 31, 2010
  • Earnings growth of 44% for the three months ended December 31, 2011 as compared to the three months ended September 30, 2011

Financial performance highlights for the twelve months ended December 31, 2011:

  • 158% increase in net income year over year
  • 18% increase in non-interest income year over year
  • 13% increase in non-interest bearing deposits year over year
  • Allowance for loan losses as a percent of CommerceWest Bank loans was 2.63%
  • A fortress balance sheet, with a tier 1 leverage ratio of 13.75% and total risk based capital ratio of 22.51%
  • Nonaccrual loans as a percent of total assets are 0.85% down from 1.71% or 51% year over year
  • Strong liquidity with $116 million in cash and liquid investment securities

Mr. Ivo Tjan, Chairman and CEO, commented, “Management is pleased with the year end 2011 financial results for the Bank. The Bank made tremendous progress reducing the level of classified assets in 2011. The reduction in problem loan levels has allowed the team to focus more on a balanced approach of offense and defense. The results are evidenced by loan growth in the fourth quarter. Loans outstanding increased by $11.7 million or 8.50% from the previous quarter end."

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs