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CommerceWest Bank Reports Double Digit Loan And Deposit Growth, Strong Earnings Growth Of 200% Year To Date

Stocks in this article: CWBK

CommerceWest Bank (OTCBB:CWBK) reported earnings for the three months ended September 30, 2012 of $1,417,000 or $0.33 per basic common share and $0.32 per diluted common share, compared with net income of $279,000 or $0.07 per basic common share and $0.07 per diluted common share for the three months ended September 30, 2011, an increase of 371% and 357% respectively. The bank reported earnings for the nine months ended September 30, 2012 of $3,015,000 or $0.70 per basic common share and $0.69 per diluted common share, compared with net income of $1,004,000 or $0.23 per basic common share and $0.23 per diluted common share for the nine months ended September 30, 2011, an increase of 204% and 200% respectively.

Financial performance highlights for the three months ended September 30, 2012:

  • Earnings growth of 408%
  • Return on average assets of 1.63%, an increase of 353%
  • Net interest income growth of 7%
  • Interest expense reduction of 18%
  • Non-interest income growth of 377%
  • Strong capital base, with a tier 1 leverage ratio of 12.69% and total risk based capital ratio of 20.77%
  • Efficiency ratio of 56.01%, a decrease of 35%

Financial performance highlights year-to-date:

  • Asset growth of 11%
  • Loan growth of 32%
  • Non-interest bearing deposit growth of 55%
  • Total deposit growth of 13%
  • Nonperforming assets as a percent of total assets of 0.25%
  • Earnings growth of 200%
  • Interest expense reduction of 18%
  • Non-interest income growth of 114%
  • Non-interest expense reduction of 7%

Mr. Ivo Tjan, Chairman and CEO, stated, "The team continues to demonstrate the strength of our business model, core competency and ability to grow with profitability. This focused approach has generated double digit growth in total assets of 11%, loans of 32%, and a 55% increase in non-interest bearing deposits. By staying disciplined to our business model, the team has grown non-interest income 114% year over year; while at the same time reducing expenses by 7%. Our results for the third quarter were highlighted by strong earnings growth of 408% as compared to the same three month period one year ago, while maintaining strong credit quality and prudent reserves as a model of our fortress balance sheet approach."

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