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TheStreet Open House

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

Mr. Tjan continued, "As we stated earlier in the year, we are confident in our future and our ability to grow the franchise value by managing growth with profitability, which focuses on top line revenue, fee income generation, quality loan growth, expanding the mixture in non-interest bearing deposits and increasing core earnings."

Total assets increased $33.8 million as of September 30, 2012, an increase of 11% as compared to the same period one year ago. Total loans increased $44.3 million as of September 30, 2012, an increase of 32% over the prior year. Cash and due from banks increased $11.9 million or 21% from the prior year. Total investment securities decreased $18.3 million or 19% from the prior year.

Total deposits increased $34 million as of September 30, 2012, an increase of 13% from September 30, 2011. Non-interest bearing deposits grew $37.5 million as of September 30, 2012, an increase of 55% over the prior year.

Stockholders’ equity on September 30, 2012 was $48.7 million, an increase of 8% as compared to stockholders’ equity of $44.9 million a year ago.

Provision for loan losses for the three months ended September 30, 2012 was $275,000 compared to zero for the three months ended September 30, 2011. Provision for loan losses for the nine months ended September 30, 2012 was $470,000 compared to $160,000 for the nine months ended September 30, 2011, an increase of 194%.

Non-interest income for the three months ended September 30, 2012 was $1,589,000 compared to $333,000 for the same period last year, an increase of 377%. Non-interest income for the nine months ended September 30, 2012 was $3,326,000 compared to $1,555,000 for the same period last year, an increase of 114%.

Non-interest expense for the three months ended September 30, 2012 was $2,461,000 compared to $2,451,000 for the same period last year, an increase of less than one percent. Non-interest expense for the nine months ended September 30, 2012 was $7,318,000 compared to $7,835,000 for the same period last year, a decrease of 7%.

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