The Bank’s efficiency ratio for the three months ended September 30, 2012 was 56.01% compared to 86.72% in 2011, which represents a decrease of 35%. The Bank’s efficiency ratio for the nine months ended September 30, 2012 was 61.0% compared to 83.13% in 2011, which represents a decrease of 27%. The efficiency ratio illustrates, that for every dollar the Bank made for the three month period ending September 30, 2012, the Bank spent $0.56 to make it, as compared to $0.87 one year ago.
Capital ratios for the Bank remain well above the levels required for a “well capitalized” institution as designated by regulatory agencies. As of September 30, 2012, the leverage ratio was 12.69%, the tier 1 capital ratio was 19.51%, and the total risk-based capital ratio was 20.77%.
CommerceWest Bank is headquartered at 2111 Business Center Drive in Irvine, CA, with Regional Offices in Orange County, Los Angeles County and San Diego County. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, full-service internet banking, lines of credit, term loans, commercial real estate lending, SBA lending, and full cash management.
Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.Please visit www.cwbk.com to learn more about the bank. “BANK ON THE DIFFERENCE” Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
|THIRD QUARTER REPORT - SEPTEMBER 30, 2012 (Unaudited)|
|(dollars in thousands)||Sept 30, 2012||Sept 30, 2011||(Decrease)|
|Cash and due from banks||67,799||55,882||21||%|
|Less allowance for loan losses||(3,147||)||(3,111||)||1||%|
|Bank premises and equipment, net||391||684||-43||%|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Non-interesting bearing deposits||106,171||68,707||55||%|
|Interest bearing deposits||182,333||185,770||-2||%|
|Total liabilities and stockholders' equity||339,774||305,903||11||%|
|Tier 1 leverage ratio||12.69||%||13.08||%||-3||%|
|Tier 1 risk-based capital ratio||19.51||%||21.23||%||-8||%|
|Total risk-based capital ratio||20.77||%||22.49||%||-8||%|
|STATEMENT OF EARNINGS||Three Months Ended||Increase||Nine Months Ended||Increase|
|(dollars in thousands except share and per share data)||Sept 30, 2012||Sept 30, 2011||(Decrease)||Sept 30, 2012||Sept 30, 2011||(Decrease)|
|Net interest income||2,564||2,397||7||%||7,477||7,444||0||%|
|Provision for loan losses||275||-||-||470||160||194||%|
|Earnings before income taxes||1,417||279||408||%||3,015||1,004||200||%|
|Basic earnings per share||$||0.33||$||0.07||371||%||$||0.70||$||0.23||204||%|
|Diluted earnings per share||$||0.32||$||0.07||357||%||$||0.69||$||0.23||200||%|
|Return on Assets (annualized)||1.63||%||0.36||%||353||%||1.27||%||0.44||%||189||%|
|Return on Equity (annualized)||11.81||%||2.46||%||380||%||8.57||%||3.03||%||183||%|
|Net Interest Margin||3.44||%||3.53||%||-3||%||3.63||%||3.73||%||-3||%|