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CommerceWest Bank Reports Record Full Year Net Income Of $4.2 Million, Up 199% From 2011 And Quarterly Net Income Of $1.2 Million, Up 197% From 2011

Stocks in this article: CWBK

CommerceWest Bank (OTCBB: CWBK) reported record net income for the twelve months ended December 31, 2012 of $4,207,000 or $0.96 per common share, compared with net income of $1,406,000 or $0.32 per common share for the twelve months ended December 31, 2011, an EPS increase of 200%. The bank reported net income for the three months ended December 31, 2012 of $1,192,000 or $0.27 per common share, compared with net income of $402,000 or $0.09 per common share for the three months ended December 31, 2011, an EPS increase of 200%.

Financial performance highlights year-to-date:

  • Record net income of $4.2 million, up 199%
  • Record non-interest income of $4.7 million, up 136%
  • Return on average assets of 1.30%, an increase of 177%
  • Return on average equity of 8.84%, an increase of 180%
  • Asset growth of $49.8 million, up 17%
  • Loan growth $37.3 million, up 25%
  • Non-interest bearing deposit growth of $38.3 million, up 50%
  • Book value of $11.60 per share, an increase of 12%
  • Interest expense reduction of 19%
  • Nonperforming assets as a percent of total assets of 0.16%
  • No loans 30 days past due

Financial performance highlights for the three months ended December 31, 2012:

  • Record net income of $1.2 million, up 197%
  • Net interest income growth of 13%
  • Net interest margin of 3.84%, an increase of 9%
  • Record non-interest income of $1.4 million, up 217%
  • Efficiency ratio of 55.63%, a decrease of 34%
  • Strong capital position, with a tier 1 leverage ratio of 13.10% and total risk based capital ratio of 21.11%

Mr. Ivo Tjan, Chairman and CEO stated, "2012 was an outstanding year for CommerceWest Bank. We reported record net income, solid loan and non-interest bearing deposit growth and increased our tangible book value by 13%. Our disciplined and unique business model has allowed the team to strategically execute on the business plan to grow our market share, improve and maintain strong asset quality, and improve the Bank’s operating efficiency. The success is a result of our incredibly talented and passionate team members who help create our client experience and provide a banking partnership environment to our clients.”

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