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CommerceWest Bank Reports 11% Loan Growth, 15% NIB Deposit Growth and 12% Net Interest Income Growth for First Quarter 2016

CommerceWest Bank Logo

News provided by

CommerceWest Bank

Apr 26, 2016, 08:00 ET

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IRVINE, Calif., April 26, 2016 /PRNewswire/ -- CommerceWest Bank (OTCBB: CWBK) reported net income for the three months ended March 31, 2016 of $1,053,000 or $0.25 per common share, compared with net income of $1,001,000 or $0.24 per common share for the three months ended March 31, 2015, an EPS increase of 4%.

Key Financial Results for the three months ended March 31, 2016:

  • Interest income of $4.5 million, up 11%
  • Net interest income of $4.3 million, up 12%
  • Pre-tax income of $1.7 million, up 7%
  • Efficiency ratio of 63.19%
  • Total loan growth of $32.07 million, up 11%
  • Non-interest bearing deposit growth of $32.08 million, up 15%
  • Total asset growth of $41.3 million, up 10%
  • Zero non-performing loans

Mr. Ivo Tjan, Chairman and CEO, said, "The team produced solid results as we continued to remain focused and disciplined in effectively executing our business strategy for 2016."  Mr. Tjan continued, "This revenue performance, combined with continued expense discipline produced positive results with growth in our top line revenue, growth in both loans and deposits; with controlled expenses that resulted in a 63.19% efficiency ratio.  We remain highly focused on continuing to support the financial needs of our clients, local businesses, and make a positive impact on the communities we serve."   

Total assets increased $41.3 million as of March 31, 2016, an increase of 10% as compared to the same period one year ago. Total loans increased $32.07 million as of March 31, 2016, an increase of 11% over the prior year.  Cash and due from banks increased $11 million or 13% from the prior year.  Total investment securities decreased $90 thousand from the prior year.

Total deposits increased $38.3 million as of March 31, 2016, an increase of 10% from March 31, 2015.  Non-interest bearing deposits grew $32.08 million as of March 31, 2016, an increase of 15% over the prior year. Non-interest bearing deposits as a percent of total deposits were 58% as of March 31, 2016 as compared to 56% one year ago.

Stockholders' equity on March 31, 2016 was $60.4 million, an increase of 8% as compared to stockholders' equity of $55.7 million a year ago.

Interest income was $4,534,000 for the three months ended March 31, 2016 as compared to $4,096,000 for the three months ended March 31, 2015, an increase of 11%.   Interest expense was $269,000 for the three months ended March 31, 2016 as compared to $297,000 for the three months ended March 31, 2015, a decrease of 9%.

Net interest income for the three months ended March 31, 2016 was $4,265,000 as compared to $3,799,000 for the three months ended March 31, 2015, an increase of 12%.  The net interest margin decreased for the three months ended March 31, 2016. It decreased from 4.46% in 2015 to 4.08% in 2016, a decrease of 9%. 

Provision for loan losses for the three months ended March 31, 2016 was $25,000 compared to $181,000 for the three months ended March 31, 2015, a decrease of 86%.  As of March 31, 2016, the Bank had no non-accrual loans and no OREO.  The non-performing asset to total asset ratio was zero at the end of the quarter.

The Bank recognized a $137,000 gain on sale of investment securities in the first quarter of 2015. Other income for the three months ended March 31, 2016 was $554,000 compared to $864,000 for the same period last year, a decrease of 36%.   

Non-interest expense for the three months ended March 31, 2016 was $3,094,000 compared to $3,025,000 for the same period last year, an increase of 2%.  

The Bank's efficiency ratio for the three months ended March 31, 2016 was 63.19% compared to 63.60% in 2015, which represents a decrease of 1%.   The efficiency ratio illustrates, that for every dollar the Bank made for the three month period ending March 31, 2016, the Bank spent $0.63 to make it, as compared to $0.64 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 March 31, 2016, the tier 1 leverage ratio was 12.26%, the common equity tier 1 capital ratio was 15.87%, the tier 1 risk based capital ratio was 15.87%, and the total risk-based capital ratio was 17.12%.

CommerceWest Bank is a California based commercial bank with a unique vision and culture of focusing exclusively on the small to mid-size business community. Founded in 2001 and headquartered at 2111 Business Center Drive in Irvine, CA. The Bank serves businesses throughout California with an emphasis on clients in Orange, San Diego, Los Angeles, and Riverside Counties. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, online banking, lines of credit, working capital loans, commercial real estate lending, SBA lending, and cash and treasury management services.

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.

FIRST QUARTER REPORT - MARCH 31, 2016 (Unaudited)








BALANCE SHEET




Increase

(dollars in thousands)


March 31, 2016


March 31, 2015


(Decrease)








ASSETS







Cash and due from banks


93,408


82,403


13%

Securities


40,283


40,373


0%








Loans


326,407


294,337


11%

  Less allowance for loan losses


(4,217)


(3,762)


12%

Loans, net


322,190


290,575


11%








Bank premises and equipment, net


402


557


-28%

Other assets


16,338


17,388


-6%

     Total assets


472,621


431,296


10%








LIABILITIES AND STOCKHOLDERS' EQUITY






Non-interest bearing deposits


239,086


207,003


15%

Interest bearing deposits


170,586


164,374


4%

     Total deposits


409,672


371,377


10%

Other liabilities


2,578


4,172


-38%



412,250


375,549


10%

Stockholders' equity


60,371


55,747


8%

     Total liabilities and stockholders' equity


472,621


431,296


10%















CAPITAL RATIOS:







Tier 1 leverage ratio


12.26%


12.27%


0%

Common equity tier 1 capital ratio


15.87%


16.21%


-2%

Tier 1 risk-based capital ratio


15.87%


16.21%


-2%

Total risk-based capital ratio


17.12%


17.46%


-2%

STATEMENT OF EARNINGS


For the Three Months Ended


Increase

(dollars in thousands except share and per share data)

March 31, 2016


March 31, 2015


(Decrease)








Interest income


4,534


4,096


11%

Interest expense


269


297


-9%

Net interest income


4,265


3,799


12%

Provision for loan losses


25


181


-86%

Non-interest income:







  Gain on Sale of Investment Securities


-


137


-100%

  Other income


554


864


-36%

Non-interest expense


3,094


3,025


2%

Earnings before income taxes


1,700


1,594


7%

Income taxes


647


593


9%

Net income


1,053


1,001


5%








Basic earnings per share


$          0.26


$          0.25


4%

Diluted earnings per share


$          0.25


$          0.24


4%

Return on Assets


0.93%


0.99%


-6%

Return on Equity


7.06%


7.33%


-4%

Efficiency Ratio


63.19%


63.60%


-1%

Net Interest Margin


4.08%


4.46%


-9%

Logo - http://photos.prnewswire.com/prnh/20141223/166050LOGO

SOURCE CommerceWest Bank

Related Links

http://www.cwbk.com

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