IRVINE, CA reported record earnings for the twelve months ended
December 31, 2007 of $3,098,000 or $0.98 per basic common share and
$0.92 per diluted common share, compared with net income of
$2,764,000 or $0.87 per basic common share and $0.83 per diluted
common share for the twelve months ended December 31, 2006.
Financial Performance highlights for the year ended December 31,
2007 included:
-- Net income of $3,098,000 for the twelve months ended December 31, 2007
as compared to $2,764,000 for the twelve months ended December 31, 2006, an
increase of 12%.
-- Earnings per basic common share for the twelve months ended December
31, 2007 were $0.98 compared to $0.87 in 2006 an increase of 13%. Earnings
per diluted common share for the twelve months ended December 31, 2007 were
$0.92 compared to $0.83 in 2006, an increase of 11%.
-- Net interest income plus non-interest income was $18.1 million for the
twelve months ended December 31, 2007 compared to $15.8 million in 2006, an
increase of 15%.
"Navigating the banking industry in 2007 was interesting to say
the least," commented Chairman and CEO, Ivo A. Tjan. "For those
involved in the subprime sector some different words might even
come to mind. But without ties to the mortgage or construction
arenas, I am pleased to report that CommerceWest Bank enjoyed solid
financial performance, a distinctive accomplishment in today's
market turmoil."
Interest income was $16,079,000 for the twelve months ended
December 31, 2007 as compared to $13,818,000 for the twelve months
ended December 31, 2006, an increase of 16%. Net interest income
before provision for loan losses for the twelve months ended
December 31, 2007 was $10,684,000, an increase of $633,000 or 6%,
compared to the same period in 2006. This increase resulted from a
$2,261,000 increase in interest income, offset by a $1,638,000
increase in interest expense.
The net interest margin for the twelve months ended December 31,
2007 was 4.93% as compared to 5.60% for the twelve months ended
December 31, 2006 a 68 basis point or 12% decrease.
Provision for loan losses for the twelve months ended December
31, 2007 was $813,000 compared to $515,000 for the twelve month
period ended December 31, 2006, an increase of 58%. The Bank's
allowance for loan losses as a percent of total loans was 1.65% on
December 31, 2007 as compared to 1.31% on December 31, 2006, an
increase of 29%.
Non-interest income for the twelve months ended December 31,
2007 was $2,016,000 compared to $1,977,000 for the same period last
year, an increase of 2%. Gross revenue was $18,095,000 for the
twelve months ended December 31, 2007 as compared to $15,795,000
for the twelve months ended December 31, 2006, an increase of
15%.
Non-interest expense for the twelve months ended December 31,
2007 was $7,015,000 compared to $6,858,000 for the same period last
year, an increase of 2%. "Managing expense growth continues to be a
key component of the Bank's financial success, especially with
increased pressure on the net interest margin," commented Chief
Financial Officer, Leeann M. Cochran.
Loan growth for the period ended December 31, 2007 was $3.0
million, an increase of 2% over the prior year. Investment
securities growth for the period ended December 31, 2007 was $16.9
million, an increase of 19% over the prior year. Deposits declined
$9.0 million for the period ended December 31, 2007, a decrease of
4% from the period ended December 31, 2006.
Return on assets was 1.34% for the twelve months ended December
31, 2007 compared to 1.42% for the twelve months ended December 31,
2006, a decrease of 6%. Return on equity was 10.20% for the twelve
months ended December 31, 2007 compared to 10.37% for the twelve
months ended December 31, 2006, a decrease of 2%.
The Bank's efficiency ratio for the twelve months ended December
31, 2007 was 55.24% compared to 56.95% in 2006, which represents a
decrease of 3%. The efficiency ratio illustrates, that for every
dollar the Bank made for the twelve month period ending December
31, 2007, the Bank spent $0.55 to make it, as compared to $0.57 one
year ago.
"Our business banking model was built around the simple
realization that trying to be all things to all people -- never
really works out well in the end," stated Chairman Tjan. "Since our
inceptions more than six years ago, we have weathered some
turbulent market conditions and this simple realization has proved
to be the glue of our unwavering foundation. By adhering to our
original strategy, we have avoided the pitfalls that are now
plaguing other financial institutions."
Capital ratios for the Bank remain above the levels required for
a "well capitalized" institution as designated by regulatory
agencies.
CommerceWest Bank is headquartered at 2111 Business Center Drive
in Irvine, CA, with Regional Offices in Orange County at 4685
MacArthur Court in Newport Beach, CA, in the Inland Empire at 1611
Pomona Road in Corona, CA and in the South Los Angeles area at
19300 South Hamilton Avenue in Gardena, CA. We offer a wide range
of commercial banking services, including full cash management,
concierge services, remote deposit solutions, full-service internet
banking, lines of credit, term loans, commercial real estate
lending, SBA lending, and treasury 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.
ANNUAL REPORT - DECEMBER 31, 2007 (Unaudited)
BALANCE SHEET December 31, Increase
(dollars in thousands) 2007 2006 (Decrease)
----------- ----------- ----------
ASSETS
Cash and due from banks 4,260 9,825 -57%
Securities 104,126 87,203 19%
Federal funds sold 1,135 13,010 -91%
Loans 136,005 133,034 2%
Less allowance for loan losses (2,243) (1,740) 29%
----------- -----------
Loans, net 133,762 131,294 2%
Bank premises and equipment, net 829 907 -9%
Other assets 9,933 9,372 6%
----------- -----------
Total assets 254,045 251,611 1%
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits 78,396 114,583 -32%
Interest bearing deposits 122,418 95,271 28%
----------- -----------
Total deposits 200,814 209,854 -4%
Total borrowings 18,177 12,321 48%
Other liabilities 2,773 943 194%
----------- -----------
221,764 223,118 -1%
Stockholders' equity 32,281 28,493 13%
----------- -----------
Total liabilities and
stockholders' equity 254,045 251,611 1%
=========== ===========
STATEMENT OF EARNINGS For the Years Ended
(dollars in thousands except share Dec 31, Dec 31, Increase
and per share data) 2007 2006 (Decrease)
----------- ----------- ----------
Interest income 16,079 13,818 16%
Interest expense 5,395 3,757 44%
----------- -----------
Net interest income 10,684 10,061 6%
Provision for loan losses 813 515 58%
Other non-interest income 2,016 1,977 2%
Other non-interest expense 7,015 6,858 2%
----------- -----------
Earnings before income taxes 4,872 4,665 4%
Income taxes 1,774 1,901 -7%
----------- -----------
Net earnings 3,098 2,764 12%
=========== ===========
Actual common shares outstanding at
end of period 3,172,768 3,172,768 0%
Average common shares outstanding 3,172,768 3,163,007 0%
Average common shares & equivalents
outstanding 3,356,020 3,349,000 0%
Basic earnings per share $ 0.98 $ 0.87 13%
Diluted earnings per share $ 0.92 $ 0.83 11%
Return on Assets (annualized) 1.34% 1.42% -6%
Return on Equity (annualized) 10.20% 10.37% -2%
Efficiency Ratio 55.24% 56.95% -3%
Bank Contact CommerceWest Bank, N.A. Mr. Ivo A. Tjan, CEO
E-mail: Email Contact Ms. Leeann M. Cochran, CFO E-mail: Email
Contact Telephone: (949) 251-6959 Facsimile: (949) 251-6957
Website: www.cwbk.com "Bank on the Difference"
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