CW Bancorp CWBKCommerceWest Bank’s parent company (“the Company”) (the “Bank”) reported consolidated net income for the third quarter of 2022 of $4,595,000 or $1.33 per share compared to $3,576,000 or $0.99 earnings per share for the third quarter of 2021, an EPS increase of 35% and net income for the nine months ended September 30, 2022 of $12,839,000 or $3.68 per share compared to $10,204,000 or $2.80 $ per share for the nine months ended September 30, 2021, an EPS increase of 31%.
Financial Highlights for the three months ended September 30, 2022:
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EPS up 35% from $1.33
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Net profit growth of 28%
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RED from 27.8% to 39%
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ROA up 41% from 1.57%
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Net interest income up 43%
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Net interest margin up 58%
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Efficiency of 40.63%
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Ratio of ALLL to total loans (excluding PPP loans) of 1.34%
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51 consecutive quarters of profit
Financial Highlights for the nine months ended September 30, 2022:
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EPS up 31% from $3.68
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Net profit growth of 26%
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RED up 28% from 25.54%
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ROA up 24% from 1.41%
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Net interest income up 33%
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Net interest margin up 32%
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Efficiency of 41.14%
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Interest-free deposits as a percentage of total deposits at 62%
Mr. Ivo Tjan, Chairman and CEO, commented, “The Company again delivered double-digit growth in earnings per share, net income, net interest margin and return on tangible equity for both the quarter and nine months ended September 30, 2022 Mr. Tjan continued, “Despite a challenging operating environment, our company is well positioned with a solid balance sheet to serve our customers during these turbulent times.”
Total assets decreased by $183 million as of September 30, 2022, down 14% compared to the same period a year ago. Total loans increased by $182 million as of September 30, 2022, a 30% increase over the prior year. Total loans net of PPP loans increased $289 million as of September 30, 2022, an increase of 59%. Cash on hand and liabilities to banks decreased by $392 million, or 73%, year-on-year as…
