CommerceWest Bank (OTCBB: CWBK)--
Financial performance highlights for the twelve months ended
December 31, 2008:
-- Net income of $2,115,000 for the twelve months ended December 31, 2008
or $0.67 per basic common share and $0.65 per diluted common share
-- 24th consecutive profitable quarterly result
-- 5 Star rated by BauerFinancial, Premier rated by Findley Reports, and
4 Star rated by bankrate.com
-- Tier 1 leverage ratio of 14.35% on December 31, 2008, as compared to
13.62% on December 31, 2007, an increase of 5% year over year
-- Opted to fully FDIC insure all non-interest bearing deposits
regardless of dollar amount
-- "Well" capitalized as designated by regulatory agencies
CommerceWest Bank (OTCBB: CWBK) reported earnings for the twelve
months ended December 31, 2008 of $2,115,000 or $0.67 per basic
common share and $0.65 per diluted common share, compared with net
income of $3,098,000 or $0.98 per basic common share and $0.92 per
diluted common share for the twelve months ended December 31,
2007.
Ivo A. Tjan, Chairman and CEO, commented, "This past year was a
humbling experience for many. The economy continues to be
challenging for the banking industry. Although the past year has
been challenging, CommerceWest Bank reported its 24th consecutive
quarter of profitability. Instead of changing our model, we are
learning to do more with less. We are reducing expenses while
enhancing services, and thereby becoming even more efficient. In
this uncertain climate, we are committed to sustaining a fortress
balance sheet by fortifying our loan loss reserves, controlling
expenses and maintaining our net interest margin. As the economic
challenges persist for the banking industry as a whole, our mission
is clear and our foundation is solid." Mr. Tjan continued, "We look
forward to deepening our existing relationships and building new
ones along the way as our commitment throughout Southern California
perseveres."
Mr. Tjan, CEO, added, "While our business model and strong
capital position have enabled us to weather the recessionary
environment so far, we added $1.79 million to our loan loss
provision in 2008 to maintain our philosophy of a fortress balance
sheet. CommerceWest's management team will continue to work
diligently to manage through this very difficult business climate,
and to position the franchise to create long term shareholder
value."
Interest income was $14,041,000 for the twelve months ended
December 31, 2008 as compared to $16,079,000 for the twelve months
ended December 31, 2007, a decrease of 13%. Net interest income
before provision for loan losses for the twelve months ended
December 31, 2008 was $10,370,000, a decrease of $314,000 or 3%,
compared to the same period in 2007. This decrease resulted from a
$2,038,000 decrease in interest income offset by a $1,724,000
decrease in interest expense.
The net interest margin for the twelve months ended December 31,
2008 was 4.53% as compared to 4.93% for the twelve months ended
December 31, 2007, a 40 basis point or 8% decrease.
Provision for loan losses for the twelve months ended December
31, 2008 was $1,785,000 compared to $813,000 for the twelve months
ended December 31, 2007, an increase of 120%. The Bank's allowance
for loan losses as a percent of total loans was 1.49% on December
31, 2008 as compared to 1.65% on December 31, 2007.
Non-interest income for the twelve months ended December 31,
2008 was $1,627,000 compared to $2,016,000 for the same period last
year, a decrease of 19%. Included in the results for the fourth
quarter was a loss on sale of a loan for $300,000. Non-interest
expense for the twelve months ended December 31, 2008 was
$7,057,000 compared to $7,015,000 for the same period last year, an
increase of 1%.
Capital ratios for the Bank remain above the levels required for
a "well capitalized" institution as designated by regulatory
agencies. As of December 31, 2008, the leverage ratio, tier 1
capital ratio, and total risk-based capital ratio were 14.35%,
17.56% and 18.65%, respectively. "At a time when most banks have
experienced the erosion of capital, CommerceWest Bank has been able
to grow capital," commented CFO Leeann M. Cochran.
Total asset growth as of December 31, 2008 was $1.7 million, an
increase of 1% as compared to the prior period. Total investment
securities decreased $13.3 million as of December 31, 2008, a
decrease of 13% over the prior period. Total loans increased $9.6
million as of December 31, 2008, an increase of 7%. Total deposits
decreased $611,000 as of December 31, 2008, a decrease of less than
1% from December 31, 2007. Stockholders' equity as of December 31,
2008 was $34.3 million, an increase of 7% as compared to December
31, 2007.
Return on assets was 0.87% for the twelve months ended December
31, 2008 compared to 1.34% for the twelve months ended December 30,
2007, a decrease of 35%. Return on equity was 6.30% for the twelve
months ended December 31, 2008 compared to 10.20% for the twelve
months ended December 31, 2007, a decrease of 38%.
The Bank's efficiency ratio for the twelve months ended December
31, 2008 was 58.96% compared to 55.24% in 2007, which represents an
increase of 7%. The efficiency ratio illustrates, that for every
dollar the Bank made for the twelve month period ending December
31, 2008, the Bank spent $0.59 to make it, as compared to $0.55 one
year ago.
CommerceWest Bank is headquartered at 2111 Business Center Drive
in Irvine, CA, with Regional Offices in Orange County, Inland
Empire / Riverside County and Los Angeles. We 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, full cash
management 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, 2008 (Unaudited)
BALANCE SHEET December 31, Increase
(dollars in thousands) 2008 2007 (Decrease)
----------- ----------- -----------
ASSETS
Cash and due from banks 8,107 4,260 90%
Securities 90,751 104,126 -13%
Federal funds sold 755 1,135 -33%
Loans 145,631 136,005 7%
Less allowance for loan losses (2,166) (2,243) -3%
----------- -----------
Loans, net 143,465 133,762 7%
Bank premises and equipment, net 784 829 -5%
Other assets 11,860 9,933 19%
----------- -----------
Total assets 255,722 254,045 1%
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits 63,831 78,396 -19%
Interest bearing deposits 136,372 122,418 11%
----------- -----------
Total deposits 200,203 200,814 0%
Total borrowings 20,561 18,177 13%
Other liabilities 574 2,773 -79%
----------- -----------
221,338 221,764 0%
Stockholders' equity 34,384 32,281 7%
----------- -----------
Total liabilities and
stockholders' equity 255,722 254,045 1%
=========== ===========
STATEMENT OF EARNINGS
(dollars in thousands except For the Twelve Months Ended Increase
share and per share data) Dec 31, 2008 Dec 31, 2007 (Decrease)
----------- ----------- -----------
Interest income 14,041 16,079 -13%
Interest expense 3,671 5,395 -32%
----------- -----------
Net interest income 10,370 10,684 -3%
Provision for loan losses 1,785 813 120%
Other non-interest income 1,627 2,016 -19%
Other non-interest expense 7,057 7,015 1%
----------- -----------
Earnings before income taxes 3,155 4,872 -35%
Income taxes 1,040 1,774 -41%
----------- -----------
Net earnings 2,115 3,098 -32%
=========== ===========
Basic earnings per share $ 0.67 $ 0.98
Diluted earnings per share $ 0.65 $ 0.92
Return on Assets (annualized) 0.87% 1.34%
Return on Equity (annualized) 6.30% 10.20%
Efficiency Ratio 58.96% 55.24%
Gross nonperforming loans as a % of
total loans 0.23% 0.57%
Tier 1 leverage ratio 14.35% 13.62%
Tier 1 risk-based capital ratio 17.56% 15.41%
Total risk-based capital ratio 18.65% 16.48%
Bank Contact CommerceWest Bank, N.A. Mr. Ivo A. Tjan CEO
Telephone: (949) 251-6959 Facsimile: (949) 251-6957 E-mail: Email
Contact Website: www.cwbk.com "Bank on the Difference"
CW Bancorp (QX) (USOTC:CWBK)
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CW Bancorp (QX) (USOTC:CWBK)
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