CommerceWest Bank reported net income for the fist quarter ended March 31, 2018 of $1,637,000 or $0.40 per common share, compared with net income of $1,509,000 or $0.37 per common share for the three months ended March 31, 2017, an EPS increase of 8%.26-Apr-2018 0:28
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Total assets increased $61.6 million as of March 31, 2018, an increase of 12% as compared to the same period one year ago.
Total loans increased $27.5 million as of March 31, 2018, an increase of 7% over the prior year.
Cash and due from banks increased $9.8 million or 13% from the prior year. Total investment securities increased $22.6 million, an increase of 52% from the prior year.
Total deposits increased $62.2 million as of March 31, 2018, an increase of 14% from March 31, 2017. Non-interest-bearing deposits increased $30.9 million as of March 31, 2018, an increase of 13% over the prior year.
Interest bearing deposits increased $31.3 million as of March 31, 2018, an increase of 15% over the prior period.
Stockholders' equity on March 31, 2018 was $60.8 million, a decrease of 2% as compared to stockholders' equity of $61.9 million a year ago.
Interest income was $5,615,000 for the three months ended March 31, 2018 as compared to $4,999,000 for the three months ended March 31, 2017, an increase of 12%.
Interest expense was $570,000 for the three months ended March 31, 2018 as compared to $309,000 for the three months ended March 31, 2017, an increase of 84%.
Net interest income for the three months ended March 31, 2018 was $5,045,000 as compared to $4,690,000 for the three months ended March 31, 2017, an increase of 8%.
The net interest margin decreased for the three months ended March 31, 2018. It decreased from 4.27% in 2017 to 4.11% in 2018, a decrease of 4%.
Provision for loan losses for the three months ended March 31, 2018 was $355,000 compared to $100,000 for the three months ended March 31, 2017, an increase of 255%.
Non-interest income for the three months ended March 31, 2018 was $678,000 compared to $950,000 for the same period last year, a decrease of 29%.
The Bank collected approximately $123,000 in prepayment penalty fee income on loans during the three months ended March 31, 2018 as compared to $493,000 for the three months ended March 31, 2017.
Non-interest expense for the three months ended March 31, 2018 was $3,252,000 compared to $3,070,000 for the same period last year, an increase of 6%.
The Bank's efficiency ratio for the three months ended March 31, 2018 was 55.51% compared to 53.46% in 2017, which represents an increase of 4%.
The efficiency ratio illustrates, that for every dollar the Bank made for the three-month period ending March 31, 2018, the Bank spent $0.56 to make it, as compared to $0.54 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, 2018, the tier 1 leverage ratio was 10.67%, the common equity tier 1 capital ratio was 13.30%, the tier 1 risk based capital ratio was 13.30%, and the total risk-based capital ratio was 14.39%.
CommerceWest Bank is a California based full service commercial bank with a unique vision and culture of focusing exclusively on the business community. Founded in 2001 and headquartered in Irvine, California. ■