Commencement Bancorp, Inc. (CBWA) Announces Fourth Quarter and Full Year 2023 Earnings [Yahoo! Finance]
Commencement Bank Tacoma Wash Common (CBWA)
NASDAQ:AMEX Investor Relations:
commencementbank.com/investor-relations
Company Research
Source: Yahoo! Finance
Cost of funds at year end was 1.73%, which compared favorably to peers. There were no borrowings at year-end 2023 compared to $26.9 million at year-end 2022. Non-performing assets to total assets were .08%, a reduction from year-end 2022 of .45%, and a representation of net recoveries of $712 thousand. The Allowance for Credit Losses ("ACL") at year-end 2023 was 1.28% compared to 1.16% the prior year. Tangible book value per share increased to $12.31 as of December 31, 2023. All capital ratios increased year-over-year. The Bank's regulatory capital ratios were all above "well-capitalized" requirements. Hired two well-known teams of bankers from Umpqua Bank (previously Columbia Bank) and opened fifth bank branch located in Gig Harbor, Washington. Fourth Quarter 2023 Highlights: Deposit growth of 5% in fourth quarter 2023 compared to third quarter. Return on average assets for fourth quarter was .58% and return on average equity was 7.69%, compared to .52% and 6.67%, res
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