CW Bancorp Reports First Quarter 2024 Financial Results
CommerceWest Bank NA (CA) (CWBK)
NASDAQ:AMEX Investor Relations:
cwbk.com/corporate-profile
Company Research
Source: Business Wire
IRVINE, Calif.--(BUSINESS WIRE)--CW Bancorp (OTCQX: CWBK), the parent company (“the Company”) of CommerceWest Bank (the “Bank”), reported consolidated net income for the first quarter of 2024 of $2,993,000 or $0.96 per diluted share as compared to $4,618,000 or $1.37 per diluted share for the first quarter of 2023, an EPS decrease of 30%.Key Financial Results for the three months ended March 31, 2024:EPS of $0.96Return on Assets of 1.18%Return on Tangible Equity of 15.74%ACL to total loans ratio of 1.61%Liquid funds to total deposits ratio of 18%No outstanding FRB or FHLB borrowingsNon-interest-bearing deposits to total deposits of 61%Strong leverage ratio of 12.58% and total risk-based capital ratio of 19.99%57 quarters of consecutive profitsMr. Ivo A. Tjan, Chairman and CEO, commented, “The Bank’s fortress balance sheet remains strong, with strong capital ratios, ample liquidity, and a strong credit loss reserve.” Mr. Tjan added, “We are positioned well in the face of higher for
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