CW Bancorp Reports First Quarter 2024 Financial Results [Yahoo! Finance]
CommerceWest Bank NA (CA) (CWBK)
NASDAQ:AMEX Investor Relations:
cwbk.com/corporate-profile
Company Research
Source: Yahoo! Finance
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 $0.96 Return 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 borrowings Non-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 profits Mr. 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 longer interest rates, persistent inflationary pressures, and global unrest. Our team is focused in 2024 on
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