CommerceWest Bank Reports Second Quarter
Financial Results
Financial performance highlights for the six months ended June 30, 2010:
l 30% increase in gross revenue year over year
l Successful consolidation of Discovery Bank’s administrative office and two regional office locations
l Provision for loan losses as a percent of total loans on the CommerceWest Bank portfolio was 3.91%
l Very well capitalized with a Tier 1 leverage ratio of 12.40% and total risk based capital of 19.17%
l No TARP, strong liquidity with capacity to lend to businesses in Southern California
l 22% asset growth year over year with positive net income trends in 2010
l 29% deposit growth and 39% loan growth year over year
August 05, 2010 08:11 AM Eastern Daylight Time
IRVINE, Calif.--(EON: Enhanced Online News)--CommerceWest Bank (OTCBB: CWBK) announced today its
financial results for the three and six months ended June 30, 2010. The company reported earnings for the three
months ended June 30, 2010 of $68,000 or $0.02 per basic common share and $0.02 per diluted common share,
as compared to a loss of $2.6 million or $(0.84) per basic common share and $(0.83) per diluted common share for
the three months ended June 30, 2009 an increase of 102%. Net income for the six months ended June 30, 2010
was $502,000 or $0.11 per basic common share and $0.11 per diluted common share, as compared to a loss of
$2.3 million or $(0.74) per basic common share and $(0.73) per diluted common share for the six months ended
June 30, 2009 an increase of 115%.
“We have finalized the consolidation of Discovery Bank’s administrative office and two regional offices in the first
half of 2010, which should provide us with better operating efficiencies going forward,” stated Chairman and CEO
Ivo Tjan. “The bank continues to practice its fortress balance sheet approach, by maintaining one of the strongest
capital ratios and loan loss reserve percentages for a California bank. We saw positive trends for both the 1st and
2nd quarte