CommerceWest Bank Reports Fourth Quarter and
Annual Financial Results for 2009
Financial performance highlights for the three months ended December 31, 2009:
l 49% increase in net income as compared to the three months ended December 31, 2008
l 55% increase in net interest income as compared to the three months ended December 31, 2008
l Strong capital ratios, with a Tier 1 leverage ratio of 10.82% and total risk based capital of 16.31%
Financial performance highlights for the twelve months ended December 31, 2009:
l 29% increase in net revenue compared to the twelve months ended December 31, 2008
l 19% increase in pretax pre-provision profit as compared to the twelve months ended December 31, 2008
l Net interest margin was 5.17% as compared to 4.49% for the twelve months ended December 31, 2008, a
68 basis pointor a 15% increase.
l Total Deposit growth of $97 million or 48% year over year
March 15, 2010 11:09 PM Eastern Daylight Time
IRVINE, Calif.--(EON: Enhanced Online News)--CommerceWest Bank (OTCBB:CWBK) reported earnings for
the three months ended December 31, 2009 of $212,000 compared with net income of $142,000 for the three
months ended December 31, 2008. The net loss for the twelve months ended December 31, 2009 was $1.0 million
compared with net income of $2.1 million for the twelve months ended December 31, 2008.
Mr. Ivo Tjan, Chairman and CEO commented, “CommerceWest was focused on integration, de-leveraging high
interest rate deposit accounts, credit quality and most importantly continuing with our fortress balance sheet
approach. The team worked hard in 2009 to position our franchise to create long term shareholder value. We had
solid earnings growth in the 3rd and 4th quarters of 2009, with year end deposit growth of $97 million, which
included both the impact of the merger and significant core deposit growth. The bank remains very well capitalized
with a tier 1 leverage ratio of 10.82% and a total risk-based capital ratio of 16.31%, especially as compared t