Commencement Bancorp Inc - CBWA STOCK NEWS

Commencement Bancorp (OTCQX:CBWA) has announced a stock repurchase program approved by its Board of Directors. The program allows for share repurchases through open market transactions, private dealings, and block trades, potentially incorporating a Rule 10b5-1 trading plan under the Securities Exchange Act of 1934.

The repurchase program will run from February 5, 2025, to February 4, 2026. The execution of the program will be subject to SEC requirements and various constraints related to price, volume, and timing. The actual implementation details, including the number and value of shares to be repurchased, will depend on multiple factors such as trading plan constraints, market conditions, share price, and alternative investment opportunities.

Commencement Bancorp (CBWA) reported Q4 2024 net income of $539,000 ($0.14 per share), down from $959,000 in Q3 2024 ($0.25 per share). The quarter included strategic balance sheet restructuring with a pre-tax loss of $944,000 from securities sales.

Key highlights include: deposits increased 4.2% quarter-over-quarter to $591.9 million, loans grew 0.3% to $467.3 million, and net interest margin improved to 3.74% from 3.38%. The bank maintained strong credit quality with no nonperforming assets and executed an interest rate swap of $40 million to hedge against rate risk.

Notable transactions included selling $13.3 million in securities yielding 2.57% to purchase $12.4 million yielding 5.00%, and restructuring the BOLI portfolio for improved yields. The bank maintains strong liquidity with $139.3 million in on-balance sheet sources and $233.4 million in available credit lines.

Commencement Bancorp reported strong Q3 2024 results with net income of $959,000 ($0.25 per share), up from $776,000 in Q2 2024. Key highlights include a $32.7 million (6.1%) increase in deposits, a $1.5 million (0.3%) growth in loans receivable, and improvement in nonperforming assets to 0.00%. The bank's net interest margin increased to 3.38%, while tangible book value per share rose to $13.45. The company opened a new branch in Gig Harbor and added 126 new relationships during the quarter, contributing to lower cost of funds.

Commencement Bancorp, Inc. (OTCQX:CBWA) reported strong financial results for Q2 2024. Key highlights include:

• Net income of $776,000 ($0.20 per share), up from $723,000 ($0.18 per share) in Q2 2023
• Total loans increased 7% year-over-year to $464 million
• Interest income rose 11% to $7.4 million
• Non-interest income grew 9% compared to Q2 2023
• Nonperforming assets to total assets decreased from 0.42% to 0.08%
• Tangible book value per share increased to $12.52 from $11.90

The bank's loan growth, improving loan yield, and favorable deposit mix contributed to an increase in net interest margin to 3.25%. Asset quality improved significantly, with the Texas Ratio dropping to 0.8% from 4.0% a year ago.

Commencement Bancorp, Inc. (OTCQX:CBWA) and Commencement Bank have announced two key appointments to their finance team. Brandi Parker has joined as Executive Vice President and Chief Financial Officer, while Mandie Ereth has been appointed as Senior Vice President and Finance & Accounting Manager. Both executives, who previously worked at Heritage Bank, started their new roles on July 29th and 30th, 2024, respectively.

Parker brings over 20 years of finance and accounting experience, with expertise in SEC filings, budgeting, financial forecasting, and asset liability management. Ereth has 20 years of experience in bank accounting and finance, specializing in financial statements, asset liability management, and profitability modeling. Both are Certified Public Accountants with master's degrees in accounting.

CEO John E. Manolides expressed enthusiasm about the new hires, highlighting their potential to create efficiencies, analyze data, and enhance reporting processes at Commencement Bank.

Commencement Bancorp, Inc. (CBWA) reported their 2024 First Quarter Earnings, showcasing positive financial highlights such as an increase in total loans, interest income, non-interest income, and tangible book value per share. The Bank also eliminated borrowed funds and brokered certificates of deposit, reduced nonperforming assets, and saw a rise in total assets and total deposits. However, the Bank recorded a 13% increase in non-interest expenses, with an extraordinary expense for legal fees and a reverse provision from the Allowance for Credit Losses. Despite challenges, the Bank maintains strong capital ratios, improved asset quality, and a positive outlook for future growth.

Commencement Bancorp, Inc. (CBWA) announced a special, one-time cash dividend of $0.20 per share of its common stock at the 2023 Annual Meeting of Shareholders. The dividend will be paid on May 31, 2024, to shareholders of record as of May 15, 2024. This marks the Company's first cash dividend after stock dividends in 2019 and 2018, showing gratitude to loyal investors amidst economic challenges and uncertainties.

Commencement Bank (CBWA) announces the relocation of its headquarters and Tacoma Branch to 1313 Broadway Street in Tacoma, Washington, scheduled for early 2025. The move aims to enhance workforce growth, departmental communication, and customer service, with the bank acquiring naming rights to the new building.

Commencement Bancorp, Inc. (CBWA) reported a net income of $3.1 million for 2023, showing a decrease from the previous year due to Federal Reserve rate increases impacting cost of funds. Despite higher interest income on loans, increased expenses related to core systems upgrade and branch expansion led to lower earnings. The Bank saw growth in total assets, total loans, and total deposits, with improved asset quality and regulatory capital ratios. Strategic investments in technology and new team members aim to support future growth and efficiency.