Welcome to our dedicated page for Commencement Bancorp news (Ticker: CBWA), a resource for investors and traders seeking the latest updates and insights on Commencement Bancorp stock.
Commencement Bancorp Inc (CBWA) delivers community-focused banking services through personalized financial solutions and disciplined risk management. This news hub provides investors and stakeholders with timely updates on the company’s strategic initiatives and financial performance.
Access authoritative reporting on CBWA’s deposit growth strategies, loan portfolio developments, and interest rate risk mitigation efforts. Our curated collection features earnings announcements, leadership updates, and operational milestones that reflect the bank’s commitment to sustainable community banking.
Key coverage areas include quarterly financial results, asset management decisions, regulatory compliance updates, and local economic impact initiatives. Bookmark this page for convenient access to CBWA’s latest press releases and market communications, ensuring you stay informed about this regional banking institution’s evolving strategies.
Commencement Bancorp, Inc. (OTCQX:CBWA) reported a record net income of $1.8 million for the third quarter of 2022, up 22% year-over-year. Earnings per share reached $0.45, representing a 63% increase from the previous quarter. Total assets amounted to $554 million, while loans grew by 13%, totaling $395.8 million. Non-interest income rose due to a non-recurring BOLI payout. The bank's return on average assets improved to 1.24%, supported by a strong net interest margin of 3.68%. However, expenses increased due to staffing for operational needs.
Commencement Bancorp, Inc. (OTCQX:CBWA) has announced a stock repurchase program effective from June 15, 2022 to June 14, 2023. This program allows for the repurchase of shares through various methods including open market transactions and block trades, adhering to SEC regulations. The number and value of repurchased shares will depend on market conditions and specific constraints outlined in the trading plans. This strategic move aims to enhance shareholder value.
Commencement Bancorp, Inc. (OTCQX:CBWA) has appointed Nigel L. English, the Bank's President and COO, to its board of directors. This strategic move aims to enhance the bank's management team amid current CEO John Manolides' succession planning. Hal Russell, Chairman of the Board, emphasized English's critical role in the bank's growth strategy. Commencement Bank, established in 2006, is dedicated to providing reliable banking services in Washington state, focusing on customer relationships and leveraging modern technology.
Commencement Bancorp, Inc. (CBWA) has successfully completed its stock repurchase plan, aimed at acquiring a limited number of shares of the company's common stock. The initiative concluded before its scheduled expiration of November 14, 2022, with all authorized shares repurchased. This strategic move may enhance shareholder value and reflects the company's confidence in its market position.
Commencement Bancorp, Inc. (OTCQX:CBWA) reported a net income of $983 thousand, or $0.24 per share, for Q1 2022, down from $1.6 million, or $0.38 per share, in Q1 2021. Total assets reached $550 million, a decrease from $579 million a year prior. Core loans grew by 9% annualized, while total deposits increased by 19% annualized to $22.4 million. The company noted a 50% decrease in time deposits and a stable 0.5% nonperforming assets ratio. Management anticipates growth opportunities amid rising interest rates.
Commencement Bank (OTCQX:CBWA) has appointed Nigel L. English as the new President and Chief Operating Officer. With over 30 years in the banking sector and a previous role as commercial banking market president at Heritage Bank, English will leverage his expertise to enhance the bank's growth initiatives. His focus on building client relationships aligns with Commencement's growth strategy. English officially started on March 29, 2022, and will work alongside John Manolides, CEO, to strengthen their market position.
Commencement Bancorp, Inc. (OTCQX:CBWA) reported a net income of $4.2 million for 2021, up from $4.0 million in 2020, with earnings per share at $1.00. Total assets rose by 1% to $531.3 million, and deposits remained stable at $472 million. The company's return on average assets was 0.75%, with a nonperforming assets ratio of 0.53%. Despite a 17% drop in total loans due to PPP forgiveness, net interest income increased by 8%. A second stock repurchase plan was approved to enhance shareholder value.
Commencement Bank (OTCQX:CBWA) announced the promotions of Jerald Kennedy to Senior Vice President, Chief Information Officer, and Rick Larson to Executive Vice President, Chief Credit Officer. Kennedy has been with the bank for eight years, while Larson has managed credit risk for four years. President and CEO John Manolides praised their contributions to the bank’s growth and risk management. Commencement Bank focuses on providing reliable banking services in Tacoma and surrounding areas, emphasizing community commitment and technological solutions.
Commencement Bancorp, Inc. (OTCQX:CBWA) has initiated a stock repurchase program effective November 15, 2021, set to last until November 14, 2022. This program allows for the repurchase of shares through open market or private transactions, adhering to SEC regulations. The number of shares repurchased will depend on various factors including market conditions and trading plans. The program aims to enhance shareholder value, demonstrating confidence in the company's financial health. For further details, visit Commencement Bank.
Commencement Bancorp, Inc. (OTCQX:CBWA) reported a net income of $1.46 million or $0.35 per share for Q3 2021, a rise from $1.21 million in Q3 2020. Total assets increased by 7% to $548 million, while total loans decreased by 17% to $352.4 million due to PPP loan forgiveness. Deposits grew by 7% to $33.5 million, with a notable improvement in the deposit mix. Net interest income rose by 18% to $4.4 million, and interest expense decreased to 0.26%. The tangible book value per share rose to $12.73.
