CW Bancorp Reports 2024 Full Year Earnings of $13.1 million, EPS of $4.30, ROA of 1.19% and ROTE of 16.69%
CW Bancorp (CWBK) reported Q4 2024 consolidated net income of $3.94 million ($1.30 per diluted share), up 11% from Q4 2023. Full-year 2024 net income was $13.15 million ($4.30 per diluted share), down from $17.61 million ($5.39 per diluted share) in 2023.
Key financial highlights include: loan growth of 9.5% ($68.6 million), deposit growth of 16% ($183.9 million), and total asset growth of 14.5% ($188.6 million). The bank maintained strong capital ratios with a tier 1 leverage ratio of 11.16% and total risk-based capital ratio of 17.92%.
The net interest margin slightly decreased to 3.81% in 2024 from 3.87% in 2023. Non-interest expense increased by 15% to $27.8 million, and the efficiency ratio rose to 59.97% from 50.14% in 2023.
CW Bancorp (CWBK) ha riportato un utile netto consolidato per il quarto trimestre 2024 di 3,94 milioni di dollari (1,30 dollari per azione diluita), con un aumento dell'11% rispetto al quarto trimestre 2023. L'utile netto per l'intero anno 2024 è stato di 13,15 milioni di dollari (4,30 dollari per azione diluita), in calo rispetto ai 17,61 milioni di dollari (5,39 dollari per azione diluita) nel 2023.
I principali punti finanziari includono: crescita dei prestiti del 9,5% (68,6 milioni di dollari), crescita dei depositi del 16% (183,9 milioni di dollari) e crescita totale degli attivi del 14,5% (188,6 milioni di dollari). La banca ha mantenuto solidi rapporti patrimoniali, con un rapporto di leva Tier 1 dell'11,16% e un rapporto totale di capitale basato sul rischio del 17,92%.
Il margine di interesse netto è leggermente diminuito al 3,81% nel 2024 rispetto al 3,87% nel 2023. Le spese non attinenti agli interessi sono aumentate del 15%, raggiungendo i 27,8 milioni di dollari, mentre il rapporto di efficienza è salito al 59,97% rispetto al 50,14% nel 2023.
CW Bancorp (CWBK) reportó un ingreso neto consolidado de $3.94 millones ($1.30 por acción diluida) en el cuarto trimestre de 2024, un aumento del 11% en comparación con el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de $13.15 millones ($4.30 por acción diluida), disminuyendo desde $17.61 millones ($5.39 por acción diluida) en 2023.
Los aspectos financieros clave incluyen: crecimiento de préstamos del 9.5% ($68.6 millones), crecimiento de depósitos del 16% ($183.9 millones) y crecimiento total de activos del 14.5% ($188.6 millones). El banco mantuvo sólidos índices de capital con un índice de apalancamiento de nivel 1 del 11.16% y un índice total de capital basado en riesgo del 17.92%.
El margen de interés neto disminuyó ligeramente al 3.81% en 2024 desde el 3.87% en 2023. Los gastos no relacionados con intereses aumentaron un 15%, alcanzando $27.8 millones, y la relación de eficiencia subió al 59.97% desde el 50.14% en 2023.
CW Bancorp (CWBK)는 2024년 4분기 연결 순이익이 394만 달러(희석 주당 1.30 달러)로, 2023년 4분기 대비 11% 증가했다고 보고했습니다. 2024년 전체 순이익은 1315만 달러(희석 주당 4.30 달러)로, 2023년 1761만 달러(희석 주당 5.39 달러)에서 감소했습니다.
주요 재무 하이라이트로는 대출 성장률 9.5%(6860만 달러), 예금 성장률 16%(1억 8390만 달러), 총 자산 성장률 14.5%(1억 8860만 달러)가 있습니다. 은행은 11.16%의 Tier 1 레버리지 비율과 17.92%의 총 위험 기반 자본 비율로 강력한 자본 비율을 유지했습니다.
순이자 마진은 2023년 3.87%에서 2024년 3.81%로 약간 감소했습니다. 비이자 비용은 15% 증가하여 2780만 달러에 도달했고, 효율성 비율은 2023년 50.14%에서 59.97%로 상승했습니다.
CW Bancorp (CWBK) a déclaré un revenu net consolidé pour le quatrième trimestre 2024 de 3,94 millions de dollars (1,30 dollar par action diluée), en hausse de 11 % par rapport au quatrième trimestre 2023. Le revenu net total pour l'année 2024 a été de 13,15 millions de dollars (4,30 dollars par action diluée), en baisse par rapport à 17,61 millions de dollars (5,39 dollars par action diluée) en 2023.
Les points financiers clés comprennent : une croissance des prêts de 9,5 % (68,6 millions de dollars), une croissance des dépôts de 16 % (183,9 millions de dollars) et une croissance totale des actifs de 14,5 % (188,6 millions de dollars). La banque a maintenu des ratios de capital solides avec un ratio de levier de niveau 1 de 11,16 % et un ratio de capital total basé sur le risque de 17,92 %.
La marge d'intérêt nette a légèrement diminué à 3,81 % en 2024 contre 3,87 % en 2023. Les charges non liées aux intérêts ont augmenté de 15 % pour atteindre 27,8 millions de dollars, et le ratio d'efficacité est passé de 50,14 % en 2023 à 59,97 %.
CW Bancorp (CWBK) berichtete im vierten Quartal 2024 ein konsolidiertes Nettoergebnis von 3,94 Millionen Dollar (1,30 Dollar pro verwässerter Aktie), was einem Anstieg von 11 % im Vergleich zum vierten Quartal 2023 entspricht. Das Nettoergebnis für das gesamte Jahr 2024 betrug 13,15 Millionen Dollar (4,30 Dollar pro verwässerter Aktie), was einem Rückgang von 17,61 Millionen Dollar (5,39 Dollar pro verwässerter Aktie) im Jahr 2023 entspricht.
Die wichtigsten finanziellen Höhepunkte umfassen: ein Kreditwachstum von 9,5 % (68,6 Millionen Dollar), ein Einlagenwachstum von 16 % (183,9 Millionen Dollar) und ein Gesamtvermögenswachstum von 14,5 % (188,6 Millionen Dollar). Die Bank hielt starke Kapitalquoten mit einem Tier-1-Leverage-Verhältnis von 11,16 % und einer Gesamtkapitalquote, die auf Risiken basiert, von 17,92 %.
Die Nettomarge sank leicht auf 3,81 % im Jahr 2024, von 3,87 % im Jahr 2023. Die Nichtzinsaufwendungen stiegen um 15 % auf 27,8 Millionen Dollar, und die Effizienzquote stieg von 50,14 % im Jahr 2023 auf 59,97 %.
- Q4 2024 EPS increased 16% year-over-year to $1.30
- Quarter-over-quarter net income growth of 26%
- Loan growth of 9.5% ($68.6 million)
- Deposit growth of 16% ($183.9 million)
- Total asset growth of 14.5% ($188.6 million)
- Strong capital ratios with tier 1 leverage at 11.16%
- Full-year 2024 EPS decreased 20% to $4.30 from $5.39
- Net interest margin declined from 3.87% to 3.81%
- Non-interest expense increased 15% to $27.8 million
- Efficiency ratio deteriorated to 59.97% from 50.14%
- Net interest income decreased 2% for full-year 2024
Key Financial Results for the three months ended December 31, 2024:
- EPS of
$1.30 16% - Net income of
$3.9 million 11% - Quarter over quarter net income growth of
26% - Return on Assets of
1.31% - Return on Tangible Equity of
18.95% - Quarter over quarter loan growth of
5.46% - Quarter over quarter deposit growth of
31% - ACL to total loans ratio of
1.45% - Liquid funds to total deposits ratio of
35% - No outstanding FRB or FHLB borrowings
- Leverage ratio of
11.16% and total risk-based capital ratio of17.92% - 60 quarters of consecutive profits
Key Financial Results for the twelve months ended December 31, 2024:
- EPS of
$4.30 - Net income of
$13.1 million - Return on Assets of
1.19% - Return on Tangible Equity of
16.69% - Loan growth of
$68.6 million 9.5% - Deposit growth of
$183.9 million 16% - Assets growth of
$188.6 million 14.5%
Mr. Ivo A. Tjan, Chairman and CEO said, "Our strong financial performance in 2024 reflects the power of our unique, client-centric business model. With
Total assets increased
Total deposits increased
Interest income was
Interest income was
Net interest income for the three months ended December 31, 2024, was
Provision for credit losses for the three months ended December 31, 2024, was
Non-interest income for the three months ended December 31, 2024, was
Non-interest expense for the three months ended December 31, 2024, was
The efficiency ratio for the three months ended December 31, 2024, was
Capital ratios for the Bank remain above the levels required for a "well capitalized" institution as designated by regulatory agencies. As of December 31, 2024, the tier 1 leverage ratio was
CommerceWest Bank is determined to redefine banking for small and medium sized businesses by delivering on customized products and services. Founded in 2001 and headquartered in
Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.
Please visit www.cwbk.com to learn more about the bank. "BANK ON THE DIFFERENCE"
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of
FOURTH QUARTER REPORT - December 31, 2024 (Unaudited) | ||||||
CW BANCORP | % | |||||
CONSOLIDATED BALANCE SHEET | Increase | |||||
(dollars in thousands) | Dec 31, 2024 | Dec 31, 2023 | (Decrease) | |||
ASSETS | ||||||
Cash and due from banks | $ 503,368 | $ 387,464 | 30 % | |||
Securities available for sale | 136,912 | 110,812 | 24 % | |||
Securities held-to-maturity | 28,581 | 50,610 | -44 % | |||
Loans | 793,075 | 724,444 | 9 % | |||
Less allowance for credit losses (ACL) | (11,489) | (11,533) | 0 % | |||
Loans, net | 781,586 | 712,911 | 10 % | |||
Bank premises and equipment, net | 3,543 | 4,405 | -20 % | |||
Other assets | 36,362 | 35,567 | 2 % | |||
Total assets | $ 1,490,352 | $ 1,301,769 | 14 % | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Non-interest bearing deposits | $ 613,877 | $ 548,149 | 12 % | |||
Interest bearing deposits | 728,544 | 610,340 | 19 % | |||
Total deposits | 1,342,421 | 1,158,489 | 16 % | |||
Subordinated debenture | 50,000 | 50,000 | 0 % | |||
Other liabilities | 13,345 | 14,419 | -7 % | |||
1,405,766 | 1,222,908 | 15 % | ||||
Stockholders' equity | 84,586 | 78,861 | 7 % | |||
Total liabilities and stockholders' equity | $ 1,490,352 | $ 1,301,769 | 14 % | |||
Shares outstanding at end of period | 2,990,223 | 3,096,360 | ||||
Book value per share | $ 31.69 | $ 28.41 | ||||
Total loans to total deposits | 59.08 % | 62.53 % | ||||
ACL to total loans | 1.45 % | 1.59 % | ||||
Nonperforming assets (non-accrual loans & OREO) | $ 6,381 | $ 4,144 | ||||
COMMERCEWEST BANK CAPITAL RATIOS: | ||||||
Tier 1 leverage ratio | 11.16 % | 12.09 % | ||||
Common equity tier 1 capital ratio | 16.67 % | 18.56 % | ||||
Tier 1 risk-based capital ratio | 16.67 % | 18.56 % | ||||
Total risk-based capital ratio | 17.92 % | 19.82 % | ||||
CW BANCORP | ||||||||||||
CONSOLIDATED STATEMENT OF INCOME (Unaudited) | Three Months Ended | Increase | For the Twelve Months Ended | Increase | ||||||||
(dollars in thousands except share and per share data) | Dec 31, 2024 | Dec 31, 2023 | (Decrease) | Dec 31, 2024 | Dec 31, 2023 | (Decrease) | ||||||
INTEREST INCOME | ||||||||||||
Loans | $ 10,856 | $ 10,146 | 7 % | $ 40,690 | $ 40,017 | 2 % | ||||||
Investments | 1,315 | 1,109 | 19 % | 4,799 | 4,309 | 11 % | ||||||
Fed funds sold and other | 2,579 | 1,709 | 51 % | 8,701 | 7,859 | 11 % | ||||||
Total interest income | 14,750 | 12,964 | 14 % | 54,190 | 52,185 | 4 % | ||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 3,245 | 2,698 | 20 % | 12,366 | 9,584 | 29 % | ||||||
Subordinated debenture | 469 | 469 | 0 % | 1,875 | 1,875 | 0 % | ||||||
Other borrowings | - | - | -100 % | - | 9 | -100 % | ||||||
Total interest expense | 3,714 | 3,167 | 17 % | 14,241 | 11,468 | 24 % | ||||||
NET INTEREST INCOME BEFORE CREDIT LOSS PROVISION | 11,036 | 9,797 | 13 % | 39,949 | 40,717 | -2 % | ||||||
PROVISION FOR CREDIT LOSSES | 25 | - | - | 25 | (1,326) | -102 % | ||||||
Non-interest income: | ||||||||||||
NET INTEREST INCOME AFTER CREDIT LOSS PROVISION | 11,011 | 9,797 | 12 % | 39,924 | 42,043 | -5 % | ||||||
NON-INTEREST INCOME | ||||||||||||
Service Charges and Fees on Deposits | 1,698 | 1,197 | 42 % | 4,932 | 5,088 | -3 % | ||||||
Loss on Sale of AFS Securities | - | - | - | - | (166) | -100 % | ||||||
Other Fees | 313 | 352 | -11 % | 1,234 | 1,459 | -15 % | ||||||
NON-INTEREST EXPENSE | 7,617 | 6,367 | 20 % | 27,798 | 24,087 | 15 % | ||||||
EARNINGS BEFORE INCOME TAXES | 5,405 | 4,979 | 9 % | 18,292 | 24,337 | -25 % | ||||||
INCOME TAXES | 1,465 | 1,434 | 2 % | 5,144 | 6,726 | -24 % | ||||||
NET INCOME | $ 3,940 | $ 3,545 | 11 % | $ 13,148 | $ 17,611 | -25 % | ||||||
Basic earnings per share | 17 % | -21 % | ||||||||||
Diluted earnings per share | 16 % | -20 % | ||||||||||
Return on Assets | 1.31 % | 1.33 % | -2 % | 1.19 % | 1.58 % | -25 % | ||||||
Return on Equity | 18.27 % | 18.91 % | -3 % | 16.06 % | 23.85 % | -33 % | ||||||
Return on Tangible Equity | 18.95 % | 19.72 % | -4 % | 16.69 % | 24.88 % | -33 % | ||||||
Efficiency Ratio | 58.12 % | 55.82 % | 4 % | 59.97 % | 50.14 % | 20 % | ||||||
CW BANCORP | |||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET and YIELD ANALYSIS | |||||||||||
Three Months Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest | Yield / | Average | Interest | Yield / | ||||||
(dollars in thousands) | |||||||||||
INTEREST EARNING ASSETS | |||||||||||
Int Bearing Due from Banks & FFS | $ 203,392 | $ 2,439 | 4.77 % | $ 114,418 | $ 1,571 | 5.45 % | |||||
Investment Securities (1) | 167,544 | 1,373 | 3.26 % | 155,688 | 1,168 | 2.98 % | |||||
Loans | 766,581 | 10,856 | 5.63 % | 729,798 | 10,146 | 5.52 % | |||||
FHLB & Other Stocks | 7,100 | 140 | 7.84 % | 7,100 | 138 | 7.71 % | |||||
Total interest-earning assets | 1,144,617 | 14,808 | 5.15 % | 1,007,004 | 13,023 | 5.13 % | |||||
Noninterest-earning assets | 54,295 | 53,211 | |||||||||
Total assets | $ 1,198,912 | $ 1,060,215 | |||||||||
INTEREST EARNING LIABILITIES | |||||||||||
Interest Bearing Deposits | $ 452,811 | $ 3,245 | 2.85 % | $ 377,481 | $ 2,698 | 2.84 % | |||||
Other Borrowings | - | - | - | - | - | - | |||||
Subordinated Debenture | 50,000 | 469 | 3.75 % | 50,000 | 469 | 3.75 % | |||||
Total interest-earning liabilities | 502,811 | 3,714 | 2.94 % | 427,481 | 3,167 | 2.94 % | |||||
Noninterest-earning liabilities | |||||||||||
Demand Deposits | 595,705 | 543,772 | |||||||||
Other Liabilities | 14,620 | 14,576 | |||||||||
Shareholders' Equity | 85,776 | 74,386 | |||||||||
Total liabilities and shareholder's equity | $ 1,198,912 | $ 1,060,215 | |||||||||
Net Interest Spread | $ 11,094 | 2.21 % | $ 9,856 | 2.19 % | |||||||
Net Interest Margin | 3.86 % | 3.88 % | |||||||||
Total Deposits | $ 1,048,516 | $ 3,245 | 1.23 % | $ 921,253 | $ 2,698 | 1.16 % | |||||
Total Funding Costs | $ 1,098,516 | $ 3,714 | 1.35 % | $ 971,253 | $ 3,167 | 1.29 % | |||||
(1) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |||||||||||
CW BANCORP | |||||||||||
CONSOLIDATED AVERAGE BALANCE SHEET and YIELD ANALYSIS | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest | Yield / | Average | Interest | Yield / | ||||||
(dollars in thousands) | |||||||||||
INTEREST EARNING ASSETS | |||||||||||
Int Bearing Due from Banks & FFS | $ 155,785 | $ 8,136 | 5.22 % | $ 141,213 | $ 7,366 | 5.22 % | |||||
Investment Securities (1) | 160,619 | 5,037 | 3.14 % | 159,280 | 4,582 | 2.88 % | |||||
Loans | 732,500 | 40,690 | 5.55 % | 751,757 | 40,017 | 5.32 % | |||||
FHLB & Other Stocks | 7,100 | 565 | 7.96 % | 6,924 | 493 | 7.12 % | |||||
Total interest-earning assets | 1,056,004 | 54,428 | 5.15 % | 1,059,174 | 52,458 | 4.95 % | |||||
Noninterest-earning assets | 52,899 | 56,858 | |||||||||
Total assets | $ 1,108,903 | $ 1,116,032 | |||||||||
INTEREST EARNING LIABILITIES | |||||||||||
Interest Bearing Deposits | $ 398,704 | $ 12,366 | 3.10 % | $ 399,390 | $ 9,584 | 2.40 % | |||||
Other Borrowings | - | - | - | 181 | 9 | 4.97 % | |||||
Subordinated Debenture | 50,000 | 1,875 | 3.75 % | 50,000 | 1,875 | 3.75 % | |||||
Total interest-earning liabilities | 448,704 | 14,241 | 3.17 % | 449,571 | 11,468 | 2.55 % | |||||
Noninterest-earning liabilities | |||||||||||
Demand Deposits | 564,223 | 578,427 | |||||||||
Other Liabilities | 14,130 | 14,191 | |||||||||
Shareholders' Equity | 81,846 | 73,843 | |||||||||
Total liabilities and shareholder's equity | $ 1,108,903 | $ 1,116,032 | |||||||||
Net Interest Spread | $ 40,187 | 1.98 % | $ 40,990 | 2.40 % | |||||||
Net Interest Margin | 3.81 % | 3.87 % | |||||||||
Total Deposits | $ 962,927 | $ 12,366 | 1.28 % | $ 977,817 | $ 9,584 | 0.98 % | |||||
Total Funding Costs | $ 1,012,927 | $ 14,241 | 1.41 % | $ 1,027,998 | $ 11,468 | 1.12 % | |||||
(1) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |||||||||||
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SOURCE CW Bancorp
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