CW Bancorp Reports Q2 2024 ROA 1.14% and ROTE of 16.77%
CW Bancorp (OTCQX: CWBK) reported Q2 2024 results with consolidated net income of $3,084,000 or $1.00 per diluted share, down 21% from Q2 2023. Key financial metrics include:
- Return on Assets: 1.14%
- Return on Tangible Equity: 16.77%
- ACL to total loans ratio: 1.60%
- Liquid funds to total deposits ratio: 20%
- Non-interest-bearing deposits to total deposits: 59%
The bank experienced quarter-over-quarter average deposit growth of 8% or $72 million. Total assets increased 3% from the previous quarter, while total deposits grew 3%. However, compared to the same period last year, total assets decreased 4% and total deposits declined 5%.
CW Bancorp (OTCQX: CWBK) ha riportato i risultati del secondo trimestre 2024 con un reddito netto consolidato di $3.084.000, ovvero $1,00 per azione diluita, in calo del 21% rispetto al secondo trimestre 2023. I principali indicatori finanziari includono:
- Rendimento degli attivi: 1,14%
- Rendimento del capitale tangibile: 16,77%
- Rapporto ACL su prestiti totali: 1,60%
- Rapporto fondi liquidi su depositi totali: 20%
- Depositi non fruttiferi su depositi totali: 59%
La banca ha registrato una crescita media dei depositi del 8% o $72 milioni rispetto al trimestre precedente. Gli attivi totali sono aumentati del 3% rispetto al trimestre precedente, mentre i depositi totali sono cresciuti del 3%. Tuttavia, rispetto allo stesso periodo dell'anno scorso, gli attivi totali sono diminuiti del 4% e i depositi totali sono calati del 5%.
CW Bancorp (OTCQX: CWBK) reportó los resultados del segundo trimestre de 2024 con un ingreso neto consolidado de $3,084,000 o $1.00 por acción diluida, una disminución del 21% en comparación con el segundo trimestre de 2023. Las métricas financieras clave incluyen:
- Retorno sobre activos: 1.14%
- Retorno sobre capital tangible: 16.77%
- Razón ACL sobre préstamos totales: 1.60%
- Razón de fondos líquidos sobre depósitos totales: 20%
- Depósitos no generadores de intereses sobre depósitos totales: 59%
El banco experimentó un crecimiento promedio de depósitos del 8% o $72 millones de un trimestre a otro. Los activos totales aumentaron un 3% con respecto al trimestre anterior, mientras que los depósitos totales crecieron un 3%. Sin embargo, en comparación con el mismo período del año pasado, los activos totales disminuyeron un 4% y los depósitos totales cayeron un 5%.
CW Bancorp (OTCQX: CWBK)는 2024년 2분기 결과를 발표하며 총 순이익이 $3,084,000, 즉 희석 주당 $1.00으로, 2023년 2분기 대비 21% 감소했다고 전했습니다. 주요 재무 지표는 다음과 같습니다:
- 자산 수익률: 1.14%
- 유형 자본 수익률: 16.77%
- 총 대출 대비 ACL 비율: 1.60%
- 총 예치금 대비 유동 자산 비율: 20%
- 총 예치금 대비 비이자 예치금: 59%
은행은 전 분기 대비 평균 예치금 증가율이 8% 또는 $72 백만에 달하였습니다. 총 자산은 전 분기 대비 3% 증가했으며, 총 예치금 또한 3% 증가했습니다. 그러나 지난해 같은 기간과 비교하면 총 자산이 4% 감소하고 총 예치금이 5% 줄어들었습니다.
CW Bancorp (OTCQX: CWBK) a publié les résultats du deuxième trimestre 2024 avec un revenu net consolidé de 3 084 000 $ soit 1,00 $ par action diluée, en baisse de 21 % par rapport au deuxième trimestre 2023. Les principaux indicateurs financiers incluent :
- Rendement des actifs : 1,14 %
- Rendement sur l'équité tangible : 16,77 %
- Rapport ACL sur les prêts totaux : 1,60 %
- Rapport des fonds liquides sur les dépôts totaux : 20 %
- Dépôts non rémunérateurs sur dépôts totaux : 59 %
La banque a connu une croissance moyenne des dépôts de 8 % ou 72 millions $ d'un trimestre à l'autre. Les actifs totaux ont augmenté de 3 % par rapport au trimestre précédent, tandis que les dépôts totaux ont également crû de 3 %. Cependant, par rapport à la même période de l'année dernière, les actifs totaux ont diminué de 4 % et les dépôts totaux ont baissé de 5 %.
CW Bancorp (OTCQX: CWBK) hat die Ergebnisse des 2. Quartals 2024 veröffentlicht mit einem konsolidierten Nettogewinn von 3.084.000 $ oder 1,00 $ pro verwässerter Aktie, was einem Rückgang von 21 % gegenüber dem 2. Quartal 2023 entspricht. Wichtige Finanzkennzahlen sind:
- Rendite auf Vermögenswerte: 1,14%
- Rendite auf bereinigtes Eigenkapital: 16,77%
- Verhältnis ACL zu Gesamtdarlehen: 1,60%
- Verhältnis liquider Mittel zu Gesamteinlagen: 20%
- Zinsenlose Einlagen zu Gesamteinlagen: 59%
Die Bank verzeichnete im Vergleich zum Vorquartal ein durchschnittliches Einlagenwachstum von 8% oder 72 Millionen $. Die Gesamtsumme der Vermögenswerte stieg um 3% im Vergleich zum vorherigen Quartal, während die Gesamteinlagen um 3% wuchsen. Im Vergleich zum gleichen Zeitraum im Vorjahr sanken die Gesamtvermögen jedoch um 4% und die Gesamteinlagen gingen um 5% zurück.
- Quarter-over-quarter average deposit growth of 8% or $72 million
- Return on Tangible Equity of 16.77%
- Strong capital ratios with tier 1 leverage ratio at 12.06% and total risk-based capital ratio at 19.67%
- 58 consecutive quarters of profits
- Total deposits increased 3% from the previous quarter
- EPS decreased 21% year-over-year for Q2 2024
- Net interest income decreased 6% year-over-year for Q2 2024
- Non-interest income decreased 27% year-over-year for Q2 2024
- Non-interest expense increased 10% year-over-year for Q2 2024
- Efficiency ratio increased from 49.83% in Q2 2023 to 60.28% in Q2 2024
Key Financial Results for the three months ended June 30, 2024:
-
EPS of
$1.00 -
Return on Assets of
1.14% -
Return on Tangible Equity of
16.77% -
ACL to total loans ratio of
1.60% -
Liquid funds to total deposits ratio of
20% - No outstanding FRB or FHLB borrowings
-
Non-interest-bearing deposits to total deposits of
59% -
Strong leverage ratio of
12.06% and total risk-based capital ratio of19.67% - 58 quarters of consecutive profits
Key Financial Results for the six months ended June 30, 2024:
-
EPS of
$1.96 -
Return on Assets of
1.16% -
Return on Tangible Equity of
16.45% -
Deposit Growth of
3% as compared to March 31, 2024 -
Total Asset Growth of
2.8% as compared to March 31, 2024
Mr. Ivo Tjan, Chairman and CEO commented, “The Bank had good results with quarter over quarter average deposit growth of
Total Assets increased
Total assets decreased
Total deposits decreased
Interest income was
Interest income was
Net interest income for the three months ended June 30, 2024, was
Provision for credit losses for the three months ended June 30, 2024, was zero compared to
Non-interest income for the three months ended June 30, 2024, was
Non-interest expense for the three months ended June 30, 2024, was
The efficiency ratio for the three months ended June 30, 2024, was
Capital ratios for the Bank remain above the levels required for a “well capitalized” institution as designated by regulatory agencies. As of June 30, 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
| SECOND QUARTER REPORT - JUNE 30, 2024 (Unaudited) | |||||||||||
| CW BANCORP | % | ||||||||||
| CONSOLIDATED BALANCE SHEET | Increase | ||||||||||
| (dollars in thousands) | June 30, 2024 | June 30, 2023 | (Decrease) | ||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ |
228,574 |
|
$ |
255,499 |
|
-11 |
% |
|||
| Securities available for sale |
|
121,232 |
|
|
102,357 |
|
18 |
% |
|||
| Securities held-to-maturity |
|
35,037 |
|
|
50,686 |
|
-31 |
% |
|||
| Loans |
|
716,953 |
|
|
747,272 |
|
-4 |
% |
|||
| Less allowance for credit losses (ACL) |
|
(11,489 |
) |
|
(11,042 |
) |
4 |
% |
|||
| Loans, net |
|
705,464 |
|
|
736,230 |
|
-4 |
% |
|||
| Bank premises and equipment, net |
|
3,984 |
|
|
4,683 |
|
-15 |
% |
|||
| Other assets |
|
36,234 |
|
|
31,930 |
|
13 |
% |
|||
| Total assets | $ |
1,130,525 |
|
$ |
1,181,385 |
|
-4 |
% |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Non-interest bearing deposits | $ |
582,750 |
|
$ |
609,859 |
|
-4 |
% |
|||
| Interest bearing deposits |
|
404,226 |
|
|
431,494 |
|
-6 |
% |
|||
| Total deposits |
|
986,976 |
|
|
1,041,353 |
|
-5 |
% |
|||
| Subordinated debenture |
|
50,000 |
|
|
50,000 |
|
0 |
% |
|||
| Other liabilities |
|
13,342 |
|
|
16,370 |
|
-18 |
% |
|||
|
1,050,318 |
|
|
1,107,723 |
|
-5 |
% |
||||
| Stockholders' equity |
|
80,207 |
|
|
73,662 |
|
9 |
% |
|||
| Total liabilities and stockholders' equity | $ |
1,130,525 |
|
$ |
1,181,385 |
|
-4 |
% |
|||
| Shares outstanding at end of period |
|
3,012,375 |
|
|
3,235,711 |
|
|||||
| Book value per share | $ |
29.92 |
|
$ |
26.18 |
|
|||||
| Total loans to total deposits |
|
72.64 |
% |
|
71.76 |
% |
|||||
| ACL to total loans |
|
1.60 |
% |
|
1.49 |
% |
|||||
| Nonperforming assets (non-accrual loans & OREO) | $ |
4,746 |
|
$ |
3,182 |
|
|||||
| COMMERCEWEST BANK CAPITAL RATIOS: | |||||||||||
| Tier 1 leverage ratio |
|
12.06 |
% |
|
10.79 |
% |
|||||
| Common equity tier 1 capital ratio |
|
18.41 |
% |
|
17.94 |
% |
|||||
| Tier 1 risk-based capital ratio |
|
18.41 |
% |
|
17.94 |
% |
|||||
| Total risk-based capital ratio |
|
19.67 |
% |
|
19.20 |
% |
|||||
| CW BANCORP | ||||||||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME (Unaudited) | Three Months Ended | Increase | For the Six Months Ended | Increase | ||||||||||||||||||
| (dollars in thousands except share and per share data) | June 30, 2024 | June 30, 2023 | (Decrease) | June 30, 2024 | June 30, 2023 | (Decrease) | ||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||||
| Loans | $ |
9,981 |
|
$ |
9,978 |
|
0 |
% |
$ |
19,790 |
|
$ |
19,882 |
|
0 |
% |
||||||
| Investments |
|
1,175 |
|
|
1,027 |
|
14 |
% |
|
2,292 |
|
|
2,185 |
|
5 |
% |
||||||
| Fed funds sold and other |
|
2,188 |
|
|
2,508 |
|
-13 |
% |
|
3,503 |
|
|
3,450 |
|
2 |
% |
||||||
| Total interest income |
|
13,344 |
|
|
13,513 |
|
-1 |
% |
|
25,585 |
|
|
25,517 |
|
0 |
% |
||||||
| INTEREST EXPENSE | ||||||||||||||||||||||
| Deposits |
|
3,104 |
|
|
2,644 |
|
17 |
% |
|
5,749 |
|
|
4,311 |
|
33 |
% |
||||||
| Subordinated debenture |
|
469 |
|
|
469 |
|
0 |
% |
|
938 |
|
|
938 |
|
0 |
% |
||||||
| Other borrowings |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
9 |
|
-100 |
% |
||||||
| Total interest expense |
|
3,573 |
|
|
3,113 |
|
15 |
% |
|
6,687 |
|
|
5,258 |
|
27 |
% |
||||||
| NET INTEREST INCOME BEFORE CREDIT LOSS PROVISION |
|
9,771 |
|
|
10,400 |
|
-6 |
% |
|
18,898 |
|
|
20,259 |
|
-7 |
% |
||||||
| PROVISION FOR CREDIT LOSSES |
|
- |
|
|
99 |
|
-100 |
% |
|
- |
|
|
174 |
|
-100 |
% |
||||||
| Non-interest income: | ||||||||||||||||||||||
| NET INTEREST INCOME AFTER CREDIT LOSS PROVISION |
|
9,771 |
|
|
10,301 |
|
-5 |
% |
|
18,898 |
|
|
20,085 |
|
-6 |
% |
||||||
| NON-INTEREST INCOME | ||||||||||||||||||||||
| Service Charges and Fees on Deposits |
|
927 |
|
|
1,318 |
|
-30 |
% |
|
1,832 |
|
|
2,409 |
|
-24 |
% |
||||||
| Loss on Sale of AFS Securities |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(166 |
) |
-100 |
% |
||||||
| Other Fees |
|
292 |
|
|
344 |
|
-15 |
% |
|
595 |
|
|
672 |
|
-11 |
% |
||||||
| NON-INTEREST EXPENSE |
|
6,661 |
|
|
6,041 |
|
10 |
% |
|
12,837 |
|
|
10,908 |
|
18 |
% |
||||||
| EARNINGS BEFORE INCOME TAXES |
|
4,329 |
|
|
5,922 |
|
-27 |
% |
|
8,488 |
|
|
12,092 |
|
-30 |
% |
||||||
| INCOME TAXES |
|
1,245 |
|
|
1,708 |
|
-27 |
% |
|
2,411 |
|
|
3,260 |
|
-26 |
% |
||||||
| NET INCOME | $ |
3,084 |
|
$ |
4,214 |
|
-27 |
% |
$ |
6,077 |
|
$ |
8,832 |
|
-31 |
% |
||||||
| Basic earnings per share | $ |
1.02 |
|
$ |
1.29 |
|
-21 |
% |
$ |
1.99 |
|
$ |
2.69 |
|
-26 |
% |
||||||
| Diluted earnings per share | $ |
1.00 |
|
$ |
1.27 |
|
-21 |
% |
$ |
1.96 |
|
$ |
2.64 |
|
-26 |
% |
||||||
| Return on Assets |
|
1.14 |
% |
|
1.45 |
% |
-21 |
% |
|
1.16 |
% |
|
1.57 |
% |
-26 |
% |
||||||
| Return on Equity |
|
16.10 |
% |
|
22.87 |
% |
-30 |
% |
|
15.80 |
% |
|
24.42 |
% |
-35 |
% |
||||||
| Return on Tangible Equity |
|
16.77 |
% |
|
23.85 |
% |
-30 |
% |
|
16.45 |
% |
|
25.49 |
% |
-35 |
% |
||||||
| Efficiency Ratio |
|
60.28 |
% |
|
49.83 |
% |
21 |
% |
|
59.86 |
% |
|
46.43 |
% |
29 |
% |
||||||
| CW BANCORP | |||||||||||||||||
| CONSOLIDATED AVERAGE BALANCE SHEET and YIELD ANALYSIS | |||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||
2024 |
2023 |
||||||||||||||||
| Average Balance |
Interest Income / Expense |
Yield / Cost |
Average Balance |
Interest Income / Expense |
Yield / Cost |
||||||||||||
| (dollars in thousands) | |||||||||||||||||
| INTEREST EARNING ASSETS | |||||||||||||||||
| Int Bearing Due from Banks & FFS | $ |
150,396 |
$ |
2,049 |
5.48 |
% |
$ |
187,693 |
$ |
2,396 |
5.12 |
% |
|||||
| Investment Securities (1) |
|
156,862 |
|
1,235 |
3.17 |
% |
|
155,438 |
|
1,088 |
2.81 |
% |
|||||
| Loans |
|
721,573 |
|
9,981 |
5.56 |
% |
|
757,153 |
|
9,978 |
5.29 |
% |
|||||
| FHLB & Other Stocks |
|
7,100 |
|
139 |
7.87 |
% |
|
6,983 |
|
112 |
6.43 |
% |
|||||
| Total interest-earning assets |
|
1,035,931 |
|
13,404 |
5.20 |
% |
|
1,107,267 |
|
13,574 |
4.92 |
% |
|||||
| Noninterest-earning assets |
|
48,448 |
|
61,242 |
|||||||||||||
| Total assets | $ |
1,084,379 |
$ |
1,168,509 |
|||||||||||||
| INTEREST EARNING LIABILITIES | |||||||||||||||||
| Interest Bearing Deposits | $ |
380,310 |
$ |
3,104 |
3.28 |
% |
$ |
437,694 |
$ |
2,644 |
2.42 |
% |
|||||
| Other Borrowings |
|
1 |
|
- |
0.00 |
% |
|
- |
|
- |
- |
|
|||||
| Subordinated Debenture |
|
50,000 |
|
469 |
3.75 |
% |
|
50,000 |
|
469 |
3.75 |
% |
|||||
| Total interest-earning liabilities |
|
430,311 |
|
3,573 |
3.34 |
% |
|
487,694 |
|
3,113 |
2.56 |
% |
|||||
| Noninterest-earning liabilities | |||||||||||||||||
| Demand Deposits |
|
563,105 |
|
593,612 |
|||||||||||||
| Other Liabilities |
|
13,933 |
|
13,271 |
|||||||||||||
| Shareholders' Equity |
|
77,030 |
|
73,932 |
|||||||||||||
| Total liabilities and shareholder's equity | $ |
1,084,379 |
$ |
1,168,509 |
|||||||||||||
| Net Interest Spread | $ |
9,831 |
1.86 |
% |
$ |
10,461 |
2.36 |
% |
|||||||||
| Net Interest Margin | 3.82 |
% |
3.79 |
% |
|||||||||||||
| Total Deposits | $ |
943,415 |
$ |
3,104 |
1.32 |
% |
$ |
1,031,306 |
$ |
2,644 |
1.03 |
% |
|||||
| Total Funding Costs | $ |
993,416 |
$ |
3,573 |
1.45 |
% |
$ |
1,081,306 |
$ |
3,113 |
1.15 |
% |
|||||
(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 | |||||||||||||||||
| Six Months Ended June 30, | |||||||||||||||||
2024 |
2023 |
||||||||||||||||
| Average Balance |
Interest Income / Expense |
Yield / Cost |
Average Balance |
Interest Income / Expense |
Yield / Cost |
||||||||||||
| (dollars in thousands) | |||||||||||||||||
| INTEREST EARNING ASSETS | |||||||||||||||||
| Int Bearing Due from Banks & FFS | $ |
118,279 |
$ |
3,217 |
5.47 |
% |
$ |
130,527 |
$ |
3,232 |
4.99 |
% |
|||||
| Investment Securities (1) |
|
158,629 |
|
2,412 |
3.06 |
% |
|
164,012 |
|
2,338 |
2.87 |
% |
|||||
| Loans |
|
721,422 |
|
19,790 |
5.52 |
% |
|
768,619 |
|
19,882 |
5.22 |
% |
|||||
| FHLB & Other Stocks |
|
7,100 |
|
286 |
8.10 |
% |
|
6,745 |
|
218 |
6.52 |
% |
|||||
| Total interest-earning assets |
|
1,005,430 |
|
25,705 |
5.14 |
% |
|
1,069,903 |
|
25,670 |
4.84 |
% |
|||||
| Noninterest-earning assets |
|
47,792 |
|
61,144 |
|||||||||||||
| Total assets | $ |
1,053,222 |
$ |
1,131,047 |
|||||||||||||
| INTEREST EARNING LIABILITIES | |||||||||||||||||
| Interest Bearing Deposits | $ |
359,520 |
$ |
5,749 |
3.22 |
% |
$ |
409,825 |
$ |
4,311 |
2.12 |
% |
|||||
| Other Borrowings |
|
1 |
|
- |
0.00 |
% |
|
365 |
|
9 |
4.97 |
% |
|||||
| Subordinated Debenture |
|
50,000 |
|
938 |
3.75 |
% |
|
50,000 |
|
938 |
3.75 |
% |
|||||
| Total interest-earning liabilities |
|
409,521 |
|
6,687 |
3.28 |
% |
|
460,190 |
|
5,258 |
2.30 |
% |
|||||
| Noninterest-earning liabilities | |||||||||||||||||
| Demand Deposits |
|
552,319 |
|
584,658 |
|||||||||||||
| Other Liabilities |
|
14,021 |
|
13,259 |
|||||||||||||
| Shareholders' Equity |
|
77,361 |
|
72,940 |
|||||||||||||
| Total liabilities and shareholder's equity | $ |
1,053,222 |
$ |
1,131,047 |
|||||||||||||
| Net Interest Spread | $ |
19,018 |
1.86 |
% |
$ |
20,412 |
2.54 |
% |
|||||||||
| Net Interest Margin | 3.80 |
% |
3.85 |
% |
|||||||||||||
| Total Deposits | $ |
911,839 |
$ |
5,749 |
1.27 |
% |
$ |
994,483 |
$ |
4,311 |
0.87 |
% |
|||||
| Total Funding Costs | $ |
961,840 |
$ |
6,687 |
1.40 |
% |
$ |
1,044,848 |
$ |
5,258 |
1.01 |
% |
|||||
(1) |
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731053378/en/
Bancorp Contact
Mr. Ivo A. Tjan, CEO
Ms. Leeann Cochran, CFO
Telephone: (866) 521-CWBK
E-mail: InvestorRelations@cwbk.com
Website: www.cwbk.com
"Bank on the Difference"
Source: CW Bancorp
FAQ
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