CW Bancorp Reports Q3 2024 ROA 1.11% and ROTE of 15.64%
CW Bancorp reported Q3 2024 consolidated net income of $3,131,000 ($1.03 per diluted share), down 36% from Q3 2023's $5,234,000 ($1.61 per diluted share). Key metrics include 1.11% ROA, 15.64% ROTE, 5% quarterly loan growth, and 4% deposit growth. The bank maintained strong capital ratios with an 11.77% leverage ratio and 18.70% total risk-based capital ratio. Total assets increased 11% year-over-year, while deposits grew by 11%. However, net interest income decreased 6% to $10,015,000, with net interest margin declining to 3.75% from 3.90% in 2023.
CW Bancorp ha riportato un reddito netto consolidato per il terzo trimestre del 2024 di $3.131.000 (cioè $1.03 per azione diluita), in calo del 36% rispetto ai $5.234.000 ($1.61 per azione diluita) del terzo trimestre del 2023. Le metriche chiave includono un 1.11% di ROA, un 15.64% di ROTE, una crescita dei prestiti trimestrali del 5% e una crescita dei depositi del 4%. La banca ha mantenuto solidi rapporti di capitale con un 11.77% di coefficiente di leva e un 18.70% di coefficiente di capitale complessivo basato sul rischio. Gli attivi totali sono aumentati dell'11% su base annuale, mentre i depositi sono cresciuti dell'11%. Tuttavia, il reddito netto da interessi è diminuito del 6% a $10.015.000, con il margine d'interesse netto in calo al 3.75% rispetto al 3.90% del 2023.
CW Bancorp reportó un ingreso neto consolidado para el tercer trimestre de 2024 de $3,131,000 ($1.03 por acción diluida), una disminución del 36% respecto a los $5,234,000 ($1.61 por acción diluida) del tercer trimestre de 2023. Las métricas clave incluyen un 1.11% de ROA, un 15.64% de ROTE, un crecimiento de préstamos trimestral del 5% y un crecimiento de depósitos del 4%. El banco mantuvo ratios de capital sólidos con un 11.77% de razón de apalancamiento y un 18.70% de razón de capital total basado en riesgos. Los activos totales aumentaron un 11% interanual, mientras que los depósitos crecieron un 11%. Sin embargo, el ingreso neto por intereses disminuyó un 6% a $10,015,000, con el margen de interés neto cayendo al 3.75% desde el 3.90% de 2023.
CW Bancorp는 2024년 3분기 연결 순이익이 $3,131,000 (희석 주당 $1.03)로 2023년 3분기 $5,234,000 ($1.61 희석 주당)보다 36% 감소했다고 보고했습니다. 주요 지표에는 1.11% ROA, 15.64% ROTE, 분기별 대출 성장률 5% 및 예금 성장률 4%가 포함됩니다. 은행은 11.77% 레버리지 비율 및 18.70% 총 위험 기반 자본 비율로 강력한 자본 비율을 유지했습니다. 총 자산은 전년 대비 11% 증가했으며, 예금은 11% 증가했습니다. 그러나 순이자 수익은 $10,015,000로 6% 감소했으며, 순이자 마진은 2023년 3.90%에서 3.75%로 줄어들었습니다.
CW Bancorp a annoncé un revenu net consolidé pour le troisième trimestre 2024 de $3,131,000 ($1.03 par action diluée), en baisse de 36% par rapport aux $5,234,000 ($1.61 par action diluée) du troisième trimestre 2023. Les indicateurs clés incluent un 1.11% de ROA, un 15.64% de ROTE, une croissance des prêts trimestriels de 5% et une croissance des dépôts de 4%. La banque a maintenu de solides ratios de capital avec un 11.77% de ratio de levier et un 18.70% de ratio de capital total basé sur le risque. Les actifs totaux ont augmenté de 11% d'une année sur l'autre, tandis que les dépôts ont crû de 11%. Cependant, le revenu net d'intérêts a diminué de 6% à $10,015,000, le taux de marge d'intérêts nets passant de 3.90% en 2023 à 3.75%.
CW Bancorp berichtete einen konsolidierten Nettoertrag für das 3. Quartal 2024 in Höhe von $3.131.000 ($1,03 pro verwässerter Aktie), was einem Rückgang von 36% im Vergleich zu $5.234.000 ($1,61 pro verwässerter Aktie) im 3. Quartal 2023 entspricht. Wichtige Kennzahlen umfassen eine 1,11% ROA, 15,64% ROTE, ein vierteljährliches Kreditwachstum von 5% und ein Einlagenwachstum von 4%. Die Bank hielt eine starke Kapitalquote aufrecht mit einem 11,77% Leverage-Verhältnis und einem 18,70% gesamten risikogerechten Kapitalverhältnis. Die Gesamtaktiva stiegen im Jahresvergleich um 11%, während die Einlagen um 11% wuchsen. Allerdings sank das Nettozinseinkommen um 6% auf $10.015.000, während die Nettozinsspanne von 3,90% auf 3,75% im Jahr 2023 zurückging.
- Quarter-over-quarter loan growth of 5%
- Deposit growth of 11% year-over-year
- Total assets increased by 11% year-over-year
- Strong capital position with 18.70% total risk-based capital ratio
- 56% of deposits are non-interest-bearing
- No outstanding FRB or FHLB borrowings
- Net income decreased 36% year-over-year in Q3
- EPS declined from $1.61 to $1.03 in Q3 2024
- Net interest margin decreased from 3.90% to 3.75%
- Non-interest income decreased 10% in Q3
- Efficiency ratio worsened from 51.92% to 62.23%
- Non-interest expenses increased 8% year-over-year
Key Financial Results for the three months ended September 30, 2024:
-
EPS of
$1.03 -
Return on Assets of
1.11% -
Return on Tangible Equity of
15.64% -
Quarter over quarter loan growth of
5% -
Quarter over quarter deposit growth of
4% -
ACL to total loans ratio of
1.53% -
Liquid funds to total deposits ratio of
19% - No outstanding FRB or FHLB borrowings
-
Non-interest-bearing deposits to total deposits of
56% -
Strong leverage ratio of
11.77% and total risk-based capital ratio of18.70% - 59 quarters of consecutive profits
Key Financial Results for the nine months ended September 30, 2024:
-
EPS of
$2.99 -
Return on Assets of
1.14% -
Return on Tangible Equity of
15.88% -
Year over year loan growth of
2% -
Year over year deposit growth of
11% -
Year over year total asset growth of
11%
Mr. Ivo A. Tjan, Chairman and CEO commented, “Our company has demonstrated strong performance this quarter, with robust growth in both loans and deposits, highlighted by double digit increases in deposits and total assets year over year.” Mr. Tjan continued, “In the face of ongoing global and regional economic uncertainty, we remain committed to safeguarding our financial strength. Our fortress like balance sheet, supported by a
Total assets increased
Total deposits increased
Interest income was
Interest income was
Net interest income for the three months ended September 30, 2024, was
Provision for credit losses for the three months ended September 30, 2024, was zero compared to a negative provision for credit losses of
Non-interest income for the three months ended September 30, 2024, was
Non-interest expense for the three months ended September 30, 2024, was
The efficiency ratio for the three months ended September 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 September 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
| THIRD QUARTER REPORT - September 30, 2024 (Unaudited) | ||||||||||||
| CW BANCORP | % | |||||||||||
| CONSOLIDATED BALANCE SHEET | Increase | |||||||||||
| (dollars in thousands) | Sept 30, 2024 | Sept 30, 2023 | (Decrease) | |||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ |
237,913 |
|
$ |
151,698 |
|
57 |
% |
||||
| Securities available for sale |
|
126,950 |
|
|
100,171 |
|
27 |
% |
||||
| Securities held-to-maturity |
|
30,509 |
|
|
50,646 |
|
-40 |
% |
||||
| Loans |
|
752,003 |
|
|
734,016 |
|
2 |
% |
||||
| Less allowance for credit losses (ACL) |
|
(11,494 |
) |
|
(11,530 |
) |
0 |
% |
||||
| Loans, net |
|
740,509 |
|
|
722,486 |
|
2 |
% |
||||
| Bank premises and equipment, net |
|
3,801 |
|
|
4,592 |
|
-17 |
% |
||||
| Other assets |
|
35,536 |
|
|
31,698 |
|
12 |
% |
||||
| Total assets | $ |
1,175,218 |
|
$ |
1,061,291 |
|
11 |
% |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Non-interest bearing deposits | $ |
578,535 |
|
$ |
548,107 |
|
6 |
% |
||||
| Interest bearing deposits |
|
448,348 |
|
|
376,502 |
|
19 |
% |
||||
| Total deposits |
|
1,026,883 |
|
|
924,609 |
|
11 |
% |
||||
| Subordinated debenture |
|
50,000 |
|
|
50,000 |
|
0 |
% |
||||
| Other liabilities |
|
13,358 |
|
|
13,623 |
|
-2 |
% |
||||
|
1,090,241 |
|
|
988,232 |
|
10 |
% |
|||||
| Stockholders' equity |
|
84,977 |
|
|
73,059 |
|
16 |
% |
||||
| Total liabilities and stockholders' equity | $ |
1,175,218 |
|
$ |
1,061,291 |
|
11 |
% |
||||
| Shares outstanding at end of period |
|
3,000,598 |
|
|
3,177,402 |
|
||||||
| Book value per share | $ |
30.75 |
|
$ |
27.50 |
|
||||||
| Total loans to total deposits |
|
73.23 |
% |
|
79.39 |
% |
||||||
| ACL to total loans |
|
1.53 |
% |
|
1.58 |
% |
||||||
| Nonperforming assets (non-accrual loans & OREO) | $ |
5,678 |
|
$ |
4,177 |
|
||||||
| COMMERCEWEST BANK CAPITAL RATIOS: | ||||||||||||
| Tier 1 leverage ratio |
|
11.77 |
% |
|
11.18 |
% |
||||||
| Common equity tier 1 capital ratio |
|
17.45 |
% |
|
18.43 |
% |
||||||
| Tier 1 risk-based capital ratio |
|
17.45 |
% |
|
18.43 |
% |
||||||
| Total risk-based capital ratio |
|
18.70 |
% |
|
19.68 |
% |
||||||
| CW BANCORP | ||||||||||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME (Unaudited) | Three Months Ended | Increase | For the Nine Months Ended | Increase | ||||||||||||||||||||
| (dollars in thousands except share and per share data) | Sept 30, 2024 | Sept 30, 2023 | (Decrease) | Sept 30, 2024 | Sept 30, 2023 | (Decrease) | ||||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||||||
| Loans | $ |
10,044 |
|
$ |
9,988 |
|
1 |
% |
$ |
29,834 |
|
$ |
29,871 |
|
0 |
% |
||||||||
| Investments |
|
1,193 |
|
|
1,016 |
|
17 |
% |
|
3,485 |
|
|
3,200 |
|
9 |
% |
||||||||
| Fed funds sold and other |
|
2,619 |
|
|
2,700 |
|
-3 |
% |
|
6,122 |
|
|
6,150 |
|
0 |
% |
||||||||
| Total interest income |
|
13,856 |
|
|
13,704 |
|
1 |
% |
|
39,441 |
|
|
39,221 |
|
1 |
% |
||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||
| Deposits |
|
3,372 |
|
|
2,575 |
|
31 |
% |
|
9,121 |
|
|
6,886 |
|
32 |
% |
||||||||
| Subordinated debenture |
|
469 |
|
|
469 |
|
0 |
% |
|
1,406 |
|
|
1,406 |
|
0 |
% |
||||||||
| Other borrowings |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
9 |
|
-100 |
% |
||||||||
| Total interest expense |
|
3,841 |
|
|
3,044 |
|
26 |
% |
|
10,527 |
|
|
8,301 |
|
27 |
% |
||||||||
| NET INTEREST INCOME BEFORE CREDIT LOSS PROVISION |
|
10,015 |
|
|
10,660 |
|
-6 |
% |
|
28,914 |
|
|
30,920 |
|
-6 |
% |
||||||||
| PROVISION FOR CREDIT LOSSES |
|
- |
|
|
(1,500 |
) |
-100 |
% |
|
- |
|
|
(1,326 |
) |
-100 |
% |
||||||||
| Non-interest income: | ||||||||||||||||||||||||
| NET INTEREST INCOME AFTER CREDIT LOSS PROVISION |
|
10,015 |
|
|
12,160 |
|
-18 |
% |
|
28,914 |
|
|
32,246 |
|
-10 |
% |
||||||||
| NON-INTEREST INCOME | ||||||||||||||||||||||||
| Service Charges and Fees on Deposits |
|
1,402 |
|
|
1,482 |
|
-5 |
% |
|
3,234 |
|
|
3,891 |
|
-17 |
% |
||||||||
| Loss on Sale of AFS Securities |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(166 |
) |
-100 |
% |
||||||||
| Other Fees |
|
325 |
|
|
436 |
|
-25 |
% |
|
920 |
|
|
1,107 |
|
-17 |
% |
||||||||
| NON-INTEREST EXPENSE |
|
7,344 |
|
|
6,812 |
|
8 |
% |
|
20,182 |
|
|
17,720 |
|
14 |
% |
||||||||
| EARNINGS BEFORE INCOME TAXES |
|
4,398 |
|
|
7,266 |
|
-39 |
% |
|
12,886 |
|
|
19,358 |
|
-33 |
% |
||||||||
| INCOME TAXES |
|
1,267 |
|
|
2,032 |
|
-38 |
% |
|
3,678 |
|
|
5,292 |
|
-30 |
% |
||||||||
| NET INCOME | $ |
3,131 |
|
$ |
5,234 |
|
-40 |
% |
$ |
9,208 |
|
$ |
14,066 |
|
-35 |
% |
||||||||
| Basic earnings per share | $ |
1.04 |
|
$ |
1.63 |
|
-36 |
% |
$ |
3.03 |
|
$ |
4.32 |
|
-30 |
% |
||||||||
| Diluted earnings per share | $ |
1.03 |
|
$ |
1.61 |
|
-36 |
% |
$ |
2.99 |
|
$ |
4.26 |
|
-30 |
% |
||||||||
| Return on Assets |
|
1.11 |
% |
|
1.82 |
% |
-39 |
% |
|
1.14 |
% |
|
1.66 |
% |
-31 |
% |
||||||||
| Return on Equity |
|
15.06 |
% |
|
27.66 |
% |
-46 |
% |
|
15.27 |
% |
|
25.53 |
% |
-40 |
% |
||||||||
| Return on Tangible Equity |
|
15.64 |
% |
|
28.83 |
% |
-46 |
% |
|
15.88 |
% |
|
26.64 |
% |
-40 |
% |
||||||||
| Efficiency Ratio |
|
62.23 |
% |
|
51.92 |
% |
20 |
% |
|
60.70 |
% |
|
48.35 |
% |
26 |
% |
||||||||
| CW BANCORP | |||||||||||||||||
| CONSOLIDATED AVERAGE BALANCE SHEET and YIELD ANALYSIS | |||||||||||||||||
| Three Months Ended September 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 | $ |
182,374 |
$ |
2,480 |
5.41 |
% |
$ |
189,032 |
$ |
2,564 |
5.38 |
% |
|||||
| Investment Securities (1) |
|
157,632 |
|
1,252 |
3.16 |
% |
|
153,564 |
|
1,076 |
2.78 |
% |
|||||
| Loans |
|
720,333 |
|
10,044 |
5.55 |
% |
|
740,542 |
|
9,988 |
5.35 |
% |
|||||
| FHLB & Other Stocks |
|
7,100 |
|
139 |
7.79 |
% |
|
7,100 |
|
136 |
7.60 |
% |
|||||
| Total interest-earning assets |
|
1,067,439 |
|
13,915 |
5.19 |
% |
|
1,090,238 |
|
13,764 |
5.01 |
% |
|||||
| Noninterest-earning assets |
|
57,526 |
|
52,067 |
|||||||||||||
| Total assets | $ |
1,124,965 |
$ |
1,142,305 |
|||||||||||||
| INTEREST EARNING LIABILITIES | |||||||||||||||||
| Interest Bearing Deposits | $ |
422,112 |
$ |
3,372 |
3.18 |
% |
$ |
400,765 |
$ |
2,575 |
2.55 |
% |
|||||
| Other Borrowings |
|
- |
|
- |
- |
|
|
- |
|
- |
- |
|
|||||
| Subordinated Debenture |
|
50,000 |
|
469 |
3.75 |
% |
|
50,000 |
|
469 |
3.75 |
% |
|||||
| Total interest-earning liabilities |
|
472,112 |
|
3,841 |
3.24 |
% |
|
450,765 |
|
3,044 |
2.68 |
% |
|||||
| Noninterest-earning liabilities | |||||||||||||||||
| Demand Deposits |
|
556,290 |
|
600,824 |
|||||||||||||
| Other Liabilities |
|
13,857 |
|
15,639 |
|||||||||||||
| Shareholders' Equity |
|
82,706 |
|
75,077 |
|||||||||||||
| Total liabilities and shareholder's equity | $ |
1,124,965 |
$ |
1,142,305 |
|||||||||||||
| Net Interest Spread | $ |
10,074 |
1.95 |
% |
$ |
10,720 |
2.33 |
% |
|||||||||
| Net Interest Margin | 3.75 |
% |
3.90 |
% |
|||||||||||||
| Total Deposits | $ |
978,402 |
$ |
3,372 |
1.37 |
% |
$ |
1,001,589 |
$ |
2,575 |
1.02 |
% |
|||||
| Total Funding Costs | $ |
1,028,402 |
$ |
3,841 |
1.49 |
% |
$ |
1,051,589 |
$ |
3,044 |
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 | |||||||||||||||||
| Nine Months Ended September 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 | $ |
139,800 |
$ |
5,697 |
5.44 |
% |
$ |
150,242 |
$ |
5,795 |
5.16 |
% |
|||||
| Investment Securities (1) |
|
158,295 |
|
3,664 |
3.09 |
% |
|
160,491 |
|
3,414 |
2.84 |
% |
|||||
| Loans |
|
721,056 |
|
29,834 |
5.53 |
% |
|
759,157 |
|
29,871 |
5.26 |
% |
|||||
| FHLB & Other Stocks |
|
7,100 |
|
425 |
8.00 |
% |
|
6,865 |
|
355 |
6.91 |
% |
|||||
| Total interest-earning assets |
|
1,026,251 |
|
39,620 |
5.16 |
% |
|
1,076,755 |
|
39,435 |
4.90 |
% |
|||||
| Noninterest-earning assets |
|
52,431 |
|
58,086 |
|||||||||||||
| Total assets | $ |
1,078,682 |
$ |
1,134,841 |
|||||||||||||
| INTEREST EARNING LIABILITIES | |||||||||||||||||
| Interest Bearing Deposits | $ |
380,537 |
$ |
9,121 |
3.20 |
% |
$ |
406,772 |
$ |
6,886 |
2.26 |
% |
|||||
| Other Borrowings |
|
- |
|
- |
- |
|
|
242 |
|
9 |
4.97 |
% |
|||||
| Subordinated Debenture |
|
50,000 |
|
1,406 |
3.75 |
% |
|
50,000 |
|
1,406 |
3.75 |
% |
|||||
| Total interest-earning liabilities |
|
430,537 |
|
10,527 |
3.27 |
% |
|
457,014 |
|
8,301 |
2.43 |
% |
|||||
| Noninterest-earning liabilities | |||||||||||||||||
| Demand Deposits |
|
553,652 |
|
590,106 |
|||||||||||||
| Other Liabilities |
|
13,966 |
|
14,061 |
|||||||||||||
| Shareholders' Equity |
|
80,527 |
|
73,660 |
|||||||||||||
| Total liabilities and shareholder's equity | $ |
1,078,682 |
$ |
1,134,841 |
|||||||||||||
| Net Interest Spread | $ |
29,093 |
1.89 |
% |
$ |
31,134 |
2.47 |
% |
|||||||||
| Net Interest Margin | 3.79 |
% |
3.87 |
% |
|||||||||||||
| Total Deposits | $ |
934,189 |
$ |
9,121 |
1.30 |
% |
$ |
996,878 |
$ |
6,886 |
0.92 |
% |
|||||
| Total Funding Costs | $ |
984,189 |
$ |
10,527 |
1.43 |
% |
$ |
1,047,120 |
$ |
8,301 |
1.06 |
% |
|||||
| (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/20241031117877/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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