CW Bancorp Reports Record First Quarter 2021 with EPS of $0.99 and ROTE of 21.40%
CW Bancorp (OTC: CWBK) reported a significant increase in consolidated net income for Q1 2021, reaching $3,647,000 ($0.99/share), a 230% rise from $1,123,000 ($0.30/share) in Q1 2020. Key metrics show a record net income growth of 225%, a ROA of 1.26%, and a ROTE of 21.40%. Total assets surged by 86% to $1,182 million, while deposits grew by 89% to $1,063 million. The bank maintained zero nonperforming loans and demonstrated strong efficiency with a ratio of 41.78%. Management highlighted successful digital banking investments amid the ongoing pandemic.
- Consolidated net income increased by 225% to $3,647,000.
- Record EPS of $0.99, up 230% year-over-year.
- Total assets grew 86% to $1,182 million.
- Deposits surged by 89% to $1,063 million.
- Net interest income rose by 31% to $7,196,000.
- Zero nonperforming loans reported.
- Efficiency ratio improved to 41.78%.
- Net interest margin decreased from 3.96% in 2020 to 2.65% in 2021.
- Non-interest income decreased by 4% to $1,107,000.
CW Bancorp (OTC: CWBK), the parent company (“the Company”) of CommerceWest Bank (the “Bank”) reported consolidated net income for the first quarter of 2021 of
Key Financial Results for the three months ended March 31, 2021:
-
Record net income growth of
225% -
Record EPS of
$0.99 up230% -
ROA of
1.26% up66% -
ROTE of
21.40% up198% -
Record deposit growth of
$503 million up89% -
Record loan growth of
$227 million up50% -
Record efficiency ratio of
41.78% -
Net interest income up
31% -
Interest expense down
52% -
Cost of funds of
0.14% down77% - Zero nonperforming loans
- 45 quarters of consecutive profits
-
ALLL to total loans ratio (net of PPP loans) of
1.79% -
Noninterest-bearing deposits as percent of total deposits at
61%
Mr. Ivo Tjan, Chairman and CEO, said, “The Bank has improved its earnings power over the last twelve months and our core earnings reflect this with net interest income growth of
Mr. Tjan continued, “We have stayed true to our business model and kept focused on our core competency. Over the years, the Bank has continued investing in a digital banking platform, both for our clients and for our employees, and it has served us well. We were well ahead of the curve with our digital strategy and believe the banking environment has been forever changed. We look forward to a bright future with continued market share growth in California.”
Total assets increased
Total deposits increased
Interest income was
Net interest income for the three months ended March 31, 2021 was
There was no provision for loan losses for the three months ended March 31, 2021 compared to
Non-interest income for the three months ended March 31, 2021 was
Non-interest expense for the three months ended March 31, 2021 was
The efficiency ratio for the three months ended March 31, 2021 was
Capital ratios for the Bank remain above the levels required for a “well capitalized” institution as designated by regulatory agencies. As of March 31, 2021, the tier 1 leverage ratio was
CommerceWest Bank is a California based full-service business bank with a unique vision and culture of focusing exclusively on the business community by delivering on customized products and services. Founded in 2001 and headquartered in Irvine, California, the Bank serves businesses throughout the state of California. We provide a wide range of commercial banking services, including remote deposit solution, online banking, mobile banking, lines of credit, M&A / working capital loans, commercial real estate loans, SBA loans and treasury management services.
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 the United States government and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
| FIRST QUARTER REPORT - MARCH 31, 2021 (Unaudited) | |||||||||||
| % | |||||||||||
| CONSOLIDATED BALANCE SHEET | Increase | ||||||||||
| (dollars in thousands) | March 31, 2021 | March 31, 2020 | (Decrease) | ||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ |
413,101 |
|
$ |
98,797 |
|
318 |
% |
|||
| Securities available for sale |
|
75,354 |
|
|
70,115 |
|
7 |
% |
|||
| Securities held-to-maturity |
|
1,100 |
|
|
- |
|
0 |
% |
|||
| Loans |
|
681,543 |
|
|
454,916 |
|
50 |
% |
|||
| Less allowance for loan losses |
|
(9,386 |
) |
|
(7,473 |
) |
26 |
% |
|||
| Loans, net |
|
672,157 |
|
|
447,443 |
|
50 |
% |
|||
| Bank premises and equipment, net |
|
924 |
|
|
694 |
|
33 |
% |
|||
| Other assets |
|
20,910 |
|
|
20,143 |
|
4 |
% |
|||
| Total assets | $ |
1,183,546 |
|
$ |
637,192 |
|
86 |
% |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Non-interest bearing deposits | $ |
648,006 |
|
$ |
307,262 |
|
111 |
% |
|||
| Interest bearing deposits |
|
421,907 |
|
|
259,860 |
|
62 |
% |
|||
| Total deposits |
|
1,069,913 |
|
|
567,122 |
|
89 |
% |
|||
| Subordinated debenture |
|
32,500 |
|
|
- |
|
0 |
% |
|||
| Other liabilities |
|
9,283 |
|
|
6,458 |
|
44 |
% |
|||
|
1,111,696 |
|
|
573,580 |
|
94 |
% |
||||
| Stockholders' equity |
|
71,850 |
|
|
63,612 |
|
13 |
% |
|||
| Total liabilities and stockholders' equity | $ |
1,183,546 |
|
$ |
637,192 |
|
86 |
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