TACOMA, WA / ACCESSWIRE / July 25, 2019 /
Commencement Bank Announces Second Quarter 2019 Results
Commencement Bank (OTCQX: CBWA) reported quarterly net income of $1.04 million or $0.25 per share for the quarter ending June 30, 2019, compared to $1.29 million or $0.31 per share for second quarter 2018.
Total loans at the end of second quarter increased to $287.7 million, an increase of 11% from $260.3 million the prior year. The Bank’s loan portfolio remained diversified at 35% commercial, 62% commercial real estate, and 3% consumer.
Total deposits at the end of second quarter increased to $314.1 million, an increase of 9% from $288.7 million in second quarter 2018. The deposit mix at quarter-end was 30% non-interest-bearing, 47% interest bearing checking, savings, and money market, and 23% time deposit. Total assets increased 10% in comparison to one year earlier.
“Our consistency in producing solid earnings gives us tremendous confidence as we continue to expand and evaluate new opportunities. This marks the sixth consecutive quarter of reported net income in excess of one million dollars,” said H.R. “Hal” Russell, Chief Executive Officer.
2019 Second Quarter Financial Highlights:
- Quarterly net income of $1.04 million.
- Earnings per share of $0.25 for the quarter versus $0.31 the prior year.
- Tangible book value per share increased to $10.38 from $9.15 one year earlier.
- Return on average assets remained high at 1.17%.
- The efficiency ratio was 59% for the quarter.
For further discussion, please contact the following:
H.R. “Hal” Russell - Chief Executive Officer Direct Phone: (253)284-1801
John E. Manolides - President and Chief Operating Officer Direct Phone: (253)284-1802
Tom Dhamers - Executive Vice President and Chief Financial Officer Direct Phone: (253)284-1803
About Commencement Bank
Commencement Bank, headquartered in Tacoma, Washington, was formed in 2006 to provide traditional, reliable, and sustainable banking in Pierce County, South King County, Thurston County and the surrounding areas. The team of experienced banking experts focuses on personal attention, flexible service, and building strong relationships with customers through state of the art technology as well as traditional delivery systems. As a local bank, Commencement Bank is deeply committed to the community.
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Commencement Bank’s projections, estimates, plans and expectations of future results and can be identified by words such as “believe,” “intend,” “estimate,” “likely,” “anticipate,” “expect,” “looking forward,” and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve’s actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Commencement Bank undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.
SOURCE: Commencement Bank (WA)