CW Bancorp Reports Q3 2024 ROA 1.11% and ROTE of 15.64%
CommerceWest Bank NA (CA) (CWBK)
NASDAQ:AMEX Investor Relations:
cwbk.com/corporate-profile
Company Research
Source: Business Wire
IRVINE, Calif.--(BUSINESS WIRE)--CW Bancorp (OTCQX: CWBK), the parent company (“the Company”) of CommerceWest Bank (the “Bank”) reported consolidated net income for the third quarter of 2024 of $3,131,000 or $1.03 per diluted share as compared to $5,234,000 or $1.61 per diluted share for the third quarter of 2023, an EPS decrease of 36% and net income for the nine months ended September 30, 2024 of $9,208,000 or $2.99 per diluted share as compared to $14,066,000 or $4.26 per diluted share for the nine months ended September 30, 2023, an EPS decrease of 30%.Key Financial Results for the three months ended September 30, 2024:EPS of $1.03Return 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 borrowingsNon-interest-bearing deposits to total deposits of 56%Strong leverage ratio of 11.77% and total risk
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