Commencement Bank First Quarter Financials

Commencement Bank (OTCQX:CBWA) reported quarterly net income of $1.07 million or $0.28 per share for the quarter ending March 31, 2019, compared to $1.18 million and $0.30 per share for first quarter 2018. Net interest income remained consistent, even in a rising loan rate environment which was offset by rising deposit costs. Deposit costs rose after first quarter 2018, with first quarter 2019 reflecting four quarters of rising rates.

Total loans at the end of the first quarter 2019 increased to $268.2 million compared to $247.8 million in first quarter 2018. The Bank’s loan portfolio remained well-diversified at 71.3% real estate, 22.4% commercial, and 6.3% consumer and other. Total deposits also increased to $307.5 million as compared to $281.7 million the previous period. The deposit mix at quarter-end was 29.5% non-interest-bearing, 50.6% interest bearing checking, savings, and money market, and 19.9% time deposit.

“Our team has worked extremely hard to produce consistent growth and earnings for the Bank. We are seeing positive organic growth in loans and deposits and are looking forward to the opportunities available throughout 2019,” said Hal Russell, Chief Executive Officer.

 

 

2019 First Quarter Financial Highlights:

 

 

For further discussion, please contact the following:

 

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.

 

For more information, visit: www.commencementbank.com. For information related to the trading of CBWA, please visit www.otcmarkets.com.

 

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.

 

 

 

 

 

 

 

 

 

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