Commencement Bank Second Quarter Financials

Commencement Bank (OTCQX:CBWA) reported record quarterly net income of $1.29 million or $0.34 per share for the quarter ending June 30, 2018, compared to $669 thousand or $0.17 per share for second quarter 2017.

Total loans at the end of the second quarter increased to $260.3 million from $243.5 million the previous year. The Bank’s loan portfolio remained diversified at 31% commercial, 66% commercial real estate, and 3% consumer.

Total deposits were steady at $288.7 million as compared to $288.6 million in second quarter 2017. The deposit mix at quarter-end was 32% non-interest-bearing, 48% interest bearing checking, savings, and money market, and 20% time deposit.

“We continue to deliver record-breaking results as we progress through 2018 and feel confident in the Bank’s performance and direction. Our strong financial position has allowed us to pursue new opportunities and support more of the organizations that enrich our communities,” said H.R. “Hal” Russell, Chief Executive Officer.

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