Commencement Bank Third Quarter Financials

Commencement Bank (OTCQX:CBWA) reported record quarterly net income of $1.36 million or $0.36 per share for the quarter ending September 30, 2018, compared to $925 thousand or $0.25 per share for third quarter 2017.

Total loans at the end of the third quarter increased to $272 million from $257 million the previous year. The Bank’s loan portfolio remained diversified at 30% commercial, 67% commercial real estate, and 3% consumer.

Total deposits were steady at $277 million as compared to $274 million in third quarter 2017. The deposit mix at quarter-end was 30% non-interest-bearing, 49% interest bearing checking, savings, and money market, and 21% time deposit.

“Each quarter this year continues to outperform our expectations and deliver positive results for our stakeholders. As we move into the fourth quarter, we are positioned to continue this momentum and prepared to accommodate future growth,” said H.R. “Hal” Russell, Chief Executive Officer.

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