#United States #Irvine #earnings report #CW Bancorp #CommerceWest Bank

CW Bancorp Reports Robust Earnings for 2024

On January 31, 2025, CW Bancorp (OTCQX: CWBK), the parent company of CommerceWest Bank, released its financial results for the year 2024. The company reported a consolidated net income of $13.1 million, translating to earnings per share (EPS) of $4.30. These figures signify a 20% decrease in EPS compared to the previous year's $5.39. Nonetheless, the bank reported promising quarterly growth that showcases its resilience.

Fourth Quarter Highlights

In the fourth quarter of 2024, CW Bancorp's net income was $3.94 million, or $1.30 per diluted share, reflecting a 16% increase from the same quarter in 2023. The bank achieved an impressive growth in its quarter-over-quarter net income, which rose by 26%. This robust performance can be attributed to various factors, including the effective execution of its client-centric banking model.

Key Financial Metrics for Q4 2024:

• - EPS: $1.30 (up 16% year-over-year)
• - Quarterly Net Income: $3.94 million (up 11% year-over-year)
• - Return on Assets (ROA): 1.31%
• - Return on Tangible Equity (ROTE): 18.95%
• - Loan Growth: 5.46%
• - Deposit Growth: 31%

CW Bancorp's Chairman and CEO, Ivo A. Tjan, highlighted the bank’s remarkable achievement of maintaining profit for 60 consecutive quarters. He emphasized that the increase in loans and deposits underlines the bank's commitment to serving small and mid-sized businesses with tailored financial solutions.

Annual Financial Performance

CW Bancorp saw a significant increase in total deposits, which rose by $183.9 million (16%) year-over-year, showcasing the trust clients place in the institution. Additionally, the bank's total assets increased by 14.5%, totaling $1.49 billion as of December 31, 2024. This figure includes loan growth of $68.6 million, translating to an annual growth rate of 9.5%.

Annual Key Metrics:

• - Net Income: $13.1 million
• - EPS: $4.30
• - Total Loans: $793.08 million (up from $724.44 million in 2023)
• - Total Deposits: $1.34 billion

Outlook and Future Strategies

Looking ahead, Tjan expressed cautious optimism despite ongoing economic challenges, including inflationary pressures. He stated, "Our ability to adapt and innovate positions us well for the future. Most importantly, our exceptional team embodies our mission, tirelessly serving the business community. Their dedication and expertise are what set us apart."

The bank continues focusing on providing a wide array of commercial banking services, including remote deposit solutions, online and mobile banking, and lines of credit specifically designed for small businesses. This strategy aligns with their mission statement: to create a comprehensive and high-quality banking experience tailored to the unique needs of each client.

CW Bancorp remains committed to redefining banking for small and medium-sized businesses across California, backed by its dedicated team and innovative banking solutions. As the financial landscape evolves, CW Bancorp is strategically positioned to navigate challenges whilst driving growth and enhancing client satisfaction.

For further information, interested parties can visit CommerceWest Bank's website.

Conclusion

Despite some fluctuations in annual profitability, CW Bancorp reported substantial growth in key metrics signaling a strong operational foundation. The bank's strategic focus on client needs and governance positions it favorably as it moves into 2025, promising to uphold its service quality and expansion ambitions.