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Press release content from ACCESSWIRE. The AP news staff was not involved in its creation.

Commencement Bank (CBWA) Announces 2019 Results

February 4, 2020 GMT
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2019 Financial Highlights:Total assets increased $30.9 million, or 9%, to $388.4 million at December 31, 2019 from $357.5 million at December 31, 2018. Assets increased $13 million, or 3%, from the $375.4 million recorded at September 30, 2019.Net ...
1 of 5
2019 Financial Highlights:Total assets increased $30.9 million, or 9%, to $388.4 million at December 31, 2019 from $357.5 million at December 31, 2018. Assets increased $13 million, or 3%, from the $375.4 million recorded at September 30, 2019.Net ...

2019 Financial Highlights:

TACOMA, WA / ACCESSWIRE / February 3, 2020 / Commencement Bank (OTCQX:CBWA) reported a net income of $4.79 million or $1.17 per share for 2019, compared to $5.04 million or $1.23 per share for 2018. Net interest income after provision for credit loss decreased slightly to $14.29 million compared to $14.36 million one year prior.

Total assets were $388.4 million, an increase of 9% in comparison to one year earlier. Capital ratios continued to exceed regulatory requirements, with total risk-based capital substantially above well-capitalized regulatory requirements.

Total loans at the end of 2019 were $297.7 million, an increase of 11% from $268.1 million the prior year. Nonperforming assets to total assets at year-end were 0.70% and the Bank’s Texas Ratio, a measurement of problem loans and bank-owned properties to capital, was 5.2%. The Bank’s loan portfolio remained diversified at 31% commercial, 65% commercial real estate, and 4% consumer.

Total deposits at the end of 2019 were $334.4 million, an increase of 7.2% from $311.9 million in 2018. The deposit mix at quarter-end was 29% non-interest-bearing, 44% interest bearing (checking, savings, and money market), and 27% time deposit.

“We experienced another year of growth in 2019 with an increase in both loans and deposits. We also added a new full-service branch to the Auburn market which accompanies our goal of expanding our high-touch service and community focus to South King County. In addition to financial and physical growth, we also plan to increase our service-lines starting with the implementation of a government guaranteed lending division in 2020. Since the Bank’s inception, we’ve specialized in small business lending and having this dedicated department will allow us to better serve businesses across the Puget Sound,” said John Manolides, President and CEO.

For further discussion, please contact the following:

John E. Manolides - President and CEO 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.

SOURCE: Commencement Bank

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