Commencement Bancorp, Inc. (CBWA) Announces 2024 Third Quarter Earnings
Commencement Bancorp reported strong Q3 2024 results with net income of $959,000 ($0.25 per share), up from $776,000 in Q2 2024. Key highlights include a $32.7 million (6.1%) increase in deposits, a $1.5 million (0.3%) growth in loans receivable, and improvement in nonperforming assets to 0.00%. The bank's net interest margin increased to 3.38%, while tangible book value per share rose to $13.45. The company opened a new branch in Gig Harbor and added 126 new relationships during the quarter, contributing to lower cost of funds.
Commencement Bancorp ha riportato solidi risultati per il terzo trimestre del 2024, con un reddito netto di $959.000 ($0,25 per azione), in aumento rispetto ai $776.000 del secondo trimestre del 2024. Tra i punti salienti, si evidenzia un incremento dei depositi di $32,7 milioni (6,1%), una crescita dei prestiti di $1,5 milioni (0,3%) e un miglioramento degli attivi non performanti allo 0,00%. Il margine di interesse netto della banca ¨¨ aumentato al 3,38%, mentre il valore contabile tangibile per azione ¨¨ salito a $13,45. L'azienda ha aperto una nuova filiale a Gig Harbor e ha instaurato 126 nuove relazioni durante il trimestre, contribuendo cos¨¬ a una riduzione del costo dei fondi.
Commencement Bancorp report¨® resultados s¨®lidos para el tercer trimestre de 2024, con un ingreso neto de $959,000 ($0.25 por acci¨®n), un aumento desde los $776,000 en el segundo trimestre de 2024. Los puntos destacados incluyen un aumento de dep¨®sitos de $32.7 millones (6.1%), un crecimiento en pr¨¦stamos por $1.5 millones (0.3%) y una mejora en los activos no productivos al 0.00%. El margen de inter¨¦s neto del banco aument¨® al 3.38%, mientras que el valor contable tangible por acci¨®n subi¨® a $13.45. La compa?¨ªa abri¨® una nueva sucursal en Gig Harbor y estableci¨® 126 nuevas relaciones durante el trimestre, lo que contribuy¨® a reducir el costo de los fondos.
Commencement Bancorp? 2024? 3?? ??? ??? ????, ???? $959,000($0.25 per ??)?? 2024? 2??? $776,000?? ??????. ?? ??????? ??? $32.7 ??(6.1%) ????, ???? $1.5 ??(0.3%) ?????, ?? ??? 0.00%? ???????. ??? ??? ??? 3.38%? ?????, ?? ?? ?? ??? $13.45? ??????. ? ??? Gig Harbor? ??? ??? ?? ?? ?? 126?? ??? ??? ???? ?? ?? ??? ??? ? ??????.
Commencement Bancorp a rapport¨¦ de solides r¨¦sultats pour le troisi¨¨me trimestre 2024, avec un revenu net de 959 000 $ (0,25 $ par action), en hausse par rapport ¨¤ 776 000 $ au deuxi¨¨me trimestre 2024. Parmi les points cl¨¦s, on note une augmentation des d¨¦p?ts de 32,7 millions $ (6,1 %), une croissance des pr¨ºts de 1,5 million $ (0,3 %) et une am¨¦lioration des actifs non performants ¨¤ 0,00 %. La marge d'int¨¦r¨ºt nette de la banque a augment¨¦ ¨¤ 3,38 %, tandis que la valeur comptable tangible par action est pass¨¦e ¨¤ 13,45 $. L'entreprise a ouvert une nouvelle succursale ¨¤ Gig Harbor et a ajout¨¦ 126 nouvelles relations au cours du trimestre, contribuant ainsi ¨¤ r¨¦duire le co?t des fonds.
Commencement Bancorp hat starke Ergebnisse f¨¹r das dritte Quartal 2024 gemeldet, mit einem Nettoeinkommen von $959.000 ($0,25 pro Aktie), ein Anstieg von $776.000 im zweiten Quartal 2024. Zu den wichtigsten Punkten geh?ren ein Anstieg der Einlagen um $32,7 Millionen (6,1%), ein Wachstum der Forderungen aus Darlehen von $1,5 Millionen (0,3%) und eine Verbesserung der²»Á¼ÙY®b auf 0,00%. Die Nettozinsmarge der Bank stieg auf 3,38%, w?hrend der tangierte Buchwert pro Aktie auf $13,45 anstieg. Das Unternehmen er?ffnete eine neue Filiale in Gig Harbor und f¨¹gte im Laufe des Quartals 126 neue Beziehungen hinzu, was zu einer Senkung der Kosten f¨¹r Mittel beitrug.
- Net income increased 23.6% QoQ to $959,000
- Deposits grew 6.1% ($32.7M) from Q2 2024
- Nonperforming assets improved to 0.00% from 0.08%
- Net interest margin increased to 3.38% from 3.36%
- Tangible book value per share improved to $13.45 from $12.52
- Loan origination commitments decreased to $20.8M from $27.3M in Q2
- Non-interest income decreased 10.1% QoQ
- Loan yield decreased 5 basis points to 5.87%
2024 Third Quarter Financial Highlights:
Net income was
$959,000 compared to$776,000 for the second quarter of 2024.Deposits increased
$32.7 million , or6.1% , from the second quarter of 2024. Annualized growth of9.3% .Loans receivable increased
$1.5 million , or0.3% , from the second quarter of 2024. Annualized growth of7.0% .Nonperforming assets to total assets decreased to
0.00% compared to0.08% for the second quarter of 2024.Tangible book value per share increased to
$13.45 compared to$12.52 for the second quarter of 2024.Capital ratios remained well above regulatory requirements.
TACOMA, WA / ACCESSWIRE / November 13, 2024 / Commencement Bancorp, Inc. (OTCQX:CBWA) (the "Company", "we," or "us"), the parent company of Commencement Bank (the "Bank") reported net income of
"We are very pleased with the Bank's performance in third quarter. In this interest rate environment, it is our deposits that drive our revenues. During the quarter, we had significant growth in our deposits which supported a selling position into overnight, higher-yielding investments, and an improvement in our cost of funds and overall earnings. Although we continue to focus on growth in our deposit portfolio, we look forward to an economy that supports increased borrowings," said John E. Manolides, Chief Executive Officer.
"Our team brought in an impressive 126 new relationships over the course of third quarter, further contributing to our lowered cost of funds. We are well-positioned for this trend to continue as we gain more recognition in our communities and expand our footprint. In addition to relationships, we opened the doors of our permanent branch location in Gig Harbor and have seen a promising amount of traction as a result. We are very pleased with the overall direction of the bank," said Nigel L. English, President and Chief Operating Officer.
Balance Sheet
Interest earning deposits increased to
Investment securities available for sale increased
Loans receivable increased
Total deposits increased
Credit Quality
The Bank's nonperforming assets to total assets decreased to
Income Statement
Net interest income increased
Interest on cash and cash equivalents increased
Interest income on loans increased
Interest expense on deposits increased
The Bank recorded
Total non-interest income decreased
Total non-interest expense decreased
###
About Commencement Bancorp, Inc.
Commencement Bancorp, Inc. is the holding company for Commencement Bank, headquartered in Tacoma, Washington. Commencement Bank was formed in 2006 to provide traditional, reliable, and sustainable banking in Pierce, King, and Thurston counties and the surrounding areas. Their 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, please visit . For information related to the trading of CBWA, please visit .
For further discussion, please contact the following:
John E. Manolides,Chief Executive Officer | 253-284-1802
Nigel L. English, President & Chief Operating Officer | 253-284-1801
Brandi Parker, Executive Vice President & Chief Financial Officer | 253-284-1803
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 Bancorp, Inc.'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 Bancorp, Inc.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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