CommerceWest Earnings RiseThursday, July 26, 2012
Irvine-based CommerceWest Bank reported net income of $1 million for the second quarter, nearly tripling its profit from a year earlier.
The bank had $1.6 million in profit for the first half of the year, about double the total for the same period last year.
CommerceWest is ranked No. 12 among commercial banks based in Orange County.
It now has $327.6 million in assets, a 4% increase from a year ago.
The bank had $2.5 million in interest income in the recent quarter, about flat from the year-ago period.
Its non-interest income, which comes from fees, totaled $945,000, a 79% jump from the year-ago quarter.
The bank set aside $75,000 for potential loan losses, compared with $60,000 a year ago.
Net loans at the end of June totaled $160.9 million, a 20% increase.
Nonperforming assets now make up about 0.34% of total assets, compared with 1.4% a year earlier.
The bank now has $278.5 million in deposits, up 4% from the end of the second quarter last year.