CommerceWest Bank Sees GrowthTuesday, April 23, 2013
Irvine-based CommerceWest Bank reported net income of $1.5 million for the first quarter, more than double its year-ago profit of $583,000.
Net interest income for the three-month span was $2.8 million, up 15% from a year earlier.
The bank set aside $160,000 as provisions for potential loan losses, compared with $120,000 a year ago.
Noninterest income, which includes various fees, about doubled, reaching nearly $1.6 million, compared with $792,000.
CommerceWest had total assets of $337.2 million at the end of March, an 8% growth over the past year.
Net loans at the same time grew 26% to more than $187.3 million.
Deposits totaled $282.9 million, up about 8%.