Orange County Business Journal

CommerceWest Profits Triple in Q4

Jane Yu Tuesday, February 5, 2013

Irvine-based CommerceWest Bank reported fourth-quarter earnings of $1.2 million, triple its year-earlier profit.

Much of the quarter’s gains came from a jump in noninterest income, including various fees, which totaled $1.4 million, compared with $432,000 a year earlier.

Net interest income for the quarter was $2.8 million, up 13% year over year.

The bank’s full-year profit also tripled last year, reaching $4.2 million, compared with $1.4 million in 2011.

Net interest income grew by 4% last year to $10.2 million.

Noninterest income for the year was $4.7 million, up from $2 million a year earlier.

"We are well positioned for 2013," said Chief Executive Ivo Tjan, "and we are optimistic about contributing to the growth in the local economy."

CommerceWest saw a 17% growth in total assets last year to $346.7 million.

It had $183.3 million worth of loans at the end of December, up 25% from a year earlier.

Deposits at the end of the year totaled $288.7 million, a 16% year-over-year growth.

The bank set aside $645,000 for possible loan losses last year, up from $190,000 the previous year.