Welcome to our dedicated page for Commencement Bancorp news (Ticker: CBWA), a resource for investors and traders seeking the latest updates and insights on Commencement Bancorp stock.
Commencement Bancorp, Inc. reports company developments as the holding company for Commencement Bank, a Tacoma, Washington community bank serving Pierce, King, Thurston, Kitsap and surrounding markets. Recurring updates cover quarterly and annual operating results, loan demand, deposit costs, loan yields, investment securities, net interest margin, regulatory capital ratios, and tangible book value per share.
Company news also includes commercial banking and healthcare banking team additions, market development in South King County and the South Sound Region, community banking recognition, local project support, and capital actions such as common stock repurchase programs.
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Commencement Bancorp, Inc. (OTCQX:CBWA) reported a net income of $5.5 million, or $1.38 per share for 2022, up 31% from 2021's $4.2 million. The Q4 2022 net income stood at $1.6 million, or $0.41 per share. Total assets reached $580.8 million, reflecting a 9% annual growth, with a 29% increase in loans, excluding PPP loans. Deposits grew by 6%, driven by a 19% surge in non-interest-bearing deposits. The bank's return on average assets was 1.14%, improving from 0.86% year-over-year. Management expressed optimism in navigating future market opportunities.