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.
Commencement Bancorp, Inc. (OTCQX:CBWA) reported a net income of $1.46 million or $0.35 per share for Q3 2021, a rise from $1.21 million in Q3 2020. Total assets increased by 7% to $548 million, while total loans decreased by 17% to $352.4 million due to PPP loan forgiveness. Deposits grew by 7% to $33.5 million, with a notable improvement in the deposit mix. Net interest income rose by 18% to $4.4 million, and interest expense decreased to 0.26%. The tangible book value per share rose to $12.73.
Commencement Bancorp, Inc. (CBWA) reported a quarterly net loss of $62,000 for Q2 2021, attributed to a $2.4 million provision for loan losses related to one defaulted credit. Despite this, total assets increased by $13.3 million to $561.8 million year-over-year, while core loan growth rose 9% to $326.9 million. Notably, interest income exceeded $5 million for the second consecutive quarter, up 15% from the previous year. Tangible book value per share also grew to $12.27. However, total loans decreased by 7% due to the forgiveness of PPP loans.
Commencement Bancorp, Inc. (CBWA) reported a robust financial performance for Q1 2021, achieving a net income of $1.6 million, or $0.38 per share. This marks a significant increase from $947 thousand or $0.23 per share in Q1 2020. Total assets rose by 46% to $579.1 million, while total loans surged 36% to $415.8 million. Total deposits jumped 53% to $519.2 million. The Bank maintained a stable nonperforming assets ratio at 0.5%, showcasing strong asset quality amidst economic recovery.
Commencement Bancorp, Inc. (OTCQX:CBWA) announced a stock repurchase program effective from November 2, 2020, to November 1, 2021. The program permits repurchases of shares in open market or private transactions, adhering to SEC regulations and specified constraints. The specific timing, number, and value of repurchased shares will depend on various factors, including market conditions and investment opportunities. This initiative aims to enhance shareholder value and reflects the company's commitment to a sustainable banking approach in Pierce, King, and Thurston counties.