CW Bancorp Reports Q3 2021 EPS of 0.99 up 83%, Net Income up 81% and ROTE of 20.03% with 47 Quarters of Consecutive Profits

Irvine, California – Oct. 20, 2021 – CW Bancorp (stock symbol: CWBK), the parent company (“the Company”) of CommerceWest Bank (the “Bank”) reported the following consolidated financial results:

 Key Financial Results for the three months ended September 30, 2021:

•  Net income growth of 81%
• EPS of $0.99 up 83%
• ROA of 1.12% up 30.09%
• ROTE of 20.03% up 59.85%
• Total asset growth up 41%
• Total loans excluding PPP loans up 17%
• Noninterest bearing deposit growth up 41%
• Efficiency ratio of 44.91%
• Noninterest income up 28%
• 47 quarters of consecutive profits

 Key Financial Results for the nine months ended September 30, 2021:

• Net income growth of 148%
• EPS of $2.80 up 150%
• ROA of 1.14% up 60.14%
• ROTE of 19.96% up 125.78%
• Efficiency ratio of 44.47%
• Cost of deposit of 0.10% down 67.15%
• Zero nonperforming loans
• ALLL to total loans ratio (net of PPP loans) of 1.74%
• Noninterest-bearing deposits as percent of total deposits at 55%

 Mr. Ivo Tjan, Chairman and CEO said, “The Company had another solid quarter with net income up 81% for the quarter and up 148% year to date. Return on tangible equity was 20.03% for the quarter and 19.96% year to date. Our results demonstrate that if you focus on the right business model and execute on lowering your efficiency ratio, your profitability can improve even with a zero interest rate environment. We have a strong pipeline entering the 4th quarter and plan to continue to take market share in California.”