Mr. Ivo Tjan, Chairman and CEO commented on the financial results, "CommerceWest is positioned well to continue to grow quality loans and non-interest bearing deposit in 2015. We are pleased with the Bank’s asset quality, which complements our fortress balance sheet approach. To have zero non-performing assets for two consecutive years is quite an achievement, especially while growing loans 22% for the year."

Mr. Tjan commented further, "There was also continued growth in non-interest bearing deposits during the year. A 60% non-interest bearing to total deposit ratio reduces our cost of funds, which allows us to stay competitive in the market place. With the strength of our business model, balance sheet and our talented team; we will continue to assist more small and mid-size businesses in southern California to achieve their growth objectives in 2015."

Total assets increased $58.2 million as of December 31, 2014, an increase of 16% as compared to the same period one year ago. Total loans increased $51.8 million as of December 31, 2014, an increase of 22% over the prior year. Cash and due from banks increased $24.7 million or 43% from the prior year. Total investment securities decreased $18.7 million or 30% from the prior year.

Total deposits increased $48.6 million as of December 31, 2014, an increase of 16% from December 31, 2013. Non-interest bearing deposits grew $45.4 million as of December 31, 2014, an increase of 27% over the prior year. Non-interest bearing deposits as a percent of total deposits were 60% as of December 31, 2014 as compared to 55% one year ago.

Stockholders’ equity on December 31, 2014 was $54.8 million, an increase of 3% as compared to stockholders’ equity of $53.3 million a year ago.

Interest income was $15,383,000 for the twelve months ended December 31, 2014 as compared to $13,364,000 for the twelve months ended December 31, 2013, an increase of 15%. Interest expense was $1,227,000 for the twelve months ended December 31, 2014 as compared to $1,553,000 for the twelve months ended December 31, 2013, a decrease of 21%.

Net interest income for the twelve months ended December 31, 2014 was $14,156,000 as compared to $11,811,000 for the twelve months ended December 31, 2013, an increase of 20%. The net interest margin increased for the twelve months ended December 31, 2014. It increased from 4.07% in 2013 to 4.40% in 2014, an increase of 8%.

Provision for loan losses for the twelve months ended December 31, 2014 was $530,000 compared to $280,000 for the twelve months ended December 31, 2013, an increase of 89%. As of December 31, 2014, the Bank had no past due loans, no non-accrual loans and no OREO. The non-performing asset to total asset ratio was zero at year end.

Non-interest income for the twelve months ended December 31, 2014 was $3,214,000 compared to $4,312,000 for the same period last year, a decrease of 25%.

Non-interest expense for the twelve months ended December 31, 2014 was $12,437,000 compared to $11,305,000 for the same period last year, an increase of 10%.

The Bank’s efficiency ratio for the twelve months ended December 31, 2014 was 71.06% compared to 67.36% in 2013, which represents an increase of 5%. The efficiency ratio illustrates, that for every dollar the Bank made for the twelve month period ending December 31, 2014, the Bank spent $0.71 to make it, as compared to $0.67 one year ago.

Capital ratios for the Bank remain well above the levels required for a "well capitalized" institution as designated by regulatory agencies. As of December 31, 2014, the leverage ratio was 12.72%, the tier 1 capital ratio was 16.34%, and the total risk-based capital ratio was 17.58%.