CW Bancorp posted Q2 net income of $3.13 million, up 2% year over year; diluted EPS rose 4% to $1.06.
Net interest income climbed 10% to $11.06 million as interest expense fell 21% to $2.85 million; net interest margin was 3.83%.
Non-interest income dropped 24% to $1.01 million as non-interest expense increased 12% to $7.85 million; the efficiency ratio widened 3.4 percentage points to 64.74%.
Total assets increased 1% to $1.2 billion; loans declined 4% to $779.61 million while deposits rose 2% to $1.05 billion.
Non-interest-bearing deposits grew 17% to $702.51 million; CEO Ivo Tjan cited with no outstanding FRB or FHLB borrowings.
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