CW Bancorp Q3 net income rises 18%
CWBK•CW Bancorp's third-quarter net income rose 18% year over year to $3.29 million, while diluted EPS increased 19% to $1.11. Interest expense fell 22%, and the company reported zero provision for credit losses.
1. Quarterly results
CW Bancorp reported third-quarter net income of $3.29 million, up 18% year over year. Diluted EPS rose 19% to $1.11; basic EPS was $1.12.
2. Earnings drivers
The company attributed earnings growth to lower non-interest expense, disciplined credit quality and a 22% year-over-year decline in interest expense. It recorded zero provision for credit losses in the quarter. Total assets and loans declined year over year, and non-interest income fell 18%; the company provided no specific financial guidance for future periods.
