CBOA Financial Q2 net income increased 6.5%Christian Fernsby ▼ | August 17, 2020
CBOA Financial, parent company of Commerce Bank of Arizona, announced that consolidated net income for quarter ending June 30, 2020 increased 6.5% to $395,000, from $371,000 in the first quarter of 2020.
CBOA Financial Total assets increased 29% to $315.2 million
Topics: CBOA Financial
Total asset growth from June 2019 to June 2020 consisted of PPP loans funding CBAZ deposit accounts totaling $63 million, and organic net deposit growth of roughly $15 million.
Traditional gross loans rose $3.5 million since first quarter 2020 ending the second quarter at $178 million.
Including the $63 million in PPP loans, total gross loans increased by 38% to $241 million in the quarter and increased 35% compared to $179 million a year ago. Total deposits increased by 26% to $268.8 million during the quarter and increased 32% compared to $204 million a year ago. ■