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CBOA Financial Q4 net income decreased 10.5%

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Christian Fernsby ▼ | February 24, 2020
CBOA Financial, parent company of Commerce Bank of Arizona, announced consolidated net income for quarter ending December 31, 2019 decreased 10.5% to $445,000, from $497,000 in the third quarter of 2019.
Commerce Bank of Arizona
CBOA Financial   Commerce Bank of Arizona
For the full year ended December 31, 2019, net income increased 11% to $1,873,000 from $1,687,000 in the full year of 2018.

Topics: CBOA Financial

Chris Webster, Bank President and Chief Executive Officer stated, "Our strong asset growth of 13% in 2019 was a testament to our team's successful efforts to grow our franchise in Arizona.

"We're very proud of how we maintained our strong interest margin and consistent earnings with the challenging deposit cost environment we found ourselves in during the middle of the year.

"As we look ahead to 2020, accelerating our loan growth will be paramount.

"We feel we've made the right investments and are strong in the right markets to be successful in that effort."