#Commencement Bancorp, Inc. Reports Earnings Growth
Commencement Bancorp, Inc., the parent company of Commencement Bank, announced its financial results for the second quarter of 2026, showcasing a net income of $1.8 million, or $0.48 per share. This figure marks a modest increase compared to the $1.7 million, or $0.44 per share, reported in the first quarter of the same year.
As of June 30, 2026, the bank reported total assets of $739.8 million, reflecting a growth of $42.4 million from the previous quarter. Loans rose by $16.8 million, representing a 12.5% annualized growth rate, while total deposits increased by $36.1 million, resulting in a notable 23.3% annualized growth rate.
The net interest margin improved to 4.29%, up from 4.20% in the first quarter and 4.02% during the same period last year. However, the total cost of deposits rose to 1.37%, up from 1.33% in the first quarter of 2026 and lower than 1.53% reported a year earlier, reflecting ongoing challenges related to rising deposit expenses.
Commencement Bank reported nonperforming assets of $488,000, consistent with figures from the first quarter, indicating stable credit quality. However, the provision for credit losses was increased by $82,000 to accommodate substantial loan growth, which could suggest potential risks in credit quality as the loan portfolio expands.
CEO John E. Manolides attributed the bank's year-over-year earnings increase to robust loan and deposit workflows, while President and COO Nigel L. English emphasized a strong community-focused banking approach as a key driver of their market growth and customer satisfaction.
Commencement Bancorp, Inc. reported a net income of $1.8 million, or $0.48 per share, for the second quarter of 2026, which shows an increase compared to $1.7 million, or $0.44 per share, in the first quarter of 2026.
Total assets for Commencement Bancorp, Inc. increased by $42.4 million to reach $739.8 million at June 30, 2026, up from $697.5 million at March 31, 2026.
During the second quarter of 2026, loans for Commencement Bancorp, Inc. increased by $16.8 million, reflecting a 12.5% annualised growth rate.
Total deposits for Commencement Bancorp, Inc. increased by $36.1 million during the second quarter of 2026, which equates to a 23.3% annualised growth rate.
The net interest margin for Commencement Bancorp, Inc. was 4.29% during the second quarter of 2026, an increase from 4.20% in the first quarter of 2026.
Commencement Bancorp, Inc. reported nonperforming assets of $488,000, or 0.07% of total assets, at both June 30, 2026, and March 31, 2026, indicating stable credit quality.
Commencement Bancorp, Inc. reported that its capital ratios remain well above regulatory requirements, indicating a strong capital position.
Commencement Bancorp, Inc. is headquartered in Tacoma, Washington, and serves areas including Pierce, King, Kitsap, and Thurston counties.