Commonwealth Business Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $2,299,000 or $0.69 per diluted share compared to net income of $2,172,000 or $0.63 per diluted share a year ago. Total interest income was $5,496,000 compared to $4,688,000 a year ago. Net interest income after provision for loan loss was $4,633,000 compared to $3,785,000 a year ago. Income before income taxes was $2,793,000 compared to $2,269,000 a year ago. Return on average assets was 1.98% compared to 2.12% a year ago. Return on average equity was 6.58% compared to 18.10% a year ago.

For the year, the company reported net income of $7,518,000 or $2.32 per diluted share compared to net income of $1,839,000 or $0.50 per basic and diluted share a year ago. Total interest income was $20,758,000 compared to $18,347,000 a year ago. Net interest income before provision for loan loss was $17,311,000 compared to $14,466,000 a year ago. Net interest income after provision for loan loss was $16,594,000 compared to $6,170,000 a year ago. Income before income taxes was $11,007,000 compared to $1,793,000 a year ago. Return on average assets was 1.73% compared to 0.46% a year ago. Return on average equity was 14.31% compared to 3.89% a year ago. Tangible common book value per common share increased to $15.63, compared with $13.20 at year-end 2011. The strong earnings growth is attributed to increases in both interest and non-interest income and significant year-over-year asset quality improvement.