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TUCSON, Ariz., July 30, 2021 /PRNewswire/ -- CBOA Financial, Inc. (OTCMKTS:CBOF) (the "Company"), parent company of Commerce Bank of Arizona (the "Bank" or "CBAZ"), announced that consolidated after tax net income for quarter ending June 30, 2021 increased 223% to $1,277,000, from $395,000 year-over-year.
Chris Webster, Bank President and Chief Executive Officer commented, "The strong loan growth performance seen earlier in the year continued through the second quarter. Our highly experienced and accomplished lending team worked hard to originate significant new loan opportunities while at the same time processing another $27 million in second round Paycheck Protection Program ("PPP") loans. However Total Loan balances were impacted as the Bank received a significant level of PPP loan forgiveness during the quarter," Webster added. He further commented, "In terms of our funding costs, 39% of our Total Deposits are Non-interest bearing. As a result, we are able to consistently maintain a very healthy Net Interest Margin as we organically grow our loan portfolio."