Community West Bancshares (“Community West” or the “Company”),
(NASDAQ: CWBC), parent company of Community West Bank (the “Bank”),
today reported net income of $2.1 million, or $0.24 per diluted
share, for the second quarter of 2023, compared to $2.5 million, or
$0.27 per diluted share, for the preceding quarter, and $2.6
million, or $0.30 per diluted share, for the second quarter of
2022. For the first six months of 2023, the Company reported net
income of $4.6 million, or $0.51 per diluted share, compared to
$6.6 million, or $0.74 per diluted share, for the first six months
of 2022.
The Company’s Board of Directors declared a
quarterly cash dividend of $0.08 per common share, payable August
31, 2023, to common shareholders of record on August 12, 2023.
“Our second quarter 2023 and year to date
results highlight a bolstered balance sheet and display a strong
level of capital in what has been a challenging six months for the
banking industry,” stated Martin E. Plourd, President & Chief
Executive Officer. “Operating results for the second quarter of
2023 reflect lower net interest income, which was impacted by
higher deposit costs that were partially offset by higher asset
yields due to loan repricing and new loan growth. We continue to
focus on funding our balance sheet primarily through core deposits.
At the same time, we are well positioned to capitalize on new
market opportunities as they may arise, as we continue to navigate
through the volatility and uncertainty in the banking industry and
the overall economic environment.”
Second Quarter 2023 Financial
Highlights:
- Net income was
$2.1 million, or $0.24 per diluted share in the second quarter
2023, compared to $2.5 million, or $0.27 per diluted share in first
quarter 2023, and $2.6 million, or $0.30 per diluted share in
second quarter 2022.
- Net interest
income was $10.7 million in the second quarter 2023, compared to
$11.0 million in first quarter 2023, and $11.0 million in second
quarter 2022.
- Net interest
margin was 3.99% for the second quarter 2023, compared to 4.25% in
first quarter 2023, and 4.01% in second quarter 2022.
- Return on
average assets was 0.77% for the second quarter 2023, compared to
0.92% in first quarter 2023, and 0.93% in second quarter 2022.
- Return on
average common equity was 7.47% for the second quarter 2023,
compared to 8.84% in first quarter 2023, and 9.92% in second
quarter 2022.
- The Company
recorded a provision for credit loss expense of $12,000 for second
quarter 2023, compared to a negative provision for credit losses of
$722,000 for first quarter 2023, and a provision for loan losses of
$252,000 for second quarter 2022.
- The ACL was
1.30% of total loans held for investment at June 30, 2023 and at
March 31, 2023, and 1.22% at June 30, 2022.
- Net non-accrual loans decreased to $974,000 at June 30, 2023,
compared to $1.6 million at March 31, 2023, and increased compared
to $379,000 at June 30, 2022.
- Total loans
increased $4.8 million to $956.3 million at June 30, 2023, compared
to $951.5 million at March 31, 2023, and increased $43.6 million
compared to $912.7 million at June 30, 2022.
- Total deposits
decreased by $9.1 million during the quarter to $911.7 million at
June 30, 2023, compared to $920.8 million at March 31, 2023.
Non-interest-bearing demand deposits decreased $9.7 million to
$195.6 million at June 30, 2023, compared to $205.3 million at
March 31, 2023.
- The Bank’s
uninsured or uncollateralized deposits totaled approximately 18% of
total deposits at June 30, 2023, and 22% at March 31, 2023.
- Available
borrowing capacity from FHLB and FRB was $172.1 million at June 30,
2023.
- Stockholders’
equity increased $1.2 million to $113.9 million at June 30, 2023,
compared to $112.8 million at March 31, 2023, and increased $6.8
million compared to $107.1 million at June 30, 2022.
- Book value per
common share increased to $12.88 at June 30, 2023, compared to
$12.77 at March 31, 2023, and $12.25 at June 30, 2022.
- The Bank’s
capital position remains well-capitalized with a Tier 1 leverage
ratio* of 10.39% at June 30, 2023, compared to 10.46% at March 31,
2023, and 9.30% at June 30, 2022.
* Capital Ratios are preliminary.
Income Statement
Total interest income increased $1.1 million in
the second quarter 2023 to $14.7 million, compared to $13.6 million
in the preceding quarter, and increased by $3.0 million compared to
$11.7 million in the second quarter of 2022. Interest income from
loans increased $672,000 to $13.2 million compared to the prior
quarter. Interest income from securities and interest-earning
deposits increased $458,000 to $1.6 million compared to the prior
quarter, primarily due to increased average interest-earning
deposit balances and higher yields due to increased market rates.
Total interest expenses for the quarter increased $1.4 million to
$4.0 million compared to the prior quarter due to increased average
balances and higher rates paid on interest-bearing demand deposits
and time deposits. The increase in deposit expense was largely due
to deposit mix changes during the quarter. Net interest income
decreased to $10.7 million in the second quarter 2023, compared to
$11.0 million in both the preceding quarter and in second quarter
2022. In the first six months of 2023, net interest income remained
unchanged from the first six months of 2022 at $21.7 million.
Net interest margin was 3.99% for second quarter
2023, a twenty-six basis point decrease compared to first quarter
2023, and a two- basis point decrease compared to second quarter
2022. The yield on loans for the second quarter 2023 increased
twenty-two basis points to 5.54%, compared to 5.32% for first
quarter 2023, resulting from increased loan rates on new
originations, loan prepayment revenue and the impact of higher
market rates. The yield on federal funds and interest-earning
deposits increased forty-seven basis-points to 4.88% for the second
quarter 2023 due to increases in rates earned for overnight
deposits and money market deposits due to increases in the federal
funds rate. The yield on investment securities increased
seventy-seven basis points to 5.26% during the quarter due to
higher rates earned on investments from variable rate securities
and short-term investments in US Treasury securities. The cost of
funds for the second quarter increased fifty-six basis-points to
1.65%, compared to 1.09% for the preceding quarter due to higher
rates paid on deposit accounts and changes in the portfolio mix,
primarily due to the impact from wholesale funding taken during the
first quarter in response to events in the banking industry. Net
interest margin was 3.99% for the second quarter 2023, a two
basis-point decrease compared to the second quarter 2022. The yield
on earning assets increased to 5.47% for the second quarter 2023
compared to 4.26% in the second quarter 2022. The increase was due
to a sixty-two-basis point increase in loan yields due to increased
average balances and increased rates on new originations due to
higher market rates. The yield on federal funds and
interest-earning deposits increased to 4.88% for the second quarter
2023 compared to 0.81% in the second quarter of 2022 due to
increases in rates earned for overnight deposits and money market
deposits due to increases in the federal funds rate. The increase
in earning assets was offset by an increase in total cost of funds.
The cost of funds increased to 1.65% for the second quarter 2023
compared to 0.28% in the second quarter of 2022. The increase was
mainly due to increased rates paid on interest-bearing demand
accounts and increased balances and rates on time deposits. The
cost of interest-bearing deposits increased seventy-seven
basis-points to 2.21%, compared to 1.44% in the previous quarter.
The increase was due to higher average balances and costs for time
deposits. During the first six months of 2023, the net interest
margin increased nineteen basis points to 4.12%, compared to the
first six months of 2022. The increase is due to higher average
balances and yields from loans, higher yields on federal funds and
interest-earning deposits partially offset by higher average
balances and costs from time deposits and higher costs from
interest-bearing deposits.
Non-interest income for the second quarter 2023
increased $384,000 to $1.1 million compared to $762,000 in first
quarter 2023. The increase was primarily due to an increase in
other income that included a $255,000 gain from the sale of the
Bank’s one OREO property. Other loan fees were $286,000 for the
second quarter 2023 compared to $169,000 in first quarter 2023.
Gain on sale of loans increased $26,000 to $56,000 in the second
quarter 2023 compared to $30,000 in the first quarter of 2023 as a
result of higher sales during the quarter. Total non-interest
income decreased $434,000 to $1.9 million in the first six months
of 2023, compared to $2.3 million in the first six months of 2022.
The decrease was primarily due to a $253,000 decrease in other
non-interest income, $110,000 in lower gain on loan sales and
$211,000 less in loan and document processing fees. The
decrease in other non-interest income was primarily caused by a
$550,000 BOLI policy payout in the first six months of 2022 and a
$53,000 increase in loan servicing revenue partially offset by a
$150,000 net increase in OFA and OREO gains.
Non-interest expenses increased $20,000 to $8.9
million in the second quarter 2023 compared to $8.8 million in
first quarter 2023. The increase was primarily due to a $94,000
increase in FDIC assessment rates, and a $72,000 increase in
advertising and marketing costs. The increases were partially
offset by lower professional fees of $68,000 due to less consulting
expense during the quarter and lower stock-based compensation
expense of $172,000. In the first six months of 2023, non-interest
expense was $17.7 million, compared to $15.1 million in the first
six months of 2022. The increase over the six-month period in the
prior year was due to a $655,000 increase in salaries and benefits
due to merit increases and wage competition, a $736,000 increase in
professional services and a $631,000 increase in other expenses.
The increase in other expenses is primarily related to $992,000
collection and legal expense recovery in the first six months of
2022 and an $87,000 net increase in costs for dues and
subscriptions partially offset by $476,000 less in OFA and OREO
expense.
Income tax expense decreased $340,000 to
$876,000 in the second quarter of 2023 compared to $1.2 million in
the first quarter of 2023. The prior quarter included a one-time
deferred tax expense adjustment of $158,000. The effective tax rate
for the second quarter of 2023 was 29.2% compared to 33.0% in the
first quarter of 2023.
Balance Sheet
Total assets decreased $36.2 million, or 3.1%,
to $1.13 billion at June 30, 2023, compared to $1.17 billion at
March 31, 2023, and increased $24.6 million, or 2.2%, compared to
$1.11 billion, at June 30, 2022. Total interest-earning deposits in
other financial institutions decreased $37.6 million to $128.8
million at June 30, 2023, compared to $166.3 million at March 31,
2023, and increased $28.8 million compared to $99.9 million at June
30, 2022. Total investment securities were $17.2 million at quarter
end, compared to $18.2 million in the prior quarter.
Total loans increased $4.8 million, or 0.5%, to
$956.3 million at June 30, 2023, compared to $951.5 million at
March 31, 2023, and increased $43.6 million, or 4.8%, compared to
$912.7 million at June 30, 2022. Commercial real estate loans
outstanding (which include SBA 504, construction and land)
increased $4.3 million during the quarter to $559.7 million at June
30, 2023, compared to $555.3 million at March 31, 2023, and
increased $43.2 million compared to $516.5 million at June 30,
2022. Manufactured housing loans increased $5.8 million during the
quarter to $321.1 million at June 30, 2023, compared to $315.3
million at March 31, 2023, and increased $15.4 million compared to
$305.7 million at June 30, 2022. Commercial loans decreased $6.4
million during the quarter to $56.0 million at June 30, 2023,
compared to $62.5 million at March 31, 2023, and decreased $11.6
million compared to $67.7 million at June 30, 2022.
Other assets decreased $2.5 million to $40
million on June 30, 2023, compared to $42.1 million on March 31,
2023 and decreased $2.7 million compared to $42.2 million at June
30, 2022. The decrease was due to the sale of the $2.3 million OREO
property in the second quarter of 2023.
Total deposits decreased $9.1 million to $911.7
million on June 30, 2023, compared to $920.8 million at
March 31, 2023, and increased $17.1 million, or 1.9%,
compared to $894.7 million at June 30, 2022. Non-interest-bearing
demand deposits were $195.6 million at June 30, 2023, a $9.7
million decrease compared to $205.3 million at March 31, 2023, and
a $41.1 million decrease compared to $236.7 million at June 30,
2022. Interest-bearing demand deposits increased $22.8 million to
$460.6 million at June 30, 2023, compared to $437.8 million at
March 31, 2023, and decreased $15.3 million compared to $475.9
million at June 30, 2022. Certificates of deposit, which include
brokered deposits, decreased $19.8 million during the quarter to
$237.0 million at June 30, 2023, compared to $256.8 million at
March 31, 2023, and increased $80.5 million compared to $156.5
million at June 30, 2022.
Total borrowings decreased $25.0 million to
$90.0 million at June 30, 2023, compared to $115.0 million at March
31, 2023, and were unchanged compared to June 30, 2022. The
decrease during the quarter was due to a $15 million decrease in
FHLB overnight advances and repaying $10 million in balances drawn
against the Company’s line of credit.
Stockholders’ equity increased to $113.9 million
at June 30, 2023, compared to $112.8 million at March 31, 2023, and
$107.1 million at June 30, 2022. Book value per common share
increased to $12.88 at June 30, 2023, compared to $12.77 at
March 31, 2023, and $12.25 at June 30, 2022.
Credit Quality
The Company recorded a provision for credit loss
expense of $12,000 in the second quarter of 2023, compared to a
negative provision for credit loss expense of $722,000 in first
quarter 2023, and a provision expense of $252,000 in second quarter
2022. The total allowance for credit losses was $12.1 million, or
1.30% of total loans held for investment, at June 30, 2023. Net
non-accrual loans, plus net other assets acquired through
foreclosure, were down $2.8 million to $1.0 million at June 30,
2023, compared to $3.8 million at March 31, 2023, and $2.6 million
at June 30, 2022.
Net non-accrual loans were $974,000 as of June
30, 2023, compared to $1.6 million at March 31, 2023, and $379,000
at June 30, 2022. Of the $974,000 of net non-accrual loans at
June 30, 2023, $748,000 were manufactured housing loans, $144,000
were single family loans and $82,000 were agriculture loans.
There was $65,000 in other assets acquired
through foreclosure as of June 30, 2023, compared to $2.3 million
at March 31, 2023 and at June 30, 2022.
Stock Repurchase Program
On August 27, 2021, the Company announced that
its Board of Directors had extended the stock repurchase plan until
August 31, 2023. The Company did not repurchase shares during the
second quarter of 2023, leaving $1.4 million available under the
previously announced repurchase program.
Company Overview
Community West Bancshares is a financial
services company with headquarters in Goleta, California. The
Company is the holding company for Community West Bank, the largest
publicly traded community bank (by assets) serving California’s
Central Coast area of Ventura, Santa Barbara and San Luis Obispo
counties. Community West Bank has seven full-service California
branch banking offices in Goleta, Santa Barbara, Santa Maria,
Ventura, San Luis Obispo, Oxnard and Paso Robles. The principal
business activities of the Company are Relationship Banking,
Manufactured Housing lending and Government Guaranteed lending.
Safe Harbor Disclosure
This release contains certain forward-looking
statements about the Company and the Bank that are intended to be
covered by the safe harbor for “forward-looking statements”
provided by the Private Securities Litigation Reform Act of 1995.
Statements that are not historical or current facts, including
statements about future financial and operational results,
expectations, or intentions are forward-looking statements. Such
statements reflect management's current views of future events and
operations. These forward-looking statements are based on
information currently available to the Company as of the date of
this release. It is important to note that these forward-looking
statements are not guarantees of future performance and involve and
are subject to significant risks, contingencies, and uncertainties,
many of which are difficult to predict and are generally beyond our
control, which may cause actual results, performance, or
achievements to differ materially from those expressed in such
statements, including, but not limited to, the following:
deterioration in the strength of the United States economy in
general and of the local economies in which we conduct operations,
the effect of, and changes in, trade, monetary and fiscal policies
and laws, including changes in the interest rate policies of the
Board of Governors of the Federal Reserve System, continued high
inflation,, disruptions in credit and capital markets and
government policies that could lead to a tightening of credit and
an increase in credit losses; our ability to attract and retain
deposits and other sources of funding and liquidity, the impact of
recent bank failures and other adverse developments to financial
institutions and the general reaction by bank customers and by
investors in the capital markets regarding the stability and
ability of banks to meet ongoing liquidity demands, weather,
natural disasters, and climate change; increased unemployment,
deterioration in credit quality of our loan portfolio and/or the
value of the collateral securing the repayment of those loans,
including those involving real estate, reduction in the value of
our investment securities, risks from the continuing COVID-19
pandemic; the costs and effects of litigation and of adverse
outcomes of such litigation, the cost and ability to attract and
retain key employees, a breach of our operational or security
systems, policies or procedures including cyber-attacks on us or
third party vendors or service providers, regulatory or legal
developments, including any requirement to increase capital levels
imposed by law or regulation; United States tax policies, including
our effective income tax rate, and our ability to implement and
execute our business plan and strategy and expand our operations as
provided therein. Actual results may differ materially from those
set forth or implied in the forward-looking statements as a result
of a variety of factors including the risk factors contained in
documents filed by the Company with the Securities and Exchange
Commission and are available in the “Investor Relations” section of
our website,
https://www.communitywest.com/sec-filings/documents/default.aspx.
The Company is under no obligation (and expressly disclaims any
obligation) to update or alter such forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law.
COMMUNITY WEST BANCSHARES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
(in 000's, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
June 30, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,801 |
|
|
$ |
1,533 |
|
|
$ |
1,379 |
|
|
$ |
2,361 |
|
|
Interest-earning deposits in other financial institutions |
|
128,754 |
|
|
|
166,342 |
|
|
|
63,311 |
|
|
|
99,915 |
|
|
Investment securities |
|
17,241 |
|
|
|
18,225 |
|
|
|
29,470 |
|
|
|
60,513 |
|
|
Loans: |
|
|
|
|
|
|
|
|
Commercial |
|
56,047 |
|
|
|
62,477 |
|
|
|
74,929 |
|
|
|
67,681 |
|
|
Commercial real estate |
|
559,677 |
|
|
|
555,339 |
|
|
|
545,317 |
|
|
|
516,514 |
|
|
SBA |
|
6,324 |
|
|
|
6,418 |
|
|
|
6,855 |
|
|
|
7,922 |
|
|
Paycheck Protection Program (PPP) |
|
225 |
|
|
|
684 |
|
|
|
1,773 |
|
|
|
2,920 |
|
|
Manufactured housing |
|
321,127 |
|
|
|
315,326 |
|
|
|
315,825 |
|
|
|
305,749 |
|
|
Single family real estate |
|
10,529 |
|
|
|
9,582 |
|
|
|
8,678 |
|
|
|
9,038 |
|
|
HELOC |
|
2,556 |
|
|
|
2,557 |
|
|
|
2,613 |
|
|
|
3,380 |
|
|
Other (1) |
|
(235 |
) |
|
|
(890 |
) |
|
|
(648 |
) |
|
|
(532 |
) |
|
Total loans |
|
956,250 |
|
|
|
951,493 |
|
|
|
955,342 |
|
|
|
912,672 |
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
|
|
|
|
|
|
Held for sale |
|
19,126 |
|
|
|
21,045 |
|
|
|
21,033 |
|
|
|
23,124 |
|
|
Held for investment |
|
937,124 |
|
|
|
930,448 |
|
|
|
934,309 |
|
|
|
889,548 |
|
|
Less: Allowance for credit losses |
|
(12,148 |
) |
|
|
(12,065 |
) |
|
|
(10,765 |
) |
|
|
(10,866 |
) |
|
Net held for investment |
|
924,976 |
|
|
|
918,383 |
|
|
|
923,544 |
|
|
|
878,682 |
|
|
NET LOANS |
|
944,102 |
|
|
|
939,428 |
|
|
|
944,577 |
|
|
|
901,806 |
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
39,532 |
|
|
|
42,055 |
|
|
|
52,765 |
|
|
|
42,233 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
1,131,430 |
|
|
$ |
1,167,583 |
|
|
$ |
1,091,502 |
|
|
$ |
1,106,828 |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Non-interest-bearing demand |
$ |
195,612 |
|
|
$ |
205,324 |
|
|
$ |
216,494 |
|
|
$ |
236,696 |
|
|
Interest-bearing demand |
|
460,597 |
|
|
|
437,770 |
|
|
|
428,173 |
|
|
|
475,869 |
|
|
Savings |
|
18,548 |
|
|
|
20,929 |
|
|
|
23,490 |
|
|
|
25,626 |
|
|
Certificates of deposit ($250,000 or more) |
|
10,328 |
|
|
|
6,268 |
|
|
|
6,693 |
|
|
|
8,688 |
|
|
Other certificates of deposit |
|
226,639 |
|
|
|
250,513 |
|
|
|
200,234 |
|
|
|
147,785 |
|
|
Total deposits |
|
911,724 |
|
|
|
920,804 |
|
|
|
875,084 |
|
|
|
894,664 |
|
|
Other borrowings |
|
90,000 |
|
|
|
115,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
|
Other liabilities |
|
15,765 |
|
|
|
18,990 |
|
|
|
13,768 |
|
|
|
15,022 |
|
|
TOTAL LIABILITIES |
|
1,017,489 |
|
|
|
1,054,794 |
|
|
|
978,852 |
|
|
|
999,686 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
113,941 |
|
|
|
112,789 |
|
|
|
112,650 |
|
|
|
107,142 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
$ |
1,131,430 |
|
|
$ |
1,167,583 |
|
|
$ |
1,091,502 |
|
|
$ |
1,106,828 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
8,849 |
|
|
|
8,835 |
|
|
|
8,798 |
|
|
|
8,744 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
$ |
12.88 |
|
|
$ |
12.77 |
|
|
$ |
12.80 |
|
|
$ |
12.25 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes consumer, other loans, securitized loans, and deferred
fees |
|
|
|
|
|
|
|
|
|
COMMUNITY WEST
BANCSHARES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED INCOME
STATEMENTS |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(in 000's, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, |
|
March 31, |
|
December 31, |
September 30, |
June 30, |
|
|
|
|
2023 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
2022 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
13,161 |
|
$ |
12,489 |
|
|
$ |
12,467 |
|
|
$ |
11,867 |
|
$ |
11,129 |
|
Investment securities and other |
|
|
1,554 |
|
|
1,096 |
|
|
|
811 |
|
|
|
787 |
|
|
577 |
|
Total interest income |
|
|
14,715 |
|
|
13,585 |
|
|
|
13,278 |
|
|
|
12,654 |
|
|
11,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,751 |
|
|
2,277 |
|
|
|
913 |
|
|
|
528 |
|
|
500 |
|
Other borrowings |
|
|
247 |
|
|
278 |
|
|
|
224 |
|
|
|
203 |
|
|
196 |
|
Total interest expense |
|
|
3,998 |
|
|
2,555 |
|
|
|
1,137 |
|
|
|
731 |
|
|
696 |
|
Net interest income |
|
|
10,717 |
|
|
11,030 |
|
|
|
12,141 |
|
|
|
11,923 |
|
|
11,010 |
|
Provision for credit losses |
|
|
12 |
|
|
(722 |
) |
|
|
(461 |
) |
|
|
298 |
|
|
252 |
|
Net interest income after provision for credit losses |
|
|
10,705 |
|
|
11,752 |
|
|
|
12,602 |
|
|
|
11,625 |
|
|
10,758 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
Other loan fees |
|
|
286 |
|
|
169 |
|
|
|
246 |
|
|
|
292 |
|
|
377 |
|
Gains from loan sales, net |
|
|
56 |
|
|
30 |
|
|
|
12 |
|
|
|
49 |
|
|
136 |
|
Document processing fees |
|
|
102 |
|
|
78 |
|
|
|
85 |
|
|
|
114 |
|
|
122 |
|
Service charges |
|
|
167 |
|
|
154 |
|
|
|
143 |
|
|
|
114 |
|
|
93 |
|
Other |
|
|
535 |
|
|
331 |
|
|
|
278 |
|
|
|
303 |
|
|
323 |
|
Total non-interest income |
|
|
1,146 |
|
|
762 |
|
|
|
764 |
|
|
|
872 |
|
|
1,051 |
|
Non-interest expenses |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,228 |
|
|
5,202 |
|
|
|
4,821 |
|
|
|
4,752 |
|
|
4,910 |
|
Occupancy, net |
|
|
1,135 |
|
|
1,098 |
|
|
|
1,116 |
|
|
|
1,046 |
|
|
1,021 |
|
Professional services |
|
|
851 |
|
|
919 |
|
|
|
1,236 |
|
|
|
653 |
|
|
635 |
|
Data processing |
|
|
377 |
|
|
349 |
|
|
|
346 |
|
|
|
302 |
|
|
307 |
|
Depreciation |
|
|
183 |
|
|
180 |
|
|
|
176 |
|
|
|
173 |
|
|
179 |
|
FDIC assessment |
|
|
276 |
|
|
182 |
|
|
|
111 |
|
|
|
131 |
|
|
164 |
|
Advertising and marketing |
|
|
282 |
|
|
210 |
|
|
|
234 |
|
|
|
196 |
|
|
233 |
|
Stock-based compensation |
|
|
74 |
|
|
246 |
|
|
|
32 |
|
|
|
71 |
|
|
94 |
|
Other |
|
|
448 |
|
|
448 |
|
|
|
507 |
|
|
|
286 |
|
|
569 |
|
Total non-interest expenses |
|
|
8,854 |
|
|
8,834 |
|
|
|
8,579 |
|
|
|
7,610 |
|
|
8,112 |
|
Income before provision for income taxes |
|
|
2,997 |
|
|
3,680 |
|
|
|
4,787 |
|
|
|
4,887 |
|
|
3,697 |
|
Provision for income taxes |
|
|
876 |
|
|
1,216 |
|
|
|
1,411 |
|
|
|
1,409 |
|
|
1,062 |
|
Net income |
|
$ |
2,121 |
|
$ |
2,464 |
|
|
$ |
3,376 |
|
|
$ |
3,478 |
|
$ |
2,635 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.24 |
|
$ |
0.28 |
|
|
$ |
0.38 |
|
|
$ |
0.40 |
|
$ |
0.30 |
|
Diluted |
|
$ |
0.24 |
|
$ |
0.27 |
|
|
$ |
0.38 |
|
|
$ |
0.39 |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNITY WEST
BANCSHARES |
|
|
|
|
|
CONDENSED CONSOLIDATED INCOME
STATEMENTS |
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
(in 000's, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
13,161 |
|
$ |
11,129 |
|
$ |
25,650 |
|
|
$ |
22,323 |
|
|
Investment securities and other |
|
|
1,554 |
|
|
577 |
|
|
2,650 |
|
|
|
883 |
|
|
Total interest income |
|
|
14,715 |
|
|
11,706 |
|
|
28,300 |
|
|
|
23,206 |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,751 |
|
|
500 |
|
|
6,028 |
|
|
|
1,070 |
|
|
Other borrowings |
|
|
247 |
|
|
196 |
|
|
525 |
|
|
|
390 |
|
|
Total interest expense |
|
|
3,998 |
|
|
696 |
|
|
6,553 |
|
|
|
1,460 |
|
|
Net interest income |
|
|
10,717 |
|
|
11,010 |
|
|
21,747 |
|
|
|
21,746 |
|
|
Provision for credit losses |
|
|
12 |
|
|
252 |
|
|
(710 |
) |
|
|
(32 |
) |
|
Net interest income after provision for credit losses |
|
|
10,705 |
|
|
10,758 |
|
|
22,457 |
|
|
|
21,778 |
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Other loan fees |
|
|
286 |
|
|
377 |
|
|
455 |
|
|
|
623 |
|
|
Gains from loan sales, net |
|
|
56 |
|
|
136 |
|
|
86 |
|
|
|
196 |
|
|
Document processing fees |
|
|
102 |
|
|
122 |
|
|
180 |
|
|
|
223 |
|
|
Service charges |
|
|
167 |
|
|
93 |
|
|
321 |
|
|
|
181 |
|
|
Other |
|
|
535 |
|
|
323 |
|
|
866 |
|
|
|
1,119 |
|
|
Total non-interest income |
|
|
1,146 |
|
|
1,051 |
|
|
1,908 |
|
|
|
2,342 |
|
|
Non-interest expenses |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,228 |
|
|
4,910 |
|
|
10,430 |
|
|
|
9,775 |
|
|
Occupancy, net |
|
|
1,135 |
|
|
1,021 |
|
|
2,233 |
|
|
|
2,018 |
|
|
Professional services |
|
|
851 |
|
|
635 |
|
|
1,770 |
|
|
|
1,034 |
|
|
Data processing |
|
|
377 |
|
|
307 |
|
|
726 |
|
|
|
617 |
|
|
Depreciation |
|
|
183 |
|
|
179 |
|
|
363 |
|
|
|
362 |
|
|
FDIC assessment |
|
|
276 |
|
|
164 |
|
|
458 |
|
|
|
335 |
|
|
Advertising and marketing |
|
|
282 |
|
|
233 |
|
|
492 |
|
|
|
491 |
|
|
Stock-based compensation |
|
|
74 |
|
|
94 |
|
|
320 |
|
|
|
186 |
|
|
Other |
|
|
448 |
|
|
569 |
|
|
896 |
|
|
|
265 |
|
|
Total non-interest expenses |
|
|
8,854 |
|
|
8,112 |
|
|
17,688 |
|
|
|
15,083 |
|
|
Income before provision for income taxes |
|
|
2,997 |
|
|
3,697 |
|
|
6,677 |
|
|
|
9,037 |
|
|
Provision for income taxes |
|
|
876 |
|
|
1,062 |
|
|
2,092 |
|
|
|
2,442 |
|
|
Net income |
|
$ |
2,121 |
|
$ |
2,635 |
|
$ |
4,585 |
|
|
$ |
6,595 |
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.24 |
|
$ |
0.30 |
|
$ |
0.52 |
|
|
$ |
0.76 |
|
|
Diluted |
|
$ |
0.24 |
|
$ |
0.30 |
|
$ |
0.51 |
|
|
$ |
0.74 |
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNITY WEST
BANCSHARES |
|
Average Balance, Average Yield Earned, and Average Rate
Paid |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(in 000's) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
Average Balance |
Interest |
Average Yield/Cost |
|
Average Balance |
Interest |
Average Yield/Cost |
|
Average Balance |
Interest |
Average Yield/Cost |
|
Interest-Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest-earning deposits |
$ |
100,860 |
|
$ |
1,226 |
4.88 |
% |
|
$ |
73,179 |
|
$ |
795 |
4.41 |
% |
|
$ |
149,710 |
|
$ |
302 |
0.81 |
% |
|
Investment securities |
|
25,002 |
|
|
328 |
5.26 |
% |
|
|
27,213 |
|
|
301 |
4.49 |
% |
|
|
45,243 |
|
|
275 |
2.44 |
% |
|
Loans (1) |
|
952,694 |
|
|
13,161 |
5.54 |
% |
|
|
952,192 |
|
|
12,489 |
5.32 |
% |
|
|
907,088 |
|
|
11,129 |
4.92 |
% |
|
Total earnings assets |
|
1,078,556 |
|
|
14,715 |
5.47 |
% |
|
|
1,052,584 |
|
|
13,585 |
5.23 |
% |
|
|
1,102,041 |
|
|
11,706 |
4.26 |
% |
|
Nonearning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
2,021 |
|
|
|
|
|
1,976 |
|
|
|
|
|
2,193 |
|
|
|
|
Allowance for credit losses |
|
(12,015 |
) |
|
|
|
|
(12,479 |
) |
|
|
|
|
(10,765 |
) |
|
|
|
Other assets |
|
36,747 |
|
|
|
|
|
38,716 |
|
|
|
|
|
37,435 |
|
|
|
|
Total
assets |
$ |
1,105,309 |
|
|
|
|
$ |
1,080,797 |
|
|
|
|
$ |
1,130,904 |
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
398,061 |
|
$ |
1,826 |
1.84 |
% |
|
$ |
417,662 |
|
$ |
1,298 |
1.26 |
% |
|
$ |
495,821 |
|
$ |
273 |
0.22 |
% |
|
Savings deposits |
|
19,476 |
|
|
12 |
0.25 |
% |
|
|
23,230 |
|
|
12 |
0.21 |
% |
|
|
25,402 |
|
|
16 |
0.25 |
% |
|
Time deposits |
|
262,182 |
|
|
1,913 |
2.93 |
% |
|
|
200,875 |
|
|
967 |
1.95 |
% |
|
|
164,687 |
|
|
211 |
0.51 |
% |
|
Total interest-bearing deposits |
|
679,719 |
|
|
3,751 |
2.21 |
% |
|
|
641,767 |
|
|
2,277 |
1.44 |
% |
|
|
685,910 |
|
|
500 |
0.29 |
% |
|
Other borrowings |
|
93,571 |
|
|
247 |
1.06 |
% |
|
|
96,333 |
|
|
278 |
1.17 |
% |
|
|
90,000 |
|
|
196 |
0.87 |
% |
|
Total interest-bearing liabilities |
$ |
773,290 |
|
$ |
3,998 |
2.07 |
% |
|
$ |
738,100 |
|
$ |
2,555 |
1.40 |
% |
|
$ |
775,910 |
|
$ |
696 |
0.36 |
% |
|
Noninterest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
201,536 |
|
|
|
|
|
211,940 |
|
|
|
|
|
232,849 |
|
|
|
|
Other liabilities |
|
16,626 |
|
|
|
|
|
17,766 |
|
|
|
|
|
15,646 |
|
|
|
|
Stockholders' equity |
|
113,857 |
|
|
|
|
|
112,991 |
|
|
|
|
|
106,499 |
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
1,105,309 |
|
|
|
|
$ |
1,080,797 |
|
|
|
|
$ |
1,130,904 |
|
|
|
|
Net interest income and margin |
|
$ |
10,717 |
3.99 |
% |
|
|
$ |
11,030 |
4.25 |
% |
|
|
$ |
11,010 |
4.01 |
% |
|
Net interest spread |
|
|
3.40 |
% |
|
|
|
3.83 |
% |
|
|
|
3.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of total deposits |
|
|
1.71 |
% |
|
|
|
1.08 |
% |
|
|
|
0.22 |
% |
|
Cost of funds |
|
|
1.65 |
% |
|
|
|
1.09 |
% |
|
|
|
0.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccrual and held for sale
loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNITY WEST BANCSHARES |
|
|
|
|
|
Average Balance, Average Yield Earned, and Average Rate
Paid |
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
(in 000's) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|
June 30, 2023 |
|
June 30, 2022 |
|
|
Average Balance |
Interest |
Average Yield/Cost |
|
Average Balance |
Interest |
Average Yield/Cost |
|
Interest-Earning Assets |
|
|
|
|
|
|
|
|
Federal funds sold and interest-earning deposits |
$ |
87,096 |
|
$ |
2,021 |
4.68 |
% |
|
$ |
177,607 |
|
$ |
411 |
0.47 |
% |
|
Investment securities |
|
26,102 |
|
|
629 |
4.86 |
% |
|
|
36,121 |
|
|
472 |
2.64 |
% |
|
Loans (1) |
|
952,444 |
|
|
25,650 |
5.43 |
% |
|
|
900,849 |
|
|
22,323 |
5.00 |
% |
|
Total earnings assets |
|
1,065,642 |
|
|
28,300 |
5.36 |
% |
|
|
1,114,577 |
|
|
23,206 |
4.20 |
% |
|
Nonearning Assets |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
1,998 |
|
|
|
|
|
2,177 |
|
|
|
|
Allowance for credit losses |
|
(12,246 |
) |
|
|
|
|
(10,691 |
) |
|
|
|
Other assets |
|
37,727 |
|
|
|
|
|
38,282 |
|
|
|
|
Total
assets |
$ |
1,093,121 |
|
|
|
|
$ |
1,144,345 |
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
407,807 |
|
$ |
3,123 |
1.55 |
% |
|
$ |
507,572 |
|
$ |
592 |
0.24 |
% |
|
Savings deposits |
|
21,343 |
|
|
25 |
0.24 |
% |
|
|
24,670 |
|
|
33 |
0.27 |
% |
|
Time deposits |
|
231,698 |
|
|
2,880 |
2.51 |
% |
|
|
170,038 |
|
|
445 |
0.53 |
% |
|
Total interest-bearing deposits |
|
660,848 |
|
|
6,028 |
1.84 |
% |
|
|
702,280 |
|
|
1,070 |
0.31 |
% |
|
Other borrowings |
|
94,945 |
|
|
525 |
1.12 |
% |
|
|
90,000 |
|
|
390 |
0.87 |
% |
|
Total interest-bearing liabilities |
$ |
755,793 |
|
$ |
6,553 |
1.75 |
% |
|
$ |
792,280 |
|
$ |
1,460 |
0.37 |
% |
|
Noninterest-Bearing Liabilities |
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
206,709 |
|
|
|
|
|
230,428 |
|
|
|
|
Other liabilities |
|
17,193 |
|
|
|
|
|
16,638 |
|
|
|
|
Stockholders' equity |
|
113,426 |
|
|
|
|
|
104,999 |
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
1,093,121 |
|
|
|
|
$ |
1,144,345 |
|
|
|
|
Net interest income and margin |
|
$ |
21,747 |
4.12 |
% |
|
|
$ |
21,746 |
3.93 |
% |
|
Net interest spread |
|
|
3.61 |
% |
|
|
|
3.83 |
% |
|
|
|
|
|
|
|
|
|
|
Cost of total deposits |
|
$ |
21,747 |
1.40 |
% |
|
|
$ |
21,746 |
0.23 |
% |
|
Cost of funds |
|
|
1.37 |
% |
|
|
|
0.29 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccrual and held for sale loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL
INFORMATION |
|
|
|
|
|
|
(Dollars and shares in thousands except per share
amounts)(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
Six Months Ended |
Six Months Ended |
|
PERFORMANCE MEASURES AND RATIOS |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
|
Return on average common equity |
|
7.47 |
% |
|
|
8.84 |
% |
|
|
9.92 |
% |
|
|
8.15 |
% |
|
|
12.67 |
% |
|
Return on average assets |
|
0.77 |
% |
|
|
0.92 |
% |
|
|
0.93 |
% |
|
|
0.85 |
% |
|
|
1.16 |
% |
|
Efficiency ratio |
|
74.64 |
% |
|
|
73.94 |
% |
|
|
67.26 |
% |
|
|
74.77 |
% |
|
|
62.62 |
% |
|
Net interest margin |
|
3.99 |
% |
|
|
4.25 |
% |
|
|
4.01 |
% |
|
|
4.12 |
% |
|
|
3.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
Six Months Ended |
|
AVERAGE BALANCES |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
December 31, 2022 |
|
June 30, 2022 |
|
Average assets |
$ |
1,105,309 |
|
|
$ |
1,080,797 |
|
|
$ |
1,130,904 |
|
|
$ |
1,093,121 |
|
|
$ |
1,144,345 |
|
|
Average earning assets |
|
1,078,556 |
|
|
|
1,052,584 |
|
|
|
1,102,041 |
|
|
|
1,065,642 |
|
|
|
1,114,577 |
|
|
Average total loans |
|
952,694 |
|
|
|
952,192 |
|
|
|
907,088 |
|
|
|
952,444 |
|
|
|
900,849 |
|
|
Average deposits |
|
881,255 |
|
|
|
853,707 |
|
|
|
918,759 |
|
|
|
867,557 |
|
|
|
932,708 |
|
|
Average common equity |
|
113,857 |
|
|
|
112,991 |
|
|
|
106,499 |
|
|
|
113,426 |
|
|
|
104,999 |
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY ANALYSIS |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
|
|
Total common equity |
$ |
113,941 |
|
|
$ |
112,789 |
|
|
$ |
107,142 |
|
|
|
|
|
Common stock outstanding |
|
8,849 |
|
|
|
8,835 |
|
|
|
8,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
$ |
12.88 |
|
|
$ |
12.77 |
|
|
$ |
12.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
|
|
Nonaccrual loans, net |
$ |
974 |
|
|
$ |
1,592 |
|
|
$ |
379 |
|
|
|
|
|
Nonaccrual loans, net/total loans |
|
0.10 |
% |
|
|
0.17 |
% |
|
|
0.04 |
% |
|
|
|
|
Other assets acquired through foreclosure, net |
$ |
65 |
|
|
$ |
2,250 |
|
|
$ |
2,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans plus other assets acquired through foreclosure,
net |
$ |
1,039 |
|
|
$ |
3,842 |
|
|
$ |
2,629 |
|
|
|
|
|
Nonaccrual loans plus other assets acquired through foreclosure,
net/total assets |
|
0.09 |
% |
|
|
0.33 |
% |
|
|
0.24 |
% |
|
|
|
|
Net loan (recoveries)/charge-offs in the quarter |
$ |
(98 |
) |
|
$ |
(96 |
) |
|
$ |
(66 |
) |
|
|
|
|
Net (recoveries)/charge-offs in the quarter/total loans |
|
(0.01 |
%) |
|
|
(0.01 |
%) |
|
|
(0.01 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
$ |
12,148 |
|
|
$ |
12,065 |
|
|
$ |
10,866 |
|
|
|
|
|
Plus: Reserve for undisbursed loan commitments |
|
427 |
|
|
|
400 |
|
|
|
94 |
|
|
|
|
|
Total allowance for credit losses |
$ |
12,575 |
|
|
$ |
12,465 |
|
|
$ |
10,960 |
|
|
|
|
|
Allowance for credit losses/total loans held for investment |
|
1.30 |
% |
|
|
1.30 |
% |
|
|
1.22 |
% |
|
|
|
|
Allowance for credit losses/nonaccrual loans, net |
|
1247.23 |
% |
|
|
757.85 |
% |
|
|
2867.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community West Bank * |
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
10.39 |
% |
|
|
10.46 |
% |
|
|
9.30 |
% |
|
|
|
|
Tier 1 capital ratio |
|
11.91 |
% |
|
|
11.82 |
% |
|
|
11.07 |
% |
|
|
|
|
Total capital ratio |
|
13.09 |
% |
|
|
13.00 |
% |
|
|
12.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST SPREAD ANALYSIS |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
|
|
Yield on total loans |
|
5.54 |
% |
|
|
5.32 |
% |
|
|
4.92 |
% |
|
|
|
|
Yield on investments |
|
5.26 |
% |
|
|
4.49 |
% |
|
|
2.44 |
% |
|
|
|
|
Yield on interest earning deposits |
|
4.88 |
% |
|
|
4.41 |
% |
|
|
0.81 |
% |
|
|
|
|
Yield on earning assets |
|
5.47 |
% |
|
|
5.23 |
% |
|
|
4.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of interest-bearing deposits |
|
2.21 |
% |
|
|
1.44 |
% |
|
|
0.29 |
% |
|
|
|
|
Cost of total deposits |
|
1.71 |
% |
|
|
1.08 |
% |
|
|
0.22 |
% |
|
|
|
|
Cost of borrowings |
|
1.06 |
% |
|
|
1.17 |
% |
|
|
0.87 |
% |
|
|
|
|
Cost of interest-bearing liabilities |
|
2.07 |
% |
|
|
1.40 |
% |
|
|
0.36 |
% |
|
|
|
|
Cost of funds |
|
1.65 |
% |
|
|
1.09 |
% |
|
|
0.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Capital ratios are preliminary until the Call Report is
filed. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
Richard Pimentel, EVP &
CFO805.692.4410www.communitywestbank.com |
|
|
|
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