Key Metrics

Market Cap	341.54M
Total Shares Outstanding	18.97M
Book Value	19.11
PE Ratio	40

PS Ratio	3.23
PB Ratio	0.94
Forward PE Ratio	9.42
ROIC	-

Return on Aseets	0.26
Return on Equity	2.69
Dividend	0.48
Dividend Yield	2.7%

Balancesheet Metrics

Total Assets	3.53B
Total Liability	3.17B
Assets-to-Libability Ratio	1.11

Total Current Assets	801.99M
Total Current Liability	2.43B
Current Ratio	0.33

Quick Ratio	-
Debt to Equity Ratio	0.56

Income Statement Metrics

Net Income	13.10M
EPS	0.45
EBITA	22.02M

Gross Profit	46.13M
Gross Profit Margin	7.25%
Operating Margin	31.36%

Net Profit Margin

28.4%

Price Metrics

5 Days MA	17.96
10 Days MA	18.33
20 Days MA	18.61
50 Days MA	18.87
200 Days MA	19.08

52 Weeks High	24.47
52 Weeks low	14.52
All Time High	24.47

RSI	36.02
MACD	-

Share Stats

Shares Float	14.96M
Shares Short	129.85K

% Short	0.0079%
% Insider	13.636%

% Institutions	50.512%

% Institutions

50.512%

News

Community West Bancshares Reports Third Quarter 2023 Earnings of $2.3 Million, or $0.25 Per Diluted Share; Declares Quarterly Cash Dividend of $0.08 Per Common ShareGOLETA, Calif., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income of $2.3 million, or $0.25 per diluted share, for the third quarter of 2023, compared to $2....
GOLETA, Calif., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income of $2.3 million, or $0.25 per diluted share, for the third quarter of 2023, compared to $2.1 million, or $0.24 per diluted share, for the preceding quarter, and $3.5 million, or $0.39 per diluted share, for the third quarter of 2022. For the first nine months of 2023, the Company reported net income of $6.8 million, or $0.76 per diluted share, compared to $10.1 million, or $1.13 per diluted share, for the first nine months of 2022. The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per common share, payable November 30, 2023, to common shareholders of record on November 14, 2023. “Our third quarter 2023 operating results were solid, with a steady balance sheet, ample capital levels and stable credit quality metrics,” stated Martin E. Plourd, President & Chief Executive Officer. “Our earnings for the third quarter reflect lower net interest income, which was impacted by higher deposit costs that were partially offset by higher asset yields. We continue to focus on funding our balance sheet, primarily through the growth of our core deposits, while keeping operating expenses in check. Although we anticipate a leaner loan pipeline as recessionary concerns continue and deposit pricing pressures persist, we are well positioned for stable growth throughout the remainder of the year.” Recent Events On October 10, 2023, the Company announced the signing of an Agreement of Reorganization and Merger with Central Valley Community Bancorp (“Central Valley”), (NASDAQ: “CVCY”), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (“CVCB”)., pursuant to which the companies will combine in an all-stock merger transaction. Under the terms of the agreement, Community West Bancshares will merge with and into Central Valley Community Bancorp and Community West Bank will merge with and into Central Valley Community Bank. Community West Bank’s seven full-service banking offices in Santa Barbara, Ventura and San Luis Obispo Counties will combine with Central Valley Community Bank’s twenty full-service Banking Centers in eight counties. The transaction is subject to customary closing conditions, including regulatory approvals and shareholder approval from both parties. The Central Valley Community Bancorp and Community West Bancshares Boards of Directors have unanimously approved the transaction, which is expected to close in the second quarter of 2024. The resulting merged company will be named Community West Bancshares, and the merged Bank will be Community West Bank. “Community West Bank opened for business in 1989 and is now the premier community bank serving Ventura, Santa Barbara, and San Luis Obispo Counties. Combining forces with Central Valley Community Bank is the next logical step in our growth strategy, particularly as both banks share so many fundamental values and practices,” said Plourd. “Both are equally committed to our communities, clients and employees, and both have fostered the same essential corporate culture focused on client advocacy by professional bankers and a legacy of deeply rooted stability.” Third Quarter 2023 Financial Highlights: Net income was $2.3 million, or $0.25 per diluted share in the third quarter 2023, compared to $2.1 million, or $0.24 per diluted share in second quarter 2023, and $3.5 million, or $0.39 per diluted share in third quarter 2022.Net interest margin was 3.98% for the third quarter 2023, compared to 3.99% in second quarter 2023, and 4.39% in third quarter 2022.Return on average assets was 0.83% for the third quarter 2023, compared to 0.77% in second quarter 2023, and 1.25% in third quarter 2022.Return on average common equity was 7.72% for the third quarter 2023, compared to 7.47% in second quarter 2023, and 12.65% in third quarter 2022.The allowance for credit losses (ACL) was 1.30% of total loans held for investment at September 30, 2023, compared to 1.30% at June 30, 2023, and 1.21% at September 30, 2022. Net non-accrual loans were $3.2 million at September 30, 2023, compared to $974,000 at June 30, 2023, and $239,000 at September 30, 2022.The Bank’s uninsured deposits totaled approximately 21% of total deposits at September 30, 2023, and 22% at June 30, 2023.Book value per common share increased to $13.11 at September 30, 2023, compared to $12.88 at June 30, 2023, and $12.54 at September 30, 2022.The Bank’s capital position remains well-capitalized with a Tier 1 leverage ratio* of 10.81% at September 30, 2023, compared to 10.38% at June 30, 2023, and 9.83% at September 30, 2022. * Capital Ratios are preliminary. Income Statement Total interest income decreased $162,000 in the third quarter 2023 to $14.6 million, compared to $14.7 million in the preceding quarter, and increased by $1.9 million compared to $12.7 million in the third quarter of 2022. Interest income from loans increased $170,000 to $13.3 million compared to the prior quarter. Interest income from securities and interest-earning deposits decreased $332,000 to $1.2 million compared to the prior quarter, primarily due to decreased average interest-earning deposit balances. Total interest expenses for the quarter increased $36,000 to $4.0 million compared to the prior quarter due to increased average balances, deposit portfolio mix, and higher rates paid on interest-bearing demand deposits and time deposits. Total wholesale deposits at the end of the third quarter were $284.1 million compared to $279.9 million at the end of the second quarter. Total interest income increased $7 million during the first nine months of 2023 to $42.9 million compared to $35.9 million in the first nine months of 2022. Interest income from loans increased $4.8 million to $39.0 million compared to the same period in the prior year and interest income from securities and interest-bearing deposit balances increased $2.2 million to $3.9 million. Total interest expense increased $8.4 million to $10.6 million during the first nine months of 2023 compared to $2.2 million in the first nine months of 2022. The increase was primarily due to deposit costs increasing $8.3 million to $9.9 million compared to $1.6 million in the same period one year prior. Net interest income decreased $198,000 to $10.5 million in the third quarter 2023, compared to $10.7 million in the preceding quarter and decreased $1.4 million compared to $11.9 million in third quarter 2022. The decrease in net interest income was attributable to less revenue from interest-bearing deposits and increased deposit costs. In the first nine months of 2023, net interest income decreased $1.4 million to $32.3 million, compared to $33.7 million in the first nine months of 2022. The decrease in net interest income was attributable to increased funding costs of $8.4 million, offset by increased revenues of $7.0 million which came from loans ($4.8 million) and investments ($2.2 million). The yield on earning assets was 5.51% for the third quarter of 2023, a four-basis point improvement compared to the second quarter 2023 and an eighty-five-basis point improvement compared to the third quarter 2022. The yield on loans for the third quarter 2023 decreased one-basis point to 5.53%, compared to 5.54% for second quarter 2023 and increased fifty basis-points compared to the third quarter 2022 due to increased average balances and increased rates on new originations due to higher market rates. The yield on investment securities increased thirty-five-basis points to 5.61% during the third quarter due to higher rates earned on investments from variable rate securities and short-term investments in US Treasury securities. The yield on federal funds and interest-bearing-deposits increased twenty basis-points to 5.08%, compared to 4.88% for the second quarter 2023 and increased 299 basis-points compared to the third 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 cost of funds for the third quarter increased five-basis points to 1.70%, compared to 1.65% for the preceding quarter due to higher rates paid on deposit accounts and changes in the portfolio mix. Net interest margin was 3.98% for third quarter of 2023, a one-basis point decrease compared to second quarter 2023 and a forty-one basis-point decrease compared to the third quarter 2022. The increase in yield on earning assets was offset by an increase in total cost of funds. The cost of funds increased to 1.70% for the third quarter of 2023 compared to 0.30% for the third 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 to 2.34%, compared to 0.33% in the third quarter 2022. The increase was due to higher average balances and costs for time deposits. During the first nine months of 2023, the net interest margin decreased two-basis points to 4.07%, compared to the first nine months of 2022. The decrease was due to higher average balances and costs from time deposits and higher costs from interest-bearing deposits. Non-interest income for the third quarter 2023 decreased $65,000 to $1.1 million compared to the second quarter 2023. The decrease was attributable to less revenue from loan fees, gains from loan sales and service charges partially offset by an increase in other non-interest income. Other loan fees were $248,000 for the third quarter 2023 compared to $286,000 for second quarter 2023 due to less loan originations during the quarter. Gain on sale of loans was $24,000 in the third quarter 2023 compared to $56,000 in the second quarter of 2023 as a result of lower sales during the quarter. Other non-interest income increased $37,000 to $572,000 for the third quarter 2023, compared to $535,000 in the second quarter of 2023 and the increase is due to increases net servicing revenues. Total non-interest income for the first nine months of 2023 decreased $225,000 to $3.0 million, compared to $3.2 million in the first nine months of 2022. The decrease was primarily due to a decrease of $135,000 in lower gain on loan sales and $212,000 less in loan and document processing fees. Non-interest expenses decreased $491,000 to $8.4 million in the third quarter 2023 compared to $8.9 million in second quarter 2023. The decrease was primarily due to a $189,000 decrease in salaries and employee benefits, lower professional fees of $179,000 due to less consulting expenses during the quarter and a $103,000 decrease in advertising and marketing costs. In the first nine months of 2023, non-interest expense was $26.1 million, compared to $22.7 million in the first nine months of 2022. The increase over the nine-month period in the prior year was due to a $942,000 increase in salaries and benefits due to wage competition, increased benefit and insurance costs, a $755,000 increase in professional services due to higher audit and accounting fees and $200,000 in merger related transaction costs for legal and consulting expenses, a $790,000 increase in other expenses and a $323,000 increase in FDIC assessment charges as a result of changes in funding mix. The increase in other expenses is primarily related to a $992,000 collection and legal expense recovery in the first nine months of 2022. Income tax expense increased $66,000 to $942,000 in the third quarter of 2023 compared to $876,000 in the second quarter of 2023. The effective tax rate for the third quarter of 2023 was 29.5% compared to 29.2% in the second quarter of 2023. Balance Sheet Total assets increased $8.9 million, or 0.8%, to $1.14 billion at September 30, 2023, compared to $1.13 billion at June 30, 2023, and increased $52.0 million, or 4.8%, compared to $1.09 billion, at September 30, 2022. Total interest-earning deposits in other financial institutions increased $10.0 million to $138.8 million at September 30, 2023, compared to $128.8 million at June 30, 2023, and increased $89.3 million compared to $49.5 million at September 30, 2022. Total investment securities were $17.6 million at quarter end, compared to $17.2 million at June 30, 2023. Total loans decreased $3.6 million to $952.7 million at September 30, 2023, compared to $956.3 million at June 30, 2023, and increased $7.0 million, or 0.7%, compared to $945.7 million at September 30, 2022. Commercial real estate loans outstanding (which include SBA 504, construction and land) decreased $2.7 million during the quarter to $557.0 million at September 30, 2023, compared to $560.0 million at June 30, 2023, and increased $12.6 million compared to $544.4 million at September 30, 2022. Manufactured housing loans increased $3.9 million during the quarter to $325.1 million at September 30, 2023, compared to $321.1 million at June 30, 2023, and increased $15.1 million compared to $310.0 million at September 30, 2022. Commercial loans decreased $4.1 million during the quarter to $52.0 million at September 30, 2023, compared to $56.0 million at June 30, 2023, and decreased $18.8 million compared to $70.8 million at September 30, 2022. Other assets increased $2.0 million to $41.5 million on September 30, 2023, compared to $39.5 million on June 30, 2023, and decreased $951,000 compared to $42.5 million at September 30, 2022. Total deposits increased $4.4 million to $916.1 million on September 30, 2023, compared to $911.7 million at June 30, 2023, and increased $63.9 million, or 7.5%, compared to $852.2 million at September 30, 2022. Non-interest-bearing demand deposits were $190.8 million at September 30, 2023, a $4.8 million decrease compared to $195.6 million at June 30, 2023, and a $52.3 million decrease compared to $243.1 million at September 30, 2022. Interest-bearing demand deposits decreased $3.8 million to $456.8 million at September 30, 2023, compared to $460.6 million at June 30, 2023, and increased $17.3 million compared to $439.5 million at September 30, 2022. Certificates of deposit, which include brokered deposits, increased $14.6 million during the quarter to $251.6 million at September 30, 2023, compared to $237.0 million at June 30, 2023, and increased $105.8 million compared to $145.8 million at September 30, 2022. Total borrowings were $90.0 million at September 30, 2023 and at June 30, 2023, and $110.0 million at September 30, 2022. Stockholders’ equity increased to $116.1 million at September 30, 2023, compared to $113.9 million at June 30, 2023, and $109.8 million at September 30, 2022. Book value per common share increased to $13.11 at September 30, 2023, compared to $12.88 at June 30, 2023, and $12.54 at September 30, 2022. Credit Quality The Company recorded a provision for credit loss expense of $43,000 in the third quarter of 2023, compared to a provision for credit loss expense of $12,000 in second quarter 2023, and a provision expense of $298,000 in third quarter 2022. The provision expense for the third quarter included a $103,000 expense related to available-for-sale investments and a $60,000 provision credit related to loans and unfunded commitments. The allowance for credit losses was $12.1 million, or 1.30% of total loans held for investment, at September 30, 2023. Net non-accrual loans, plus net other assets acquired through foreclosure, were $4.7 million at September 30, 2023, compared to $1.0 million at June 30, 2023, and $2.5 million at September 30, 2022. Net non-accrual loans were $3.2 million as of September 30, 2023, compared to $974,000 at June 30, 2023, and $239,000 at September 30, 2022. Of the $3.2 million of net non-accrual loans at September 30, 2023, $2.0 million were construction loans, $727,000 were manufactured housing loans, $327,000 were commercial real estate loans and $141,000 were single family loans. There was $1.5 million in other assets acquired through foreclosure as of September 30, 2023, compared to $65,000 at June 30, 2023, and $2.3 million at September 30, 2022. The increase as of September 30, 2023, was due to the addition of two parcels related to one borrower, which was transferred to OREO at a $278,000 gain at the time of foreclosure. Stock Repurchase Program On August 30, 2023, the Company announced that its Board of Directors has extended the stock repurchase plan until August 31, 2025. The Company did not repurchase shares during the third 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 bank failures during this past year 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; the effect of international conflicts and the potential involvement of the United States in such conflicts; 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. Additional Information about the Proposed Transaction and Where to Find It Investors and security holders are urged to carefully review and consider each of Central Valley and Community West public filings with the Securities Exchange Commission (“SEC”), including but not limited to their respective Annual Reports on Form 10-K, its Proxy Statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Central Valley’s documents filed with the SEC may be obtained free of charge at Central Valley’s website at www.cvcb.com or at the SEC’s website at www.sec.gov. Central Valley’s documents may also be obtained free of charge from Central Valley by requesting them in writing to Central Valley Community Bancorp, 7100 N. Financial Drive, Suite 101, Fresno, California 93720; Attention: Corporate Secretary, or by telephone at (559)298-1775. Community West documents filed with the SEC may be obtained free of charge at Community West’s website at www.communitywestbank.com or at the SEC’s website at www.sec.gov. Community West documents may also be obtained free of charge from Community West by requesting them in writing to Community West Bancshares, 445 Pine Avenue, Goleta, California 93117, or by telephone at (805) 692-5821; Attention Corporate Secretary. Central Valley intends to file a registration statement on Form S-4 with the SEC which will include a joint proxy statement/prospectus which will be distributed to the shareholders of Central Valley and Community West in connection with their vote on the merger. Before making any voting or investment decision, investors and security holders of Central Valley and Community West are urged to carefully read the entire joint proxy statement/prospectus, when it becomes available, as well as any amendments or supplements thereto, because it will contain important information about the proposed transaction. Investors and security holders will be able to obtain the joint proxy statement/prospectus free of charge from the SEC’s website or from Central Valley or Community West by writing to the address provided in the paragraph above. The directors, executive officers and certain other members of management and employees at Central Valley and Community West may be deemed participants in the solicitation of proxies in favor of the merger from their respective shareholders. Information about the directors and executive officers of Central Valley is included in the proxy statement for its 2023 Annual Meeting of Shareholders, which was filed with the SEC on March 31, 2023. Information about the directors and executive officers of Community West is included in the proxy statement for its 2023 Annual Meeting of Shareholders, which was filed with the SEC on April 17, 2023. Contact: Richard Pimentel, EVP & CFO 805.692.4410 www.communitywestbank.com COMMUNITY WEST BANCSHARES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in 000's, except per share data) September 30, June 30, March 31, December 31, September 30, 2023 2023 2023 2022 2022 Cash and cash equivalents$1,855 $1,801 $1,533 $1,379 $1,806 Interest-earning deposits in other financial institutions 138,764 128,754 166,342 63,311 49,489 Investment securities 17,591 17,241 18,225 29,470 59,909 Loans: Commercial 51,968 56,047 62,477 74,929 70,811 Commercial real estate 556,945 559,677 555,339 545,317 544,373 SBA 6,169 6,324 6,418 6,855 6,955 Paycheck Protection Program (PPP) 192 225 684 1,773 1,810 Manufactured housing 325,068 321,127 315,326 315,825 309,989 Single family real estate 10,590 10,529 9,582 8,678 8,943 HELOC 2,556 2,556 2,557 2,613 3,373 Other (1) (806) (235) (890) (648) (560)Total loans 952,682 956,250 951,493 955,342 945,694 Loans, net Held for sale 18,435 19,126 21,045 21,033 22,096 Held for investment 934,247 937,124 930,448 934,309 923,598 Less: Allowance for credit losses (12,135) (12,148) (12,065) (10,765) (11,113)Net held for investment 922,112 924,976 918,383 923,544 912,485 NET LOANS 940,547 944,102 939,428 944,577 934,581 Other assets 41,542 39,532 42,055 52,765 42,493 TOTAL ASSETS$1,140,299 $1,131,430 $1,167,583 $1,091,502 $1,088,278 Deposits Non-interest-bearing demand$190,817 $195,612 $205,324 $216,494 $243,100 Interest-bearing demand 456,808 460,597 437,770 428,173 439,455 Savings 16,905 18,548 20,929 23,490 23,865 Certificates of deposit ($250,000 or more) 14,911 10,328 6,268 6,693 9,909 Other certificates of deposit 236,652 226,639 250,513 200,234 135,860 Total deposits 916,093 911,724 920,804 875,084 852,189 Other borrowings 90,000 90,000 115,000 90,000 110,000 Other liabilities 18,144 15,765 18,990 13,768 16,268 TOTAL LIABILITIES 1,024,237 1,017,489 1,054,794 978,852 978,457 Stockholders' equity 116,062 113,941 112,789 112,650 109,821 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,140,299 $1,131,430 $1,167,583 $1,091,502 $1,088,278 Common shares outstanding 8,850 8,849 8,835 8,798 8,755 Book value per common share$13.11 $12.88 $12.77 $12.80 $12.54 (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 September 30, June 30, March 31, December 31, September 30, 2023 2023 2023 2022 2022Interest income Loans, including fees $13,331 $13,161 $12,489 $12,467 $11,867Investment securities and other 1,222 1,554 1,096 811 787Total interest income 14,553 14,715 13,585 13,278 12,654 Deposits 3,830 3,751 2,277 913 528Other borrowings 204 247 278 224 203Total interest expense 4,034 3,998 2,555 1,137 731Net interest income 10,519 10,717 11,030 12,141 11,923Provision for credit losses 43 12 (722) (461) 298Net interest income after provision for credit losses 10,476 10,705 11,752 12,602 11,625Non-interest income Other loan fees 248 286 169 246 292Gains from loan sales, net 24 56 30 12 49Document processing fees 88 102 78 85 114Service charges 149 167 154 143 114Other 572 535 331 278 303Total non-interest income 1,081 1,146 762 764 872Non-interest expenses Salaries and employee benefits 5,039 5,228 5,202 4,821 4,752Occupancy, net 1,093 1,135 1,098 1,116 1,046Professional services 672 851 919 1,236 653Data processing 349 377 349 346 302Depreciation 180 183 180 176 173FDIC assessment 331 276 182 111 131Advertising and marketing 179 282 210 234 196Stock-based compensation 75 74 246 32 71Other 445 448 448 507 286Total non-interest expenses 8,363 8,854 8,834 8,579 7,610Income before provision for income taxes 3,194 2,997 3,680 4,787 4,887Provision for income taxes 942 876 1,216 1,411 1,409Net income $2,252 $2,121 $2,464 $3,376 $3,478Earnings per share: Basic $0.25 $0.24 $0.28 $0.38 $0.40Diluted $0.25 $0.24 $0.27 $0.38 $0.39 COMMUNITY WEST BANCSHARES CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) (in 000's, except per share data) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Interest income Loans, including fees $13,331 $11,867 $38,981 $34,190Investment securities and other 1,222 787 3,872 1,670Total interest income 14,553 12,654 42,853 35,860 Deposits 3,830 528 9,858 1,598Other borrowings 204 203 729 593Total interest expense 4,034 731 10,587 2,191Net interest income 10,519 11,923 32,266 33,669Provision for credit losses 43 298 (667) 266Net interest income after provision for credit losses 10,476 11,625 32,933 33,403Non-interest income Other loan fees 248 292 703 915Gains from loan sales, net 24 49 110 245Document processing fees 88 114 268 337Service charges 149 114 470 295Other 572 303 1,438 1,422Total non-interest income 1,081 872 2,989 3,214Non-interest expenses Salaries and employee benefits 5,039 4,752 15,469 14,527Occupancy, net 1,093 1,046 3,326 3,064Professional services 672 653 2,442 1,687Data processing 349 302 1,075 919Depreciation 180 173 543 535FDIC assessment 331 131 789 466Advertising and marketing 179 196 671 687Stock-based compensation 75 71 395 257Other 445 286 1,341 551Total non-interest expenses 8,363 7,610 26,051 22,693Income before provision for income taxes 3,194 4,887 9,871 13,924Provision for income taxes 942 1,409 3,034 3,851Net income $2,252 $3,478 $6,837 $10,073Earnings per share: Basic $0.25 $0.40 $0.77 $1.16Diluted $0.25 $0.39 $0.76 $1.13 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 September 30, 2023 June 30, 2023 September 30, 2022 Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Interest-Earning Assets Federal funds sold and interest-earning deposits$70,564 $9035.08% $100,860 $1,2264.88% $76,265 $4012.09%Investment securities 22,568 3195.61% 25,002 3285.26% 65,148 3862.35%Loans (1) 955,609 13,3315.53% 952,694 13,1615.54% 935,169 11,8675.03% Total earnings assets 1,048,741 14,5535.51% 1,078,556 14,7155.47% 1,076,582 12,6544.66% Nonearning Assets Cash and due from banks 2,114 2,021 2,177 Allowance for credit losses (12,107) (12,015) (11,031) Other assets 35,121 36,747 38,022 Total assets$1,073,869 $1,105,309 $1,105,750 Interest-Bearing Liabilities Interest-bearing demand deposits$388,385 $1,9081.95% $398,061 $1,8261.84% $465,317 $3250.28%Savings deposits 17,797 130.29% 19,476 120.25% 25,133 140.22%Time deposits 242,794 1,9093.12% 262,182 1,9132.93% 151,130 1890.50%Total interest-bearing deposits 648,976 3,8302.34% 679,719 3,7512.21% 641,580 5280.33%Other borrowings 90,217 2040.90% 93,571 2471.06% 90,764 2030.89%Total interest-bearing liabilities$739,193 $4,0342.17% $773,290 $3,9982.07% $732,344 $7310.40% Noninterest-Bearing Liabilities Noninterest-bearing demand deposits 200,804 201,536 248,538 Other liabilities 18,209 16,626 15,789 Stockholders' equity 115,663 113,857 109,079 Total Liabilities and Stockholders' Equity$1,073,869 $1,105,309 $1,105,750 Net interest income and margin $10,5193.98% $10,7173.99% $11,9234.39%Net interest spread 3.34% 3.40% 4.26% Cost of total deposits 1.79% 1.71% 0.24%Cost of funds 1.70% 1.65% 0.30% (1) Includes nonaccrual and held for sale loans. COMMUNITY WEST BANCSHARES Average Balance, Average Yield Earned, and Average Rate Paid (unaudited) (in 000's) Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Interest-Earning Assets Federal funds sold and interest-earning deposits$81,525 $2,9254.80% $143,455 $8120.76%Investment securities 24,911 9485.09% 45,903 8582.50%Loans (1) 953,511 38,9805.47% 912,414 34,1905.01% Total earnings assets 1,059,947 42,8535.41% 1,101,772 35,8604.35% Nonearning Assets Cash and due from banks 2,037 2,177 Allowance for credit losses (12,199) (10,805) Other assets 36,848 38,195 Total assets$1,086,633 $1,131,339 Interest-Bearing Liabilities Interest-bearing demand deposits$401,262 $5,0321.68% $493,332 $9170.25%Savings deposits 20,148 380.25% 24,827 470.25%Time deposits 235,437 4,7882.72% 163,666 6340.52%Total interest-bearing deposits 656,847 9,8582.01% 681,825 1,5980.31%Other borrowings 93,352 7291.04% 90,257 5930.88%Total interest-bearing liabilities$750,199 $10,5871.89% $772,082 $2,1910.38% Noninterest-Bearing Liabilities Noninterest-bearing demand deposits 204,719 236,531 Other liabilities 17,535 16,352 Stockholders' equity 114,180 106,374 Total Liabilities and Stockholders' Equity$1,086,633 $1,131,339 Net interest income and margin $32,2664.07% $33,6694.09%Net interest spread 3.52% 3.97% Cost of total deposits 1.53% 0.23%Cost of funds 1.48% 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 Nine Months EndedNine Months EndedPERFORMANCE MEASURES AND RATIOSSeptember 30, 2023 June 30, 2023 September 30, 2022 September 30, 2023September 30, 2022Return on average common equity 7.72% 7.47% 12.65% 8.01% 12.66%Return on average assets 0.83% 0.77% 1.25% 0.84% 1.19%Efficiency ratio 72.09% 74.64% 59.48% 73.89% 61.53%Net interest margin 3.98% 3.99% 4.39% 4.07% 4.09% Three Months Ended Three Months Ended Three Months Ended Nine Months EndedNine Months EndedAVERAGE BALANCESSeptember 30, 2023 June 30, 2023 September 30, 2022 September 30, 2023September 30, 2022Average assets$1,073,869 $1,105,309 $1,105,750 $1,086,633 $1,131,339 Average earning assets 1,048,741 1,078,556 1,076,582 1,059,947 1,101,772 Average total loans 955,609 952,694 935,169 953,511 912,414 Average deposits 849,780 881,255 890,118 861,566 918,356 Average common equity 115,663 113,857 109,079 114,180 106,374 EQUITY ANALYSISSeptember 30, 2023 June 30, 2023 September 30, 2022 Total common equity$116,062 $113,941 $109,821 Common stock outstanding 8,850 8,849 8,755 Book value per common share$13.11 $12.88 $12.54 ASSET QUALITYSeptember 30, 2023 June 30, 2023 September 30, 2022 Nonaccrual loans, net$3,195 $974 $239 Nonaccrual loans, net/total loans 0.34% 0.10% 0.03% Other assets acquired through foreclosure, net$1,511 $65 $2,250 Nonaccrual loans plus other assets acquired through foreclosure, net$4,706 $1,039 $2,489 Nonaccrual loans plus other assets acquired through foreclosure, net/total assets 0.41% 0.09% 0.23% Net loan (recoveries)/charge-offs in the quarter$(45) $(98) $51 Net (recoveries)/charge-offs in the quarter/total loans (0.00%) (0.01%) 0.01% Allowance for credit losses - loans$12,135 $12,148 $11,113 Plus: Reserve for undisbursed loan commitments 424 427 96 Allowance for credit losses - loans / total loans held for investment$12,559 $12,575 $11,209 Allowance for credit losses - loans 1.30% 1.30% 1.21% Allowance for credit losses/nonaccrual loans, net 379.81% 1247.23% 4649.79% Community West Bank * Tier 1 leverage ratio 10.81% 10.38% 9.83% Tier 1 capital ratio 12.06% 11.91% 11.30% Total capital ratio 13.26% 13.09% 12.46% INTEREST SPREAD ANALYSISSeptember 30, 2023 June 30, 2023 September 30, 2022 Yield on total loans 5.53% 5.54% 5.03% Yield on investments 5.61% 5.26% 2.35% Yield on interest earning deposits 5.08% 4.88% 2.09% Yield on earning assets 5.51% 5.47% 4.66% Cost of interest-bearing deposits 2.34% 2.21% 0.33% Cost of total deposits 1.79% 1.71% 0.24% Cost of borrowings 0.90% 1.06% 0.89% Cost of interest-bearing liabilities 2.17% 2.07% 0.40% Cost of funds 1.70% 1.65% 0.30% * Capital ratios are preliminary until the Call Report is filed.
CWBC | globenewswire | about 2 years ago | Neutral

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates BSQR, CWBC, CVCYNEW YORK, Oct. 21, 2023 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Bsquare Corporation (NASDAQ: BSQR)’s sale to...

BSQR CVCY CWBC | globenewswire | about 2 years ago | Neutral

SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates PXD, BSQR, CWBC, CVCYNEW YORK, Oct. 15, 2023 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Pioneer Natural Resources Company (NYSE: PXD...
NEW YORK, Oct. 15, 2023 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Pioneer Natural Resources Company (NYSE: PXD)’s sale to Exxon Mobil Corporation for 2.3234 shares of Exxon Mobil for each Pioneer share. If you are a Pioneer shareholder, click here to learn more about your rights and options. Bsquare Corporation (NASDAQ: BSQR)’s sale to Kontron America, Incorporated for $1.90 per share of common stock. If you are a Bsquare shareholder, click here to learn more about your rights and options. Community West Bancshares (NASDAQ: CWBC)’s sale to Central Valley Community Bancorp for 0.79 shares of Central Valley common stock for each share of Community West common stock. Following the proposed transaction, existing Community West shareholders will own approximately 37% of the combined company. If you are a Community West shareholder, click here to learn more about your rights and options. Central Valley Community Bancorp (NASDAQ: CVCY)’s merger with Community West Bancshares. Following the proposed transaction, existing Central Valley shareholders will own approximately 63% of the outstanding shares of the combined company. If you are a Central Valley shareholder, click here to learn more about your rights and options. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Halper Sadeh LLC Daniel Sadeh, Esq. Zachary Halper, Esq. (212) 763-0060 sadeh@halpersadeh.com zhalper@halpersadeh.com https://www.halpersadeh.com
BSQR CVCY CWBC PXD | globenewswire | about 2 years ago | Neutral

Community West Bancshares Authorizes Extension to Stock Repurchase PlanGOLETA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today announced that its Board of Directors has extended the Company’s stock repurchase plan until August 31, 2025. The b...
GOLETA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today announced that its Board of Directors has extended the Company’s stock repurchase plan until August 31, 2025. The balance available for common stock repurchase from the authorized $4.5 million is $1,435,783. Stock repurchases may be made from time to time through open market purchases, block trades or privately negotiated transactions. CompanyOverview 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. SafeHarborDisclosure 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 including, but not limited to, risks from the COVID-19 pandemic, 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 interest rate policies of the Board of Governors of the Federal Reserve System, inflation, weather, natural disasters, 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, reduction in the value of our investment securities, 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, 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. Contact: Martin E. Plourd, Chief Executive Officer 805.692.4382 www.communitywestbank.com
CWBC | globenewswire | about 2 years ago | Neutral

Community West Bancshares Reports Second Quarter 2023 Earnings of $2.1 Million, or $0.24 Per Diluted Share; Declares Quarterly Cash Dividend of $0.08 Per Common ShareGOLETA, Calif., July 28, 2023 (GLOBE NEWSWIRE) -- 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...
GOLETA, Calif., July 28, 2023 (GLOBE NEWSWIRE) -- 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 BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Interest-Earning Assets Federal funds sold and interest-earning deposits$100,860 $1,2264.88% $73,179 $7954.41% $149,710 $3020.81% Investment securities 25,002 3285.26% 27,213 3014.49% 45,243 2752.44% Loans (1) 952,694 13,1615.54% 952,192 12,4895.32% 907,088 11,1294.92% Total earnings assets 1,078,556 14,7155.47% 1,052,584 13,5855.23% 1,102,041 11,7064.26% 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 $1,8261.84% $417,662 $1,2981.26% $495,821 $2730.22% Savings deposits 19,476 120.25% 23,230 120.21% 25,402 160.25% Time deposits 262,182 1,9132.93% 200,875 9671.95% 164,687 2110.51% Total interest-bearing deposits 679,719 3,7512.21% 641,767 2,2771.44% 685,910 5000.29% Other borrowings 93,571 2471.06% 96,333 2781.17% 90,000 1960.87% Total interest-bearing liabilities$773,290 $3,9982.07% $738,100 $2,5551.40% $775,910 $6960.36% 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 $10,7173.99% $11,0304.25% $11,0104.01% 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 BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Interest-Earning Assets Federal funds sold and interest-earning deposits$87,096 $2,0214.68% $177,607 $4110.47% Investment securities 26,102 6294.86% 36,121 4722.64% Loans (1) 952,444 25,6505.43% 900,849 22,3235.00% Total earnings assets 1,065,642 28,3005.36% 1,114,577 23,2064.20% 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 $3,1231.55% $507,572 $5920.24% Savings deposits 21,343 250.24% 24,670 330.27% Time deposits 231,698 2,8802.51% 170,038 4450.53% Total interest-bearing deposits 660,848 6,0281.84% 702,280 1,0700.31% Other borrowings 94,945 5251.12% 90,000 3900.87% Total interest-bearing liabilities$755,793 $6,5531.75% $792,280 $1,4600.37% 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 $21,7474.12% $21,7463.93% Net interest spread 3.61% 3.83% Cost of total deposits $21,7471.40% $21,7460.23% 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 EndedSix Months Ended PERFORMANCE MEASURES AND RATIOSJune 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 EndedSix Months Ended AVERAGE BALANCESJune 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 ANALYSISJune 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 QUALITYJune 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 ANALYSISJune 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 & CFO 805.692.4410 www.communitywestbank.com
CWBC | globenewswire | about 2 years ago | Neutral

Community West Bancshares Named to American Banker Magazine Top 200 Publicly Traded Community BanksGOLETA, Calif., June 14, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), announced its inclusion in American Banker magazine’s annual list of Top 200 Publicly Traded Community Banks and Thri...
GOLETA, Calif., June 14, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), announced its inclusion in American Banker magazine’s annual list of Top 200 Publicly Traded Community Banks and Thrifts under $2.0 billion in asset size. In its June 12, 2023 article, American Banker ranked Community West Bancshares 124th on its Top 200 Publicly Traded Community Banks and Thrifts list based on three-year average return on equity (“ROE”) as of 12/31/2022 (Source: Capital Performance Group). The rankings include publicly-traded banks and thrifts with less than $2 billion in assets. “American Banker is a highly respected industry publication and it is an honor to be favorably recognized on this prestigious list of community banks,” said Marty Plourd, Chief Executive Officer. “Being listed in the Top 200 is a great affirmation of our extraordinary staff and their commitment to our customers and to the communities we serve.” 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 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, risks from the COVID-19 pandemic, 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, risks from the COVID-19 pandemic, weather, natural disasters, 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, 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, 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. Contact: Martin E. Plourd, Chief Executive Officer 805.692.4382 www.communitywestbank.com
CWBC | globenewswire | about 2 years ago | Neutral

Community West Bancshares Reports First Quarter 2023 Earnings of $2.5 Million, or $0.27 Per Diluted Share; Declares Quarterly Cash Dividend of $0.08 Per Common ShareGOLETA, Calif., April 28, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income of $2.5 million, or $0.27 per diluted share, for the first quarter of 2023, compared to $3...
GOLETA, Calif., April 28, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income of $2.5 million, or $0.27 per diluted share, for the first quarter of 2023, compared to $3.4 million, or $0.38 per diluted share, for the preceding quarter, and $4.0 million, or $0.45 per diluted share, for the first quarter of 2022. The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per common share, payable May 31, 2023, to common shareholders of record on May 12, 2023. “Our first quarter 2023 results reflected a strong balance sheet, net interest margin and stable credit quality metrics” stated Martin E. Plourd, President & Chief Executive Officer of Community West Bancshares. “With the destabilization of our industry we quickly moved to secure liquidity to cover all uninsured deposits. We benefited by previously having approximately 78% of our deposits fully insured or collateralized, which is the direct result of our community-focused business model. We will continue to focus on funding our balance sheet primarily through core deposits. Our outlook over the next few quarters remains cautious, as we anticipate a leaner loan pipeline, as recessionary concerns continue, and deposit pricing pressures persist. While recent developments in the banking industry have been unsettling in the short term, we believe that with our resilient deposit franchise, margin, sound capital levels and stable credit quality we are well positioned to capitalize on new market opportunities.” First Quarter 2023 Financial Highlights: Net income was $2.5 million, or $0.27 per diluted share in the first quarter 2023, compared to $3.4 million, or $0.38 per diluted share in fourth quarter 2022, and $4.0 million, or $0.45 per diluted share in first quarter 2022.Net interest income decreased $1.1 million to $11.0 million for first quarter 2023, compared to $12.1 million in fourth quarter 2022, and increased $294,000 compared to $10.7 million in first quarter 2022.Net interest margin was 4.25% for the first quarter 2023, compared to 4.58% in fourth quarter 2022, and 3.86% in first quarter 2022.Return on average assets was 0.92% for the first quarter 2023, compared to 1.24% in fourth quarter 2022, and 1.39% in first quarter 2022.Return on average common equity was 8.84% for the first quarter 2023, compared to 11.98% in fourth quarter 2022, and 15.52% in first quarter 2022.The Company adopted and implemented Accounting Standard Update (ASU) 2016-13 (“CECL”) on January 1, 2023. The “Day 1” impact of the adoption was a $1.8 million increase to the Allowance for Credit Losses (“ACL”) and a $421,000 increase to the reserve for unfunded commitments resulting in a $1.6 million decrease to retained earnings net of tax.The Company recorded a negative provision for credit loss expense of $607,000 for first quarter 2023, compared to a negative provision for loan losses of $461,000 for fourth quarter 2022, and a negative provision for loan losses of $284,000 for first quarter 2022.The ACL was 1.30% of total loans held for investment at March 31, 2023 compared to 1.15% at December 31, 2022, and 1.22% at March 31, 2022.Net non-accrual loans increased to $1.6 million at March 31, 2023, compared to $211,000 at December 31, 2022, and $536,000 at March 31, 2022.Total loans decreased by $3.8 million to $951.5 million at March 31, 2023, compared to $955.3 million at December 31, 2022, and increased $61.2 million compared to $890.3 million at March 31, 2022.Total deposits increased by $45.7 million during the quarter to $920.8 million at March 31, 2023, compared to $875.1 million at December 31, 2022. Non-interest-bearing demand deposits decreased $11.2 million, or 5%, to $205.3 million at March 31, 2023, compared to $216.5 million at December 31, 2022.The Bank’s uninsured or uncollateralized deposits totaled approximately 22% of total deposits at March 31, 2023, compared to 25% at December 31, 2022.Available borrowing capacity was $178 million at March 31, 2023.Stockholders’ equity increased $139,000 to $112.8 million at March 31, 2023, compared to $112.7 million at December 31, 2022, and increased $7.9 million compared to $104.8 million at March 31, 2022.Book value per common share decreased to $12.77 at March 31, 2023, compared to $12.80 at December 31, 2022, and $12.07 at March 31, 2022.The Bank’s Tier 1 leverage ratio* was 10.41% at March 31, 2023, compared to 10.34% at December 31, 2022, and 8.88% at March 31, 2022. * Capital Ratios are preliminary. Income Statement Total interest income increased $307,000 in the first quarter to $13.6 million, compared to $13.3 million in the preceding quarter, and increased by $2.1 million compared to the first quarter of 2022. Interest income from loans remained unchanged at $12.5 million compared to the prior quarter. Interest income from securities and interest-earning deposits increased $285,000 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 compared to the prior quarter due to increased average balances and rates paid on interest-bearing demand deposits and time deposits. The increase in deposit expense was largely due to increased levels of wholesale funding as the Bank utilized wholesale funding sources to increase on-balance sheet liquidity. Net interest income decreased 9.2% to $11.0 million in the first quarter 2023, compared to $12.1 million in the preceding quarter, and increased 2.7% compared to $10.7 million in first quarter 2022. Net interest margin was 4.25% for first quarter 2023, a 33-basis point decrease compared to fourth quarter 2022, and a 39-basis point increase compared to first quarter 2022. The yield on loans for the first quarter 2023 increased 11 basis points to 5.32%, compared to 5.21% for the fourth quarter 2022, resulting from increased loan rates on new originations and the impact of higher market rates. The yield on federal funds and interest-earning deposits increased 102 bps to 4.41% for the first quarter 2023 due to increases in rates earned for overnight deposits and money market deposits. The cost of funds for the first quarter increased 62 basis points to 1.09%, compared to 0.47% for the preceding quarter due to higher rates paid on deposit accounts and changes in the portfolio mix. Non-interest income for the first quarter 2023 remained relatively unchanged at $762,000 compared to $764,000 in fourth quarter 2022. Other loan fees were $169,000 for the first quarter 2023 compared to $246,000 in fourth quarter 2022. Gain on sale of loans increased $18,000 to $30,000 in the first quarter 2023 compared to $12,000 in the fourth quarter of 2022 as a result of higher sales during the quarter. Non-interest expenses increased $140,000 to $8.7 million in the first quarter 2023 compared to $8.6 million in fourth quarter 2022. The increase is primarily due to an increase in salaries and benefits of $381,000 due to annual merit increases, seasonal increases in payroll taxes and increased benefit costs; increased stock-based compensation of $214,000 primarily due to annual stock awards; and increased FDIC assessments of $71,000 because of higher assessment rates. The increases were partially offset by lower professional fees of $317,000 due to less consulting expense during the quarter and lower other non-interest expenses of $174,000. Income tax expense decreased $195,000 to $1.2 million in the first quarter of 2023 compared to $1.4 million in the fourth quarter of 2022. The $1.2 million included a one-time deferred tax expense adjustment of $158,000. The effective tax rate for the first quarter of 2023 was 33.0% compared to 29.5% in the fourth quarter of 2022. Balance Sheet Total assets increased $76.1 million, or 7%, to $1.17 billion at March 31, 2023, compared to $1.09 billion at December 31, 2022, and increased $30.9 million, or 2.7%, compared to $1.14 billion, at March 31, 2022. Total interest-earning deposits in other financial institutions increased $103.0 million to $166.3 million at March 31, 2023, compared to $63.3 million at December 31, 2022, and decreased $24.8 million compared to March 31, 2022. Total investment securities were $18.2 million at quarter end, compared to $29.5 million in the prior quarter. Total loans decreased $3.8 million, or 0.4%, to $951.5 million at March 31, 2023, compared to $955.3 million at December 31, 2022, and increased $61.2 million, or 6.9%, compared to $890.3 million at March 31, 2022. Commercial real estate loans outstanding (which include SBA 504, construction and land) increased $10 million during the quarter to $555.3 million at March 31, 2023, compared to $545.3 million at December 31, 2022, and increased $63.2 million compared to $492.2 million at March 31, 2022. Manufactured housing loans decreased $499,000 during the quarter to $315.3 million at March 31, 2023, compared to $315.8 million at December 31, 2022, and increased $15.4 million compared to $300 million at March 31, 2022. Commercial loans decreased $12.5 million during the quarter to $62.5 million at March 31, 2023, compared to $75 million at December 31, 2022, and decreased $8 million compared to $70.5 million at March 31, 2022. Total deposits increased $45.7 million, or 5.2%, to $920.8 million at March 31, 2023, compared to $875.1 million at December 31, 2022, and decreased $4.9 million, or 0.5%, compared to $925.7 million at March 31, 2022. Non-interest-bearing demand deposits were $205.3 million at March 31, 2023, a $11.2 million decrease compared to $216.5 million at December 31, 2022, and a $20.7 million increase compared to $226.1 million at March 31, 2022. Interest-bearing demand deposits increased $9.6 million to $437.8 million at March 31, 2023, compared to $428.2 million at December 31, 2022, and decreased $66.4 million compared to $504.2 million at March 31, 2022. Certificates of deposit, which include brokered deposits, increased $49.9 million during the quarter to $256.8 million at March 31, 2023, compared to $206.9 million at December 31, 2022, and increased $85.6 million compared to $171.2 million at March 31, 2022. Total borrowings increased $25 million, or 28%, to $115 million at March 31, 2023, compared to $90 million at December 31, 2022, and March 31, 2022. The increase was due to $15 million in additional FHLB overnight advances and $10 million in unsecured borrowing to support on-balance sheet liquidity. Stockholders’ equity increased to $112.8 million at March 31, 2023, compared to $112.7 million at December 31, 2022, and $104.8 million at March 31, 2022. Book value per common share decreased to $12.77 at March 31, 2023, compared to $12.80 at December 31, 2022, and $12.07 at March 31, 2022. Credit Quality In accordance with changes in generally accepted accounting principles, the Company adopted the new credit loss accounting standard known as Current Expected Credit Loss (“CECL”) on January 1, 2023. With the adoption, the allowance for credit losses ("ACL") for loans increased by $1.8 million and the reserve on unfunded commitments increased $420,000. Under CECL, the ACL is based on expected credit losses rather than on incurred losses. Adoption of CECL resulted in a cumulative effect after-tax adjustment to stockholders’ equity as of January 1, 2023, of $1.6 million, which had no impact on earnings. The Company recorded a negative provision for loan loss expense of $607,000 in the first quarter 2023, compared to a negative provision for loan loss expense of $461,000 in fourth quarter 2022, and a negative provision expense of 284,000 in first quarter 2022. The total allowance for credit losses was $12.1 million, or 1.30% of total loans held for investment, at March 31, 2023. Net non-accrual loans, plus net other assets acquired through foreclosure, were $3.8 million at March 31, 2023, $2.5 million at December 31, 2022, and $2.9 million at March 31, 2022. Net non-accrual loans were $1.6 million as of March 31, 2023, compared to $211,000 at December 31, 2022, and $536,000 at March 31, 2022. Of the $1.6 million of net non-accrual loans at March 31, 2023, $817,000 were agriculture loans, $628,000 were manufactured housing loans and $148,000 were single family loans. The $817,000 in agriculture loans includes a guaranteed balance of $735,000. There was $2.3 million in other assets acquired through foreclosure as of March 31, 2023 and on December 31, 2022. This compared to $2.4 million at March 31, 2022. The OREO balance relates to one property the Bank is currently marketing and expects to sell this year. 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 first 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 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, risks from the COVID-19 pandemic, 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, risks from the COVID-19 pandemic, weather, natural disasters, 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, 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, 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) March 31, December 31, March 31, 2023 2022 2022 Cash and cash equivalents$1,533 $1,379 $2,043 Interest-earning deposits in other financial institutions 166,342 63,311 191,145 Investment securities 18,225 29,470 21,805 Loans: Commercial 62,477 74,929 70,480 Commercial real estate 555,339 545,317 492,181 SBA 6,418 6,855 8,403 Paycheck Protection Program (PPP) 684 1,773 7,504 Manufactured housing 315,326 315,825 299,969 Single family real estate 9,582 8,678 8,824 HELOC 2,557 2,613 3,475 Other (1) (890) (648) (528)Total loans 951,493 955,342 890,308 Loans, net Held for sale 21,045 21,033 24,193 Held for investment 930,448 934,309 866,115 Less: Allowance for credit losses (12,065) (10,765) (10,547)Net held for investment 918,383 923,544 855,568 NET LOANS 939,428 944,577 879,761 Other assets 42,055 52,765 41,849 TOTAL ASSETS$1,167,583 $1,091,502 $1,136,603 Deposits Non-interest-bearing demand$205,324 $216,494 $226,073 Interest-bearing demand 437,770 428,173 504,209 Savings 20,929 23,490 24,239 Certificates of deposit ($250,000 or more) 6,268 6,693 13,197 Other certificates of deposit 250,513 200,234 158,022 Total deposits 920,804 875,084 925,740 Other borrowings 115,000 90,000 90,000 Other liabilities 18,990 13,768 16,035 TOTAL LIABILITIES 1,054,794 978,852 1,031,775 Stockholders' equity 112,789 112,650 104,828 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,167,583 $1,091,502 $1,136,603 Common shares outstanding 8,835 8,798 8,682 Book value per common share$12.77 $12.80 $12.07 (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 March 31, December 31,September 30,June 30, March 31, 2023 2022 2022 2022 2022 Interest income Loans, including fees $12,489 $12,467 $11,867 $11,129 $11,194 Investment securities and other 1,096 811 787 577 306 Total interest income 13,585 13,278 12,654 11,706 11,500 Deposits 2,277 913 528 500 570 Other borrowings 278 224 203 196 194 Total interest expense 2,555 1,137 731 696 764 Net interest income 11,030 12,141 11,923 11,010 10,736 Provision (credit) for credit losses (607) (461) 298 252 (284)Net interest income after provision (credit) for credit losses 11,637 12,602 11,625 10,758 11,020 Non-interest income Other loan fees 169 246 292 377 246 Gains from loan sales, net 30 12 49 136 60 Document processing fees 78 85 114 122 101 Service charges 154 143 114 93 88 Other 331 278 303 323 796 Total non-interest income 762 764 872 1,051 1,291 Non-interest expenses Salaries and employee benefits 5,202 4,821 4,752 4,910 4,865 Occupancy, net 1,098 1,116 1,046 1,021 997 Professional services 919 1,236 653 635 399 Data processing 349 346 302 307 310 Depreciation 180 176 173 179 183 FDIC assessment 182 111 131 164 171 Advertising and marketing 210 234 196 233 258 Stock-based compensation 246 32 71 94 92 Other 333 507 286 569 (304)Total non-interest expenses 8,719 8,579 7,610 8,112 6,971 Income before provision for income taxes 3,680 4,787 4,887 3,697 5,340 Provision for income taxes 1,216 1,411 1,409 1,062 1,380 Net income $2,464 $3,376 $3,478 $2,635 $3,960 Earnings per share: Basic $0.28 $0.38 $0.40 $0.30 $0.46 Diluted $0.27 $0.38 $0.39 $0.30 $0.45 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 March 31, 2023 December 31, 2022 March 31, 2022 Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Interest-Earning Assets Federal funds sold and interest-earning deposits$73,179 $7954.41% $48,512 $4153.39% $205,815 $1090.21%Investment securities 27,213 3014.49% 54,022 3962.91% 26,897 1972.97%Loans (1) 952,192 12,4895.32% 949,007 12,4675.21% 894,539 11,1945.08%Total earnings assets 1,052,584 13,5855.23% 1,051,541 13,2785.01% 1,127,251 11,5004.14% Nonearning Assets Cash and due from banks 1,976 2,145 2,161 Allowance for credit losses (12,479) (11,204) (10,615) Other assets 38,716 36,432 39,138 Total assets$1,080,797 $1,078,914 $1,157,935 Interest-Bearing Liabilities Interest-bearing demand deposits$417,662 $1,2981.26% $442,313 $5910.53% $519,454 $3190.25%Savings deposits 23,230 120.21% 22,801 130.23% 23,931 160.27%Time deposits 200,875 9671.95% 152,249 3090.81% 175,448 2350.54%Total interest-bearing deposits 641,767 2,2771.44% 617,363 9130.59% 718,833 5700.32%Other borrowings 96,333 2781.17% 92,391 2240.96% 90,000 1940.87%Total interest-bearing liabilities$738,100 $2,5551.40% $709,754 $1,1370.64% $808,833 $7640.38% Noninterest-Bearing Liabilities Noninterest-bearing demand deposits 211,940 241,759 227,980 Other liabilities 17,766 15,555 17,640 Stockholders' equity 112,991 111,846 103,482 Total Liabilities and Stockholders' Equity$1,080,797 $1,078,914 $1,157,935 Net interest income and margin $11,0304.25% $12,1414.58% $10,7363.86%Net interest spread 3.83% 4.37% 3.76% Cost of total deposits 1.08% 0.42% 0.24%Cost of funds 1.09% 0.47% 0.30% ADDITIONAL FINANCIAL INFORMATION (Dollars and shares in thousands except per share amounts)(Unaudited) Three Months Ended Three Months Ended Three Months EndedPERFORMANCE MEASURES AND RATIOSMarch 31, 2023 December 31, 2022 March 31, 2022Return on average common equity 8.84% 11.98% 15.52% Return on average assets 0.92% 1.24% 1.39% Efficiency ratio 73.94% 66.48% 57.97% Net interest margin 4.25% 4.58% 3.86% Three Months Ended Three Months Ended Three Months EndedAVERAGE BALANCESMarch 31, 2023 December 31, 2022 March 31, 2022Average assets$1,080,797 $1,078,914 $1,157,935 Average earning assets 1,052,584 1,051,541 1,127,251 Average total loans 952,192 949,007 894,539 Average deposits 853,707 859,122 946,813 Average common equity 112,991 111,846 103,482 EQUITY ANALYSISMarch 31, 2023 December 31, 2022 March 31, 2022Total common equity$112,789 $112,650 $104,828 Common stock outstanding 8,835 8,798 8,682 Book value per common share$12.77 $12.80 $12.07 ASSET QUALITYMarch 31, 2023 December 31, 2022 March 31, 2022Nonaccrual loans, net$1,592 $211 $536 Nonaccrual loans, net/total loans 0.17% 0.02% 0.06% Other assets acquired through foreclosure, net$2,250 $2,250 $2,389 Nonaccrual loans plus other assets acquired through foreclosure, net$3,842 $2,461 $2,925 Nonaccrual loans plus other assets acquired through foreclosure, net/total assets 0.33% 0.23% 0.26% Net loan (recoveries)/charge-offs in the quarter$(96) $(113) $(427) Net (recoveries)/charge-offs in the quarter/total loans (0.01%) (0.01%) (0.05%) Allowance for credit losses$12,065 $10,765 $10,547 Plus: Reserve for undisbursed loan commitments 400 94 90 Total allowance for credit losses$12,465 $10,859 $10,637 Allowance for credit losses/total loans held for investment 1.30% 1.15% 1.22% Allowance for credit losses/nonaccrual loans, net 757.85% 5101.90% 1966.82% Community West Bank * Tier 1 leverage ratio 10.41% 10.34% 8.88% Tier 1 capital ratio 11.76% 11.44% 11.33% Total capital ratio 12.89% 12.56% 12.50% INTEREST SPREAD ANALYSISMarch 31, 2023 December 31, 2022 March 31, 2022Yield on total loans 5.32% 5.21% 5.08% Yield on investments 4.49% 2.91% 2.97% Yield on interest earning deposits 4.41% 3.39% 0.21% Yield on earning assets 5.23% 5.01% 4.14% Cost of interest-bearing deposits 1.44% 0.59% 0.32% Cost of total deposits 1.08% 0.42% 0.24% Cost of borrowings 1.17% 0.96% 0.87% Cost of interest-bearing liabilities 1.40% 0.64% 0.38% Cost of funds 1.09% 0.47% 0.30% * Capital ratios are preliminary until the Call Report is filed. Contact: Richard Pimentel, EVP & CFO 805.692.4410 www.communitywestbank.com
CWBC | globenewswire | about 2 years ago | Neutral

Community West Bancshares (CWBC) Q4 Earnings Surpass EstimatesCommunity West Bancshares (CWBC) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings su...
Community West Bancshares (CWBC) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.70%. A quarter ago, it was expected that this company would post earnings of $0.31 per share when it actually produced earnings of $0.39, delivering a surprise of 25.81%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Community West Bancshares , which belongs to the Zacks Banks - West industry, posted revenues of $12.91 million for the quarter ended December 2022, missing the Zacks Consensus Estimate by 2.24%. This compares to year-ago revenues of $11.66 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Community West Bancshares shares have lost about 1.5% since the beginning of the year versus the S&P 500's gain of 5.8%. What's Next for Community West Bancshares? While Community West Bancshares has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Story continues Ahead of this earnings release, the estimate revisions trend for Community West Bancshares: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.38 on $13.3 million in revenues for the coming quarter and $1.57 on $54.1 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Sierra Bancorp (BSRR), another stock in the same industry, has yet to report results for the quarter ended December 2022. This parent company of Bank of the Sierra is expected to post quarterly earnings of $0.72 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Sierra Bancorp's revenues are expected to be $36.93 million, up 9.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Community West Bancshares (CWBC) : Free Stock Analysis Report Sierra Bancorp (BSRR) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
BSRR CWBC | finance.yahoo | about 3 years ago | Neutral

Community West Bancshares Reports Fourth Quarter 2022 Earnings of $3.4 Million, or $0.38 Per Diluted Share, and Record Net Income of $13.4 Million, or $1.51 Per Diluted Share, for the Year; Increases Quarterly Cash Dividend to $0.08 Per Common ShareGOLETA, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income of $3.4 million, or $0.38 per diluted share, for the fourth quarter of 2022, compared to $3...
GOLETA, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income of $3.4 million, or $0.38 per diluted share, for the fourth quarter of 2022, compared to $3.5 million, or $0.39 per diluted share, for the preceding quarter, and $2.9 million, or $0.33 per diluted share, for the fourth quarter of 2021. For the full year 2022, the Company reported record net income of $13.4 million, or $1.51 per diluted share, compared to $13.1 million, or $1.50 per diluted share, for the full year 2021. Earnings for the fourth quarter of 2022 include a $461,000 negative provision for loan loss expense compared to a $298,000 provision for loan loss expense during third quarter 2022. Also impacting the preceding quarter was a one-time $132,000 recovery related to a prior OREO expense. The Company’s Board of Directors declared an increase of its quarterly cash dividend by 6.7% to $0.08 per common share, payable February 28, 2023, to common shareholders of record on February 10, 2023. “We delivered excellent fourth quarter results, and record full year 2022 earnings, highlighted by strong organic loan growth, steady loan production and continued net interest margin expansion,” stated Martin E. Plourd, President & Chief Executive Officer of Community West Bancshares. “We started the year focused on deploying excess liquidity through increased lending activity, which resulted in solid organic loan growth. Our net interest margin improved 19 basis points on a linked quarter basis to 4.58%, as we benefitted from higher loan yields and interest rate increases enacted by the Federal Reserve. Our outlook for 2023 remains cautious, as we anticipate a leaner loan pipeline, as recessionary concerns continue, and deposit pricing pressures persist. As one of the last remaining community banks of scale along California's Central Coast, we continue to create value for our clients, shareholders, and communities.” Fourth Quarter 2022 Financial Highlights: Net income was $3.4 million, or $0.38 per diluted share in the fourth quarter 2022, compared to $3.5 million, or $0.39 per diluted share in third quarter 2022, and $2.9 million, or $0.33 per diluted share in fourth quarter 2021.Net interest income increased to $12.1 million for fourth quarter 2022, compared to $11.9 million in third quarter 2022 and $10.7 million in fourth quarter 2021.Net interest margin improved to 4.58% for the fourth quarter 2022, compared to 4.39% in third quarter 2022, and 3.77% in fourth quarter 2021.Return on average assets was 1.24% for the fourth quarter 2022, compared to 1.25% in third quarter 2022, and 0.99% in fourth quarter 2021.Return on average equity was 11.98% for the fourth quarter 2022, compared to 12.65% in third quarter 2022, and 11.42% in fourth quarter 2021.The Company recorded a negative provision for loan loss expense of $461,000 for fourth quarter 2022, compared to a provision for loan losses of $298,000 for third quarter 2022, and a provision of $26,000 for fourth quarter 2021.The Allowance for Loan Losses (“ALL”) was 1.15% of total loans held for investment at December 31, 2022, compared to 1.20% at September 30, 2022, and at December 31, 2021.Net non-accrual loans improved to $211,000 at December 31, 2022, compared to $239,000 at September 30, 2022, and $565,000 at December 31, 2021.Total loans increased by $9.6 million to $955.3 million at December 31, 2022, compared to $945.7 million, at September 30, 2022, and increased $63.3 million compared to $892.1 million, at December 31, 2021.Stockholders’ equity increased $2.8 million to $112.7 million at December 31, 2022, compared to $109.8 million at September 30, 2022, and increased $11.3 million compared to $101.4 million at December 31, 2021.Non-interest-bearing demand deposits decreased $26.6 million to $216.5 million at December 31, 2022, compared to $243.1 million at September 30, 2022, and increased $6.6 million compared to $209.9 million at December 31, 2021.Book value per common share increased to $12.80 at December 31, 2022, compared to $12.54 at September 30, 2022, and $11.72 at December 31, 2021.The Bank’s Tier 1 leverage ratio was 10.34% at December 31, 2022, compared to 9.83% at September 30, 2022, and 8.56% at December 31, 2021. Income Statement Net interest income increased 1.8% to $12.1 million in the fourth quarter 2022, compared to $11.9 million in the preceding quarter and increased 13.3% compared to $10.7 million in fourth quarter 2021. Interest income from loans increased 5.1% or $600,000 compared to the prior quarter due to increased average balances and loan yields. Interest income from securities and interest-earning deposits increased 3.0% or $24,000 compared to the prior quarter primarily due to increased average security balances and higher earning-deposit yields because of increased market rates. Total interest expense for the quarter increased 55.5% or $406,000 compared to the prior quarter due to increased rates on interest-bearing demand deposits. For the year, net interest income increased 8.1% to $45.8 million compared to $42.4 million in 2021. Interest income from loans increased 3.4% or $1.5 million in 2022 compared to the prior year due to increased average balances and loan yields. Interest income from securities and interest-earning deposits increased 159.8% or $1.5 million compared to 2021 largely due to the increase in average security balances and higher earning deposit yields. Total interest expense decreased 10.2% or $376,000 compared to 2021 due to the lower rates paid on interest-bearing deposits accounts and lower average time deposit balances and costs. Net interest margin was 4.58% for fourth quarter 2022, a 19-basis point increase compared to third quarter 2022, and an 81-basis point increase compared to fourth quarter 2021. “Our fourth quarter net interest margin continued to benefit from higher loan yields, as new loans that carry a higher interest rate are replacing lower rate PPP loans, and existing variable rate loans continue to reprice,” said Richard Pimentel, Chief Financial Officer. The yield on loans for the fourth quarter 2022 increased 18 basis points to 5.21% compared to 5.03% for the third quarter 2022 because of increased loan rates on new originations and the impact of higher market rates. The yield on federal funds and interest-earning deposits increased 130 bps to 3.39% for the fourth quarter 2022 due to increases in rates earned for overnight deposits and rates for money market deposits. The cost of funds for the fourth quarter increased 17 basis points to 0.47%, compared to 0.30% for the preceding quarter due to higher rates paid on deposit accounts and changes in portfolio mix. Net interest margin for the year was 4.21% compared to 4.03% in 2021. The 18-basis point increase was primarily due to increased average balances in investment securities, higher rates paid on interest-bearing deposits and lower rates paid on interest-bearing liabilities. Non-interest income for the fourth quarter 2022 decreased $108,000 to $764,000 compared to $872,000 in third quarter 2022 as a result of lower loan fees and less gain-on-sale of loans. Other loan fees were $246,000 for the fourth quarter 2022 compared to $292,000 in third quarter 2022. Gain on sale of loans was $12,000 in the fourth quarter 2022 compared to $49,000 in the third quarter of 2022 as a result of fewer sales during the quarter. Non-interest income increased 6.0% to $4.0 million in the year 2022 compared to $3.8 million in 2021. The increase was primarily due to a $549,000 BOLI policy payout and a $992,000 recapture of expenses from a lawsuit settlement related to a foreclosed asset during the first quarter of 2022. The increase was partially offset by a $218,000 decrease in gain-on-sale of loans as a result of less loan sales and a $188,000 decrease in loan fees. Non-interest expense increased $969,000 to $8.6 million in fourth quarter 2022 compared to $7.6 million in the third quarter of 2022 primarily due to an increase in professional services. Professional services increased $583,000 due to costs of implementing Sarbanes Oxley and to support strategic and technology initiatives. Non-interest expense increased $3.3 million to $31.3 million in 2022 compared to $28.0 million in 2021. The increase over the prior year was due to a $1.0 million increase in salaries and benefits due to wage competition and a $1.3 million increase in professional services due to costs related to management’s assertion concerning the effectiveness of the Company’s internal control structure and procedures for financial reporting as required for institutions over $1 billion on total assets and to support strategic and technology initiatives. Balance Sheet Total assets were $1.09 billion at December 31, 2022 and at September 30, 2022, and decreased $65.6 million, or 5.7%, compared to $1.16 billion, at December 31, 2021. Total interest-earning deposits in other financial institutions increased $13.8 million to $63.3 million at December 31, 2022, compared to September 30, 2022 and significantly decreased $143.4 million compared to December 31, 2021. Total investment securities were $29.5 million at quarter end, compared to $59.9 million in the prior quarter. Total loans increased by $9.6 million, or 1.0%, to $955.3 million at December 31, 2022, compared to $945.7 million, at September 30, 2022, and increased $63.3 million, or 7.1%, compared to $892.1 million, at December 31, 2021. Total loans, excluding PPP loans, increased $9.7 million during the quarter, and increased $82.8 million compared to December 31, 2021. Commercial real estate loans outstanding (which include SBA 504, construction and land) were up 13.4% from year-ago levels to $545.3 million at December 31, 2022, and comprise 57.1% of the total loan portfolio. Manufactured housing loans were up 6.2% from year-ago levels to $315.8 million, and represent 33.1% of total loans. Commercial loans (which include agriculture loans) were up 3.5% from year-ago levels to $74.9 million, and represent 7.8% of the total loan portfolio. As of December 31, 2022, the Company had seven PPP loans totaling $1.8 million remaining on its balance sheet from both the first and second rounds of PPP funding. PPP loans of $1.8 million represent less than one percent of total loans at December 31, 2022, unchanged from September 30, 2022 and down from $21.3 million at December 31, 2021. Total deposits increased $22.9 million, or 2.7%, to $875.1 million at December 31, 2022, compared to $852.2 million at September 30, 2022, and decreased $75.0 million, or 7.9%, compared to $950.1 million at December 31, 2021. Non-interest-bearing demand deposits were $216.5 million at December 31, 2022, a $26.6 million decrease compared to $243.1 million at September 30, 2022, and a $6.6 million increase compared to $209.9 million at December 31, 2021. Higher cost interest-bearing demand deposits decreased $11.3 million to $429.2 million at December 31, 2022, compared to $439.9 million at September 30, 2022, and decreased $109.3 million compared to $537.5 million at December 31, 2021. Certificates of deposit, which include brokered deposits, increased $61.2 million during the quarter to $206.9 million at December 31, 2022, compared to $145.8 million at September 30, 2022, and increased $27.9 million compared to $179.1 million at December 31, 2021. “The Bank experienced deposit outflows because of planned and unplanned withdrawals as competition for deposits continued to put pressure on pricing, net-interest margin and client retention. With more potential rate sensitivity going forward, we anticipate deposit pricing to be a challenge to future NIM expansion,” said Pimentel. Stockholders’ equity increased to $112.7 million at December 31, 2022, compared to $109.8 million at September 30, 2022, and $101.4 million at December 31, 2021. Book value per common share increased to $12.80 at December 31, 2022, compared to $12.54 at September 30, 2022, and $11.72 at December 31, 2021. Credit Quality “Credit quality metrics remain strong, with a decrease in net-nonaccrual loans compared to a year ago,” said William F. Filippin, Chief Credit Officer. At December 31, 2022, asset quality reflected improvement due to positive loan risk rating migrations during the fourth quarter. Total classified loans and net non-accrual loans decreased year-over-year due to improvements in the loan portfolio and payoffs in these categories. All loans rated “Watch” or worse are monitored monthly and proactive measures are taken when any signs of deterioration to the credit are discovered. The Company recorded a negative provision for loan loss expense of $461,000 in the fourth quarter 2022, compared to a provision for loan loss expense of $298,000 in third quarter 2022, and a provision expense of 26,000 in fourth quarter 2021. The allowance for loan losses was $10.9 million, or 1.15% of total loans held for investment, at December 31, 2022. Net non-accrual loans, plus net other assets acquired through foreclosure, was $2.5 million at December 31, 2022 and at September 30, 2022, and decreased 20.2% compared to $3.1 million at December 31, 2021. Net non-accrual loans improved to $211,000 as of December 31, 2022, compared to $239,000 at September 30, 2022, and $565,000 at December 31, 2021. Of the $211,000 of net non-accrual loans at December 31, 2022, $150,000 were single family loans and $61,000 were manufactured housing loans. There was $2.3 million in other assets acquired through foreclosure as of December 31, 2022, and on September 30, 2022. This compared to $2.5 million at December 31, 2021. The OREO balance relates to one property. 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 fourth quarter of 2022, 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 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. Industry Accolades In May of 2022, Community West was ranked #125 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2021. Community West Bank was awarded a “Super Premier Performance” rating by The Findley Reports. For 52 years, The Findley Reports has been recognizing the financial performance of banking institutions in California and the Western United States. Community West Bank is rated 5-star Superior by Bauer Financial. 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 including, but not limited to, risks from the COVID-19 pandemic, 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 interest rate policies of the Board of Governors of the Federal Reserve System, inflation, weather, natural disasters, 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, reduction in the value of our investment securities, 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, 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 BANCSHARESCONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)(in 000's, except per share data) December 31, September 30, December 31, 2022 2022 2021 Cash and cash equivalents $1,379 $1,806 $1,621 Interest-earning deposits in other financial institutions 63,311 49,489 206,754 Investment securities 29,470 59,909 22,773 Loans: Commercial 74,929 70,811 72,423 Commercial real estate 545,317 544,373 480,801 SBA 6,855 6,955 8,580 Paycheck Protection Program (PPP) 1,773 1,810 21,317 Manufactured housing 315,825 309,989 297,363 Single family real estate 8,678 8,943 8,663 HELOC 2,613 3,373 3,579 Other (1) (648) (560) (643)Total loans 955,342 945,694 892,083 Loans, net Held for sale 21,033 22,096 23,408 Held for investment 934,309 923,598 868,675 Less: Allowance for loan losses (10,765) (11,113) (10,404)Net held for investment 923,544 912,485 858,271 NET LOANS 944,577 934,581 881,679 Other assets 52,765 42,493 44,225 TOTAL ASSETS $1,091,502 $1,088,278 $1,157,052 Deposits Non-interest-bearing demand $216,494 $243,100 $209,893 Interest-bearing demand 428,173 439,455 537,508 Savings 23,490 23,865 23,675 Certificates of deposit ($250,000 or more) 6,693 9,909 17,612 Other certificates of deposit 200,234 135,860 161,443 Total deposits 875,084 852,189 950,131 Other borrowings 90,000 110,000 90,000 Other liabilities 13,768 16,268 15,546 TOTAL LIABILITIES 978,852 978,457 1,055,677 Stockholders' equity 112,650 109,821 101,375 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,091,502 $1,088,278 $1,157,052 Common shares outstanding 8,798 8,755 8,650 Book value per common share $12.80 $12.54 $11.72 (1) Includes consumer, other loans, securitized loans, and deferred fees COMMUNITY WEST BANCSHARESCONDENSED CONSOLIDATED INCOME STATEMENTS(unaudited)(in 000's, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Interest income Loans, including fees $12,467 $11,258 $46,657 $45,123 Investment securities and other 811 279 2,481 955 Total interest income 13,278 11,537 49,138 46,078 Deposits 913 614 2,511 2,835 Other borrowings 224 206 817 869 Total interest expense 1,137 820 3,328 3,704 Net interest income 12,141 10,717 45,810 42,374 Provision (credit) for loan losses (461) 26 (195) (181)Net interest income after provision (credit) for loan losses 12,602 10,691 46,005 42,555 Non-interest income Other loan fees 246 343 1,161 1,349 Gains from loan sales, net 12 109 257 475 Document processing fees 85 123 422 512 Service charges 143 84 438 302 Other 278 285 1,700 1,115 Total non-interest income 764 944 3,978 3,753 Non-interest expenses Salaries and employee benefits 4,821 4,884 19,348 18,306 Occupancy, net 1,116 893 4,180 3,254 Professional services 1,236 441 2,923 1,645 Data processing 346 251 1,265 1,215 Depreciation 176 186 711 780 FDIC assessment 111 146 577 485 Advertising and marketing 234 198 921 734 Stock-based compensation 32 129 289 318 Other 507 478 1,058 1,258 Total non-interest expenses 8,579 7,606 31,272 27,995 Income before provision for income taxes 4,787 4,029 18,711 18,313 Provision for income taxes 1,411 1,135 5,262 5,212 Net income $3,376 $2,894 $13,449 $13,101 Earnings per share: Basic $0.38 $0.34 $1.54 $1.53 Diluted $0.38 $0.33 $1.51 $1.50 COMMUNITY WEST BANCSHARESCONDENSED CONSOLIDATED INCOME STATEMENTS(unaudited)(in 000's, except per share data) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2022 2022 2022 2022 2021 Interest income Loans, including fees $12,467 $11,867 $11,129 $11,194 $11,258 Investment securities and other 811 787 577 306 279 Total interest income 13,278 12,654 11,706 11,500 11,537 Deposits 913 528 500 570 614 Other borrowings 224 203 196 194 206 Total interest expense 1,137 731 696 764 820 Net interest income 12,141 11,923 11,010 10,736 10,717 Provision (credit) for loan losses (461) 298 252 (284) 26 Net interest income after provision (credit) for loan losses 12,602 11,625 10,758 11,020 10,691 Non-interest income Other loan fees 246 292 377 246 343 Gains from loan sales, net 12 49 136 60 109 Document processing fees 85 114 122 101 123 Service charges 143 114 93 88 84 Other 278 303 323 796 285 Total non-interest income 764 872 1,051 1,291 944 Non-interest expenses Salaries and employee benefits 4,821 4,752 4,910 4,865 4,884 Occupancy, net 1,116 1,046 1,021 997 893 Professional services 1,236 653 635 399 441 Data processing 346 302 307 310 251 Depreciation 176 173 179 183 186 FDIC assessment 111 131 164 171 146 Advertising and marketing 234 196 233 258 198 Stock-based compensation 32 71 94 92 129 Other 507 286 569 (304) 478 Total non-interest expenses 8,579 7,610 8,112 6,971 7,606 Income before provision for income taxes 4,787 4,887 3,697 5,340 4,029 Provision for income taxes 1,411 1,409 1,062 1,380 1,135 Net income $3,376 $3,478 $2,635 $3,960 $2,894 Earnings per share: Basic $0.38 $0.40 $0.30 $0.46 $0.34 Diluted $0.38 $0.39 $0.30 $0.45 $0.33 Three Months Ended Three Months Ended Three Months Ended December 31, 2022 September 30, 2022 December 31, 2021 Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/CostInterest-Earning Assets Federal funds sold and interest-earning deposits $48,512 $415 3.39% $76,265 $401 2.09% $210,293 $85 0.16%Investment securities 54,022 396 2.91% 65,148 386 2.35% 27,661 194 2.78%Loans (1) 949,007 12,467 5.21% 935,169 11,867 5.03% 888,519 11,258 5.03%Total earnings assets 1,051,541 13,278 5.01% 1,076,582 12,654 4.66% 1,126,473 11,537 4.06%Nonearning Assets Cash and due from banks 2,145 2,177 2,154 Allowance for loan losses (11,204) (11,031) (10,314) Other assets 36,432 38,022 39,596 Total assets $1,078,914 $1,105,750 $1,157,909 Interest-Bearing Liabilities Interest-bearing demand deposits $442,313 $591 0.53% $465,317 $325 0.28% $523,212 $343 0.26%Savings deposits 22,801 13 0.23% 25,133 14 0.22% 22,248 18 0.32%Time deposits 152,249 309 0.81% 151,130 189 0.50% 181,638 253 0.55%Total interest-bearing deposits 617,363 913 0.59% 641,580 528 0.33% 727,098 614 0.34%Other borrowings 92,391 224 0.96% 90,764 203 0.89% 90,003 206 0.91%Total interest-bearing liabilities $709,754 $1,137 0.64% $732,344 $731 0.40% $817,101 $820 0.40%Noninterest-Bearing Liabilities Noninterest-bearing demand deposits 241,759 248,538 223,503 Other liabilities 15,555 15,789 16,726 Stockholders' equity 111,846 109,079 100,579 Total Liabilities and Stockholders' Equity $1,078,914 $1,105,750 1,157,909 Net interest income and margin $12,141 4.58% $11,923 4.39% $10,717 3.77%Net interest spread 4.37% 4.26% 3.66% Cost of total deposits 0.42% 0.24% 0.26%Cost of funds 0.47% 0.30% 0.31% Twelve Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 Average BalanceInterestAverage Yield/Cost Average BalanceInterestAverage Yield/CostInterest-Earning Assets Federal funds sold and interest-earning deposits $119,524 $1,226 1.03% $139,217 $230 0.17%Investment securities 47,949 1,255 2.62% 27,011 725 2.68%Loans (1) 921,638 46,657 5.06% 884,601 45,123 5.10%Total earnings assets 1,089,111 49,138 4.51% 1,050,829 46,078 4.38%Nonearning Assets Cash and due from banks 2,169 2,149 Allowance for loan losses (10,906) (10,245) Other assets 37,751 39,827 Total assets $1,118,125 $1,082,560 Interest-Bearing Liabilities Interest-bearing demand deposits $480,472 $1,508 0.31% $467,720 $1,702 0.36%Savings deposits 24,317 60 0.25% 20,749 76 0.37%Time deposits 160,788 943 0.59% 182,108 1,057 0.58%Total interest-bearing deposits 665,577 2,511 0.38% 670,577 2,835 0.42%Other borrowings 90,795 817 0.90% 94,343 869 0.92%Total interest-bearing liabilities $756,372 $3,328 0.44% $764,920 $3,704 0.48%Noninterest-Bearing Liabilities Noninterest-bearing demand deposits 237,849 205,820 Other liabilities 16,151 16,050 Stockholders' equity 107,753 95,770 Total Liabilities and Stockholders' Equity $1,118,125 $1,082,560 Net interest income and margin $45,810 4.21% $42,374 4.03%Net interest spread 4.07% 3.90% Cost of total deposits 0.28% 0.32%Cost of funds 0.33% 0.38% ADDITIONAL FINANCIAL INFORMATION(Dollars and shares in thousands except per share amounts)(Unaudited) Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended Twelve Months EndedPERFORMANCE MEASURES AND RATIOSDecember 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 December 31, 2021Return on average common equity 11.98% 12.65% 11.42% 12.48% 13.68%Return on average assets 1.24% 1.25% 0.99% 1.20% 1.21%Efficiency ratio 66.48% 59.48% 65.23% 62.81% 60.69%Net interest margin 4.58% 4.39% 3.77% 4.21% 4.03% Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended Twelve Months EndedAVERAGE BALANCESDecember 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 December 31, 2021Average assets$1,078,914 $1,105,750 $1,157,909 $1,118,125 $1,082,560 Average earning assets 1,051,541 1,076,582 1,126,473 1,089,111 1,050,829 Average total loans 949,007 935,169 888,519 921,638 884,601 Average deposits 859,122 890,118 950,601 903,426 876,397 Average common equity 111,846 109,079 100,579 107,753 95,770 EQUITY ANALYSISDecember 31, 2022 September 30, 2022December 31, 2021 Total common equity$112,650 $109,821 $101,375 Common stock outstanding 8,798 8,755 8,650 Book value per common share$12.80 $12.54 $11.72 ASSET QUALITYDecember 31, 2022 September 30, 2022December 31, 2021 Nonaccrual loans, net$211 $239 $565 Nonaccrual loans, net/total loans 0.02% 0.03% 0.06% Other assets acquired through foreclosure, net$2,250 $2,250 $2,518 Nonaccrual loans plus other assets acquired through foreclosure, net$2,461 $2,489 $3,083 Nonaccrual loans plus other assets acquired through foreclosure, net/total assets 0.23% 0.23% 0.27% Net loan (recoveries)/charge-offs in the quarter$(113) $51 $(96) Net (recoveries)/charge-offs in the quarter/total loans (0.01%) 0.01% (0.01%) Allowance for loan losses$10,765 $11,113 $10,404 Plus: Reserve for undisbursed loan commitments 94 96 94 Total allowance for credit losses$10,859 $11,209 $10,498 Allowance for loan losses/total loans held for investment 1.15% 1.20% 1.20% Allowance for loan losses/total loans held for investment excluding PPP loans 1.15% 1.21% 1.23% Allowance for loan losses/nonaccrual loans, net 5101.90% 4649.79% 1842.50% Community West Bank * Tier 1 leverage ratio 10.34% 9.83% 8.56% Tier 1 capital ratio 11.44% 11.30% 11.02% Total capital ratio 12.56% 12.46% 12.19% INTEREST SPREAD ANALYSISDecember 31, 2022 September 30, 2022December 31, 2021 Yield on total loans 5.21% 5.03% 5.03% Yield on investments 2.91% 2.35% 2.78% Yield on interest earning deposits 3.39% 2.09% 0.16% Yield on earning assets 5.01% 4.66% 4.06% Cost of interest-bearing deposits 0.59% 0.33% 0.34% Cost of total deposits 0.42% 0.24% 0.26% Cost of borrowings 0.96% 0.89% 0.91% Cost of interest-bearing liabilities 0.64% 0.40% 0.40% Cost of funds 0.47% 0.30% 0.31% * Capital ratios are preliminary until the Call Report is filed. Contact: Richard Pimentel, EVP & CFO 805.692.4410 www.communitywestbank.com
CWBC | globenewswire | about 3 years ago | Neutral

Why Community West Bancshares (CWBC) Might be Well Poised for a SurgeCommunity West Bancshares (CWBC) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. The upward trend in estimate revisions for this...
Community West Bancshares (CWBC) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008. For Community West Bancshares, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year. Current-Quarter Estimate Revisions The company is expected to earn $0.37 per share for the current quarter, which represents a year-over-year change of +12.12%. Over the last 30 days, the Zacks Consensus Estimate for Community West Bancshares has increased 8.82% because one estimate has moved higher compared to no negative revisions. Current-Year Estimate Revisions For the full year, the earnings estimate of $1.51 per share represents a change of +0.67% from the year-ago number. The revisions trend for the current year also appears quite promising for Community West Bancshares, with one estimate moving higher over the past month compared to no negative revisions. The consensus estimate has also received a boost over this time frame, increasing 7.86%. Favorable Zacks Rank Thanks to promising estimate revisions, Community West Bancshares currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Story continues Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. Bottom Line Investors have been betting on Community West Bancshares because of its solid estimate revisions, as evident from the stock's 5.7% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Community West Bancshares (CWBC) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
CWBC | finance.yahoo | about 3 years ago | Neutral

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Community West Bancshares (CWBC)

Community West Bancshares operates as the bank holding company for the Central Valley Community Bank that provides various commercial banking services to small and middle-market businesses and individuals in the central valley area of California. The company accepts demand, savings, and time deposits; certificates of deposit; and non-interest-bearing demand deposits, as well as provides NOW and money market accounts. It also provides products, such as commercial and industrial loans, as well as loans secured by crop production and livestock; owner occupied and investor commercial real estate, real estate construction and other land, agricultural real estate, and other real estate loans; and equity loans and lines of credit, and installment and other consumer loans. In addition, the company offers domestic and international wire transfer, inquiry, account status, bill paying, account transfers, and cash management and other customary banking services. Community West Bancshares was formerly known as Central Valley Community Bancorp and changed its name to Community West Bancshares in April 2024. Community West Bancshares was founded in 1979 and is based in Fresno, California.

Exchange: NASDAQ

IPO Date: 11/20/1996

Sector: Financial Services

Industry: Banks - Regional

Employees: 0

Address: 7100 North Financial Drive, Fresno, CA, United States, 93720

https://www.communitywestbank.com

Quarterly Yearly

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
Assets	3.53M	3.48M	2.42M	2.44M	1.14M	1.13M	1.17M	1.09M	1.09M	1.11M	45.63M
Current Assets	801.99K	119.76K	65.71K	64.63K	140.62K	130.56K	167.88K	91.38K	108.41K	60.04K	7.22M
Cash And Short Term Investments	652.98K	-26.49K	-25.07K	-1.47K	140.62K	130.56K	167.88K	64.69K	108.41K	159.96K	4.11M
Net Receivables	-	-	-	-	-	924.98K	78.53K	-	912.49K	878.68K	24.74M
Inventory	-	-	-	-	-	-	-248.66K	-	2.25K	2.25K	850.37K
Other Current Assets	149.01K	119.76K	65.71K	64.63K	147.56K	136.00K	170.13K	-	22.10K	-99.92K	959.32K
Non Current Assets	4.08M	3.36M	2.35M	2.37M	17.59K	17.24K	18.23K	35.57K	66.24K	6.37K	26.49M
Property Plant Equipment	-	-	-	-	-	6.00K	6.08K	-	6.33K	6.37K	222.03K
Long Term Investments	812.67K	840.42K	882.63K	906.29K	17.59K	17.24K	18.23K	29.47K	59.91K	60.51K	4.23M
Non Currrent Assets Other	3.14M	153.98K	120.32K	2.22M	-5.89K	-6.00K	-6.08K	-35.57K	-66.24K	-60.51K	18.42M
Liabilities	3.17M	3.13M	2.20M	2.23M	90.00K	90.00K	115.00K	978.85K	978.46K	999.69K	38.52M
Current Liabilities	2.43M	2.60M	1.90M	1.91M	831.01K	656.72K	668.86K	-	852.19K	894.66K	35.73M
Accounts Payable	-	-	-	-	-	911.72K	36.46K	-	852.19K	894.66K	24.98M
Short Long Term Debt	132.51K	150.64K	67.00K	80.00K	-	-	-	-	-	-	752.36K
Other Current Liabilities	2.30M	-150.64K	-67.00K	1.83M	830.75K	656.21K	643.09K	-	852.19K	894.66K	29.14M
Non Current Liabilities	735.37K	534.69K	302.70K	319.86K	90.00K	90.00K	115.00K	-	978.46K	90.00K	4.82M
Long Term Debt	-	-	-	-	-	-	-	-	-	-	1.75M
Other Liabilities	-	-	-	-	-	-	13.34K	-	16.27K	15.02K	292.81K
Stockholder Equity	363.51K	350.24K	211.72K	207.06K	116.06K	113.94K	112.79K	112.65K	109.82K	107.14K	4.31M
Preferred Stock Equity	-	-	-	-	-	-	-	-	-	-	55.35K
Liabilities And Stockholders Equity	3.53M	3.48M	2.42M	2.44M	1.14M	1.13M	1.17M	1.09M	1.09M	1.11M	45.63M
Common Equity	-	-	-	-	-	46.29K	46.13K	-	45.57K	45.40K	1.54M
Retained Earnings	-	-	-	-	-	69.33K	67.91K	-	65.01K	62.19K	1.26M
Totals		25.83M	18.16M	12.91M	17.08M	4.70M	6.25M	4.53M	3.46M	8.15M	7.23M	7.61M	7.68M	5.86M	7.39M	6.80M	6.55M	6.85M	8.11M	6.25M	7.11M	7.03M	7.05M	7.61M	7.70M	7.40M	7.47M	7.59M	7.28M	7.29M	6.92M	6.54M	6.28M	5.82M	5.60M	5.42M	5.49M	5.23M	5.08M	4.96M	4.91M	4.94M	4.83M	4.72M	321.65M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Assets	2.43M	1.09M	1.16M	975.43K	913.87K	877.29K	833.32K	710.57K	621.21K	557.32K	10.17M
Current Assets	16.70K	91.38K	228.09K	77.85K	101.92K	81.85K	74.65K	56.80K	58.96K	41.15K	829.35K
Cash And Short Term Investments	16.70K	64.69K	228.09K	77.85K	101.92K	81.84K	74.64K	58.87K	60.95K	42.97K	808.51K
Net Receivables	-	76.86K	32.71K	29.16K	766.85K	759.55K	726.19K	623.36K	536.55K	487.26K	4.04M
Inventory	-	-117.12K	-243.60K	-92.32K	2.52K	-	372	137	198	66.90K	-382.91K
Other Current Assets	64.63K	66.94K	210.89K	63.15K	766.85K	8	12	63.02K	65.49K	67.46K	1.37M
Non Current Assets	2.37M	35.57K	29.35K	29.20K	33.22K	795.45K	758.66K	653.77K	562.25K	516.16K	5.79M
Property Plant Equipment	-	-	6.58K	13.05K	7.66K	6.38K	5.58K	3.93K	2.99K	3.05K	49.22K
Long Term Investments	906.29K	29.47K	22.77K	22.04K	25.56K	32.35K	36.35K	31.68K	7.03K	8.45K	1.12M
Non Currrent Assets Other	1.36M	-8.51K	-8.62K	-29.20K	-33.22K	756.71K	716.73K	618.16K	528.70K	482.37K	4.38M
Liabilities	2.23M	978.85K	90.00K	105.00K	65.00K	801.14K	763.25K	645.24K	559.27K	490.31K	6.72M
Current Liabilities	1.91M	760.71K	801.79K	738.84K	750.93K	796.14K	756.40K	616.24K	548.77K	480.30K	8.16M
Accounts Payable	-	32.61K	40.04K	31.21K	750.93K	716.01K	699.68K	612.24K	544.34K	477.08K	3.90M
Short Long Term Debt	80.00K	46.00K	-	-	20.00K	40.00K	-	-	-	10.00K	196.00K
Other Current Liabilities	1.83M	-32.61K	800.90K	722.85K	750.93K	796.14K	756.40K	612.24K	544.34K	477.08K	7.26M
Non Current Liabilities	319.86K	978.85K	90.00K	105.00K	65.00K	75.00K	6.84K	29.00K	10.50K	10.00K	1.69M
Long Term Debt	-	-	90.00K	105.00K	65.00K	75.00K	56.84K	29.00K	10.50K	-	431.34K
Other Liabilities	-	13.77K	15.55K	8.29K	9.64K	10.13K	6.72K	4.00K	4.43K	3.23K	75.75K
Stockholder Equity	207.06K	112.65K	101.38K	89.01K	81.98K	76.15K	70.07K	65.34K	61.94K	67.01K	932.58K
Preferred Stock Equity	-	-	-	-	-	-	-	-	-	7.01K	7.01K
Liabilities And Stockholders Equity	2.43M	1.09M	1.16M	975.43K	913.87K	877.29K	833.32K	710.57K	621.21K	557.32K	10.17M
Common Equity	-	-	44.43K	42.91K	42.59K	42.96K	42.60K	41.58K	42.35K	41.96K	341.38K
Retained Earnings	-	-	56.85K	46.06K	39.47K	33.33K	27.44K	23.79K	19.66K	18.00K	264.61K
Totals		16.18M	5.31M	4.95M	4.14M	6.24M	7.73M	7.25M	6.21M	5.41M	4.91M	68.33M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	12/31/2020	09/30/2020	06/30/2020	03/31/2020	Totals
	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	12/31/2020	09/30/2020	06/30/2020	03/31/2020	Totals
Revenue	12.06K	12.03K	11.66K	11.97K	11.56K	10.94K	10.76K	10.90K	9.42K	9.41K	306.97K
Cost Of Revenue	-	-	-	-	-	-	-	-	-	-	10.26K
Gross Profit	11.81K	12.03K	11.66K	-	11.60K	10.76K	10.76K	10.90K	8.66K	9.02K	302.53K
Operating Expenses	233	258	734	-	6.67K	-27.33K	-27.33K	8.00K	10.00K	10.00K	154.24K
Selling General Administrative	5.47K	5.44K	5.41K	4.96K	4.89K	5.06K	5.08K	4.85K	5.06K	4.91K	148.72K
Research Development	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	569	-304	478	284	207	0.67286	0.67286	0.145	135	317	14.10K
Operating Income	3.70K	5.34K	-	-	4.93K	43.17693	43.17693	4.069	1.66K	2.29K	76.06K
Net Interest Income	11.01K	10.74K	10.72K	10.93K	10.69K	10.04K	9.79K	9.55K	8.78K	8.46K	135.07K
Interest Income	11.71K	11.50K	11.54K	11.84K	11.65K	11.05K	10.99K	11.12K	10.78K	10.97K	158.88K
Interest Expense	696	764	820	906	965	1.01K	1.19K	1.56K	2.00K	2.51K	46.45K
Other Income Expense Net	-	-	-	-	-	-	-3.69K	-4.06K	-	-	-17.34K
Income Before Tax	3.70K	5.34K	4.03K	5.10K	4.93K	4.25K	3.74K	4.07K	1.66K	2.29K	96.99K
Tax Provision	1.06K	1.38K	1.14K	1.47K	1.38K	1.23K	1.11K	1.21K	496	694	14.57K
NetIncome	2.63K	3.96K	2.89K	3.63K	3.55K	3.02K	2.63K	2.86K	1.16K	1.60K	63.37K
NetIncome Applicable To Common Shares	2.63K	3.96K	2.89K	3.63K	3.55K	3.02K	2.63K	2.86K	1.16K	1.60K	62.28K
Ebit	4.39K	6.10K	4.85K	6.01K	5.89K	5.26K	4.93K	5.63K	1.66K	2.29K	104.91K
Basic EPS	-	0.45	0.33	0.41	0.41	0.41	0.35	0.31	0.33	0.14	7.179999999999999
Totals		71.68K	78.53K	68.82K	60.73K	82.46K	38.38K	32.64K	69.46K	62.62K	66.38K	76.73K	70.73K	66.51K	64.15K	43.76K	49.01K	44.28K	45.51K	44.64K	44.77K	40.81K	39.94K	40.78K	39.39K	34.41K	34.87K	33.68K	35.85K	15.78K	34.97K	41.16K	35.18K	36.09K	33.36K	1.68M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Revenue	46.13K	40.50K	37.96K	36.09K	35.36K	31.12K	29.61K	26.21K	282.98K
Cost Of Revenue	-	-	-	-	-	-	-	-	-
Gross Profit	46.13K	43.85K	38.13K	36.26K	35.20K	31.39K	32.29K	32.06K	295.31K
Operating Expenses	734	673	38.00K	35.00K	30.00K	26.00K	28.00K	18.00K	176.41K
Selling General Administrative	20.32K	19.91K	18.78K	18.43K	17.27K	15.89K	14.19K	13.06K	137.85K
Research Development	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.26K	673	1.57K	1.67K	1.91K	2.23K	2.19K	2.83K	14.34K
Operating Income	18.31K	43.18K	11.37K	10.22K	10.46K	8.84K	5.01K	11.98K	119.38K
Net Interest Income	42.37K	36.59K	34.36K	33.64K	32.66K	29.09K	27.71K	-	236.42K
Interest Income	46.08K	43.85K	45.74K	42.63K	37.39K	32.22K	30.22K	-	278.13K
Interest Expense	3.70K	7.26K	11.38K	8.99K	4.73K	3.13K	2.52K	3.27K	44.99K
Other Income Expense Net	-	-31.43K	-427	-770	-664	-376	-7.44K	97	-41.00K
Income Before Tax	18.31K	11.76K	11.37K	10.22K	10.46K	8.84K	5.01K	11.98K	87.95K
Tax Provision	5.21K	3.51K	3.41K	2.81K	5.55K	3.61K	2.14K	-	26.24K
NetIncome	13.10K	8.24K	7.96K	7.41K	4.92K	5.23K	2.87K	7.05K	56.78K
NetIncome Applicable To Common Shares	13.10K	8.24K	7.96K	7.41K	4.92K	5.23K	2.55K	6.27K	55.68K
Ebit	22.02K	19.02K	22.76K	19.21K	15.19K	8.84K	5.01K	11.98K	124.02K
Basic EPS	1.56	1.13	0.94	0.82	0.62	0.63	0.24	0.79	6.73
Totals		296.78K	255.85K	290.34K	269.21K	245.35K	211.28K	181.88K	144.79K	1.90M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
Cash From Operating Activities	10.97K	6.32K	3.98K	4.42K	4.75K	1.52K	19.30K	-8.60K	6.03K	2.58K	161.00K
Net Income	3.38K	-6.29K	3.68K	5.89K	2.25K	2.12K	2.46K	3.38K	3.48K	2.63K	83.73K
Depreciation	-387	1.41K	381	437	180	183	180	176	173	179	8.41K
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-
Change Receivables	-	-	-	-	-	-	-	-	-	-	-
Change To Inventory	-	-	-2.83K	-	-	-	-	-	-	-	31.20K
Change To Liabilities	-	-	-	-	-	-3.25K	4.92K	-	1.25K	-1.31K	6.53K
Change To Net Income	-	-	-	-	-	3.27K	1.75K	-3	1.35K	1.14K	42.23K
ChangeToOperatingActivities	-	-	-	-	-	-	16.66K	16.66K	1.08K	-1.35K	43.24K
Cash flows From Investing Activities	-	-	-	-	-	-4.14K	13.68K	13.68K	-33.98K	-62.31K	-528.90K
Capital Expenditures	-2.53K	-439	-441	-5.20K	-73	-104	-153	-52	-140	-78	-20.16K
Other Cashflows From Investing Activities	-40.40K	-49.18K	-15.84K	-	-	2.50K	10.61K	10.61K	215	232	-93.55K
Cash From Financing Activities	30.21K	-10.13K	-24.71K	-28.61K	3.67K	-34.70K	70.20K	2.29K	-23.04K	-31.18K	473.83K
Net Borrowings	-	-	-	-	-	-25.00K	25.00K	25.00K	20.00K	20.00K	149.97K
Sale Purchase Of Stock	-19	-19	292	-	-	91	188	-	93	551	-14.98K
Dividends Paid	-2.27K	-2.27K	-1.42K	1.42K	708	707	704	658	-656	-654	-12.92K
Other Cashflows From Financing Activities	52.50K	-5.86K	-10.29K	3.34K	4.38K	-33.99K	70.91K	47.95K	-22.38K	-30.52K	639.99K
Cash And Cash Equivalents Changes	-	-	-	-	-	-37.32K	103.19K	-	-50.98K	-90.91K	1.59K
Totals		51.46K	-66.45K	-47.20K	-18.30K	15.87K	-128.11K	339.60K	111.74K	-97.51K	-191.01K	-28.11K	65.15K	149.34K	105.31K	57.99K	-288.65K	-74.09K	348.08K	79.64K	85.85K	-3.29K	1.61K	-7.42K	69.90K	-53.79K	-24.46K	103.81K	6.16K	90.73K	56.76K	43.43K	104.88K	-2.30K	22.59K	-6.50K	56.17K	214	4.67K	48.50K	-37.38K	40.04K	-21.25K	7.53K	971.19K

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Cash From Operating Activities	27.85K	5.86K	22.22K	15.84K	13.94K	16.32K	14.24K	7.87K	7.01K	6.44K	137.59K
Net Income	25.54K	13.45K	13.10K	8.24K	7.96K	7.41K	4.92K	5.23K	2.87K	7.05K	95.76K
Depreciation	959	711	780	821	864	764	685	678	399	324	6.99K
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-
Change Receivables	-	-	-	-	-	-	-	-	-	-	-
Change To Inventory	-	-	-	-	-	-	-	-	-	-	-
Change To Liabilities	-	-	1.09K	-401	-1.37K	3.42K	2.72K	-431	1.28K	814	7.13K
Change To Net Income	-	-	6.98K	10.58K	6.24K	6.76K	7.73K	2.89K	420	-5.96K	35.63K
ChangeToOperatingActivities	-	-	1.29K	-3.80K	-470	1.28K	915	-924	3.33K	5.42K	7.04K
Cash flows From Investing Activities	-	-	-42.22K	-91.57K	-10.54K	-38.05K	-117.01K	-93.46K	-49.88K	-16.78K	-459.51K
Capital Expenditures	-9.81K	-239	-206	-338	-2.15K	-1.56K	-2.33K	-395	-538	-5.21K	-22.78K
Other Cashflows From Investing Activities	-36.26K	-	-421	534	844	484	-4.61K	-1.76K	538	5.37K	-35.28K
Cash From Financing Activities	-29.49K	-76.65K	167.84K	53.60K	22.35K	32.78K	114.52K	84.18K	59.43K	9.82K	438.39K
Net Borrowings	-	-	-15.00K	40.00K	-10.00K	18.16K	27.84K	18.50K	500	-20.03K	59.97K
Sale Purchase Of Stock	-1	-	1.20K	4	-1.03K	-669	492	-1.34K	-6.91K	-8.43K	-16.68K
Dividends Paid	-5.66K	2.57K	2.31K	1.65K	1.82K	-1.58K	-1.26K	-1.10K	-1.43K	-2.72K	-5.38K
Other Cashflows From Financing Activities	-57.83K	-29.07K	170.15K	55.26K	35.20K	35.03K	115.78K	86.62K	67.77K	20.97K	499.87K
Cash And Cash Equivalents Changes	-	-	147.84K	-22.12K	25.75K	11.05K	11.75K	-1.40K	16.56K	-519	188.90K
Totals		-84.70K	-83.37K	476.96K	68.31K	89.41K	91.59K	176.38K	105.17K	101.35K	-3.46K	937.63K

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