Business
Community West Bancshares Earnings Increase 206% to $3.6 Million, or $0.41 Per Diluted Share, in 2Q21 Compared to 2Q20; Declares Quarterly Cash Dividend of $0.07 Per Common Share
GOLETA, Calif., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West
About this update from Community West Bancshares
[{"type":"text","content":"GOLETA, Calif., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income increased 17.5% to $3.6 million, or $0.41 per diluted share, for the second quarter of 2021 (2Q21), compared to $3.0 million, or $0.35 per diluted share, for the first quarter of 2021 (1Q21), and increased 206.1% compared to $1.2 million, or $0.14 per diluted share, for the second quarter of 2020 (2Q20). For the first six months of 2021, the Company reported net income of $6.6 million, or $0.76 per diluted share, an increase of 138.3% compared to $2.8 million, or $0.32 per diluted share, for the first six months of 2020. “We reported strong second quarter and year-to-date earnings, with focused revenue generation and balance sheet management, which resulted in net interest margin expansion,” stated Martin E. Plourd, President and Chief Executive Officer. “We are extremely proud of our entire team, who have stepped up to meet the challenges of the last 15 months. Overall, these factors contributed to an annualized return on average assets of 1.37% and an annualized return on average equity of 15.18% for the current quarter. Our focus for the second half of the year remains on deploying excess liquidity through increased lending activity, while maintaining our strong net interest margin and managing asset quality. As the vaccine rollout continues, and COVID-19 restrictions continue to lift in the markets which we serve, we remain optimistic for growth during the second half of 2021.” Second Quarter 2021 Financial Highlights: Net income was $3.6 million, or $0.41 per diluted share in 2Q21, compared to $3.0 million, or $0.35 per diluted share in 1Q21, and $1.2 million, or $0.14 per diluted share in 2Q20.Net interest income increased to $10.7 million for 2Q21, compared to $10.0 million for 1Q21 and $8.8 million in 2Q20.A provision credit for loan losses of $41,000 was booked for 2Q21, compared to a provision credit for loan losses of $173,000 for 1Q21, and a provision for loan losses of $762,000 for 2Q20. The resulting allowance was 1.18% of total loans held for investment at June 30, 2021, and 1.29% of total loans held for investment, excluding the $71.1 million of Paycheck Protection Program (“PPP”) loans at June 30, 2021, which are...