Business
Community West Bancshares Earnings Increase 31% to $4.0 Million, or $0.45 Per Diluted Share, in 1Q22 Compared to 1Q21; Declares Increased Quarterly Cash Dividend of $0.075 Per Common Share
GOLETA, Calif., April 29, 2022 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community
About this update from Community West Bancshares
[{"type":"text","content":"GOLETA, Calif., April 29, 2022 (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 31.1% to $4.0 million, or $0.45 per diluted share, for the first quarter of 2022, compared to $3.0 million, or $0.35 diluted share, for the first quarter of 2021, and increased 36.8% compared to $2.9 million, or $0.33 per diluted share, for the fourth quarter of 2021. The increase in earnings during the first quarter of 2022, compared to the fourth quarter of 2021, included a $549,000 tax exempt payout on a bank owned life insurance (“BOLI”) policy and collection and legal expense recovery of $992,000 as a result of a legal settlement. Results for the first quarter of 2022 reflect lower interest and fees on Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans compared to the prior quarter and the year ago quarter, due to slowing PPP loan forgiveness as the program nears its conclusion. The Company’s Board of Directors declared a quarterly cash dividend of $0.075 per common share, payable May 31, 2022 to common shareholders of record on May 13, 2022. “We generated solid earnings for the first quarter, highlighted by top-and bottom-line revenue growth, steady year-over-year deposit growth and improved operating efficiencies,” stated Martin E. Plourd, Chief Executive Officer. “Return on average assets, return on average common equity and our efficiency ratio all improved as we continue to deepen our presence throughout California’s Central Coast. The success of our client outreach during the current quarter, including the new banking relationships brought over throughout the PPP process, generated increased income. Our net interest margin also improved on a linked quarter basis, primarily due to higher yields on interest earning assets. With the recent and anticipated rate increases by the Federal Reserve, we anticipate continued improvement in our net interest margin in future periods.” First Quarter 2022 Financial Highlights: Net income increased 36.8% to $4.0 million, or $0.45 per diluted share in the first quarter, compared to $2.9 million, or $0.33 per diluted share in fourth quarter 2021, and increased 31.1% compared to $3.0 million, or $0.35 per diluted share in first quarter 2021.Net...