Business
Community West Bancshares Earnings Up 88% to $3.0 Million, or $0.35 Per Diluted Share, in 1Q21 Compared to 1Q20; Increases Quarterly Cash Dividend by 17% to $0.07 Per Common Share
GOLETA, Calif., May 03, 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., May 03, 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 15.4% to $3.0 million, or $0.35 per diluted share, for the first quarter of 2021 (1Q21), compared to $2.6 million, or $0.31 per diluted share, for the fourth quarter of 2020 (4Q20), and increased 87.5% compared to $1.6 million, or $0.19 per diluted share, for the first quarter of 2020 (1Q20). “We started the year with solid operating performance, higher net interest income and an expanding net interest margin, fueled by loan originations and core deposit growth,” stated Martin E. Plourd, President and Chief Executive Officer. “We continue to generate profitable operations, which sustains our ability to increase dividends. We believe the increase was warranted as evidenced by our last three quarters performance. Our focus in 2021 remains on deploying excess liquidity through increased lending activity, while maintaining our strong net interest margin, lowering overall expenses and managing asset quality.” First Quarter 2021 Financial Highlights: Net income was $3.0 million, or $0.35 per diluted share in 1Q21, compared to $2.6 million, or $0.31 per diluted share in 4Q20, and $1.6 million, or $0.19 per diluted share in 1Q20.Net interest income increased to $10 million for the quarter, compared to $9.8 million for 4Q20 and $8.5 million in 1Q20.A provision credit for loan losses of $173,000 for the quarter, compared to a provision credit for loan losses of $44,000 for 4Q20, and a provision for loan losses of $392,000 for 1Q20. The resulting allowance was 1.19% of total loans held for investment at March 31, 2021, and 1.34% of total loans held for investment excluding the $94.5 million of Paycheck Protection Program (“PPP”) loans at March 31, 2021, which are 100% guaranteed by the Small Business Administration (“SBA”).*Net interest margin improved to 4.19% for 1Q21, compared to 4.13% for 4Q20, and 3.97% for 1Q20.Total demand deposits increased $57.2 million to $637.1 million at March 31, 2021, compared to $579.9 million at December 31, 2020, and increased $229.1 million compared to $408 million at March 31, 2020. Total demand deposits represented 79.2% of total deposits at March 31, 2021, compared to 75.7% at December 31, 2020...