Business
Community West Bancshares Earns $1.6 Million, or $0.19 Per Diluted Share, in 1Q20; Results Reflect COVID-19 Response; Declares Quarterly Cash Dividend of $0.045 Per Common Share
GOLETA, Calif., April 24, 2020 (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., April 24, 2020 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (Bank), today reported net income of $1.6 million, or $0.19 per diluted share, for the first quarter of 2020 (1Q20), compared to $2.7 million, or $0.32 per diluted share, in 4Q19, and $1.5 million, or $0.18 per diluted share, in 1Q19.\n Response to the COVID-19 Pandemic “What began as a quarter with good momentum, has been disrupted by a global health crisis that set off an economic crisis which is now our highest priority. Community West Bank put its pandemic plan into action in mid-March to adjust to the potential impact of the COVID-19 virus pandemic on our employees, customers and our communities. Notwithstanding the impact of COVID-19, our first quarter 2020 earnings were solid, supported by net interest income expansion compared to a year ago and improved operating efficiencies,” stated Martin E. Plourd, President and Chief Executive Officer. “We began preparations for the COVID-19 pandemic in mid-February by putting together a Task Force, comprised of the executive team and department managers who are directing operations during the pandemic to protect the safety of customers and employees as much as possible. We have kept branch lobbies open, implementing new safety measures commensurate with World Health Organization, Centers for Disease Control, and government orders to protect our customers and employees and keep them safe. Currently approximately 45% of our employees are working remotely and it’s been business as usual from an operational standpoint. Our lending teams have reached out to all borrowers to determine the impact of the decline in economic activity on their business, focusing specifically on customers that may have difficulty re-opening their businesses with sufficient cash flow.” “While our asset quality at quarter end remained strong, we are being proactive in our approach to the COVID-19 pandemic and its impact on Ventura, Santa Barbara and San Luis Obispo counties,” Plourd continued. “We are here for our clients assisting them by maintaining service inside our branches and through digital and electronic channels all while adhering to State and Federal guidelines which are changing rapidly.” On March 19, 2020, Governor Newsom of California i...