Business
Community West Bancshares Earns $2.7 Million, or $0.32 Per Diluted Share, in 4Q19, and $8.0 Million, or $0.93 Per Diluted Share for The Year, Declares Quarterly Cash Dividend of $0.055 Per Common Share
GOLETA, Calif., Jan. 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., Jan. 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 increased to $2.7 million, or $0.32 per diluted share, for the fourth quarter of 2019 (4Q19), compared to $2.2 million, or $0.25 per diluted share, in 3Q19, and $1.4 million, or $0.16 per diluted share, in 4Q18. For the full year 2019, net income increased 7.5% to $8.0 million, or $0.93 per diluted share, compared to $7.4 million, or $0.88 per diluted share, in 2018.\n “We ended the year producing solid earnings for the fourth quarter and full year of 2019, highlighted by top-line revenue growth, steady year-over-year loan and deposit growth, and above industry-average net interest margin of 4.07% for the fourth quarter of 2019,” said Martin E. Plourd, President and Chief Executive Officer. “Although the growth of the bank has slowed in 2019, our performance metrics improved at quarter-end. 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 of Ventura, Santa Barbara and San Luis Obispo Counties, with our long-term goal to deliver consistent earnings performance for our shareholders. We anticipate loan growth to remain muted in 2020 and will look to profitable lines of business, within our bank’s risk tolerance.” Fourth Quarter 2019 Financial Highlights: Net income was $2.7 million, or $0.32 per diluted share, in 4Q19, compared to $2.2 million, or $0.25 per diluted share in 3Q19, and $1.4 million, or $0.16 per diluted share in 4Q18.Net interest margin of 4.07% for 4Q19, compared to 4.10% for 3Q19 and 3.97% for 4Q18.Total deposits were $750.9 million at December 31, 2019, compared to $761.7 million at September 30, 2019, and increased compared to $716.0 million at December 31, 2018.Total demand deposits represented 56.6% of total deposits at December 31, 2019.Total loans decreased $13.9 million during the quarter to $775.6 million at December 31, 2019, compared to $789.5 million at September 30, 2019, and increased compared to $768.2 million at December 31, 2018. Book value per common share increased to $9.68 at December 31, 2019, compared to $9.40 at September 30, 2019, and $8.92 at December 31, 2018. Provision (credi...