Business
Community West Bancshares Earns $3.5 Million, or $0.39 Per Diluted Share, in Third Quarter 2022; Declares Quarterly Cash Dividend of $0.075 Per Common Share
GOLETA, Calif., Oct. 28, 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., Oct. 28, 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 of $3.5 million, or $0.39 per diluted share, for the third quarter of 2022, compared to $2.6 million, or $0.30 diluted share, for the preceding quarter, and $3.6 million, or $0.41 per diluted share, for the third quarter of 2021. For the first nine months of 2022, the Company reported net income of $10.1 million, or $1.13 per diluted share, compared to $10.2 million, or $1.17 per diluted share, for the first nine months of 2021. Earnings for the third quarter of 2022 were impacted by a one-time $132,000 recovery related to a prior OREO expense, and a $298,000 provision expense for loan losses. This compared to a $252,000 provision expense recorded during the preceding quarter. The Company’s Board of Directors declared a quarterly cash dividend of $0.075 per common share, payable November 30, 2022, to common shareholders of record on November 14, 2022. “Our third quarter operating results reflect strong growth in the loan portfolio and continued net interest margin expansion,” stated Martin E. Plourd, President & Chief Executive Officer of Community West Bancshares. “Loan growth has really started to materialize, with total loans increasing 3.6% during the quarter, or 14.5% annually, primarily reflecting increases in the C&I, commercial real estate and manufactured housing portfolios. Additionally, our net interest margin improved substantially on a linked quarter basis, improving 38 basis points to 4.39%, as we took advantage of interest rate increases enacted by the Federal Reserve and invested cash balances into higher yielding loans and securities. We remain well positioned for additional rising interest rates, which should allow us to maintain our strong net interest margin, and ample on-balance sheet liquidity to support loan demand and temper rising deposit costs.” Third Quarter 2022 Financial Highlights: Net income was $3.5 million, or $0.39 per diluted share in the third quarter 2022, compared to $2.6 million, or $0.30 per diluted share in second quarter 2022, and $3.6 million, or $0.41 per diluted share in third quarter 2021.Net interest income increased to $11.9 million for third quarter 2022, compared to $11.0 mill...