Business
Community West Bancshares Reports First Quarter 2023 Earnings of $2.5 Million, or $0.27 Per Diluted Share; Declares Quarterly Cash Dividend of $0.08 Per Common Share
GOLETA, Calif., April 28, 2023 (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 28, 2023 (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 $2.5 million, or $0.27 per diluted share, for the first quarter of 2023, compared to $3.4 million, or $0.38 per diluted share, for the preceding quarter, and $4.0 million, or $0.45 per diluted share, for the first quarter of 2022. The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per common share, payable May 31, 2023, to common shareholders of record on May 12, 2023. “Our first quarter 2023 results reflected a strong balance sheet, net interest margin and stable credit quality metrics” stated Martin E. Plourd, President & Chief Executive Officer of Community West Bancshares. “With the destabilization of our industry we quickly moved to secure liquidity to cover all uninsured deposits. We benefited by previously having approximately 78% of our deposits fully insured or collateralized, which is the direct result of our community-focused business model. We will continue to focus on funding our balance sheet primarily through core deposits. Our outlook over the next few quarters remains cautious, as we anticipate a leaner loan pipeline, as recessionary concerns continue, and deposit pricing pressures persist. While recent developments in the banking industry have been unsettling in the short term, we believe that with our resilient deposit franchise, margin, sound capital levels and stable credit quality we are well positioned to capitalize on new market opportunities.” First Quarter 2023 Financial Highlights: Net income was $2.5 million, or $0.27 per diluted share in the first quarter 2023, compared to $3.4 million, or $0.38 per diluted share in fourth quarter 2022, and $4.0 million, or $0.45 per diluted share in first quarter 2022.Net interest income decreased $1.1 million to $11.0 million for first quarter 2023, compared to $12.1 million in fourth quarter 2022, and increased $294,000 compared to $10.7 million in first quarter 2022.Net interest margin was 4.25% for the first quarter 2023, compared to 4.58% in fourth quarter 2022, and 3.86% in first quarter 2022.Return on average assets was 0.92% for the first quarter 2023, compared to 1.24% in fourth quarter 2022, and 1.39% in first quarter 2022....