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Community West Bancshares Reports Fourth Quarter 2022 Earnings of $3.4 Million, or $0.38 Per Diluted Share, and Record Net Income of $13.4 Million, or $1.51 Per Diluted Share, for the Year; Increases Quarterly Cash Dividend to $0.08 Per Common Share
GOLETA, Calif., Jan. 27, 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., Jan. 27, 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 $3.4 million, or $0.38 per diluted share, for the fourth quarter of 2022, compared to $3.5 million, or $0.39 per diluted share, for the preceding quarter, and $2.9 million, or $0.33 per diluted share, for the fourth quarter of 2021. For the full year 2022, the Company reported record net income of $13.4 million, or $1.51 per diluted share, compared to $13.1 million, or $1.50 per diluted share, for the full year 2021. Earnings for the fourth quarter of 2022 include a $461,000 negative provision for loan loss expense compared to a $298,000 provision for loan loss expense during third quarter 2022. Also impacting the preceding quarter was a one-time $132,000 recovery related to a prior OREO expense. The Company’s Board of Directors declared an increase of its quarterly cash dividend by 6.7% to $0.08 per common share, payable February 28, 2023, to common shareholders of record on February 10, 2023. “We delivered excellent fourth quarter results, and record full year 2022 earnings, highlighted by strong organic loan growth, steady loan production and continued net interest margin expansion,” stated Martin E. Plourd, President & Chief Executive Officer of Community West Bancshares. “We started the year focused on deploying excess liquidity through increased lending activity, which resulted in solid organic loan growth. Our net interest margin improved 19 basis points on a linked quarter basis to 4.58%, as we benefitted from higher loan yields and interest rate increases enacted by the Federal Reserve. Our outlook for 2023 remains cautious, as we anticipate a leaner loan pipeline, as recessionary concerns continue, and deposit pricing pressures persist. As one of the last remaining community banks of scale along California's Central Coast, we continue to create value for our clients, shareholders, and communities.” Fourth Quarter 2022 Financial Highlights: Net income was $3.4 million, or $0.38 per diluted share in the fourth quarter 2022, compared to $3.5 million, or $0.39 per diluted share in third quarter 2022, and $2.9 million, or $0.33 per diluted share in fourth quarter 2021.Net interest income increased to $12.1 million for...