Business
Community West Bancshares Reports Fourth Quarter Earnings of $2.9 Million, or $0.33 Per Diluted Share, and Record Net Income of $13.1 Million, or $1.50 Per Diluted Share, for the Year; Declares Quarterly Cash Dividend of $0.07 Per Common Share
GOLETA, Calif., Jan. 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., Jan. 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 increased 10.2% to $2.9 million, or $0.33 per diluted share, for the fourth quarter, compared to $2.6 million, or $0.31 diluted share, for the fourth quarter of 2020, and decreased compared to $3.6 million, or $0.41 per diluted share, for the third quarter of 2021. For the full year 2021, the Company reported record net income of $13.1 million, or $1.50 per diluted share, an increase of 58.9% compared to $8.2 million, or $0.97 per diluted share, for the full year 2020. “We delivered excellent fourth quarter and full year 2021 financial results, highlighted by strong organic loan growth, record loan production, and solid revenue growth,” stated Martin E. Plourd, Chief Executive Officer. “The continued success of our outreach to new and existing clients during the quarter generated increased income and had a meaningful impact on loan generation with new loan commitments of $41.6 million in 4Q21 to offset SBA PPP loan forgiveness of $14.8 million. We continue to focus on deploying excess liquidity through increased lending activity, while closely monitoring our loan portfolio and asset quality metrics. As one of the last remaining community banks of scale along California's Central Coast, we believe we are operating from a position of strength as we enter 2022, and we will continue to work to create value for our shareholders, our clients and our communities.” Fourth Quarter 2021 Financial Highlights: Net income was $2.9 million, or $0.33 per diluted share in the fourth quarter, compared to $3.6 million, or $0.41 per diluted share in third quarter, and $2.6 million, or $0.31 per diluted share in the fourth quarter of 2020.Net interest income for the quarter was $10.7 million compared to $10.9 million in the third quarter and $9.8 million in the fourth quarter of 2020.Provision expense for the fourth quarter was $26,000, compared to $7,000 in the prior quarter and a $44,000 negative provision in the fourth quarter of 2020.The allowance for loan losses (“ALL”) was 1.20% of total loans held for investment at December 31, 2021, and 1.23% of total loans held for investment, excluding the $21.3 million of Paycheck Protection Program (...