Business
Community West Bancshares Reports Second Quarter 2023 Earnings of $2.1 Million, or $0.24 Per Diluted Share; Declares Quarterly Cash Dividend of $0.08 Per Common Share
GOLETA, Calif., July 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., July 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 $2.1 million, or $0.24 per diluted share, for the second quarter of 2023, compared to $2.5 million, or $0.27 per diluted share, for the preceding quarter, and $2.6 million, or $0.30 per diluted share, for the second quarter of 2022. For the first six months of 2023, the Company reported net income of $4.6 million, or $0.51 per diluted share, compared to $6.6 million, or $0.74 per diluted share, for the first six months of 2022. The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per common share, payable August 31, 2023, to common shareholders of record on August 12, 2023. “Our second quarter 2023 and year to date results highlight a bolstered balance sheet and display a strong level of capital in what has been a challenging six months for the banking industry,” stated Martin E. Plourd, President & Chief Executive Officer. “Operating results for the second quarter of 2023 reflect lower net interest income, which was impacted by higher deposit costs that were partially offset by higher asset yields due to loan repricing and new loan growth. We continue to focus on funding our balance sheet primarily through core deposits. At the same time, we are well positioned to capitalize on new market opportunities as they may arise, as we continue to navigate through the volatility and uncertainty in the banking industry and the overall economic environment.” Second Quarter 2023 Financial Highlights: Net income was $2.1 million, or $0.24 per diluted share in the second quarter 2023, compared to $2.5 million, or $0.27 per diluted share in first quarter 2023, and $2.6 million, or $0.30 per diluted share in second quarter 2022.Net interest income was $10.7 million in the second quarter 2023, compared to $11.0 million in first quarter 2023, and $11.0 million in second quarter 2022.Net interest margin was 3.99% for the second quarter 2023, compared to 4.25% in first quarter 2023, and 4.01% in second quarter 2022.Return on average assets was 0.77% for the second quarter 2023, compared to 0.92% in first quarter 2023, and 0.93% in second quarter 2022.Return on average common equity was 7.47% for the second quarter 202...