Business
Community West Bancshares Reports Third Quarter 2023 Earnings of $2.3 Million, or $0.25 Per Diluted Share; Declares Quarterly Cash Dividend of $0.08 Per Common Share
GOLETA, Calif., Oct. 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., Oct. 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 $2.3 million, or $0.25 per diluted share, for the third quarter of 2023, compared to $2.1 million, or $0.24 per diluted share, for the preceding quarter, and $3.5 million, or $0.39 per diluted share, for the third quarter of 2022. For the first nine months of 2023, the Company reported net income of $6.8 million, or $0.76 per diluted share, compared to $10.1 million, or $1.13 per diluted share, for the first nine months of 2022. The Company’s Board of Directors declared a quarterly cash dividend of $0.08 per common share, payable November 30, 2023, to common shareholders of record on November 14, 2023. “Our third quarter 2023 operating results were solid, with a steady balance sheet, ample capital levels and stable credit quality metrics,” stated Martin E. Plourd, President & Chief Executive Officer. “Our earnings for the third quarter reflect lower net interest income, which was impacted by higher deposit costs that were partially offset by higher asset yields. We continue to focus on funding our balance sheet, primarily through the growth of our core deposits, while keeping operating expenses in check. Although we anticipate a leaner loan pipeline as recessionary concerns continue and deposit pricing pressures persist, we are well positioned for stable growth throughout the remainder of the year.” Recent Events On October 10, 2023, the Company announced the signing of an Agreement of Reorganization and Merger with Central Valley Community Bancorp (“Central Valley”), (NASDAQ: “CVCY”), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (“CVCB”)., pursuant to which the companies will combine in an all-stock merger transaction. Under the terms of the agreement, Community West Bancshares will merge with and into Central Valley Community Bancorp and Community West Bank will merge with and into Central Valley Community Bank. Community West Bank’s seven full-service banking offices in Santa Barbara, Ventura and San Luis Obispo Counties will combine with Central Valley Community Bank’s twenty full-service Banking Centers in eight counties. The transaction is subject to customa...