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Business

Community West Bank Earns $595,000 in First Quarter

The bank says its changing deposit mix reflects growth in customer relationships

Community West Bancshares (NASDAQ: CWBC), parent company of Community West Bank, reported Thursday net income of $595,000 in the first quarter of 2011 compared with net income of $51,000 in the first quarter a year ago.

The loan loss provision in the first quarter of this year was $983,000 compared with $3.1 million a year ago.

“Strong operating results and continued core deposit growth contributed to improved earnings and net interest margin expansion for the first quarter compared to the first quarter a year ago,” said Lynda Nahra, president and chief executive officer. “Our changing deposit mix reflects continuing growth in customer relationships and the determined efforts of our staff.”

First Quarter 2011 Financial Highlights

» Net income applicable to common stockholders was $333,000, or 5 cents per diluted common share.

» Net interest margin was 4.53 percent in the first quarter, a five basis point improvement compared with the first quarter of 2010.

» Core deposits increased 24.9 percent compared with a year ago.

» Nonperforming loans were $23.6 million, or 4.06 percent of total loans at March 31.

» The total allowance for loan losses/total loans held for investment was 2.62 percent at March 31, compared with 2.6 percent at Dec. 31, 2010.

» Community West Bank’s total risk-based capital ratio was 13.11 percent, Tier 1 risk-based capital ratio was 11.84 percent and Tier 1 leverage ratio was 9.41 percent at March 31, 2011.

» In the first quarter of 2011, including the $262,000 preferred stock dividends, the net income applicable to common stockholders was $333,000, or 5 cents per diluted share, compared with a net loss applicable to common stockholders of $211,000, or 4 cents per diluted share, in the first quarter of 2010.

— Charles Baltuskonis is executive vice president and chief financial officer for Community West Bank.

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