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Community West Bancshares Earns $2.1 Million in Second Quarter

Community West Bancshares, parent company of Community West Bank, on Thursday reported net income increased to $2.1 million in the second quarter of 2013 compared with $1.1 million in the first quarter and a net loss of $591,000 in the second quarter a year ago (2Q12).

In the first six months of the year, Community West earned $3.2 million compared with $228,000 in the first six months of 2012.

“We were profitable for the fourth consecutive quarter and have made progress with operating efficiencies while keeping a strong net interest margin,” said Martin Plourd, president and chief executive officer. “Credit quality metrics have stabilized, with total nonaccrual loans at just over half the levels that they were as of March 31, 2012, and our capital ratios continue to strengthen. As we look forward, we continue to focus on growing the Bank operations and increasing our lending outreach in the communities we serve.”

2Q13 Financial Highlights

» Net income of $2.1 million.

» Earnings of 23 cents per diluted share.

» Net interest margin continued to be strong and was 4.81 percent in 2Q13, compared with 4.78 percent in both 1Q13 and 2Q12.

» Nonaccrual loans were $20.7 million at June 30, compared with $19.7 million at March 31 and $32.8 million at June 30, 2012.

» Net real estate owned (REO) and repossessed assets, after subtracting the USDA/SBA guarantees, totaled $1.5 million at June 30, compared with $1.9 million at March 31 and $2.1 million at June 30, 2012.

» The total allowance for loan losses equaled 3.14 percent of total loans held for investment at June 30, compared with 3.54 percent at March 31 and 3.59 percent a year ago.

Community West Bank’s capital ratios continue to strengthen. Total risk-based capital ratio was 16.1 percent and Tier 1 leverage ratio was 11.65 percent at June 30, an increase compared with a Total risk-based capital ratio of 15.63 percent and Tier 1 leverage ratio of 11.34 percent at March 31. The bank’s regulatory agreement requires that ratios of 12 percent and 9 percent, respectively, be maintained.

Including $262,000 of dividends and accretion on preferred stock, the net income available to common stockholders was $1.9 million, or 23 cents per diluted share, in 2Q13 compared with net income available to common stockholders of $827,000, or 11 cents per diluted share, in 1Q13 and a net loss to common stockholders of $859,000, or 14 cents per diluted share, in 2Q12. Book value per common share was $5.98 at June 30, compared with $6.41 at March 31 and $5.87 at June 30, 2012. The decrease was attributable to the increased outstanding shares from Debenture conversions.

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