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Community West Bancshares Reports Gains for Third Quarter of 2015

Community West Bancshares, (NASDAQ: CWBC), parent company of Community West Bank, reported Oct. 22, 2015, net income of $1.6 million in the third quarter of 2015 (3Q15) compared to net income of $1.7 million in the third quarter a year ago (3Q14).

In the first nine months of the year, Community West reported net income of $1.0 million compared to net income of $4.9 million in the first nine months of 2014.

Excluding the $7.1 million net loan litigation settlement, Community West’s net income for the nine-month period would have been $5.2 million.

“Our third quarter results were generated by solid loan growth and a healthy net interest margin,” said Martin E. Plourd, president and CEO. “We are making meaningful progress in building our franchise by strengthening our balance sheet and positioning the Bank for all future growth opportunities. 

“Another highlight of the quarter was the announcement of our final redemption of preferred stock. We believe this redemption is further confirmation of the Company’s continued operating improvement, financial strength and appropriate capital management,” added Plourd. 

3Q15 financial highlights included the following:

» Nonaccrual loans, net, decreased 51.7 percent to $5.3 million at Sept. 30, 2015, compared to $10.9 million a year ago, representing the lowest level since 3Q07. 

» Net income available to common stockholders was $1.5 million. 

» Annualized return on average assets was 1.05 percent. 

» Annualized return on average common equity was 10.54 percent. 

» Net interest margin was 4.55 percent for 3Q15 compared to 4.31 percent for 3Q14. 

» Net loans increased 7.3 percent to $526 million at Sept. 30, 2015, compared to $490 million a year earlier. 

» Total deposits increased 8.7 percent to $526.8 million at Sept. 30, 2015, compared to $484.8 million a year ago. 

» Other assets acquired through foreclosure totaled $206,000 at Sept. 30, 2015, a decrease of 56.6 percent compared to $475,000 a year earlier. 

» Book value per common share was $7.36 at Sept. 30, 2015, compared to $7.07 a year ago. 

» Capital ratios continue to be strong with total risk-based capital ratio at 14.26 percent and Tier 1 leverage ratio at 10.73 percent at Sept. 30, 2015. 

Including $125,000 of preferred stock dividends the net income available to common stockholders was $1.5 million, or $0.17 per diluted share, in 3Q15 compared to net loss attributable to common stockholders of $2.4 million, or $0.29 loss per diluted share, in 2Q15 and net income available to common stockholders of $1.5 million, or $0.18 per diluted share, in 3Q14.

Community West Bancshares is a financial services company with headquarters in Goleta, Calif.

The Company is the holding company for Community West Bank, which has five full-service California branch banking offices located in ​Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village.

The principal business activities of the Company are relationship banking, manufactured housing lending and SBA lending.

— Charles G. Baltuskonis is the EVP and CFO for Community West Bancshares

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