Community West Bancshares (Community West or the Company), (NASDAQ:
CWBC), parent company of Community West Bank (Bank), today reported
net income increased to $2.7 million, or $0.32 per diluted share,
for the fourth quarter of 2019 (4Q19), compared to $2.2 million, or
$0.25 per diluted share, in 3Q19, and $1.4 million, or $0.16 per
diluted share, in 4Q18. For the full year 2019, net income
increased 7.5% to $8.0 million, or $0.93 per diluted share,
compared to $7.4 million, or $0.88 per diluted share, in 2018.
“We ended the year producing solid earnings for
the fourth quarter and full year of 2019, highlighted by top-line
revenue growth, steady year-over-year loan and deposit growth, and
above industry-average net interest margin of 4.07% for the fourth
quarter of 2019,” said Martin E. Plourd, President and Chief
Executive Officer. “Although the growth of the bank has
slowed in 2019, our performance metrics improved at
quarter-end. Return on average assets, return on average
common equity and our efficiency ratio all improved as we continue
to deepen our presence throughout California’s Central Coast of
Ventura, Santa Barbara and San Luis Obispo Counties, with our
long-term goal to deliver consistent earnings performance for our
shareholders. We anticipate loan growth to remain muted in
2020 and will look to profitable lines of business, within our
bank’s risk tolerance.”
Fourth Quarter 2019 Financial
Highlights:
- Net income was $2.7 million, or
$0.32 per diluted share, in 4Q19, compared to $2.2 million, or
$0.25 per diluted share in 3Q19, and $1.4 million, or $0.16 per
diluted share in 4Q18.
- Net interest margin of 4.07% for
4Q19, compared to 4.10% for 3Q19 and 3.97% for 4Q18.
- Total deposits were $750.9 million
at December 31, 2019, compared to $761.7 million at September 30,
2019, and increased compared to $716.0 million at December 31,
2018.
- Total demand deposits represented
56.6% of total deposits at December 31, 2019.
- Total loans decreased $13.9 million
during the quarter to $775.6 million at December 31, 2019, compared
to $789.5 million at September 30, 2019, and increased compared to
$768.2 million at December 31, 2018.
- Book value per common share
increased to $9.68 at December 31, 2019, compared to $9.40 at
September 30, 2019, and $8.92 at December 31, 2018.
- Provision (credit) for loan losses
was ($210,000) for the quarter, compared to a credit for loan
losses of ($75,000) for 3Q19, and a provision for loan losses of
$238,000 for 4Q18.
- Total risked based capital improved
to 11.41% for the Bank at December 31, 2019, compared to 11.18% at
September 30, 2019 and 10.83% at December 31, 2018.
- Net nonaccrual loans improved to
$2.4 million at December 31, 2019, compared to $5.5 million at
September 30, 2019, and $3.4 million at December 31, 2018.
- Other assets acquired through
foreclosure, net was $2.5 million at December 31, 2019, compared to
$317,000 at September 30, 2019, and zero at December 31, 2018.
Income Statement
Net interest income was $8.8 million in 4Q19 and
3Q19 and increased compared to $8.4 million in 4Q18. For
4Q19, net interest income benefited from a net decrease in the cost
of funds. For the year, net interest income increased to
$34.4 million, compared to $33.6 million in 2018.
“A key component of our business strategy was to
grow non-interest income. Additionally with the disruption in
the agriculture industry we shifted our agriculture lending from
on-balance sheet products to making agriculture loans that could be
sold,” said Plourd. “This shift resulted in loan sale gains
of $765,000 during the quarter. While we anticipate continued focus
on this strategy in future quarters, we don’t anticipate the same
level of activity and resulting gains as we experienced in
4Q19.” Non-interest income increased to $1.7 million in 4Q19,
compared to $647,000 in 3Q19 and $660,000 in 4Q18.
Non-interest income was $3.6 million for the year 2019,
compared to $2.6 million in 2018.
“Our reduced cost of funds rate has helped to
sustain our net interest margin year-over-year despite the three
interest rate reductions during the second half of 2019,” said
Susan C. Thompson, Executive Vice President and Chief Financial
Officer. Fourth quarter net interest margin was 4.07%,
compared to 4.10% in 3Q19, and improved 13 basis points compared to
3.97% in 4Q18. For the year, the net interest margin was
4.06%, compared to 4.07% in 2018.
Non-interest expenses totaled $6.8 million in
4Q19, compared to $6.5 million in the preceding quarter and $6.8
million in 4Q18. For the full year 2019, non-interest expense
was $26.8 million, compared to $26.0 million in 2018.
Balance Sheet
“We have been actively managing both sides of
the balance sheet, adhering to strict underwriting standards with
loan originations and replacing higher cost funding,” said
Thompson. Total assets increased modestly to $913.9 million
at December 31, 2019, compared to $903.3 million at September 30,
2019 and increased $36.6 million, or 4.2%, compared to $877.3
million at December 31, 2018. Total loans decreased to $775.6
million at December 31, 2019, compared to $789.5 million at
September 30, 2019, and increased modestly compared to $768.2
million at December 31, 2018.
Commercial real estate loans outstanding (which
include SBA 504, construction and land) were up 5.4% from year ago
levels to $385.6 million at December 31, 2019 and comprise 49.7% of
the total loan portfolio. Manufactured housing loans were up
4.1% from year ago levels to $257.2 million and represent 33.2% of
total loans. Commercial loans (which include agriculture
loans) were down 14.4% from year ago levels to $101.5 million and
represent 13.1% of the total loan portfolio.
Total deposits decreased to $750.9 million at
December 31, 2019, compared to $761.7 million at September 30,
2019, and increased $34.9 million, or 4.9% compared to $716.0
million at December 31, 2018. Non-interest-bearing demand
deposits decreased $3.6 million to $110.8 million at December 31,
2019 compared to $114.4 million at September 30, 2019 and increased
$2.6 million compared to $108.2 million at December 30, 2018.
Interest-bearing demand deposits decreased to $314.3 million
compared to $333.7 million at September 30, 2019 but increased
$43.9 million compared to $270.4 million at December 31,
2018. Certificates of deposit, which include broker deposits
increased $12.0 million during the quarter to $310.1 million at
December 31, 2019 compared to $298.1 million at September 30, 2019
and decreased $12.6 million compared to $322.8 million at December
31, 2018 as the Company divests itself from higher priced
funding.
Stockholders’ equity increased to $82.0 million
at December 31, 2019, compared to $79.6 million at September 30,
2019, and $76.2 million at December 31, 2018. Book value per
common share increased to $9.68 at December 31, 2019, compared to
$9.40 at September 30, 2019, and $8.92 at December 31,
2018.
Credit Quality
The Company recorded a credit to its provision
for loan losses of ($210,000) in 4Q19. This compares to a
credit to the provision for loan losses of ($75,000) in 3Q19 and a
provision for loan losses of $238,000 in 4Q18. The allowance
for loan losses, including the reserve for undisbursed loans, was
$8.8 million, or 1.19% of total loans held for investment, at
December 31, 2019. Net nonaccrual loans plus net other assets
acquired through foreclosure were $4.9 million at December 31,
2019, compared to $5.8 million at September 30, 2019, and $3.4
million at December 31, 2018.
Net nonaccrual loans totaled $2.4 million at
December 31, 2019, compared to $5.5 million at September 30, 2019
and $3.4 million a year ago. Of the $2.4 million of net
nonaccrual loans at December 31, 2019, $1.6 million were commercial
loans, $0.6 million were manufactured housing loans, $0.1 million
were SBA loans, and $0.1 million were commercial real estate
loans.
There was $2.5 million in other assets acquired
through foreclosure as of December 31, 2019. This compares to
$317,000 of other assets acquired through foreclosure at September
30, 2019, and no other assets acquired through foreclosure a year
prior.
Cash Dividend Declared
The Company’s Board of Directors declared a cash
dividend of $0.055 per common share, payable February 28, 2020 to
common shareholders of record on February 11, 2020. The
current annualized yield, based on the closing price of CWBC shares
of $11.10 on December 31, 2019, was 1.94%.
Stock Repurchase Program
The Company repurchased a total of 99,983 shares
during the first three quarters of 2019 and did not repurchase any
shares of its common stock in the fourth quarter of 2019, leaving
$1.4 million available under the previously announced repurchase
program.
Company Overview
Community West Bancshares is a financial
services company with headquarters in Goleta, California. The
Company is the holding company for Community West Bank, the largest
publicly traded community bank serving California’s Central Coast
area of Ventura, Santa Barbara and San Luis Obispo counties.
Community West Bank has eight full-service California branch
banking offices in Goleta, Santa Barbara, Santa Maria, Ventura,
Westlake Village, San Luis Obispo, Oxnard and Paso Robles.
The principal business activities of the Company are
Relationship Banking, Manufactured Housing lending and Government
Guaranteed lending.
Industry Accolades
In April 2019, Community West was awarded a
“Premier” rating by The Findley Reports. For 51 years, The
Findley Reports has been recognizing the financial performance of
banking institutions in California and the Western United
States. In making their selections, The Findley Reports
focuses on these four ratios: growth, return on beginning equity,
net operating income as a percentage of average assets, and loan
losses as a percentage of gross loans.
Safe Harbor Disclosure
This release contains forward-looking statements
that reflect management's current views of future events and
operations. These forward-looking statements are based on
information currently available to the Company as of the date of
this release. It is important to note that these
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, including, but not limited to,
the ability of the Company to implement its strategy and expand its
lending operations.
COMMUNITY WEST BANCSHARES |
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CONDENSED CONSOLIDATED INCOME STATEMENTS |
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|
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|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
(in 000's,
except per share data) |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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Three Months Ended |
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Twelve Months Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
11,136 |
|
|
$ |
11,306 |
|
|
$ |
10,582 |
|
$ |
43,890 |
|
|
$ |
40,865 |
Investment securities and other |
|
|
492 |
|
|
|
413 |
|
|
|
459 |
|
|
1,849 |
|
|
|
1,766 |
Total interest income |
|
|
11,628 |
|
|
|
11,719 |
|
|
|
11,041 |
|
|
45,739 |
|
|
|
42,631 |
Interest expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,413 |
|
|
|
2,615 |
|
|
|
2,329 |
|
|
10,055 |
|
|
|
7,702 |
Other borrowings |
|
|
377 |
|
|
|
306 |
|
|
|
358 |
|
|
1,327 |
|
|
|
1,286 |
Total interest expense |
|
|
2,790 |
|
|
|
2,921 |
|
|
|
2,687 |
|
|
11,382 |
|
|
|
8,988 |
Net
interest income |
|
|
8,838 |
|
|
|
8,798 |
|
|
|
8,354 |
|
|
34,357 |
|
|
|
33,643 |
Provision
(credit) for loan losses |
|
|
(210 |
) |
|
|
(75 |
) |
|
|
238 |
|
|
(165 |
) |
|
|
14 |
Net interest income after provision for loan losses |
|
|
9,048 |
|
|
|
8,873 |
|
|
|
8,116 |
|
|
34,522 |
|
|
|
33,629 |
Non-interest income |
|
|
|
|
|
|
|
|
|
|
Other loan fees |
|
|
500 |
|
|
|
302 |
|
|
|
350 |
|
|
1,383 |
|
|
|
1,348 |
Gains from loan sales, net |
|
|
765 |
|
|
|
- |
|
|
|
- |
|
|
765 |
|
|
|
- |
Service charges |
|
|
160 |
|
|
|
129 |
|
|
|
108 |
|
|
567 |
|
|
|
459 |
Document processing fees |
|
|
116 |
|
|
|
96 |
|
|
|
122 |
|
|
423 |
|
|
|
489 |
Other |
|
|
123 |
|
|
|
120 |
|
|
|
80 |
|
|
469 |
|
|
|
332 |
Total non-interest income |
|
|
1,664 |
|
|
|
647 |
|
|
|
660 |
|
|
3,607 |
|
|
|
2,628 |
Non-interest expenses |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,141 |
|
|
|
4,254 |
|
|
|
3,991 |
|
|
17,094 |
|
|
|
16,329 |
Occupancy, net |
|
|
750 |
|
|
|
788 |
|
|
|
829 |
|
|
3,088 |
|
|
|
3,132 |
Professional services |
|
|
552 |
|
|
|
341 |
|
|
|
425 |
|
|
1,679 |
|
|
|
1,356 |
Data processing |
|
|
236 |
|
|
|
215 |
|
|
|
233 |
|
|
876 |
|
|
|
852 |
Depreciation |
|
|
214 |
|
|
|
219 |
|
|
|
212 |
|
|
864 |
|
|
|
764 |
Advertising and marketing |
|
|
228 |
|
|
|
187 |
|
|
|
198 |
|
|
774 |
|
|
|
685 |
FDIC assessment |
|
|
118 |
|
|
|
(15 |
) |
|
|
223 |
|
|
427 |
|
|
|
770 |
Stock-based compensation |
|
|
100 |
|
|
|
90 |
|
|
|
194 |
|
|
382 |
|
|
|
478 |
Other |
|
|
475 |
|
|
|
385 |
|
|
|
542 |
|
|
1,571 |
|
|
|
1,673 |
Total non-interest expenses |
|
|
6,814 |
|
|
|
6,464 |
|
|
|
6,847 |
|
|
26,755 |
|
|
|
26,039 |
Income
before provision for income taxes |
|
|
3,898 |
|
|
|
3,056 |
|
|
|
1,929 |
|
|
11,374 |
|
|
|
10,218 |
Provision
for income taxes |
|
|
1,179 |
|
|
|
902 |
|
|
|
570 |
|
|
3,411 |
|
|
|
2,809 |
Net
income |
|
$ |
2,719 |
|
|
$ |
2,154 |
|
|
$ |
1,359 |
|
$ |
7,963 |
|
|
$ |
7,409 |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.16 |
|
$ |
0.94 |
|
|
$ |
0.89 |
Diluted |
|
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.16 |
|
$ |
0.93 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
|
|
COMMUNITY WEST BANCSHARES |
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
(in 000's,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
Cash and
interest-earning deposits in other financial institutions |
|
$ |
82,661 |
|
|
$ |
56,347 |
|
|
$ |
56,915 |
|
Investment
securities |
|
|
25,563 |
|
|
|
28,707 |
|
|
|
32,353 |
|
Loans: |
|
|
|
|
|
|
Commercial |
|
|
101,485 |
|
|
|
110,153 |
|
|
|
118,518 |
|
Commercial real estate |
|
|
385,642 |
|
|
|
392,288 |
|
|
|
365,809 |
|
SBA |
|
|
14,777 |
|
|
|
17,018 |
|
|
|
19,077 |
|
Manufactured housing |
|
|
257,247 |
|
|
|
253,229 |
|
|
|
247,114 |
|
Single family real estate |
|
|
11,668 |
|
|
|
11,936 |
|
|
|
11,261 |
|
HELOC |
|
|
4,531 |
|
|
|
4,847 |
|
|
|
6,756 |
|
Other |
|
|
213 |
|
|
|
(14 |
) |
|
|
(292 |
) |
Total
loans |
|
|
775,563 |
|
|
|
789,457 |
|
|
|
768,243 |
|
|
|
|
|
|
|
|
Loans,
net |
|
|
|
|
|
|
Held for sale |
|
|
42,046 |
|
|
|
44,816 |
|
|
|
48,355 |
|
Held for investment |
|
|
733,517 |
|
|
|
744,641 |
|
|
|
719,888 |
|
Less: Allowance for loan losses |
|
|
(8,717 |
) |
|
|
(8,868 |
) |
|
|
(8,691 |
) |
Net held for investment |
|
|
724,800 |
|
|
|
735,773 |
|
|
|
711,197 |
|
NET LOANS |
|
|
766,846 |
|
|
|
780,589 |
|
|
|
759,552 |
|
|
|
|
|
|
|
|
Other
assets |
|
|
38,800 |
|
|
|
37,609 |
|
|
|
28,471 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
913,870 |
|
|
$ |
903,252 |
|
|
$ |
877,291 |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
Non-interest-bearing demand |
|
$ |
110,843 |
|
|
$ |
114,366 |
|
|
$ |
108,161 |
|
Interest-bearing demand |
|
|
314,278 |
|
|
|
333,679 |
|
|
|
270,431 |
|
Savings |
|
|
15,689 |
|
|
|
15,481 |
|
|
|
14,641 |
|
Certificates of deposit ($250,000 or more) |
|
|
96,431 |
|
|
|
90,298 |
|
|
|
93,439 |
|
Other certificates of deposit |
|
|
213,693 |
|
|
|
207,848 |
|
|
|
229,334 |
|
Total
deposits |
|
|
750,934 |
|
|
|
761,672 |
|
|
|
716,006 |
|
Other
borrowings |
|
|
65,000 |
|
|
|
45,000 |
|
|
|
75,000 |
|
Other
liabilities |
|
|
15,958 |
|
|
|
16,984 |
|
|
|
10,134 |
|
TOTAL
LIABILITIES |
|
|
831,892 |
|
|
|
823,656 |
|
|
|
801,140 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
81,978 |
|
|
|
79,596 |
|
|
|
76,151 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
$ |
913,870 |
|
|
$ |
903,252 |
|
|
$ |
877,291 |
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,472 |
|
|
|
8,467 |
|
|
|
8,533 |
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
9.68 |
|
|
$ |
9.40 |
|
|
$ |
8.92 |
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
(Dollars in
thousands except per share amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
Three Months
Ended |
|
Twelve
Months Ended |
PERFORMANCE MEASURES AND RATIOS |
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
Return on
average common equity |
|
13.35 |
% |
|
|
10.85 |
% |
|
|
7.06 |
% |
|
|
10.15 |
% |
|
|
10.02 |
% |
Return on
average assets |
|
1.21 |
% |
|
|
0.97 |
% |
|
|
0.63 |
% |
|
|
0.91 |
% |
|
|
0.88 |
% |
Efficiency
ratio |
|
64.88 |
% |
|
|
68.44 |
% |
|
|
75.96 |
% |
|
|
70.47 |
% |
|
|
71.79 |
% |
Net interest
margin |
|
4.07 |
% |
|
|
4.10 |
% |
|
|
3.97 |
% |
|
|
4.06 |
% |
|
|
4.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
Three Months
Ended |
|
Twelve
Months Ended |
AVERAGE BALANCES |
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
Average
assets |
$ |
887,902 |
|
|
$ |
877,505 |
|
|
$ |
852,892 |
|
|
$ |
872,509 |
|
|
$ |
842,468 |
|
Average
earning assets |
|
862,350 |
|
|
|
850,948 |
|
|
|
834,259 |
|
|
|
846,673 |
|
|
|
826,292 |
|
Average
total loans |
|
779,698 |
|
|
|
788,965 |
|
|
|
764,411 |
|
|
|
778,745 |
|
|
|
751,775 |
|
Average
deposits |
|
725,029 |
|
|
|
735,545 |
|
|
|
717,205 |
|
|
|
726,022 |
|
|
|
714,651 |
|
Average
common equity |
|
80,825 |
|
|
|
78,763 |
|
|
|
76,334 |
|
|
|
78,437 |
|
|
|
73,906 |
|
|
|
|
|
|
|
|
|
|
|
EQUITY ANALYSIS |
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
|
|
|
Total common
equity |
$ |
81,978 |
|
|
$ |
79,596 |
|
|
$ |
76,151 |
|
|
|
|
|
Common stock
outstanding |
|
8,472 |
|
|
|
8,467 |
|
|
|
8,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
$ |
9.68 |
|
|
$ |
9.40 |
|
|
$ |
8.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
|
|
|
Nonaccrual
loans, net |
$ |
2,389 |
|
|
$ |
5,476 |
|
|
$ |
3,378 |
|
|
|
|
|
Nonaccrual
loans, net/total loans |
|
0.31 |
% |
|
|
0.69 |
% |
|
|
0.44 |
% |
|
|
|
|
Other assets
acquired through foreclosure, net |
$ |
2,524 |
|
|
$ |
317 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans plus other assets acquired through foreclosure, net |
$ |
4,913 |
|
|
$ |
5,793 |
|
|
$ |
3,378 |
|
|
|
|
|
Nonaccrual
loans plus other assets acquired through foreclosure, net/total
assets |
|
0.54 |
% |
|
|
0.64 |
% |
|
|
0.39 |
% |
|
|
|
|
Net loan
(recoveries)/charge-offs in the quarter |
$ |
(58 |
) |
|
$ |
(69 |
) |
|
$ |
66 |
|
|
|
|
|
Net
(recoveries)/charge-offs in the quarter/total loans |
|
(0.01 |
%) |
|
|
(0.01 |
%) |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
$ |
8,717 |
|
|
$ |
8,868 |
|
|
$ |
8,691 |
|
|
|
|
|
Plus:
Reserve for undisbursed loan commitments |
|
85 |
|
|
|
81 |
|
|
|
73 |
|
|
|
|
|
Total
allowance for credit losses |
$ |
8,802 |
|
|
$ |
8,949 |
|
|
$ |
8,764 |
|
|
|
|
|
Allowance
for loan losses/total loans held for investment |
|
1.19 |
% |
|
|
1.19 |
% |
|
|
1.21 |
% |
|
|
|
|
Allowance
for loan losses/nonaccrual loans, net |
|
364.88 |
% |
|
|
161.94 |
% |
|
|
257.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community West Bank * |
|
|
|
|
|
|
|
|
|
Tier 1
leverage ratio |
|
9.06 |
% |
|
|
9.02 |
% |
|
|
8.57 |
% |
|
|
|
|
Tier 1
capital ratio |
|
10.28 |
% |
|
|
10.04 |
% |
|
|
9.68 |
% |
|
|
|
|
Total
capital ratio |
|
11.41 |
% |
|
|
11.18 |
% |
|
|
10.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST SPREAD ANALYSIS |
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
|
|
|
Yield on
total loans |
|
5.67 |
% |
|
|
5.69 |
% |
|
|
5.49 |
% |
|
|
|
|
Yield on
investments |
|
3.47 |
% |
|
|
3.06 |
% |
|
|
2.52 |
% |
|
|
|
|
Yield on
interest earning deposits |
|
1.66 |
% |
|
|
2.14 |
% |
|
|
2.70 |
% |
|
|
|
|
Yield on
earning assets |
|
5.35 |
% |
|
|
5.46 |
% |
|
|
5.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
interest-bearing deposits |
|
1.57 |
% |
|
|
1.69 |
% |
|
|
1.52 |
% |
|
|
|
|
Cost of
total deposits |
|
1.32 |
% |
|
|
1.41 |
% |
|
|
1.29 |
% |
|
|
|
|
Cost of
borrowings |
|
2.31 |
% |
|
|
2.64 |
% |
|
|
2.87 |
% |
|
|
|
|
Cost of
interest-bearing liabilities |
|
1.64 |
% |
|
|
1.76 |
% |
|
|
1.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Capital
ratios are preliminary until the Call Report is filed. |
|
|
|
|
|
|
|
|
|
Contact:
Susan C. Thompson, EVP &
CFO805.692.5821www.communitywestbank.com
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