Community West Bancshares (Community West or the Company), (NASDAQ:
CWBC), parent company of Community West Bank (Bank), today reported
net income of $1.6 million, or $0.19 per diluted share, for the
first quarter of 2020 (1Q20), compared to $2.7 million, or $0.32
per diluted share, in 4Q19, and $1.5 million, or $0.18 per diluted
share, in 1Q19.
Response to the COVID-19
Pandemic
“What began as a quarter with good momentum, has
been disrupted by a global health crisis that set off an economic
crisis which is now our highest priority. Community West Bank
put its pandemic plan into action in mid-March to adjust to the
potential impact of the COVID-19 virus pandemic on our employees,
customers and our communities. Notwithstanding the impact of
COVID-19, our first quarter 2020 earnings were solid, supported by
net interest income expansion compared to a year ago and improved
operating efficiencies,” stated Martin E. Plourd, President and
Chief Executive Officer. “We began preparations for the
COVID-19 pandemic in mid-February by putting together a Task Force,
comprised of the executive team and department managers who are
directing operations during the pandemic to protect the safety of
customers and employees as much as possible. We have kept
branch lobbies open, implementing new safety measures commensurate
with World Health Organization, Centers for Disease Control, and
government orders to protect our customers and employees and keep
them safe. Currently approximately 45% of our employees are
working remotely and it’s been business as usual from an
operational standpoint. Our lending teams have reached out to
all borrowers to determine the impact of the decline in economic
activity on their business, focusing specifically on customers that
may have difficulty re-opening their businesses with sufficient
cash flow.”
“While our asset quality at quarter end remained
strong, we are being proactive in our approach to the COVID-19
pandemic and its impact on Ventura, Santa Barbara and San Luis
Obispo counties,” Plourd continued. “We are here for our
clients assisting them by maintaining service inside our branches
and through digital and electronic channels all while adhering to
State and Federal guidelines which are changing rapidly.”
On March 19, 2020, Governor Newsom of California
issued a state-wide Shelter-in-Place order for all of its
residents, resulting in the closing of non-essential businesses or
a substantial reduction in business activity. Essential
purpose entities such as food and agriculture businesses, medical
professionals, transportation, and banks were exempted from the
closures; unemployment rates are increasing in our local
markets. The sectors that have been most heavily impacted
include hospitality, restaurants, shops, salons and other business
that are shut down by state and local order. The Company’s
management team has evaluated its exposure to loans related to this
pandemic and at March 31, 2020, the Bank’s exposure as a percent of
the total loan portfolio to these industries was approximately
12%.
The Company is actively monitoring the effects
of the COVID-19 pandemic on our loan and deposit customers.
We are focused on assessing the risks in our loan portfolio and
working with our customers to minimize losses. We have
implemented loan programs to allow our clients who were directly
impacted by the pandemic to defer loan payments for up to 180
days. As of March 31, 2020, loan customer requests to defer
payments on loans totaling approximately $76 million were
received. Congress passed the Coronavirus Aid, Relief, and
Economic Security Act (“CARES Act”) providing economic relief for
the country, including the $349 billion Small Business
Administration (“SBA”) Paycheck Protection Program (“PPP”) to fund
short-term loans for small businesses. As a preferred SBA
lender, we have been actively taking loan applications under the
PPP for our business clients. We will continue to respond
with client-focused employees and assist our customers with their
financial needs during this difficult time. The Company began
taking loan applications from its eligible business clients
immediately after the program was up and running. To date,
the Company has received client applications of approximately $62
million, and is working diligently with the SBA to qualify clients
to receive PPP loans, and as of April 17, 2020 had $44 million in
approved SBA PPP loans.
Management is closely monitoring credit metrics
and performing stress testing on the Bank’s loan portfolio.
In addition, resources have been reallocated to credit
administration to closely analyze higher risk segments within our
portfolio, monitor and track loan payment deferrals and customer
liquidity, and provide timely reporting to the board of directors
and management. The management team continues to analyze
economic conditions in the markets we serve. Based on the
Company’s capital levels, current economic climate, and
underwriting policies management expects to be able to manage the
economic risks and uncertainties associated with the COVID-19
pandemic and remain adequately capitalized. In an effort to
be conservative, the Company drew down $10 million on its line of
credit that can be down streamed to the Bank as additional capital
if needed in the future.
First Quarter 2020 Financial
Highlights:
- Net income was $1.6 million, or
$0.19 per diluted share, in 1Q20, compared to $2.7 million, or
$0.32 per diluted share in 4Q19, and $1.5 million, or $0.18 per
diluted share in 1Q19.
- Provision for loan losses was
$392,000 for the quarter, compared to a credit for loan losses of
($210,000) for 4Q19, and a credit for loan losses of ($57,000) for
1Q19.
- Net interest margin of 3.97% for
1Q20, compared to 4.07% for 4Q19 and 3.99% for 1Q19.
- Total deposits decreased to $711.6
million at March 31, 2020, compared to $750.9 million at December
31, 2019, and $734.7 million at March 31, 2019.
- Total demand deposits represented
57.3% of total deposits at March 31, 2020. Non-interest-bearing
demand deposits increased $10.5 million to $121.3 million compared
to $110.8 million at December 31, 2019 and decreased $14.2 million
compared to $135.5 million at March 31, 2019.
- Total loans increased $6.4 million
during the quarter to $782.0 million at March 31, 2020 compared to
$775.6 million at December 31, 2019, and increased $11.9 million
compared to $770.1 million at March 31, 2019.
- Book value per common share
increased to $9.82 at March 31, 2020, compared to $9.68 at December
31, 2019, and $9.05 at March 31, 2019.
- Total risked based capital improved
to 11.60% for the Bank at March 31, 2020 compared to 11.41% at
December 31, 2019 and 10.76% at March 31, 2019.
- Net non-accrual loans of $2.6
million at March 31, 2020, compared to $2.4 million at December 31,
2019, and $3.3 million at March 31, 2019.
- Other assets acquired through
foreclosure, net was $2.7 million at March 31, 2020, compared to
$2.5 million at December 31, 2019, and zero at March 31, 2019.
Income Statement
Net interest income was $8.5 million in 1Q20
compared to $8.8 million in 4Q19 and $8.2 million in 1Q19.
Non-interest income was $950,000 in 1Q20 compared to $1.7
million in 4Q19, and $604,000 in 1Q19.
First quarter net interest margin was 3.97%,
compared to 4.07% in 4Q19, and 3.99% in 1Q19. “The decline in
our net interest margin compared to the prior quarter was primarily
due to the swift reduction in short term interest rates during the
quarter and the resulting effect on yields in the loan and
investment portfolios,” said Susan C. Thompson, Executive Vice
President and Chief Financial Officer.
Provision for loan losses was $392,000 for 1Q
20, compared to a credit for loan losses of ($210,000) for 4Q19,
and a credit for loan losses of ($57,000) for 1Q19. The
increase in the current quarter was primarily driven by current
economic conditions and loan growth in the manufactured housing and
commercial real estate portfolios.
Non-interest expenses totaled $6.7 million in
1Q20, compared to $6.8 million in the preceding quarter and $6.7
million in 1Q19. The decrease in the quarter was primarily
related to a reduction in professional fees and other expenses,
offsetting a slight increase in salary and employee benefits.
The reduction in net income was largely due to
the reduction of the non-interest income in 1Q20 compared to 4Q19
which was primarily due to lower gain on loan sale revenue.
Balance Sheet
“We continue to actively manage the balance
sheet, maintaining strict underwriting standards with loan
originations, and using cheaper funding sources as available,” said
Thompson. Total assets increased modestly to $925.2 million
at March 31, 2020, compared to $913.9 million at December 31, 2019
and increased $42.8 million, or 4.9%, compared to $882.4 million at
March 31, 2019. Total loans increased to $782.0 million at
March 31, 2020, compared to $775.6 million at December 31, 2019,
and $770.1 million at March 31, 2019.
Commercial real estate loans outstanding (which
include SBA 504, construction and land) were up 6.0% from year ago
levels to $391.2 million at March 31, 2020 and comprise 50.0% of
the total loan portfolio. Manufactured housing loans were up
6.0% from year ago levels to $263.5 million and represent 33.7% of
total loans. Commercial loans (which include agriculture
loans) were down 15.3% from year ago levels to $98.4 million and
represent 12.6% of the total loan portfolio. The majority of
this decrease was in the commercial agriculture portfolio as the
Company switched its production focus from on-balance sheet Federal
Service Agency loans with guarantees to off-balance sheet Farmer
Mac loans.
Total deposits were $711.6 million at March 31,
2020, compared to $750.9 million at December 31, 2019, and $734.7
million at March 31, 2019. Non-interest-bearing demand
deposits increased $10.5 million during the quarter to $121.3
million at March 31, 2020, compared to $110.8 million at December
31, 2019, and decreased $14.2 million compared to $135.5 million at
March 31, 2019. Interest-bearing demand deposits decreased
$27.5 million to $286.7 million at March 31, 2020, compared to
$314.3 million at December 31, 2019, and remained relatively flat
compared to $287.1 million at March 31, 2019. Certificates of
deposit, which include brokered deposits decreased $22.6 million
during the quarter to $287.6 million at March 31, 2020, compared to
$310.1 million at December 31, 2019 and decreased $9.5 million
compared to $297.0 million at March 31, 2019. The reduction in
deposits was due to divesting of some high priced municipal funding
to lower cost non-deposit funding sources. Stockholders’ equity
increased to $83.2 million at March 31, 2020, compared to $82.0
million at December 31, 2019, and $76.5 million at March 31,
2019. Book value per common share increased to $9.82 at March
31, 2020, compared to $9.68 at December 31, 2019, and $9.05 at
March 31, 2019.
Credit Quality
The Company recorded a provision for loan losses
of $392,000 in 1Q20. This compares to a credit to its
provision for loan losses of ($210,000) in 4Q19, and a credit of
($57,000) in 1Q19. The allowance for loan losses, including
the reserve for undisbursed loans, was $9.2 million, or 1.23% of
total loans held for investment, at March 31, 2020. Net
non-accrual loans plus net other assets acquired through
foreclosure were $5.4 million at March 31, 2020, compared to $4.9
million at December 31, 2019, and $3.3 million at March 31, 2019.
Net non-accrual loans totaled $2.6 million at
March 31, 2020, compared to $2.4 million at December 31, 2019 and
$3.3 million a year ago. Of the $2.6 million of net
non-accrual loans at March 31, 2020, $1.5 million were commercial
loans, $0.9 million were manufactured housing loans, $0.1 million
were SBA loans, and $0.1 million were commercial real estate
loans.
There was $2.7 million in other assets acquired
through foreclosure as of March 31, 2020. This compares to
$2.5 million of other assets acquired through foreclosure at
December 31, 2019, and no other assets acquired through foreclosure
a year prior. The majority of this balance relates to one
commercial property of $2.5 million.
Cash Dividend Declared
The Company’s Board of Directors declared a cash
dividend of $0.045 per common share, payable May 29, 2020 to common
shareholders of record on May 08, 2020.
Stock Repurchase Program
The Company did not repurchase shares during the
first quarter of 2020, leaving $1.4 million available under the
previously announced repurchase program. The Company has
suspended its repurchase program until further notice.
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. As previously announced, the Company will
close its Westlake Village banking office effective June 15,
2020.
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 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENTS |
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
(in 000's,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March
31, |
|
December
31, |
|
March
31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
Loans, including fees |
|
$ |
10,664 |
|
$ |
11,136 |
|
|
$ |
10,541 |
|
Investment securities and other |
|
|
311 |
|
|
492 |
|
|
|
484 |
|
Total interest income |
|
|
10,975 |
|
|
11,628 |
|
|
|
11,025 |
|
Interest expense |
|
|
|
|
|
|
Deposits |
|
|
2,122 |
|
|
2,413 |
|
|
|
2,444 |
|
Other borrowings |
|
|
390 |
|
|
377 |
|
|
|
358 |
|
Total interest expense |
|
|
2,512 |
|
|
2,790 |
|
|
|
2,802 |
|
Net
interest income |
|
|
8,463 |
|
|
8,838 |
|
|
|
8,223 |
|
Provision
(credit) for loan losses |
|
|
392 |
|
|
(210 |
) |
|
|
(57 |
) |
Net interest income after provision for loan losses |
|
|
8,071 |
|
|
9,048 |
|
|
|
8,280 |
|
Non-interest income |
|
|
|
|
|
|
Other loan fees |
|
|
341 |
|
|
455 |
|
|
|
207 |
|
Gains from loan sales, net |
|
|
190 |
|
|
765 |
|
|
|
- |
|
Document processing fees |
|
|
124 |
|
|
116 |
|
|
|
87 |
|
Service charges |
|
|
134 |
|
|
160 |
|
|
|
139 |
|
Other |
|
|
161 |
|
|
168 |
|
|
|
171 |
|
Total non-interest income |
|
|
950 |
|
|
1,664 |
|
|
|
604 |
|
Non-interest expenses |
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,398 |
|
|
4,141 |
|
|
|
4,381 |
|
Occupancy, net |
|
|
758 |
|
|
750 |
|
|
|
782 |
|
Professional services |
|
|
383 |
|
|
552 |
|
|
|
381 |
|
Data processing |
|
|
283 |
|
|
236 |
|
|
|
224 |
|
Depreciation |
|
|
208 |
|
|
214 |
|
|
|
213 |
|
FDIC assessment |
|
|
144 |
|
|
118 |
|
|
|
170 |
|
Advertising and marketing |
|
|
153 |
|
|
228 |
|
|
|
129 |
|
Stock-based compensation |
|
|
85 |
|
|
100 |
|
|
|
95 |
|
Other |
|
|
317 |
|
|
475 |
|
|
|
342 |
|
Total non-interest expenses |
|
|
6,729 |
|
|
6,814 |
|
|
|
6,717 |
|
Income
before provision for income taxes |
|
|
2,292 |
|
|
3,898 |
|
|
|
2,167 |
|
Provision
for income taxes |
|
|
694 |
|
|
1,179 |
|
|
|
657 |
|
Net
income |
|
$ |
1,598 |
|
$ |
2,719 |
|
|
$ |
1,510 |
|
Earnings per share: |
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
$ |
0.32 |
|
|
$ |
0.18 |
|
Diluted |
|
$ |
0.19 |
|
$ |
0.32 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
COMMUNITY WEST BANCSHARES |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
(in 000's,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
March
31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,002 |
|
|
$ |
2,539 |
|
|
$ |
1,907 |
|
|
Interest-earning deposits in other financial institutions |
|
|
86,663 |
|
|
|
80,122 |
|
|
|
51,499 |
|
|
Investment
securities |
|
|
23,909 |
|
|
|
25,563 |
|
|
|
31,562 |
|
|
Loans: |
|
|
|
|
|
|
|
Commercial |
|
|
98,365 |
|
|
|
101,485 |
|
|
|
116,103 |
|
|
Commercial real estate |
|
|
391,207 |
|
|
|
385,642 |
|
|
|
369,206 |
|
|
SBA |
|
|
13,330 |
|
|
|
14,777 |
|
|
|
18,070 |
|
|
Manufactured housing |
|
|
263,484 |
|
|
|
257,247 |
|
|
|
248,669 |
|
|
Single family real estate |
|
|
11,191 |
|
|
|
11,668 |
|
|
|
11,375 |
|
|
HELOC |
|
|
4,196 |
|
|
|
4,531 |
|
|
|
6,585 |
|
|
Other (1) |
|
|
223 |
|
|
|
213 |
|
|
|
58 |
|
|
Total
loans |
|
|
781,996 |
|
|
|
775,563 |
|
|
|
770,066 |
|
|
|
|
|
|
|
|
|
|
Loans,
net |
|
|
|
|
|
|
|
Held for sale |
|
|
39,458 |
|
|
|
42,046 |
|
|
|
46,995 |
|
|
Held for investment |
|
|
742,538 |
|
|
|
733,517 |
|
|
|
723,071 |
|
|
Less: Allowance for loan losses |
|
|
(9,167 |
) |
|
|
(8,717 |
) |
|
|
(8,648 |
) |
|
Net held for investment |
|
|
733,371 |
|
|
|
724,800 |
|
|
|
714,423 |
|
|
NET LOANS |
|
|
772,829 |
|
|
|
766,846 |
|
|
|
761,418 |
|
|
|
|
|
|
|
|
|
|
Other
assets |
|
|
38,805 |
|
|
|
38,800 |
|
|
|
36,008 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
925,208 |
|
|
$ |
913,870 |
|
|
$ |
882,394 |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
Non-interest-bearing demand |
|
$ |
121,293 |
|
|
$ |
110,843 |
|
|
$ |
135,495 |
|
|
Interest-bearing demand |
|
|
286,736 |
|
|
|
314,278 |
|
|
|
287,095 |
|
|
Savings |
|
|
16,016 |
|
|
|
15,689 |
|
|
|
15,128 |
|
|
Certificates of deposit ($250,000 or more) |
|
|
93,615 |
|
|
|
96,431 |
|
|
|
91,580 |
|
|
Other certificates of deposit |
|
|
193,939 |
|
|
|
213,693 |
|
|
|
205,431 |
|
|
Total
deposits |
|
|
711,599 |
|
|
|
750,934 |
|
|
|
734,729 |
|
|
Other
borrowings |
|
|
115,000 |
|
|
|
65,000 |
|
|
|
52,750 |
|
|
Other
liabilities |
|
|
15,448 |
|
|
|
15,958 |
|
|
|
18,462 |
|
|
TOTAL
LIABILITIES |
|
|
842,047 |
|
|
|
831,892 |
|
|
|
805,941 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
83,161 |
|
|
|
81,978 |
|
|
|
76,453 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
$ |
925,208 |
|
|
$ |
913,870 |
|
|
$ |
882,394 |
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,472 |
|
|
|
8,472 |
|
|
|
8,450 |
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
9.82 |
|
|
$ |
9.68 |
|
|
$ |
9.05 |
|
|
|
|
|
|
|
|
|
|
(1) Includes
consumer, other loans, securitized loans, and deferred fees |
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL INFORMATION |
|
|
|
|
|
|
(Dollars in
thousands except per share amounts)(Unaudited) |
|
|
|
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
Three Months
Ended |
|
PERFORMANCE MEASURES AND RATIOS |
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Mar. 31, 2019 |
|
Return on
average common equity |
|
7.76 |
% |
|
|
13.35 |
% |
|
|
7.99 |
% |
|
Return on
average assets |
|
0.73 |
% |
|
|
1.21 |
% |
|
|
0.71 |
% |
|
Efficiency
ratio |
|
71.49 |
% |
|
|
64.88 |
% |
|
|
76.10 |
% |
|
Net interest
margin |
|
3.97 |
% |
|
|
4.07 |
% |
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
Three Months
Ended |
|
AVERAGE BALANCES |
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Mar. 31, 2019 |
|
Average
assets |
$ |
886,418 |
|
|
$ |
887,902 |
|
|
$ |
859,684 |
|
|
Average
earning assets |
|
858,064 |
|
|
|
862,350 |
|
|
|
834,944 |
|
|
Average
total loans |
|
787,537 |
|
|
|
779,698 |
|
|
|
768,253 |
|
|
Average
deposits |
|
718,205 |
|
|
|
725,029 |
|
|
|
716,953 |
|
|
Average
common equity |
|
82,815 |
|
|
|
80,825 |
|
|
|
76,683 |
|
|
|
|
|
|
|
|
|
EQUITY ANALYSIS |
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Mar. 31, 2019 |
|
Total common
equity |
$ |
83,161 |
|
|
$ |
81,978 |
|
|
$ |
76,453 |
|
|
Common stock
outstanding |
|
8,472 |
|
|
|
8,472 |
|
|
|
8,450 |
|
|
|
|
|
|
|
|
|
Book value
per common share |
$ |
9.82 |
|
|
$ |
9.68 |
|
|
$ |
9.05 |
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Mar. 31, 2019 |
|
Nonaccrual
loans, net |
$ |
2,645 |
|
|
$ |
2,389 |
|
|
$ |
3,257 |
|
|
Nonaccrual
loans, net/total loans |
|
0.34 |
% |
|
|
0.31 |
% |
|
|
0.42 |
% |
|
Other assets
acquired through foreclosure, net |
$ |
2,707 |
|
|
$ |
2,524 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
Nonaccrual
loans plus other assets acquired through foreclosure, net |
$ |
5,352 |
|
|
$ |
4,913 |
|
|
$ |
3,257 |
|
|
Nonaccrual
loans plus other assets acquired through foreclosure, net/total
assets |
|
0.58 |
% |
|
|
0.54 |
% |
|
|
0.37 |
% |
|
Net loan
(recoveries)/charge-offs in the quarter |
$ |
(58 |
) |
|
$ |
(58 |
) |
|
$ |
(14 |
) |
|
Net
(recoveries)/charge-offs in the quarter/total loans |
|
(0.01 |
%) |
|
|
(0.01 |
%) |
|
|
(0.00 |
%) |
|
|
|
|
|
|
|
|
Allowance
for loan losses |
$ |
9,167 |
|
|
$ |
8,717 |
|
|
$ |
8,648 |
|
|
Plus:
Reserve for undisbursed loan commitments |
|
76 |
|
|
|
85 |
|
|
|
87 |
|
|
Total
allowance for credit losses |
$ |
9,243 |
|
|
$ |
8,802 |
|
|
$ |
8,735 |
|
|
Allowance
for loan losses/total loans held for investment |
|
1.23 |
% |
|
|
1.19 |
% |
|
|
1.20 |
% |
|
Allowance
for loan losses/nonaccrual loans, net |
|
346.58 |
% |
|
|
364.88 |
% |
|
|
265.52 |
% |
|
|
|
|
|
|
|
|
Community West Bank * |
|
|
|
|
|
|
Community
bank leverage ratio |
|
9.21 |
% |
|
|
N/A |
|
|
|
N/A |
|
|
Tier 1
leverage ratio |
|
9.21 |
% |
|
|
9.06 |
% |
|
|
8.63 |
% |
|
Tier 1
capital ratio |
|
10.42 |
% |
|
|
10.28 |
% |
|
|
9.62 |
% |
|
Total
capital ratio |
|
11.60 |
% |
|
|
11.41 |
% |
|
|
10.76 |
% |
|
|
|
|
|
|
|
|
INTEREST SPREAD ANALYSIS |
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Mar. 31, 2019 |
|
Yield on
total loans |
|
5.45 |
% |
|
|
5.67 |
% |
|
|
5.56 |
% |
|
Yield on
investments |
|
2.56 |
% |
|
|
3.47 |
% |
|
|
3.55 |
% |
|
Yield on
interest earning deposits |
|
1.22 |
% |
|
|
1.66 |
% |
|
|
2.22 |
% |
|
Yield on
earning assets |
|
5.14 |
% |
|
|
5.35 |
% |
|
|
5.36 |
% |
|
|
|
|
|
|
|
|
Cost of
interest-bearing deposits |
|
1.42 |
% |
|
|
1.57 |
% |
|
|
1.64 |
% |
|
Cost of
total deposits |
|
1.19 |
% |
|
|
1.32 |
% |
|
|
1.38 |
% |
|
Cost of
borrowings |
|
2.29 |
% |
|
|
2.31 |
% |
|
|
2.91 |
% |
|
Cost of
interest-bearing liabilities |
|
1.51 |
% |
|
|
1.64 |
% |
|
|
1.74 |
% |
|
|
|
|
|
|
|
|
* Capital
ratios are preliminary until the Call Report is filed. |
|
|
|
|
|
|
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