GOLETA, Calif., July 20, 2010 (GLOBE NEWSWIRE) -- Community West Bancshares ("Community West") (Nasdaq:CWBC), parent company of Community West Bank, today reported a net loss of $62,000 in the second quarter of 2010 (2Q10), compared to net income of $800,000 in the second quarter of 2009 (2Q09). The loan loss provision in 2Q10 was $2.9 million compared to $743,000 in 2Q09. For the first half of the year, Community West reported a net loss of $11,000, compared to a net loss of $5.9 million for the fist half of 2009. The loan loss provision for the first half of the year was $5.9 million compared to $13.3 million for the first half of 2009.
- Announced $8.0 million offering for 9% convertible subordinated debentures.
- Community West continues to exceed the well capitalized levels with a Total risk-based capital ratio of 12.30%, Tier 1 risk-based capital ratio of 11.03% and Tier 1 leverage ratio of 8.84%.
- Net interest margin was 4.47%, a 69 basis point improvement compared to 2Q09.
- Total deposits increased by 10.8% compared to a year ago with core deposits up 70.0%.
- Nonperforming loans decreased $2.4 million compared to the preceding quarter to $15.3 million, or 2.53% of total loans.