GOLETA, Calif., Oct. 21, 2010 (GLOBE NEWSWIRE) -- Community West Bancshares ("Community West"), (Nasdaq:CWBC), parent company of Community West Bank, today reported net income of $1.0 million in the third quarter of 2010 (3Q10), compared to net income of $69,000 in the third quarter a year ago (3Q09). The loan loss provision in 3Q10 was $1.5 million compared to $2.6 million in 3Q09. For the first nine months of the year, Community West reported net income of $1.0 million, compared to a net loss of $5.9 million for the first nine months of 2009. The loan loss provision for the first nine months of the year was $7.5 million compared to $15.9 million for the first nine months of 2009.
- Completed a successful public convertible debenture offering of $8.09 million.
- Net income to common stockholders was $784,000, or $0.12 per diluted common share.
- Community West Bank continues to exceed well capitalized levels with a Total risk-based capital ratio of 12.65%, Tier 1 risk-based capital ratio of 11.38% and Tier 1 leverage ratio of 9.09%.
- Net interest margin was 4.49%, a 37 basis point improvement compared to 3Q09.
- Core deposits increased by 41.0% compared to a year ago.
- Nonperforming loans were $15.1 million, or 2.51% of total loans.
- The efficiency ratio was 60.4%, a 7.8% improvement compared to 3Q09.