GOLETA, Calif., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Community West Bancshares ("Community West"), (Nasdaq:CWBC), parent company of Community West Bank, today reported net income of $1.1 million in the fourth quarter of 2010 (4Q10), compared to net income of $97,000 in the fourth quarter a year ago (4Q09). The loan loss provision in 4Q10 was $1.3 million compared to $2.8 million in 4Q09. For the full year, Community West reported net income of $2.1 million, compared to a net loss of $5.8 million for 2009. The loan loss provision for all of 2010 was $8.7 million compared to $18.7 million in 2009.
- Net income applicable to common stockholders was $795,000, or $0.11 per diluted common share in 4Q10.
- For the year, net income applicable to common stockholders was $1.0 million, or $0.18 per diluted common share.
- Net interest margin was 4.57% in 4Q10, a 39 basis point improvement compared to 4Q09.
- For the year, net interest margin was 4.50%, a 59 basis point improvement compared to 2009.
- Core deposits increased by 29.5% compared to a year ago.
- Nonperforming loans were $12.7 million, or 2.13% of total loans at 12/31/10, compared to $15.1 million, or 2.51% of total loans, at 9/30/10.
- The total allowance for loan losses/total loans held for investment was 2.60% at 12/31/10 compared to 2.64% at 9/30/10.
- Community West Bank's Total risk-based capital ratio was 12.87%, Tier 1 risk-based capital ratio was 11.61% and Tier 1 leverage ratio was 9.24% at 12/31/10.