Community West Bancshares Reports Profit Of $1.1 Million For 4Q10 And $2.1 Million For The Year, Results Highlighted By Net Interest Margin Expansion And Strong Core Deposit Growth
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.
"We are extremely pleased by our positive operating results in 2010," stated Lynda J. Nahra, President and Chief Executive Officer. "We have improved across all areas of the Bank and continue to benefit from strong core earnings, net interest margin expansion and stabilizing asset quality. Our net interest income and noninterest income both increased during the fourth quarter compared to the fourth quarter a year ago, while our provision for loan losses has decreased. Additionally, our nonperforming loans declined during the quarter and remain at workable levels."
2010 Financial Highlights
- 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.
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