This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

In 4Q10, including the $262,000 preferred stock dividends, the net income applicable to common stockholders was $795,000, or $0.11 per diluted share, compared to a net loss applicable to common stockholders of $165,000, or $0.03 per diluted share, in 4Q09. For the full year, the net income applicable to common stockholders was $1,044,000, or $0.18 per diluted share, compared to a net loss applicable to common stockholders of $6.8 million, or $1.15 per diluted share, a year ago. 

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs