GOLETA, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (Nasdaq:CWBC), parent company of Community West Bank (Bank), today reported net income increased 33.0% to $1.1 million in the first quarter of 2013 (1Q13) compared to $819,000 in the first quarter a year ago (1Q12). Community West earned $2.3 million in fourth quarter of 2012 (4Q12).
- Net income of $1.1 million.
- Earnings of $0.11 per diluted share.
- Net interest margin continued to be strong and was 4.78% in 1Q13, compared to 4.91% in 4Q12 and 4.48% in 1Q12.
- Nonaccrual loans declined 12.0% to $19.7 million at March 31, 2013, compared to $22.4 million at December 31, 2012 and $38.3 million at March 31, 2012.
- Net real estate owned (REO) and repossessed assets, after subtracting the USDA guarantee, totaled $1.9 million at March 31, 2013, the same as three months earlier. The net REO was $4.9 million at March 31, 2012.
- The total allowance for loan losses equaled 3.54% of total loans held for investment at March 31, 2013, compared to 3.66% at December 31, 2012 and 3.19% a year ago. The quantitative historical loss allocation portion of the allowance calculation showed some improvement during 1Q13.
- Community West Bank's capital ratios continue to strengthen - Total risk-based capital ratio was 15.63% and Tier 1 leverage ratio was 11.34% at March 31, 2013, an increase compared to a Total risk-based capital ratio of 15.27% and Tier 1 leverage ratio of 10.69% at December 31, 2012. The Bank's regulatory agreement requires that ratios of 12% and 9%, respectively, be maintained.