GOLETA, Calif., July 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 to $2.1 million in the second quarter of 2013 (2Q13) compared to $1.1 million in the first quarter of 2013 (1Q13) and a net loss of $591,000 in the second quarter a year ago (2Q12). In the first six months of the year, Community West earned $3.2 million compared to $228,000 in the first six months of 2012.
- Net income of $2.1 million.
- Earnings of $0.23 per diluted share.
- Net interest margin continued to be strong and was 4.81% in 2Q13, compared to 4.78% in both 1Q13 and 2Q12.
- Nonaccrual loans were $20.7 million at June 30, 2013, compared to $19.7 million at March 31, 2013 and $32.8 million at June 30, 2012.
- Net real estate owned (REO) and repossessed assets, after subtracting the USDA/SBA guarantees, totaled $1.5 million at June 30, 2013, compared to $1.9 million at March 31, 2013 and $2.1 million at June 30, 2012.
- The total allowance for loan losses equaled 3.14% of total loans held for investment at June 30, 2013, compared to 3.54% at March 31, 2013 and 3.59% a year ago.
- Community West Bank's capital ratios continue to strengthen - Total risk-based capital ratio was 16.10% and Tier 1 leverage ratio was 11.65% at June 30, 2013, an increase compared to a Total risk-based capital ratio of 15.63% and Tier 1 leverage ratio of 11.34% at March 31, 2013. The Bank's regulatory agreement requires that ratios of 12% and 9%, respectively, be maintained.