GOLETA, Calif., Oct. 24, 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 $2.6 million in the third quarter of 2013 (3Q13) compared to $2.1 million in the second quarter of 2013 (2Q13) and $613,000 in the third quarter a year ago (3Q12). In the first nine months of the year, Community West earned $5.9 million compared to $841,000 in the first nine months of 2012.
- Net income of $2.6 million.
- Earnings of $0.29 per diluted share.
- Net interest margin expanded to 4.89% in 3Q13, an eight basis point improvement compared to 4.81% in 2Q13 and a 24 basis point improvement compared to 4.65% in 3Q12.
- Nonaccrual loans declined 26.1% to $15.3 million at September 30, 2013, compared to $20.7 million at June 30, 2013 and decreased 54.2% compared to $33.3 million at September 30, 2012.
- Net real estate owned (REO) and repossessed assets, excluding USDA/SBA guarantees, totaled $1.7 million at September 30, 2013, compared to $1.5 million three months earlier and $3.8 million a year earlier.
- The total allowance for loan losses equaled 3.01% of total loans held for investment at September 30, 2013, compared to 3.14% at June 30, 2013 and 3.65% a year ago.
- Community West Bank's capital ratios continue to strengthen - Total risk-based capital ratio was 17.16% and Tier 1 leverage ratio was 12.06% at September 30, 2013. Both ratios are well above the minimum levels of 12% and 9%, respectively, called for in the Bank's regulatory agreement.