GOLETA, Calif., April 24, 2014 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (Nasdaq:CWBC), parent company of Community West Bank (Bank), today reported net income increased 32.4% to $1.4 million in the first quarter of 2014 (1Q14) compared to $1.1 million in the first quarter a year ago (1Q13). Community West's net income in the fourth quarter of 2013 (4Q13) was $3.1 million, which included a $2.8 million tax benefit as a result of the reversal of its deferred tax asset valuation allowance.
- Net income increased 32.4% to $1.4 million from a year ago.
- Earnings increased 36.4% to $0.15 per diluted share from $0.11 per diluted share a year ago.
- Net interest margin improved 25 basis points to 4.65% in 1Q14, compared to 4.40% in 4Q13. The net interest margin was 4.57% in 1Q13.
- Net loans increased 6.9% to $473.1 million, compared to $442.4 million a year earlier.
- Nonaccrual loans were $15.7 million at March 31, 2014, compared to $16.8 million at December 31, 2013 and $19.7 million at March 31, 2013.
- The total allowance for loan losses equaled 2.71% of total loans held for investment at March 31, 2014, compared to 2.98% at December 31, 2013 and 3.54% a year ago.
- Community West Bank's capital ratios continue to be strong - Total risk-based capital ratio was 16.52% and Tier 1 leverage ratio was 12.36% at March 31, 2014.