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Community West Bank profits fall 19.8 percent

By   /   Friday, July 25th, 2014  /   Comments Off

Goleta-based Community West Bancshares, the holding company for Community West Bank, reported that earnings per diluted share fell to $0.18 for the second quarter while net interest income rose to $6.3 million.

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Goleta-based Community West Bancshares, the holding company for Community West Bank, reported that earnings per diluted share fell to $0.18 for the second quarter while net interest income rose to $6.3 million.

Bancshares stock closed up 4.6 percent at $6.80 on July 24, when the news was released.

Second quarter net interest income rose 6.6 percent from the same period a year ago. Earnings per diluted share fell 21.7 percent.

Net income fell 19.8 percent to $1.7 million compared to a year prior. Total assets as of June 30, 2014 increased 4 percent to $557.7 million.

“Community West’s second quarter success was fueled by ongoing improvements in credit quality coupled with solid loan and deposit growth,” said President and CEO Martin E. Plourd in a statement.

Deposits increased 8.6 percent to $472 million. Net loans for the quarter increased 8 percent to $484.1 million compared to a year earlier.

Commercial loans increased 62 percent to $69 million. Commercial real estate loans rose 15 percent to $159 million. Manufacturing housing loans remained steady while Small Business Administration loans fell 15 percent to $67 million.

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