Goleta-based Community West Bancshares, parent company of Community West Bank, reported a profit of $1.8 million in the first quarter of 2015. The company recorded a profit of $1.4 million in the same period last year.
“Community West’s first quarter accomplishments were a good start to the year as we continue to successfully strengthen our balance sheet and deliver sustainable profitability,” Martin Plourd, president and CEO said in a press release. “Our financial results for the quarter again show strong operating results, improving asset quality trends and year-over-year loan and deposit growth. We continue to position the Bank for future growth by strengthening our balance sheet, liquidity and capital base and exploring all growth opportunities.”
Total deposits for the quarter increased 11 percent to $495.7 million, compared to $446.5 million a year ago. Net loans increased 2.7 percent to $485.8 million, compared to $473.1 million a year earlier.
The bank dropped a large chuck of assets acquired through foreclosure. Other real estate owned on the bank’s balance sheet totaled $320,000, a decrease of 91.5 percent compared to $3.8 million a year earlier. The bank also redeemed $1 million of its preferred stock during the first quarter, leaving a remaining balance of about $5.9 million.
Community West’s first quarter non-interest expenses were up slightly to $4.8 million, compared to $4.6 million the fourth quarter of 2014, but decreased 13.6 percent when compared to $5.5 million in the first quarter of last year.