Community West Bancshares, parent company of Community West Bank headquartered in Goleta, reported a net income of $1.9 million for the fourth quarter of 2015, down from $2.2 million the previous year.
For the full year, Community West reported net income of $2.9 million, down from $7 million in 2014. Excluding the $7.1 million net loan litigation settlement, Community West’s net income would have remained at $7 million.
A quarterly cash dividend of $0.03 a share was driven by a 10.1 percent increase in net loans, from $487.3 million to $536.5 million, the company said. Community West’s total assets were $621.2 million as of Dec. 31, an 11.5 percent increase from a year ago.
Total deposits in the fourth quarter increased 14.1 percent to $544.3 million compared to $477.1 million in the fourth quarter of 2014.
Book value per common share was $7.55, up from $7.31 a year ago.
“Loan and deposit growth, solid net interest margin and continuing credit quality improvement fueled profitability in the fourth quarter,” CEO and President Martin Plourd said in a news release. “We are optimistic about the opportunities for growth in 2016, particularly expanding further into San Luis Obispo County.”
Community West looks to debut a full-service branch at 4464 Broad St. — its first in San Luis Obispo County. Its sixth tri-county location, pending approval from federal regulators, would open in the third or fourth quarter of 2016.
Bancshares stock closed down 6 cents to $7 per share on Jan. 26, when the earnings were released.
• Contact Alex Kacik at [email protected]