Community West Bancshares, the parent company of Goleta-based Community West Bank, reported net income of $1.1 million in the second quarter of 2016, up from a net loss of $2.3 million in the second quarter of 2015.
“Our momentum during the first half of the year has been fueled by robust loan and deposit growth, and continued improvements in credit quality,” President and CEO Martin Plourd said in a news release. “Our results reflect the investment in our future, with new branches in San Luis Obispo and Oxnard scheduled to open later this year, as well as the relocation of our Santa Maria branch. With the consolidation among banks in our market areas in recent years, we continue to offer responsive and flexible service from a locally-owned and operated bank.”
Net loans increased 10.3 percent to $564.8 million for the second quarter, compared to $511.9 million a year ago. Commercial real estate loans were up 21.2 percent from last year to $207.7 million while manufactured housing loans increased 10.2 percent to $188.3 million.
Non-interest-bearing deposits were up 15.5 percent to $83.5 million, increasing from $72.3 million in the second quarter of last year.
The bank has $642.6 million in total assets, a 9.4 percent increase from last year.
Community West plans to open a full-service branch office at 300 E. Esplanade Drive, Ste. 100A in Oxnard’s Topa Financial Plaza tower by the end of the year. It is the bank’s third full-service branch in Ventura County, including its Ventura and Westlake locations.
“We feel that there is real opportunity for growth in Ventura County, serving the financing and cash management needs of local businesses,” Bryan Easterly, senior vice president and regional market manager, said in a news release.
The bank is also expanding into San Luis Obispo at 4464 Broad St., which will replace its SLO loan production office.
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