Community West Bancshares income down for fourth quarter but up for 2016
Community West Bancshares, parent company of Goleta-based Community West Bank, reported net income of $1.3 million in the fourth quarter of 2016, or 16 cents per diluted share, down from $1.9 million in the fourth quarter last year.
While net income was down for the quarter, it reached $5.2 million in 2016, up from $2.9 million in 2015.
“Solid profitability, a healthy net interest margin, improving asset quality and robust loan and deposit growth were the highlights of our 2016 financial results,” Community West President and CEO Martin Plourd said in a news release. “The strength of the economy in our local marketplace continues to sustain and build our community banking franchise with strong on-going demand for our high-service approach to lending and deposit programs. Our focus in the coming year remains on the local markets and expanding our franchise through organic growth. The increase in non-interest expenses in the fourth quarter of 2016 compared to the fourth quarter of 2015 is primarily due to additional lenders and staff.”
Total loans increased $28.9 million, or 16.1 percent, in the fourth quarter to $630.8 million, up from $543.5 million last year.
Non-interest-bearing deposits increased 31.2 percent to $100.4 million, compared to $76.5 million a year ago.
Total assets surpassed $700 million for the first time in the bank’s history, increasing 14.4 percent to $710.6 million in the fourth quarter.
Book value per common share increased 6.9 percent to $8.07 compared to $7.55 in the fourth quarter of 2015. Its total risk-based capital ratio was 12.27 percent in the fourth quarter and Tier 1 leverage ratio was 10.08 percent.
Community West opened its full-service Santa Maria branch at 122 Betteravia Road on Jan. 17, replacing its 2615 S. Miller St. location.
The move continues its Central Coast expansion after the bank opened its first full-service San Luis Obispo branch at 4464 Broad St. in November and aims to open its Oxnard branch at 300 E. Esplanade Drive on Jan. 30.
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