Net income up 15 percent at Community West Bancshares
Net income for Community West Bancshares increased nearly 15 percent for the second quarter ended June 30 to $1.6 million, or 18 cents per diluted share.
Loans increased to $684.8 million, versus $564.8 million a year ago, and total assets grew 22.2 percent year-over-year to $785 million. Net interest margin dropped slightly, from 4.45 percent in the first quarter to 4.39 percent in the second quarter.
“The loan portfolio continues to benefit from a strong regional economy and demand for our diverse lending products,” President and CEO Martin Plourd said in a news release July 28. “The commercial real estate loan portfolio and manufactured housing portfolio generated the most increases during the current quarter.”
The Goleta-based bank has also been expanding its franchise, including new locations in San Luis Obispo, Paso Robles and Oxnard.
“The strong year-over-year loan growth of 21 percent together with 28 percent non-interest-bearing deposits growth was a result of our expansion,” Plourd said. “We remain focused on competing for business in our local markets and expanding our franchise throughout California’s Central Coast.”
Community West’s board of directors also declared a 4 cent quarterly cash dividend, payable Aug. 31 to common shareholders of record on Aug. 14. Shares ended July 28 up nearly 2 percent at $10.35.
• Contact Marissa Nall at email@example.com.