Community West Bancshares, parent company of Goleta-based Community West Bank, reported a net income of $1.6 million, or 18 cents per diluted share, for the quarter ended Sept 30 — an increase of 4.9 percent from $1.5 million in the third quarter of 2016.
The bank’s net interest margin for Q3 2017 was 4.27 percent. Net loans increased $29.5 million to $714.4 million.
Annualized return on average assets was 0.78 percent while annualized return on average common equity was 8.88 percent.
“While our net interest margin remains well above industry averages, net interest margin contracted in the third quarter, due to the current interest rate environment which raised our cost of funds,” said Susan C. Thompson, executive vice president and chief financial officer for Community West Bank.
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