Community West Bancshares, parent company for Goleta-based Community West Bank, reported a 16.4 percent increase in pre-tax income for the fourth quarter of 2017 over the previous quarter on Jan. 26.
An additional tax expense of $1.3 million brought the company’s net income to $449,000, or 5 cents per diluted share, for the fourth quarter of 2017. Total pre-tax income for the quarter was $3 million, an increase of 28 percent over the same quarter in 2016.
For 2017, net income was $4.9 million, or 57 cents per diluted share, down from $5.2 million, or 62 cents per diluted share, in 2016.
“The organic expansion in our market along California’s Central Coast and the loan and deposit growth generated as a result of this expansion was a highlight of our 2017 results,” said Martin Plourd, president and CEO, in a news release. “Total loans increased 16.5 percent year over year and our above-industry net interest margin fueled our core operating results during the quarter.”
— Contact Robert Shutt at [email protected]