Community West Bancshares, the holding company for Goleta-based Community West Bank, saw net income and net interest income rise in the third quarter, according to the company’s latest financial filings.
The bank reported a net income of $2.9 million, or 33 cents per diluted share, as compared to $2.2 million, or 25 cents per diluted share, for the same quarter last year. Additionally, net interest income was $9.6 million for the most recent quarter, compared to $8.8 million in the third quarter of 2019.
Total demand deposits and loans also increased in the past year. The bank reported $448 million in total demand deposits on Sept. 30, 2019, and saw those deposits grow more than 20 percent to $545.2 million this quarter. Total loans were $789.5 million in September 2019 and are now $854.5 million, rising almost 8 percent.
“We produced strong earnings for the third quarter, with solid top and bottom line results, core deposit growth and a slightly expanded net interest margin,” Martin E. Plourd, the bank’s president and CEO, said in a news release.
The bank also announced it was starting to process Paycheck Protection Program loan forgiveness for clients. Community West expects the forgiveness to happen during the fourth quarter of 2020 and going into 2021.