Goleta-based Community West Bancshares reported “strong” earnings in the third quarter, fueled by an expanded balance sheet and increased net interest, according to a quarterly report released Nov. 1.
The parent company of Community West Bank said its net income for the most recent quarter was $3.6 million, or 41 cents per diluted share, compared to $2.9 million, or 33 cents per diluted share, for the same quarter a year earlier.
Net interest income rose to $10.9 million for the third quarter, versus $9.6 million the same quarter last year.
The bank’s total loans, excluding pandemic-related Paycheck Protection Program loans, rose $32.3 million during the quarter, or 3.9%, and increased $75.7 million, or 9.7%, compared to a year earlier.
“Strong revenue generation along with the continued success of our outreach to new and existing clients during the quarter generated increased income and had a meaningful impact on loan generation with new loan commitments of $62.4 million … to offset Small Business Administration PPP loan forgiveness of $35 million and deposit growth,” CEO Marty Plourd said in a news release.
The bank reported total assets of $1.14 billion, an increase compared to $1.04 billion in the same quarter in 2020. It is the third largest bank based in the tri-county region, by total assets.
Community West reported a provision for loan losses of $7,000 in the third quarter. During the same quarter last year, the bank had a provision for loan losses of $113,000.