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Community West Bancshares (NASDAQ: CWBC) reported unaudited consolidated net income of $3,385,000 and diluted earnings per common share of $0.18 for Q3 2024, compared to $6,390,000 and $0.54 per diluted share in Q3 2023. The company completed its merger with Central Valley Community Bancorp on April 1, 2024, with Central Valley Community Bank merging into Community West Bank. The combined entity, headquartered in Fresno, California, operates full-service Banking Centers throughout Central California, offering various services including Commercial Lending, Agribusiness, SBA, and Mortgage services.
Community West Bancshares (NASDAQ: CWBC) reported a consolidated net loss of $6,290,000 and a fully diluted loss per common share of $0.33 for Q2 2024. This contrasts with net income of $6,282,000 and earnings of $0.54 per fully diluted common share for Q2 2023. The loss is attributed to merger-related expenses, including a provision for loan losses of the acquired loan portfolio.
On April 1, 2024, Central Valley Community Bancorp completed its merger with Community West Bancshares. Subsequently, Community West Bank merged into Central Valley Community Bank, with the latter being the surviving institution. The corporate names were changed to Community West Bancshares and Community West Bank, respectively.
Community West Bancshares, headquartered in Fresno, California, operates full-service Banking Centers throughout California, offering Commercial, Real Estate, and Agribusiness Lending, as well as Private Banking and Cash Management services.
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