Community West Bancshares Reports Earnings Results for the Quarter Ended September 30, 2024, and Quarterly Dividend
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) ha riportato un reddito netto consolidato non revisionato di $3.385.000 e un utile per azione diluito di $0,18 per il terzo trimestre del 2024, rispetto a $6.390.000 e $0,54 per azione diluita nel terzo trimestre del 2023. L'azienda ha completato la fusione con Central Valley Community Bancorp il 1 aprile 2024, con Central Valley Community Bank che si è fusa in Community West Bank. L'entità combinata, con sede a Fresno, California, gestisce centri bancari a servizio completo in tutta la California centrale, offrendo vari servizi tra cui prestiti commerciali, agricoltura, SBA e mutui.
Community West Bancshares (NASDAQ: CWBC) reportó un ingreso neto consolidado no auditado de $3,385,000 y ganancias diluidas por acción común de $0.18 para el tercer trimestre de 2024, en comparación con $6,390,000 y $0.54 por acción diluida en el tercer trimestre de 2023. La compañía completó su fusión con Central Valley Community Bancorp el 1 de abril de 2024, con Central Valley Community Bank fusionándose en Community West Bank. La entidad combinada, con sede en Fresno, California, opera centros bancarios de servicio completo en toda California Central, ofreciendo varios servicios que incluyen préstamos comerciales, agronegocios, SBA y servicios hipotecarios.
커뮤니티 웨스트 밴크쉐어스 (NASDAQ: CWBC)는 2024년 3분기에 감사받지 않은 연결 순이익 $3,385,000과 희석 주당 순이익 $0.18을 보고했습니다. 이는 2023년 3분기의 $6,390,000 및 $0.54에 비해 감소한 수치입니다. 이 회사는 2024년 4월 1일 중앙 밸리 커뮤니티 뱅코프와의 합병을 완료했으며, 중앙 밸리 커뮤니티 뱅크는 커뮤니티 웨스트 뱅크에 통합되었습니다. 합병된 회사는 캘리포니아 프레즈노에 본사를 두고 있으며, 중앙 캘리포니아 전역에 풀서비스 뱅킹 센터를 운영하고 있으며, 상업 대출, 농업 비즈니스, SBA 및 모기지 서비스 등 다양한 서비스를 제공합니다.
Community West Bancshares (NASDAQ: CWBC) a annoncé un revenu net consolidé non vérifié de 3 385 000 $ et un bénéfice dilué par action ordinaire de 0,18 $ pour le troisième trimestre 2024, comparé à 6 390 000 $ et 0,54 $ par action diluée pour le troisième trimestre 2023. La société a achevé sa fusion avec Central Valley Community Bancorp le 1er avril 2024, la Central Valley Community Bank fusionnant dans la Community West Bank. L'entité combinée, dont le siège est à Fresno, Californie, exploite des centres bancaires de services complets dans toute la Californie centrale, offrant divers services, y compris le prêt commercial, l'agro-industrie, la SBA et les services hypothécaires.
Community West Bancshares (NASDAQ: CWBC) berichtete über ein nicht testiertes konsolidiertes Nettoergebnis von 3,385,000 $ und einen verwässerten Gewinn pro Stammaktie von 0,18 $ für das 3. Quartal 2024, verglichen mit 6,390,000 $ und 0,54 $ pro verwässerter Aktie im 3. Quartal 2023. Das Unternehmen schloss am 1. April 2024 die Fusion mit Central Valley Community Bancorp ab, wobei die Central Valley Community Bank in die Community West Bank fusionierte. Die kombinierte Einheit mit Sitz in Fresno, Kalifornien, betreibt vollumfängliche Bankstellen in ganz Zentral-Kalifornien und bietet verschiedene Dienstleistungen an, darunter Geschäftskredite, Agrarwirtschaft, SBA und Hypothekendienste.
- Maintains profitability with $3.4M quarterly net income
- Successfully completed strategic merger with Central Valley Community Bancorp
- 47% decrease in net income from $6.4M in Q3 2023 to $3.4M in Q3 2024
- 66.7% decline in diluted EPS from $0.54 to $0.18 year-over-year
Insights
The Q3 2024 earnings report shows concerning performance with
Company Overview
Effective on April 1, 2024, Central Valley Community Bancorp completed its merger transaction with Community West Bancshares. Shortly thereafter Community West Bank, a wholly owned subsidiary of Community West Bancshares, merged with and into Central Valley Community Bank, a wholly-owned subsidiary of Central Valley Community Bancorp, with Central Valley Community Bank being the surviving banking institution. Effective with these mergers, the corporate names of Central Valley Community Bancorp and Central Valley Community Bank were changed to Community West Bancshares and Community West Bank, respectively.
Community West Bancshares (“Company”) (NASDAQ: CWBC) and its wholly owned subsidiary, Community West Bank (“Bank”), are headquartered in
Members of the Company and Bank Board of Directors are: Daniel J. Doyle (Chairman), Robert H. Bartlein (Vice Chairman), James J. Kim (CEO of the Company and President and CEO of the Bank), Martin E. Plourd (President of the Company and Director of the Bank), Suzanne M. Chadwick, Daniel N. Cunningham, Tom L. Dobyns, F.T. “Tommy” Elliott IV, Robert J. Flautt, James W. Lokey, Andriana D. Majarian, Steven D. McDonald, Dorothea D. Silva, William S. Smittcamp and Kirk B. Stovesand. Louis C. McMurray is Director Emeritus.
More information about Community West Bancshares and Community West Bank can be found at www.communitywestbank.com. Also, follow the Company on LinkedIn, X and Facebook.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024657395/en/
Investor Contact:
Shannon
Executive Vice President, Chief Financial Officer
Community West Bancshares
916-235-4617
Media Contact:
Debbie Nalchajian-Cohen
Public Relations
Community West Bancshares
559-222-1322
Source: Community West Bancshares
FAQ
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