Community West Bancshares Reports Earnings Results for the Quarter Ended June 30, 2024

Rhea-AI Summary

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.

FRESNO, Calif.--(BUSINESS WIRE)-- The Board of Directors of Community West Bancshares (“Company”) (NASDAQ: CWBC), the parent company of Community West Bank (“Bank”), reported today an unaudited consolidated net loss of $6,290,000, and fully diluted loss per common share of $0.33 for the three months ended June 30, 2024, compared to net income of $6,282,000 and earnings of $0.54 per fully diluted common share for the three months ended June 30, 2023. The loss during the quarter was directly attributable to merger related expenses, including a provision for loan losses of the acquired loan portfolio. For the full release, including financial measures for non-core expenses, please visit one of the following: Community West Bank News Room https://www.cvcb.com/about-us/news-room or CWBC Investor Relations https://ir.cvcb.com/news-market-information/press-releases/default.aspx.

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 Fresno, California. The Company was established in 1979 with the vision to help businesses and communities by exceeding expectations at every opportunity, and opened its first Banking Center on January 10, 1980. Today, the Bank operates full-service Banking Centers in California from Greater Sacramento in the north, throughout the San Joaquin Valley and west to the Central Coast. The Bank also maintains Commercial, Real Estate and Agribusiness Lending, as well as Private Banking and Cash Management Departments.

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.cvcb.com. Also, follow the Company on LinkedIn, X and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723835329/en/

Investor Contact:

Shannon Livingston

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

What was Community West Bancshares' (CWBC) financial performance for Q2 2024?

Community West Bancshares reported a consolidated net loss of $6,290,000 and a fully diluted loss per common share of $0.33 for Q2 2024.

How does CWBC's Q2 2024 performance compare to Q2 2023?

CWBC's Q2 2024 performance shows a significant decline compared to Q2 2023, which had a net income of $6,282,000 and earnings of $0.54 per fully diluted common share.

What caused the net loss for CWBC in Q2 2024?

The net loss was directly attributable to merger-related expenses, including a provision for loan losses of the acquired loan portfolio.

When did the merger between Central Valley Community Bancorp and Community West Bancshares take place?

The merger between Central Valley Community Bancorp and Community West Bancshares was completed on April 1, 2024.

What changes occurred in the corporate names after the merger involving CWBC?

After the merger, Central Valley Community Bancorp changed its name to Community West Bancshares, and Central Valley Community Bank became Community West Bank.