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Community West Bancshares reported unaudited consolidated net income of $3,676,000 and fully diluted earnings per common share of $0.31 for the first quarter of 2024, compared to $6,970,000 and $0.59 per share for the same period in 2023. The company completed the acquisition of Community West Bancshares and its subsidiary, Community West Bank, on April 1, 2024, expanding its presence in Central California.
Community West Bancshares ha riportato un reddito netto consolidato non revisionato di 3.676.000 dollari e un utile diluito per azione di 0,31 dollari per il primo trimestre del 2024, rispetto ai 6.970.000 dollari e 0,59 dollari per azione nello stesso periodo del 2023. La compagnia ha completato l'acquisizione di Community West Bancshares e della sua filiale, Community West Bank, il 1 aprile 2024, espandendo la sua presenza nella California Centrale.
Community West Bancshares reportó un ingreso neto consolidado no auditado de 3,676,000 dólares y ganancias por acción completamente diluidas de 0.31 dólares para el primer trimestre de 2024, en comparación con 6,970,000 dólares y 0.59 dólares por acción para el mismo periodo en 2023. La empresa completó la adquisición de Community West Bancshares y su subsidiaria, Community West Bank, el 1 de abril de 2024, expandiendo su presencia en California Central.
Community West Bancshares는 2024년도 첫 분기에 3,676,000달러의 미확인 합산 순이익과 주당 0.31달러의 완전 희석 이익을 보고했습니다. 이는 2023년 같은 기간의 6,970,000달러 및 주당 0.59달러와 비교됩니다. 회사는 2024년 4월 1일 Community West Bank의 자회사인 Community West Bancshares의 인수를 완료하여 중부 캘리포니아에서의 입지를 확장했습니다.
Community West Bancshares a rapporté un bénéfice net consolidé non audité de 3 676 000 dollars et un bénéfice dilué par action de 0,31 dollar pour le premier trimestre de 2024, par rapport à 6 970 000 dollars et 0,59 dollar par action pour la même période en 2023. La société a finalisé l'acquisition de Community West Bancshares et de sa filiale, Community West Bank, le 1er avril 2024, étendant ainsi sa présence en Californie centrale.
Community West Bancshares meldete einen unauditierten konsolidierten Nettogewinn von 3.676.000 Dollar und einen voll verdünnten Gewinn pro Aktie von 0,31 Dollar für das erste Quartal 2024, verglichen mit 6.970.000 Dollar und 0,59 Dollar pro Aktie im gleichen Zeitraum 2023. Das Unternehmen schloss die Übernahme von Community West Bancshares und seiner Tochtergesellschaft, der Community West Bank, am 1. April 2024 ab und erweiterte damit seine Präsenz in Zentral-Kalifornien.
Positive
Community West Bancshares reported a decrease in net income and earnings per share compared to the previous year.
The company successfully completed the acquisition of Community West Bancshares and Community West Bank, expanding its territory in Central California.
Negative
None.
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 unaudited consolidated net income of $3,676,000, and fully diluted earnings per common share of $0.31 for the three months ended March 31, 2024, compared to $6,970,000 and $0.59 per fully diluted common share for the three months ended March 31, 2023. On April 1, 2024, the Company, formerly named Central Valley Community Bancorp, completed its acquisition of Community West Bancshares and its wholly owned subsidiary, Community West Bank. Effective with the acquisition, the Company assumed the names Community West Bancshares and Community West Bank to reflect its expanded Central California territory. For the full release, 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.
About Community West Bancshares and Bank
Community West Bancshares (the “Company”) (NASDAQ: CWBC) and its wholly owned subsidiary, Community West Bank (the “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 27 full-service Banking Centers throughout Central California from Sacramento in the north, throughout the San Joaquin Valley and west to the Coast.
Members of the Community West Bancshares and Community West 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.
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 were Community West Bancshares' unaudited net income and earnings per share for the first quarter of 2024?
Community West Bancshares reported unaudited consolidated net income of $3,676,000 and fully diluted earnings per common share of $0.31 for the three months ended March 31, 2024.
How did the first quarter earnings of Community West Bancshares compare to the same period in 2023?
The earnings for the first quarter of 2024 were lower than the first quarter of 2023, with $6,970,000 and $0.59 per share in 2023 compared to $3,676,000 and $0.31 per share in 2024.
When did the acquisition of Community West Bancshares and Community West Bank take place?
The acquisition was completed on April 1, 2024, expanding the company's presence in Central California.
What names did the company assume after the acquisition?
After the acquisition, the company assumed the names Community West Bancshares and Community West Bank to reflect its expanded Central California territory.
