Community West Bancshares Reports Earnings Results for the Quarter Ended March 31, 2024, and Quarterly Dividend

Rhea-AI Summary

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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240418683138/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 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.