| Over a month ago | ||||
Book value per common… Book value per common share increased to $12.07 at March 31, 2022, compared to $11.72 at December 31, 2021, and $10.77 at March 31, 2021. The Bank's Tier 1 leverage ratio was 8.88% at March 31, 2022, compared to 8.56% at December 31, 2021, and 8.97% at March 31, 2021. "We generated solid earnings for the first quarter, highlighted by top-and bottom-line revenue growth, steady year-over-year deposit growth and improved operating efficiencies," stated Martin E. Plourd, Chief Executive Officer. "Return on average assets, return on average common equity and our efficiency ratio all improved as we continue to deepen our presence throughout California's Central Coast. The success of our client outreach during the current quarter, including the new banking relationships brought over throughout the PPP process, generated increased income. Our net interest margin also improved on a linked quarter basis, primarily due to higher yields on interest earning assets. With the recent and anticipated rate increases by the Federal Reserve, we anticipate continued improvement in our net interest margin in future periods." | ||||
| Over a quarter ago | ||||
Community West Bancshares… Community West Bancshares announced that William Filippin, President of Community West Bank, will resume the position of Chief Credit Officer of the Bank, effective February 1, 2022. In this dual role, Filippin will assume all Chief Credit Officer responsibilities while continuing to serve as President. Filippin has been with the Bank since 2015, and prior to becoming President, he served as Chief Administrative and Chief Credit Officer from 2020-2021. | ||||
Book value per common… Book value per common share increased to $11.72 at December 31, 2021, compared to $11.46 at September 30, 2021, and $10.50 at December 31, 2020. The Bank's Tier 1 leverage ratio was 8.56% at December 31, 2021, compared to 8.59% at September 30, 2021, and 9.29% at December 31, 2020. "We delivered excellent fourth quarter and full year 2021 financial results, highlighted by strong organic loan growth, record loan production, and solid revenue growth," stated Martin Plourd, Chief Executive Officer. "The continued success of our outreach to new and existing clients during the quarter generated increased income and had a meaningful impact on loan generation with new loan commitments of $41.6 million in 4Q21 to offset SBA PPP loan forgiveness of $14.8 million. We continue to focus on deploying excess liquidity through increased lending activity, while closely monitoring our loan portfolio and asset quality metrics. As one of the last remaining community banks of scale along California's Central Coast, we believe we are operating from a position of strength as we enter 2022, and we will continue to work to create value for our shareholders, our clients and our communities." | ||||
Janney Montgomery Scott… Janney Montgomery Scott analyst Timothy Coffey initiated coverage of Community West Bancshares with a Neutral rating. | ||||
Community West Bancshares… Community West Bancshares announced the hiring of Richard Pimentel as CFO and EVP succeeding Susan Thompson, who recently transitioned to SVP, Interim SEC Reporting Manager. Pimentel's new position will become effective January 3, 2022. Pimentel is well-known in the Southern California market having most recently served as CFO of CalPrivate Bank. | ||||
Community West… Community West Bancshares, parent company of Community West Bank, announced the election of Celina Zacarias to the Board of Directors of both Community West Bancshares and Community West Bank, effective immediately. Zacarias currently serves as Senior Director of Community & Government Relations at California State University Channel Islands. | ||||
Book value per common… Book value per common share increased to $11.46 at September 30, 2021, compared to $11.11 at June 30, 2021, and $10.23 at September 30, 2020. The Bank's community bank leverage ratio was 8.59% at September 30, 2021, compared to 8.94% at June 30, 2021, and 8.79% at September 30, 2020. "Our third quarter and year-to-date earnings were strong, fueled by increased net interest income and an expanded balance sheet," stated Martin Plourd, Chief Executive Officer. "Strong revenue generation along with the continued success of our outreach to new and existing clients during the quarter generated increased income and had a meaningful impact on loan generation with new loan commitments of $62.4 million in 3Q21 to offset SBA PPP loan forgiveness of $35 million and deposit growth. We continue to focus on deploying excess liquidity through increased lending activity, while managing asset quality. With the continued improvement in our local economies, we remain optimistic for growth throughout the rest of the year." | ||||
Community West Bancshares… Community West Bancshares announced the promotion of William (Bill) F. Filippin to President of Community West Bank, effective October 1, 2021. Filippin currently serves as EVP, Chief Credit Officer and Chief Administrative Officer, and has been with the Bank since 2015. In addition, Jason Beitz has been promoted to Chief Credit Officer. Beitz has served as Deputy Chief Credit Officer of the Bank since June 1, 2020. Filippin's responsibilities include making the day-to-day decisions about policy, procedure, people and process to ensure the Bank successfully attains its annual strategic business plans, objectives and profitability. | ||||
Community West… Community West Bancshares, parent company of Community West Bank, announced that its board extended the stock repurchase plan until August 31, 2023. The balance available for common stock repurchase from the authorized $4.5M is $1,435,783. | ||||
Book value per common… Book value per common share increased to $11.11 at June 30, 2021, compared to $10.77 at March 31, 2021, and $9.93 at June 30, 2020. The Bank's community bank leverage ratio was 8.94% at June 30, 2021, compared to 8.97% at March 31, 2021, and 8.94% at June 30, 2020. "We reported strong second quarter and year-to-date earnings, with focused revenue generation and balance sheet management, which resulted in net interest margin expansion," stated Martin Plourd, President and Chief Executive Officer. "We are extremely proud of our entire team, who have stepped up to meet the challenges of the last 15 months. Overall, these factors contributed to an annualized return on average assets of 1.37% and an annualized return on average equity of 15.18% for the current quarter. Our focus for the second half of the year remains on deploying excess liquidity through increased lending activity, while maintaining our strong net interest margin and managing asset quality. As the vaccine rollout continues, and COVID-19 restrictions continue to lift in the markets which we serve, we remain optimistic for growth during the second half of 2021." | ||||
