Community West Bancshares Reports Fourth Quarter Earnings of $2.9 Million, or $0.33 Per Diluted Share, and Record Net Income of $13.1 Million, or $1.50 Per Diluted Share, for the Year; Declares Quarterly Cash Dividend of $0.07 Per Common Share

Friday, 28. January 2022 15:00

GOLETA, Calif., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Community West Bancshares (“Community West” or the “Company”), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today reported net income increased 10.2% to $2.9 million, or $0.33 per diluted share, for the fourth quarter, compared to $2.6 million, or $0.31 diluted share, for the fourth quarter of 2020, and decreased compared to $3.6 million, or $0.41 per diluted share, for the third quarter of 2021. For the full year 2021, the Company reported record net income of $13.1 million, or $1.50 per diluted share, an increase of 58.9% compared to $8.2 million, or $0.97 per diluted share, for the full year 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 E. 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.”

Fourth Quarter 2021 Financial Highlights:

  • Net income was $2.9 million, or $0.33 per diluted share in the fourth quarter, compared to $3.6 million, or $0.41 per diluted share in third quarter, and $2.6 million, or $0.31 per diluted share in the fourth quarter of 2020.
  • Net interest income for the quarter was $10.7 million compared to $10.9 million in the third quarter and $9.8 million in the fourth quarter of 2020.
  • Provision expense for the fourth quarter was $26,000, compared to $7,000 in the prior quarter and a $44,000 negative provision in the fourth quarter of 2020.
  • The allowance for loan losses (“ALL”) was 1.20% of total loans held for investment at December 31, 2021, and 1.23% of total loans held for investment, excluding the $21.3 million of Paycheck Protection Program (“PPP”) loans which are 100% guaranteed by the Small Business Administration (“SBA”).*
  • Non-interest-bearing demand deposits were $209.9 million at December 31, 2021, compared to $219.8 million at September 30, 2021, and $181.8 million at December 31, 2020.
  • Total loans increased $1.5 million to $892.1 million at December 31, 2021, compared to $890.6 million at September 30, 2021, and increased $34.5 million compared to $857.6 million at December 31, 2020.
  • 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.
  • Net non-accrual loans improved to $565,000 at December 31, 2021, compared to $1.7 million at September 30, 2021, and $3.7 million at December 31, 2020.

*Non GAAP

COVID-19 Pandemic and PPP loan Update

“Contributing to our success in 2021 was our continued participation in the SBA’s PPP program,” said Plourd. “As of December 31, 2021, we had 93 PPP loans totaling $21.3 million remaining on our balance sheet from both the first and second rounds of funding.   During the fourth quarter of 2021, $14.8 million of the PPP loans were forgiven by the SBA. We recognized $483,000 of income in net fees related to PPP loans during the fourth quarter, compared to $1.0 million of income in net fees during the third quarter, and have $536,000 remaining in net unrecognized fees related to PPP loans that will be recognized as income through amortization or once the loans are paid off or forgiven by the SBA.   As these loans are forgiven, we will use the liquidity to pursue new lending opportunities as well as focus on further reduction in funding costs.”

“Our focus on delivering an exceptional client experience throughout the PPP process, from the initial loan origination to the forgiveness process, is helping bring in new clients. As of December 31, 2021, we had brought over 175 new clients to the Bank, and are already beginning to see success with developing full banking relationships with these new clients,” said William F. Filippin, President, of Community West Bank.

The Company continues to closely monitor high-risk industry loans. The industries most heavily impacted include retail, healthcare, hospitality, schools and energy. The Company continues to evaluate loans related to affected industries, and at December 31, 2021, the Bank’s loans to these industries were $158.4 million, which is 17.8% of its $892.1 million loan portfolio.

Of the selected industry loans, $918,000, or less than 1%, are on non-accrual at December 31, 2021, compared to $3.0 million at December 31, 2020. Also, of the selected industry loans, the classified loans are $13.4 million, or 8.5% at December 31, 2021, compared to $16.9 million or 9.4% at December 31, 2020. Additional detail by industry at December 31, 2021 is included in the table below.

        
Sectors Under Focus (Excluding PPP Loans)
As of 12/31/21
(in thousands)
 Loans
Outstanding
 $ Non-accrual% Non-
accrual
 $ Classified%
Classified
 $ Deferrals%
Deferral
Healthcare$50,126$-0.00%$1,9953.98%$-0.00%
Senior/Assted Living Facilities 23,505 -0.00%  0.00% -0.00%
Medical Offices 16,769 -0.00% 2331.39% -0.00%
General Healthcare 9,852 -0.00% 1,76217.88% -0.00%
Hospitality 49,392 9181.86% 3,5677.22% -0.00%
Lodging 40,936 -0.00% 2,4866.07% -0.00%
Restaurants 8,456 91810.86% 1,08112.78% -0.00%
Retail Commercial Real Estate45,835 00.00% 7,73916.88%  0.00%
Retail Services 11,870 00.00% 10.01% -0.00%
Schools 1,115 00.00% -0.00% -0.00%
Energy 85 00.00% 85100.00% -0.00%
  Total$158,423$9180.58%$13,3878.45%$-0.00%

Income Statement

Net interest income totaled $10.7 million in fourth quarter, compared to $10.9 million in third quarter, and $9.8 million in the fourth quarter of 2020.   For the full year 2021, net interest income increased 15.8% to $42.4 million, compared to $36.6 million in 2020.

Net interest margin was 3.77% for fourth quarter, a 20-basis point contraction compared to the third quarter, and a 36-basis point contraction compared to fourth quarter of 2020. “Despite a 10-basis point benefit from PPP loan payoffs for the fourth quarter of 2021, net interest margin was negatively impacted by excess balance sheet liquidity,” said Richard Pimentel, Chief Financial Officer. The cost of funds for the fourth quarter decreased 5-basis points to 0.31%, compared to 0.36% for the third quarter, and improved by 23-basis points compared to 0.54% for the fourth quarter of 2020. PPP loans included fees accounted for 10 basis points of net interest margin for the fourth quarter compared to 25-basis points in the third quarter, and 6 basis points in the fourth quarter of 2020.   For the year 2021, the net interest margin expanded 14-basis points to 4.03%, compared to 3.89% for 2020. Income from PPP loans contributed 13-basis points to the net interest margin in 2021 compared to 6-basis points in 2020.

Non-interest income totaled $944,000 in fourth quarter, compared to $1.0 million in third quarter, and $970,000 in fourth quarter of 2020. The decrease in the fourth quarter was primarily due to lower loan fees, servicing revenues and less revenue from loan sales. Other loan fees were $343,000 for the fourth quarter, compared to $383,000 in the third quarter and $383,000 in the fourth quarter of 2020. Gain on sale of loans was $109,000 in fourth quarter, compared to $118,000 in the third quarter and $209,000 in fourth quarter of 2020. Non-interest income was $3.8 million for the year 2021, compared to $3.9 million for the year 2020, with the decrease during the year largely due to a reduction in loan fees and lower gain on sale of loans partially offset by an increase in other income related to increases in serving revenue and fair value adjustments on investments held at fair value.

Non-interest expense totaled $7.6 million in fourth quarter, compared to $6.9 million in third quarter, and $7.1 million in fourth quarter of 2020. The Company’s efficiency ratio was 65.23% for fourth quarter, compared to 57.31% for third quarter, and 65.68% for the fourth quarter of 2020. For the full year 2021, non-interest expense was $28.0 million, compared to $27.5 million in 2020. The Company continues to focus on expense control and gaining efficiencies through use of technology and process improvement. The efficiency ratio for the full year 2021 was 60.69% compared to 67.96% for the full year 2020.

Balance Sheet

Total assets increased $21.5 million, or 1.9%, to $1.16 billion at December 31, 2021, compared to $1.14 billion, at September 30, 2021, and increased $181.6 million, or 18.6%, compared to $975.4 million, at December 31, 2020. Total loans increased by $1.5 million, to $892.1 million at December 31, 2021, compared to $890.6 million, at September 30, 2021, and increased $34.5 million, or 4.0%, compared to $857.6 million, at December 31, 2020. Total loans, excluding PPP loans, increased $16.3 million during the quarter, or 1.9%, and increased $82.7 million, or 10.5%, compared to December 31, 2020.

Commercial real estate loans outstanding (which include SBA 504, construction and land) were up 19.6% from year ago levels to $480.8 million at December 31, 2021, and comprise 53.9% of the total loan portfolio. Manufactured housing loans were up 6.1% from year ago levels to $297.4 million and represent 33.3% of total loans. PPP loans were $21.3 million at December 31, 2021, and represent 2.4% of total loans, down from $36.1 million at September 30, 2021, and $69.5 million at December 31, 2020. Commercial loans (which include agriculture loans) were down 10.4% from year ago levels to $72.4 million and represent 8.1% of the total loan portfolio.

Total deposits increased $18.2 million, or 2.0%, to $950.1 million at December 31, 2021, compared to $931.9 million at September 30, 2021, and increased $183.9 million, or 24.0%, compared to $766.2 million at December 31, 2020. Non-interest-bearing demand deposits were $209.9 million at December 31, 2021, a $9.9 million decrease compared to $219.8 million at September 30, 2021, and a $28.1 million increase compared to $181.8 million at December 31, 2020. Interest-bearing demand deposits increased $29.5 million to $537.5 million at December 31, 2021, compared to $508.0 million at September 30, 2021, and increased $139.4 million compared to $398.1 million at December 31, 2020.

Certificates of deposit, which include brokered deposits, decreased $3.8 million during the quarter to $179.1 million at December 31, 2021, compared to $182.9 million at September 30, 2021, and increased $11.5 million compared to $167.5 million at December 31, 2020.

Stockholders’ equity increased to $101.4 million at December 31, 2021, compared to $98.8 million at September 30, 2021, and $89.0 million at December 31, 2020.   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.

Credit Quality

“Credit quality metrics improved during the quarter, with a substantial decrease in net-nonaccrual loans,” said Plourd. “We continue to closely monitor our loan portfolio and have elevated credit monitoring structures in place. Our disciplined approach of managing potential problem loans early has helped to keep us from incurring losses. This conservative loan grading system is a strategy that we put in place years ago and is reflective in our historic low loss ratio.”

At December 31, 2021, asset quality reflected improvement due to positive loan risk rating migrations during the fourth quarter. Total classified loans decreased year-over-year due to proactive risk rating of loans showing signs of financial stress during the pandemic, while net non-accrual loans also decreased year over year. All loans rated “Watch” or worse are monitored monthly and proactive measures are taken when any signs of deterioration to the credit are discovered.

The Company recorded a provision expense of $26,000 in the fourth quarter compared to a provision expense of $7,000 in third quarter and a negative provision expense of $44,000 in the fourth quarter of 2020. The allowance for credit losses, including the reserve for undisbursed loans, was $10.5 million, or 1.20% of total loans held for investment, at December 31, 2021, and 1.23% of total loans held for investment excluding PPP loans. Net non-accrual loans, plus net other assets acquired through foreclosure, decreased 28.5% to $3.1 million at December 31, 2021, compared to $4.3 million at September 30, 2021, and decreased 50.9% compared to $6.3 million at December 31, 2020.

There was $565,000 in net non-accrual loans as of December 31, 2021, compared to $1.7 million at September 30, 2021, and $3.7 million at December 31, 2020. Of the $565,000 of net non-accrual loans at December 31, 2021, $1,000 were SBA 504 loans, $306,000 were manufactured housing loans, and $258,000 were single family real estate loans.

There was $2.5 million in other assets acquired through foreclosure as of December 31, 2021, compared to $2.6 million at September 30, 2021, and at December 31, 2020. The majority of this balance relates to one property in the amount of $2.3 million.

Cash Dividend Declared

The Company’s Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable February 28, 2022 to common shareholders of record on February 11, 2022.  

Stock Repurchase Program

On August 27, 2021, the Company announced that its Board of Directors had extended the stock repurchase plan until August 31, 2023. The Company did not repurchase shares during the fourth quarter of 2021, leaving $1.4 million available under the previously announced repurchase program.

Company Overview

Community West Bancshares is a financial services company with headquarters in Goleta, California. The Company is the holding company for Community West Bank, the largest publicly traded community bank serving California’s Central Coast area of Ventura, Santa Barbara and San Luis Obispo counties. Community West Bank has seven full-service California branch banking offices in Goleta, Santa Barbara, Santa Maria, Ventura, San Luis Obispo, Oxnard and Paso Robles. The principal business activities of the Company are Relationship Banking, Manufactured Housing lending and Government Guaranteed lending.

Industry Accolades

Community West was named to Piper Sandler’s Bank and Thrift Sm-All Stars – Class of 2021. This award recognized Community West as one of the top 35 best performing small capitalization institutions from a list of publicly traded banks and thrifts in the U.S. with market capitalizations less than $2.5 billion.

Community West Bank was awarded a “Super Premier Performance” rating by The Findley Reports. For 52 years, The Findley Reports has been recognizing the financial performance of banking institutions in California and the Western United States. Community West Bank is rated 5-star Superior by Bauer Financial.

Safe Harbor Disclosure

This release contains certain forward-looking statements about the Company and the Bank that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements reflect management's current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, risks from the COVID-19 pandemic, the strength of the United States economy in general and of the local economies in which we conduct operations, the effect of, and changes in, trade, monetary and fiscal policies and laws, including changes in interest rate policies of the Board of Governors of the Federal Reserve System, inflation, weather, natural disasters, climate change, increased unemployment, deterioration in credit quality of our loan portfolio and/or the value of the collateral securing the repayment of those loans, reduction in the value of our investment securities, the costs and effects of litigation and of adverse outcomes of such litigation, the cost and ability to attract and retain key employees, a breach of our operational or security systems, policies or procedures including cyber-attacks on us or third party vendors or service providers, regulatory or legal developments, United States tax policies, including our effective income tax rate, and our ability to implement and execute our business plan and strategy and expand our operations as provided therein. Actual results may differ materially from those set forth or implied in the forward-looking statements as a result of a variety of factors including the risk factors contained in documents filed by the Company with the Securities and Exchange Commission and are available in the “Investor Relations” section of our website, https://www.communitywest.com/sec-filings/documents/default.aspx. The Company is under no obligation (and expressly disclaims any obligation) to update or alter such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.


COMMUNITY WEST BANCSHARES       
CONDENSED CONSOLIDATED BALANCE SHEETS       
(unaudited)       
(in 000's, except per share data)       
        
  December 31,September 30, December 31, 
   2021   2021   2020  
        
Cash and cash equivalents $1,621  $2,129  $1,587  
Interest-earning deposits in other financial institutions  206,754   184,806   58,953  
Investment securities  22,773   23,608   22,043  
Loans:       
Commercial  72,423   66,713   80,851  
Commercial real estate  480,801   473,338   402,148  
SBA  8,580   9,589   11,851  
Paycheck Protection Program (PPP)  21,317   36,109   69,542  
Manufactured housing  297,363   292,476   280,284  
Single family real estate  8,663   8,659   10,358  
HELOC  3,579   3,717   3,861  
Other (1)  (643)  (6)  (1,318) 
Total loans  892,083   890,595   857,577  
        
Loans, net       
Held for sale  23,408   24,400   31,229  
Held for investment  868,675   866,195   826,348  
Less: Allowance for loan losses  (10,404)  (10,283)  (10,194) 
Net held for investment  858,271   855,912   816,154  
NET LOANS  881,679   880,312   847,383  
        
Other assets  44,225   44,735   45,469  
        
TOTAL ASSETS $1,157,052  $1,135,590  $975,435  
        
Deposits       
Non-interest-bearing demand $209,893  $219,826  $181,837  
Interest-bearing demand  537,508   508,020   398,101  
Savings  23,675   21,202   18,736  
Certificates of deposit ($250,000 or more)  17,612   15,956   30,536  
Other certificates of deposit  161,443   166,938   136,975  
Total deposits  950,131   931,942   766,185  
Other borrowings  90,000   90,000   105,000  
Other liabilities  15,546   14,881   15,243  
       TOTAL LIABILITIES  1,055,677   1,036,823   886,428  
        
Stockholders' equity  101,375   98,767   89,007  
        
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,157,052  $1,135,590  $975,435  
        
Common shares outstanding  8,650   8,616   8,473  
        
Book value per common share $11.72  $11.46  $10.50  
        
(1) Includes consumer, other loans, securitized loans, and deferred fees       
        



COMMUNITY WEST BANCSHARES            
CONDENSED CONSOLIDATED INCOME STATEMENTS         
(unaudited)            
(in 000's, except per share data)            
             
   Three Months Ended 
   December 31, September 30, June 30, March 31, December 31, 
   2021  2021  2021   2021   2020  
             
Interest income            
Loans, including fees  $11,258 $11,576 $11,433  $10,856  $10,790  
Investment securities and other   279  259  218   199   196  
Total interest income   11,537  11,835  11,651   11,055   10,986  
             
Deposits   614  708  771   742   815  
Other borrowings   206  198  194   271   378  
Total interest expense   820  906  965   1,013   1,193  
Net interest income   10,717  10,929  10,686   10,042   9,793  
Provision (credit) for loan losses   26  7  (41)  (173)  (44) 
Net interest income after provision for loan losses   10,691  10,922  10,727   10,215   9,837  
Non-interest income            
Other loan fees   343  383  310   313   383  
Gains from loan sales, net   109  118  130   118   209  
Document processing fees   123  145  138   106   129  
Service charges   84  77  74   67   83  
Other   285  317  220   293   166  
Total non-interest income   944  1,040  872   897   970  
Non-interest expenses            
Salaries and employee benefits   4,884  4,478  4,379   4,565   4,594  
Occupancy, net   893  802  780   779   751  
Professional services   441  434  430   340   399  
Data processing   251  292  332   340   254  
Depreciation   186  191  198   205   202  
FDIC assessment   146  127  121   91   165  
Advertising and marketing   198  189  164   183   110  
Stock-based compensation   129  63  58   68   68  
Other   478  284  207   289   526  
Total non-interest expenses   7,606  6,860  6,669   6,860   7,069  
Income before provision for income taxes   4,029  5,102  4,930   4,252   3,738  
Provision for income taxes   1,135  1,467  1,379   1,231   1,111  
Net income  $2,894 $3,635 $3,551  $3,021  $2,627  
Earnings per share:            
Basic  $0.34 $0.42 $0.42  $0.36  $0.31  
Diluted  $0.33 $0.41 $0.41  $0.35  $0.31  
             



COMMUNITY WEST BANCSHARES         
CONDENSED CONSOLIDATED INCOME STATEMENTS         
(unaudited)         
(in 000's, except per share data)         
          
  Three Months Ended Twelve Months Ended 
  December 31,December 31,December 31,December 31,
   2021  2020   2021   2020 
          
Interest income         
Loans, including fees $11,258 $10,790  $45,123  $42,948 
Investment securities and other  279  196   955   906 
Total interest income  11,537  10,986   46,078   43,854 
          
Deposits  614  815   2,835   5,483 
Other borrowings  206  378   869   1,782 
Total interest expense  820  1,193   3,704   7,265 
Net interest income  10,717  9,793   42,374   36,589 
Provision (credit) for loan losses  26  (44)  (181)  1,223 
Net interest income after provision for loan losses  10,691  9,837   42,555   35,366 
Non-interest income         
Other loan fees  343  383   1,349   1,546 
Gains from loan sales, net  109  209   475   920 
Document processing fees  123  129   512   513 
Service charges  84  83   302   354 
Other  285  166   1,115   579 
Total non-interest income  944  970   3,753   3,912 
Non-interest expenses         
Salaries and employee benefits  4,884  4,594   18,306   17,968 
Occupancy, net  893  751   3,254   3,036 
Professional services  441  399   1,645   1,801 
Data processing  251  254   1,215   1,055 
Depreciation  186  202   780   821 
FDIC assessment  146  165   485   565 
Advertising and marketing  198  110   734   673 
Stock-based compensation  129  68   318   319 
Other  478  526   1,258   1,285 
Total non-interest expenses  7,606  7,069   27,995   27,523 
Income before provision for income taxes  4,029  3,738   18,313   11,755 
Provision for income taxes  1,135  1,111   5,212   3,510 
Net income $2,894 $2,627  $13,101  $8,245 
Earnings per share:         
Basic $0.34 $0.31  $1.53  $0.97 
Diluted $0.33 $0.31  $1.50  $0.97 
          



ADDITIONAL FINANCIAL INFORMATION          
(Dollars and shares in thousands except per share amounts)(Unaudited)          
 Three Months Ended Twelve Months Ended 
PERFORMANCE MEASURES AND RATIOSDec 31, 2021
 Sep 30, 2021
 Dec 31, 2020
 Dec 31, 2021
 Dec 31, 2020
 
Return on average common equity 11.42%  14.77%  11.85%  13.68%  9.70% 
Return on average assets 0.99%  1.28%  1.07%  1.21%  0.85% 
Efficiency ratio 65.23%  57.31%  65.68%  60.69%  67.96% 
Net interest margin 3.77%  3.97%  4.13%  4.03%  3.89% 
           
 Three Months Ended Twelve Months Ended 
AVERAGE BALANCESDec 31, 2021
 Sep 30, 2021
 Dec 31, 2020
 Dec 31, 2021
 Dec 31, 2020
 
Average assets$1,157,909  $1,123,598  $977,736  $1,082,560  $972,019  
Average earning assets 1,126,473   1,091,792   944,073   1,050,829   940,993  
Average total loans 888,519   882,058   845,620   884,601   831,863  
Average deposits 950,601   920,165   726,223   876,397   730,884  
Average common equity 100,579   97,636   88,171   95,770   85,027  
           
EQUITY ANALYSISDec 31, 2021 Sep 30, 2021
 Dec 31, 2020
     
Total common equity$101,375  $98,767  $89,007      
Common stock outstanding 8,650   8,616   8,473      
           
Book value per common share$11.72  $11.46  $10.50      
           
ASSET QUALITYDec 31, 2021 Sep 30, 2021
 Dec 31, 2020
     
Nonaccrual loans, net$565  $1,742  $3,665      
Nonaccrual loans, net/total loans 0.06%   0.20%   0.43%      
Other assets acquired through foreclosure, net$2,518  $2,572  $2,614      
           
Nonaccrual loans plus other assets acquired through foreclosure, net$3,083  $4,314  $6,279      
Nonaccrual loans plus other assets acquired through foreclosure, net/total assets 0.27%   0.38%   0.64%      
Net loan (recoveries)/charge-offs in the quarter$(96)  $(36)  $(41)      
Net (recoveries)/charge-offs in the quarter/total loans (0.01%)   (0.00%)   (0.00%)      
           
Allowance for loan losses$10,404  $10,283  $10,194      
Plus: Reserve for undisbursed loan commitments 94   106   92      
Total allowance for credit losses$10,498  $10,389  $10,286      
Allowance for loan losses/total loans held for investment 1.20%   1.19%   1.23%      
Allowance for loan losses/total loans held for investment excluding PPP loans 1.23%   1.24%   1.35%      
Allowance for loan losses/nonaccrual loans, net 1842.50%   590.34%   278.14%      
           
Community West Bank *          
Community bank leverage ratioN/A   8.59%   9.29%      
Tier 1 leverage ratio 8.56%   8.59%   9.29%      
Tier 1 capital ratio 11.02%   10.93%   11.02%      
Total capital ratio 12.19%   12.11%   12.27%      
           
INTEREST SPREAD ANALYSISDec 31, 2021 Sep 30, 2021
 Dec 31, 2020
     
Yield on total loans 5.03%   5.21%   5.08%      
Yield on investments 2.78%   2.68%   2.46%      
Yield on interest earning deposits 0.16%   0.16%   0.15%      
Yield on earning assets 4.06%   4.30%   4.63%      
           
Cost of interest-bearing deposits 0.34%   0.40%   0.60%      
Cost of total deposits 0.26%   0.31%   0.45%      
Cost of borrowings 0.91%   0.87%   1.03%      
Cost of interest-bearing liabilities 0.40%   0.45%   0.69%      
Cost of funds 0.31%   0.36%   0.54%      
           
* Capital ratios are preliminary until the Call Report is filed.          
           

Contact:        
Richard Pimentel, EVP & CFO
805.692.4410
www.communitywestbank.com 


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