Community West Bancshares Earns $2.3 Million in Fourth Quarter, Nonaccrual Loans Decrease 33% Compared to Prior Quarter End, Results Highlight Continued Success of Turnaround Plan
GOLETA, Calif., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (Nasdaq:CWBC), parent company of Community West Bank (Bank), today reported it earned $2.3 million in the fourth quarter of 2012 (4Q12) compared to net income of $613,000 in third quarter of 2012 (3Q12) and a net loss of $8.6 million in the fourth quarter a year ago (4Q11). For the full year, Community West reported net income of $3.2 million compared to a net loss of $10.5 million a year ago.
"Our team's success in executing our Strategic Plan on schedule allowed us to end a highly successful year with three quarters of profitability behind us and restore the Bank to stable footing," stated Martin E. Plourd, President and Chief Executive Officer. "Our 2013 focus is on addressing growth in a responsible manner that supports lending in the communities we serve and to continue to work diligently to improve asset quality and reduce problem assets."
The Company's $895,000 net reduction in the provision for loan losses in 4Q12 was primarily the result of two factors: net quarterly loan loss recoveries of $304,000 and a $17.1 million decrease in total loans held for investment as problem assets continue to be resolved. The ratio of the allowance for loan losses to total loans held for investment remained basically unchanged – 3.66% at December 31, 2012 compared to 3.65% as of September 30, 2012.
4Q12 Financial Highlights
Nonaccrual loans declined 32.7% to $22.4 million at December 31, 2012, compared to $33.3 million at September 30, 2012.
Net income of $2.3 million in 4Q12.
Earnings of $0.26 per diluted share in 4Q12.
Net interest margin continued to be strong and was 4.91% in 4Q12, compared to 4.65% in 3Q12 and 4.84% in 4Q11.
Net real estate owned (REO) and repossessed assets, after subtracting the SBA guarantee, decreased to $1.9 million at December 31, 2012 compared to $3.8 million three months earlier and $5.6 million a year earlier.
The total allowance for loan losses equaled 3.66% of total loans held for investment at December 31, 2012, compared to 3.65% at September 30, 2012 and 3.24% a year ago.
Community West Bank's capital ratios continue to strengthen - Total risk-based capital ratio was 15.27% and Tier 1 leverage ratio was 10.69% at December 31, 2012, an increase compared to Total risk-based capital ratio of 13.89% and Tier 1 leverage ratio of 9.84% at September 30, 2012. The Bank's regulatory agreement requires that ratios of 12% and 9%, respectively, be maintained.
Including $263,000 of dividends and accretion on preferred stock, the net income applicable to common stockholders in 4Q12 was $2.1 million, or $0.26 per diluted share, in 4Q12 compared to net income applicable to common stockholders of $360,000, or $0.06 per diluted share, in 3Q12 and a net loss applicable to common stockholders of $8.8 million, or $1.47 per diluted share, in 4Q11. In 2012, including $1.0 million in preferred stock dividends, the net income applicable to common stockholders was $2.1 million, or $0.31 per diluted share, compared to a net loss applicable to common stockholders of $11.5 million, or $1.93 per diluted share, in 2011. Book value per common share was $6.29 at December 31, 2012, compared to $5.93 at September 30, 2012 and $5.94 at December 31, 2011.
Credit Quality
"We made exceptional progress in continuing to reduce problem assets during the fourth quarter and our credit costs continued to decline and were significantly below those of a year ago. As a result of this progress during 4Q12 and 2012 as a whole, all of our key credit quality metrics have improved and Community West's reserve levels remain substantial," said Plourd.
In the fourth quarter of 2012, $895,000 was taken as a credit to the loan loss provision. This compares to a $1.3 million provision in the preceding quarter and a $5.9 million provision in 4Q11. The loan loss provision for the year was $4.3 million compared to $14.6 million in 2011.
The allowance for loan losses totaled $14.5 million at December 31, 2012, equal to 3.66% of total loans held for investment, compared to 3.65% at September 30, 2012 and 3.24% a year ago.
Nonaccrual loans totaled $22.4 million, or 4.84% of total loans at December 31, 2012 compared to $33.3 million, or 7.0% of total loans, at September 30, 2012, and $28.7 million, or 5.23% of total loans, a year ago.
Of the $22.4 million in nonaccrual loans, $11.1 million (49.6%) were commercial real estate loans, $7.5 million, (33.6%) were manufactured housing loans, $1.4 million (6.3%) were SBA loans, $1.9 million (8.6%) were commercial loans, $269,000 (1.2%) were home equity line of credit loans and $123,000 (0.55%) were other installment loans.
REO and repossessed assets was $1.9 million at December 31, 2012 compared to $3.8 million three months earlier and $5.6 million a year earlier.
Nonaccrual loans plus net REO and repossessed assets totaled $24.3 million, or 4.57% of total assets, at December 31, 2012 compared to $37.1 million, or 6.7% of total assets, three months earlier and $34.3 million, or 5.4% of total assets, a year ago. Net recoveries totaled $304,000 in 4Q12, compared to net charge-offs of $1.7 million in 3Q12 and net charge-offs of $4.9 million in 4Q11.
Statement of Operations
Fourth quarter net interest income was $6.2 million compared to $6.1 million in 3Q12 and $7.3 million in 4Q11. In the year 2012, net interest income was $25.4 million compared to $28.3 million in 2011. The fourth quarter net interest margin improved 26 basis points to 4.91%, compared to 4.65% in 3Q12 and improved seven basis points compared to 4.84% in 4Q11. The net interest margin for the year was 4.70% compared to 4.58% in 2011 as fewer loans continue to be placed on nonaccrual in 2012. "Our net interest margin has held up as deposit costs have come down faster than loan yields," said Plourd. "However, it is possible that the margin will come under some pressure in the next few quarters as loan yields decline."
Non-interest income was $761,000 in 4Q12 compared to $1.1 million in 3Q12 and $790,000 in 4Q11. In 2012, non-interest income increased 34.2% to $4.2 million compared to $3.1 million in of 2011. The non-interest income total for the full year included $1.7 million in gains on sales of loans.
Fourth quarter operating or non-interest expenses totaled $5.5 million compared to $5.3 million in 3Q12 and $5.3 million in 4Q11. In the full year, non-interest expenses decreased 4.7% to $22.1 million compared to $23.2 million in 2011. The decrease in non-interest expenses for the full year is in part due to the improved credit metrics, which resulted in the decline in costs associated with real estate owned. Losses on sales of REO and foreclosed assets declined 58.9% to $1.0 million in 2012, compared to $2.5 million in 2011.
Balance Sheet
"We continue to let higher interest-bearing certificates of deposit run off as we focus our efforts on growing lower-cost core deposits," said Charles G. Baltuskonis, Executive Vice President and Chief Financial Officer. "This is part of our ongoing effort to strengthen the Company and its core banking strategy, on which we have been working throughout the year."
Net loans were $449.2 million at December 31, 2012 compared to $459.9 million at September 30, 2012 and $532.7 million a year ago. Commercial real estate loans outstanding were down 25.0% from year ago levels to $126.7 million at December 31, 2012 and comprise 27.3% of the total loan portfolio. Manufactured housing loans were down 6.3% from year ago levels to $177.4 million and represent 38.3% of total loans. SBA loans decreased 23.1% from a year ago to $86.0 million and represent 18.5% of the total loan portfolio and commercial loans were down 11.4% from year ago levels to $37.3 million and represent 8.0% of the total loan portfolio.
Non-interest-bearing deposit accounts increased 7.4% to $53.6 million at December 31, 2012 compared to $49.9 million at December 31, 2011. Interest-bearing accounts decreased to $269.5 million at the end of December, compared to $289.8 million a year ago. Total deposits were $434.2 million at December 31, 2012 compared to $511.3 million a year ago. Core deposits, defined as non-interest-bearing checking, interest-bearing checking, money market accounts, savings accounts and retail certificates of deposit totaled $368.9 million at December 31, 2012 compared to $396.6 million at December 31, 2011.
Total assets were $532.1 million at December 31, 2012 compared to $556.8 million at September 30, 2012, and $633.3 million a year ago. Stockholders' equity improved to $53.0 million at December 31, 2012, compared to $50.8 million at September 30, 2012 and $50.6 million at December 31, 2011.
The Company is not allowed to pay any dividends on its common or preferred stock without prior Federal Reserve Board (FRB) approval. The FRB has denied approving payment of the dividends on the preferred shares and no approval for payment of common dividends has been requested. On May 15, 2012, August 15, 2012 and November 15, 2012 the $195,000 dividend payments were due on the preferred shares. Such amounts continue to be accrued as incurred and deducted from capital.
On December 11, 2012, the U.S. Treasury sold its shares of the Company's perpetual preferred stock in a non-public offering as part of a modified Dutch auction. Such shares were all purchased by third parties unaffiliated with the Company. The Treasury continues to hold a warrant to purchase up to 521,158 shares of the Company's common stock at $4.49 per share.
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, which has five full-service California branch banking offices, in Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village. The principal business activities of the Company are Relationship banking, Mortgage lending and SBA lending.
Safe Harbor Disclosure
This release contains forward-looking statements that 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 risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.
COMMUNITY WEST BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in 000's, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
2012
September 30,
2012
December 31,
2011
December 31,
2012
December 31,
2011
Interest income
Loans
$ 7,254
$ 7,324
$ 9,026
$ 30,490
$ 35,435
Investment securities and other
188
188
252
819
1,077
Total interest income
7,442
7,512
9,278
31,309
36,512
Interest expense
Deposits
842
970
1,395
4,130
5,951
Other borrowings and convertible debentures
434
433
555
1,819
2,299
Total interest expense
1,276
1,403
1,950
5,949
8,250
Net interest income
6,166
6,109
7,328
25,360
28,262
Provision for loan losses
(895)
1,293
5,940
4,281
14,591
Net interest income after provision for loan losses
7,061
4,816
1,388
21,079
13,671
Non-interest income
Other loan fees
277
302
394
1,124
1,380
Gain on loan sales
139
366
99
1,660
370
Other
345
389
297
1,435
1,394
Total non-interest income
761
1,057
790
4,219
3,144
Non-interest expenses
Salaries and employee benefits
3,026
2,899
2,921
11,552
11,816
Occupancy and equipment expenses
464
451
483
1,829
1,969
FDIC assessment
296
311
216
1,342
957
Professional services
491
372
301
1,484
1,058
Loss on sale and write-down of foreclosed real estate and repossessed assets
71
189
514
1,040
2,533
Other operating expenses
1,142
1,038
879
4,878
4,890
Total non-interest expenses
5,490
5,260
5,314
22,125
23,223
Income (loss) before income taxes
2,332
613
(3,136)
3,173
(6,408)
Provision for income taxes
--
--
5,417
--
4,077
NET INCOME (LOSS)
$ 2,332
$ 613
$ (8,553)
$ 3,173
$ (10,485)
Dividends and accretion on preferred stock
263
253
262
1,046
1,047
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS
$ 2,069
$ 360
$ (8,815)
$ 2,127
$ (11,532)
Earnings (loss) per common share:
Basic
$ 0.35
$ 0.06
$ (1.47)
$ 0.36
$ (1.93)
Diluted
$ 0.26
$ 0.06
$ (1.47)
$ 0.31
$ (1.93)
COMMUNITY WEST BANCSHARES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in 000's, except per share data)
December 31,
2012
September 30,
2012
December 31,
2011
Cash and cash equivalents
$ 27,891
$ 32,306
$ 22,572
Interest-earning deposits in other financial institutions
3,653
3,890
347
Investment securities
24,040
24,823
38,923
Loans:
Commercial
37,266
34,291
42,058
Commercial real estate
126,676
137,230
168,812
SBA
85,957
88,257
111,786
Manufactured housing
177,391
180,105
189,331
Single family real estate
9,945
9,953
11,789
HELOC
17,852
19,018
20,719
Consumer
355
406
312
Mortgage loans held for sale
8,223
5,733
3,179
Total loans
463,665
474,993
547,986
Loans, net
Held for sale
68,694
62,894
77,303
Held for investment
394,971
412,099
470,683
Less: Allowance
(14,464)
(15,055)
(15,270)
Net held for investment
380,507
397,044
455,413
NET LOANS
449,201
459,938
532,716
Other assets
27,316
35,839
38,790
TOTAL ASSETS
$ 532,101
$ 556,796
$ 633,348
Deposits
Non-interest-bearing
$ 53,605
$ 54,466
$ 49,894
Interest-bearing
269,466
274,894
289,796
Savings
16,351
16,443
19,429
CDs over 100K
80,710
98,362
128,254
CDs under 100K
14,088
15,801
23,889
Total Deposits
434,220
459,966
511,262
Other borrowings
41,852
41,852
68,852
Other liabilities
2,980
4,165
2,608
TOTAL LIABILITIES
479,052
505,983
582,722
Stockholders' equity
53,049
50,813
50,626
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 532,101
$ 556,796
$ 633,348
Shares outstanding
5,995
5,990
5,990
Book value per common share
$ 6.29
$ 5.93
$ 5.94
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands except per share amounts)(Unaudited)
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
PERFORMANCE MEASURES AND RATIOS
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Return on average common equity
25.52%
6.89%
-77.06%
8.85%
-22.39%
Return on average assets
1.71%
0.43%
-5.36%
0.55%
-1.60%
Efficiency ratio
79.26%
73.40%
65.46%
74.80%
73.94%
Net interest margin
4.91%
4.65%
4.84%
4.70%
4.58%
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
AVERAGE BALANCES
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Average assets
$ 544,847
$ 564,609
$ 637,790
$ 580,964
$ 653,822
Average earning assets
499,855
522,819
600,180
539,927
617,042
Average total loans
466,401
484,944
554,759
500,273
570,684
Average deposits
447,827
469,236
512,661
479,315
519,772
Average equity (including preferred stock)
51,844
50,796
59,428
51,054
61,759
Average common equity (excluding preferred stock)
36,545
35,564
44,397
35,861
46,828
EQUITY ANALYSIS
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Total equity
$ 53,049
$ 50,813
$ 50,626
Less: senior preferred stock
15,341
15,275
15,074
Total common equity
$ 37,708
$ 35,538
$ 35,552
Common stock outstanding
5,995
5,990
5,990
Book value per common share
$ 6.29
$ 5.93
$ 5.94
ASSET QUALITY
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Nonaccrual loans
$ 22,425
$ 33,320
$ 28,670
Nonaccrual loans/total loans
4.84%
7.01%
5.23%
REO and repossessed assets
$ 1,889
$ 3,761
$ 6,701
Less: SBA-guaranteed amounts
0
0
$ 1,099
Net REO and repossessed assets
$ 1,889
$ 3,761
$ 5,602
Nonaccrual loans plus net REO
24,314
37,081
$ 34,272
Nonaccrual loans plus net REO/total assets
4.57%
6.66%
5.41%
Net loan charge-offs in the quarter
$ (304)
$ 1,684
$ 4,919
Net charge-offs in the quarter/total loans
-0.07%
0.35%
0.90%
Allowance for loan losses
$ 14,464
$ 15,055
$ 15,270
Plus: Reserve for undisbursed loan commitments
102
127
356
Total allowance for credit losses
$ 14,566
$ 15,182
$ 15,626
Total allowance for loan losses/total loans held for investment
Press Release $CWBC Community West Bancshares
GOLETA, Calif., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (Nasdaq:CWBC), parent company of Community West Bank (Bank), today reported it earned $2.3 million in the fourth quarter of 2012 (4Q12) compared to net income of $613,000 in third quarter of 2012 (3Q12) and a net loss of $8.6 million in the fourth quarter a year ago (4Q11). For the full year, Community West reported net income of $3.2 million compared to a net loss of $10.5 million a year ago.
"Our team's success in executing our Strategic Plan on schedule allowed us to end a highly successful year with three quarters of profitability behind us and restore the Bank to stable footing," stated Martin E. Plourd, President and Chief Executive Officer. "Our 2013 focus is on addressing growth in a responsible manner that supports lending in the communities we serve and to continue to work diligently to improve asset quality and reduce problem assets."
The Company's $895,000 net reduction in the provision for loan losses in 4Q12 was primarily the result of two factors: net quarterly loan loss recoveries of $304,000 and a $17.1 million decrease in total loans held for investment as problem assets continue to be resolved. The ratio of the allowance for loan losses to total loans held for investment remained basically unchanged – 3.66% at December 31, 2012 compared to 3.65% as of September 30, 2012.
4Q12 Financial Highlights
Including $263,000 of dividends and accretion on preferred stock, the net income applicable to common stockholders in 4Q12 was $2.1 million, or $0.26 per diluted share, in 4Q12 compared to net income applicable to common stockholders of $360,000, or $0.06 per diluted share, in 3Q12 and a net loss applicable to common stockholders of $8.8 million, or $1.47 per diluted share, in 4Q11. In 2012, including $1.0 million in preferred stock dividends, the net income applicable to common stockholders was $2.1 million, or $0.31 per diluted share, compared to a net loss applicable to common stockholders of $11.5 million, or $1.93 per diluted share, in 2011. Book value per common share was $6.29 at December 31, 2012, compared to $5.93 at September 30, 2012 and $5.94 at December 31, 2011.
Credit Quality
"We made exceptional progress in continuing to reduce problem assets during the fourth quarter and our credit costs continued to decline and were significantly below those of a year ago. As a result of this progress during 4Q12 and 2012 as a whole, all of our key credit quality metrics have improved and Community West's reserve levels remain substantial," said Plourd.
In the fourth quarter of 2012, $895,000 was taken as a credit to the loan loss provision. This compares to a $1.3 million provision in the preceding quarter and a $5.9 million provision in 4Q11. The loan loss provision for the year was $4.3 million compared to $14.6 million in 2011.
The allowance for loan losses totaled $14.5 million at December 31, 2012, equal to 3.66% of total loans held for investment, compared to 3.65% at September 30, 2012 and 3.24% a year ago.
Nonaccrual loans totaled $22.4 million, or 4.84% of total loans at December 31, 2012 compared to $33.3 million, or 7.0% of total loans, at September 30, 2012, and $28.7 million, or 5.23% of total loans, a year ago.
Of the $22.4 million in nonaccrual loans, $11.1 million (49.6%) were commercial real estate loans, $7.5 million, (33.6%) were manufactured housing loans, $1.4 million (6.3%) were SBA loans, $1.9 million (8.6%) were commercial loans, $269,000 (1.2%) were home equity line of credit loans and $123,000 (0.55%) were other installment loans.
REO and repossessed assets was $1.9 million at December 31, 2012 compared to $3.8 million three months earlier and $5.6 million a year earlier.
Nonaccrual loans plus net REO and repossessed assets totaled $24.3 million, or 4.57% of total assets, at December 31, 2012 compared to $37.1 million, or 6.7% of total assets, three months earlier and $34.3 million, or 5.4% of total assets, a year ago. Net recoveries totaled $304,000 in 4Q12, compared to net charge-offs of $1.7 million in 3Q12 and net charge-offs of $4.9 million in 4Q11.
Statement of Operations
Fourth quarter net interest income was $6.2 million compared to $6.1 million in 3Q12 and $7.3 million in 4Q11. In the year 2012, net interest income was $25.4 million compared to $28.3 million in 2011. The fourth quarter net interest margin improved 26 basis points to 4.91%, compared to 4.65% in 3Q12 and improved seven basis points compared to 4.84% in 4Q11. The net interest margin for the year was 4.70% compared to 4.58% in 2011 as fewer loans continue to be placed on nonaccrual in 2012. "Our net interest margin has held up as deposit costs have come down faster than loan yields," said Plourd. "However, it is possible that the margin will come under some pressure in the next few quarters as loan yields decline."
Non-interest income was $761,000 in 4Q12 compared to $1.1 million in 3Q12 and $790,000 in 4Q11. In 2012, non-interest income increased 34.2% to $4.2 million compared to $3.1 million in of 2011. The non-interest income total for the full year included $1.7 million in gains on sales of loans.
Fourth quarter operating or non-interest expenses totaled $5.5 million compared to $5.3 million in 3Q12 and $5.3 million in 4Q11. In the full year, non-interest expenses decreased 4.7% to $22.1 million compared to $23.2 million in 2011. The decrease in non-interest expenses for the full year is in part due to the improved credit metrics, which resulted in the decline in costs associated with real estate owned. Losses on sales of REO and foreclosed assets declined 58.9% to $1.0 million in 2012, compared to $2.5 million in 2011.
Balance Sheet
"We continue to let higher interest-bearing certificates of deposit run off as we focus our efforts on growing lower-cost core deposits," said Charles G. Baltuskonis, Executive Vice President and Chief Financial Officer. "This is part of our ongoing effort to strengthen the Company and its core banking strategy, on which we have been working throughout the year."
Net loans were $449.2 million at December 31, 2012 compared to $459.9 million at September 30, 2012 and $532.7 million a year ago. Commercial real estate loans outstanding were down 25.0% from year ago levels to $126.7 million at December 31, 2012 and comprise 27.3% of the total loan portfolio. Manufactured housing loans were down 6.3% from year ago levels to $177.4 million and represent 38.3% of total loans. SBA loans decreased 23.1% from a year ago to $86.0 million and represent 18.5% of the total loan portfolio and commercial loans were down 11.4% from year ago levels to $37.3 million and represent 8.0% of the total loan portfolio.
Non-interest-bearing deposit accounts increased 7.4% to $53.6 million at December 31, 2012 compared to $49.9 million at December 31, 2011. Interest-bearing accounts decreased to $269.5 million at the end of December, compared to $289.8 million a year ago. Total deposits were $434.2 million at December 31, 2012 compared to $511.3 million a year ago. Core deposits, defined as non-interest-bearing checking, interest-bearing checking, money market accounts, savings accounts and retail certificates of deposit totaled $368.9 million at December 31, 2012 compared to $396.6 million at December 31, 2011.
Total assets were $532.1 million at December 31, 2012 compared to $556.8 million at September 30, 2012, and $633.3 million a year ago. Stockholders' equity improved to $53.0 million at December 31, 2012, compared to $50.8 million at September 30, 2012 and $50.6 million at December 31, 2011.
The Company is not allowed to pay any dividends on its common or preferred stock without prior Federal Reserve Board (FRB) approval. The FRB has denied approving payment of the dividends on the preferred shares and no approval for payment of common dividends has been requested. On May 15, 2012, August 15, 2012 and November 15, 2012 the $195,000 dividend payments were due on the preferred shares. Such amounts continue to be accrued as incurred and deducted from capital.
On December 11, 2012, the U.S. Treasury sold its shares of the Company's perpetual preferred stock in a non-public offering as part of a modified Dutch auction. Such shares were all purchased by third parties unaffiliated with the Company. The Treasury continues to hold a warrant to purchase up to 521,158 shares of the Company's common stock at $4.49 per share.
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, which has five full-service California branch banking offices, in Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village. The principal business activities of the Company are Relationship banking, Mortgage lending and SBA lending.
Safe Harbor Disclosure
This release contains forward-looking statements that 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 risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.
2012
2012
2011
2012
2011
2012
2012
2011
CONTACT: Charles G. Baltuskonis, EVP & CFO 805.692.5821 www.communitywestbank.comSource: Community West Bancshares