Earnings for the fourth quarter of 2022 include a
The Company’s Board of Directors declared an increase of its quarterly cash dividend by 6.7% to
“We delivered excellent fourth quarter results, and record full year 2022 earnings, highlighted by strong organic loan growth, steady loan production and continued net interest margin expansion,” stated
Fourth Quarter 2022 Financial Highlights:
- Net income was
$3.4 million , or$0.38 per diluted share in the fourth quarter 2022, compared to$3.5 million , or$0.39 per diluted share in third quarter 2022, and$2.9 million , or$0.33 per diluted share in fourth quarter 2021. - Net interest income increased to
$12.1 million for fourth quarter 2022, compared to$11.9 million in third quarter 2022 and$10.7 million in fourth quarter 2021. - Net interest margin improved to 4.58% for the fourth quarter 2022, compared to 4.39% in third quarter 2022, and 3.77% in fourth quarter 2021.
- Return on average assets was 1.24% for the fourth quarter 2022, compared to 1.25% in third quarter 2022, and 0.99% in fourth quarter 2021.
- Return on average equity was 11.98% for the fourth quarter 2022, compared to 12.65% in third quarter 2022, and 11.42% in fourth quarter 2021.
- The Company recorded a negative provision for loan loss expense of
$461,000 for fourth quarter 2022, compared to a provision for loan losses of$298,000 for third quarter 2022, and a provision of$26,000 for fourth quarter 2021. - The Allowance for Loan Losses (“ALL”) was 1.15% of total loans held for investment at
December 31, 2022 , compared to 1.20% atSeptember 30, 2022 , and atDecember 31, 2021 . - Net non-accrual loans improved to
$211,000 atDecember 31, 2022 , compared to$239,000 atSeptember 30, 2022 , and$565,000 atDecember 31, 2021 . - Total loans increased by
$9.6 million to$955.3 million atDecember 31, 2022 , compared to$945.7 million , atSeptember 30, 2022 , and increased$63.3 million compared to$892.1 million , atDecember 31, 2021 . - Stockholders’ equity increased
$2.8 million to$112.7 million atDecember 31, 2022 , compared to$109.8 million atSeptember 30, 2022 , and increased$11.3 million compared to$101.4 million atDecember 31, 2021 . - Non-interest-bearing demand deposits decreased
$26.6 million to$216.5 million atDecember 31, 2022 , compared to$243.1 million atSeptember 30, 2022 , and increased$6.6 million compared to$209.9 million atDecember 31, 2021 . - Book value per common share increased to
$12.80 atDecember 31, 2022 , compared to$12.54 atSeptember 30, 2022 , and$11.72 atDecember 31, 2021 . - The Bank’s Tier 1 leverage ratio was 10.34% at
December 31, 2022 , compared to 9.83% atSeptember 30, 2022 , and 8.56% atDecember 31, 2021 .
Income Statement
Net interest income increased 1.8% to
Net interest margin was 4.58% for fourth quarter 2022, a 19-basis point increase compared to third quarter 2022, and an 81-basis point increase compared to fourth quarter 2021. “Our fourth quarter net interest margin continued to benefit from higher loan yields, as new loans that carry a higher interest rate are replacing lower rate PPP loans, and existing variable rate loans continue to reprice,” said
Non-interest expense increased
Balance Sheet
Total assets were
Commercial real estate loans outstanding (which include SBA 504, construction and land) were up 13.4% from year-ago levels to
Total deposits increased
“The Bank experienced deposit outflows because of planned and unplanned withdrawals as competition for deposits continued to put pressure on pricing, net-interest margin and client retention. With more potential rate sensitivity going forward, we anticipate deposit pricing to be a challenge to future NIM expansion,” said Pimentel.
Stockholders’ equity increased to
Credit Quality
“Credit quality metrics remain strong, with a decrease in net-nonaccrual loans compared to a year ago,” said
The Company recorded a negative provision for loan loss expense of
Net non-accrual loans improved to
There was
Stock Repurchase Program
On
Company Overview
Industry Accolades
In May of 2022, Community West was ranked #125 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of
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
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
(unaudited) | ||||||||||||
(in 000's, except per share data) | ||||||||||||
2022 | 2022 | 2021 | ||||||||||
Cash and cash equivalents | $ | 1,379 | $ | 1,806 | $ | 1,621 | ||||||
Interest-earning deposits in other financial institutions | 63,311 | 49,489 | 206,754 | |||||||||
Investment securities | 29,470 | 59,909 | 22,773 | |||||||||
Loans: | ||||||||||||
Commercial | 74,929 | 70,811 | 72,423 | |||||||||
Commercial real estate | 545,317 | 544,373 | 480,801 | |||||||||
SBA | 6,855 | 6,955 | 8,580 | |||||||||
Paycheck Protection Program (PPP) | 1,773 | 1,810 | 21,317 | |||||||||
Manufactured housing | 315,825 | 309,989 | 297,363 | |||||||||
Single family real estate | 8,678 | 8,943 | 8,663 | |||||||||
HELOC | 2,613 | 3,373 | 3,579 | |||||||||
Other (1) | (648 | ) | (560 | ) | (643 | ) | ||||||
Total loans | 955,342 | 945,694 | 892,083 | |||||||||
Loans, net | ||||||||||||
Held for sale | 21,033 | 22,096 | 23,408 | |||||||||
Held for investment | 934,309 | 923,598 | 868,675 | |||||||||
Less: Allowance for loan losses | (10,765 | ) | (11,113 | ) | (10,404 | ) | ||||||
Net held for investment | 923,544 | 912,485 | 858,271 | |||||||||
NET LOANS | 944,577 | 934,581 | 881,679 | |||||||||
Other assets | 52,765 | 42,493 | 44,225 | |||||||||
TOTAL ASSETS | $ | 1,091,502 | $ | 1,088,278 | $ | 1,157,052 | ||||||
Deposits | ||||||||||||
Non-interest-bearing demand | $ | 216,494 | $ | 243,100 | $ | 209,893 | ||||||
Interest-bearing demand | 428,173 | 439,455 | 537,508 | |||||||||
Savings | 23,490 | 23,865 | 23,675 | |||||||||
Certificates of deposit ( | 6,693 | 9,909 | 17,612 | |||||||||
Other certificates of deposit | 200,234 | 135,860 | 161,443 | |||||||||
Total deposits | 875,084 | 852,189 | 950,131 | |||||||||
Other borrowings | 90,000 | 110,000 | 90,000 | |||||||||
Other liabilities | 13,768 | 16,268 | 15,546 | |||||||||
TOTAL LIABILITIES | 978,852 | 978,457 | 1,055,677 | |||||||||
Stockholders' equity | 112,650 | 109,821 | 101,375 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
$ | 1,091,502 | $ | 1,088,278 | $ | 1,157,052 | |||||||
Common shares outstanding | 8,798 | 8,755 | 8,650 | |||||||||
Book value per common share | $ | 12.80 | $ | 12.54 | $ | 11.72 | ||||||
(1) Includes consumer, other loans, securitized loans, and deferred fees |
CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in 000's, except per share data) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest income | ||||||||||||||||
Loans, including fees | $ | 12,467 | $ | 11,258 | $ | 46,657 | $ | 45,123 | ||||||||
Investment securities and other | 811 | 279 | 2,481 | 955 | ||||||||||||
Total interest income | 13,278 | 11,537 | 49,138 | 46,078 | ||||||||||||
Deposits | 913 | 614 | 2,511 | 2,835 | ||||||||||||
Other borrowings | 224 | 206 | 817 | 869 | ||||||||||||
Total interest expense | 1,137 | 820 | 3,328 | 3,704 | ||||||||||||
Net interest income | 12,141 | 10,717 | 45,810 | 42,374 | ||||||||||||
Provision (credit) for loan losses | (461 | ) | 26 | (195 | ) | (181 | ) | |||||||||
Net interest income after provision (credit) for loan losses | 12,602 | 10,691 | 46,005 | 42,555 | ||||||||||||
Non-interest income | ||||||||||||||||
Other loan fees | 246 | 343 | 1,161 | 1,349 | ||||||||||||
Gains from loan sales, net | 12 | 109 | 257 | 475 | ||||||||||||
Document processing fees | 85 | 123 | 422 | 512 | ||||||||||||
Service charges | 143 | 84 | 438 | 302 | ||||||||||||
Other | 278 | 285 | 1,700 | 1,115 | ||||||||||||
Total non-interest income | 764 | 944 | 3,978 | 3,753 | ||||||||||||
Non-interest expenses | ||||||||||||||||
Salaries and employee benefits | 4,821 | 4,884 | 19,348 | 18,306 | ||||||||||||
Occupancy, net | 1,116 | 893 | 4,180 | 3,254 | ||||||||||||
Professional services | 1,236 | 441 | 2,923 | 1,645 | ||||||||||||
Data processing | 346 | 251 | 1,265 | 1,215 | ||||||||||||
Depreciation | 176 | 186 | 711 | 780 | ||||||||||||
111 | 146 | 577 | 485 | |||||||||||||
Advertising and marketing | 234 | 198 | 921 | 734 | ||||||||||||
Stock-based compensation | 32 | 129 | 289 | 318 | ||||||||||||
Other | 507 | 478 | 1,058 | 1,258 | ||||||||||||
Total non-interest expenses | 8,579 | 7,606 | 31,272 | 27,995 | ||||||||||||
Income before provision for income taxes | 4,787 | 4,029 | 18,711 | 18,313 | ||||||||||||
Provision for income taxes | 1,411 | 1,135 | 5,262 | 5,212 | ||||||||||||
Net income | $ | 3,376 | $ | 2,894 | $ | 13,449 | $ | 13,101 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.34 | $ | 1.54 | $ | 1.53 | ||||||||
Diluted | $ | 0.38 | $ | 0.33 | $ | 1.51 | $ | 1.50 | ||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
(in 000's, except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||||||
Interest income | ||||||||||||||||||||
Loans, including fees | $ | 12,467 | $ | 11,867 | $ | 11,129 | $ | 11,194 | $ | 11,258 | ||||||||||
Investment securities and other | 811 | 787 | 577 | 306 | 279 | |||||||||||||||
Total interest income | 13,278 | 12,654 | 11,706 | 11,500 | 11,537 | |||||||||||||||
Deposits | 913 | 528 | 500 | 570 | 614 | |||||||||||||||
Other borrowings | 224 | 203 | 196 | 194 | 206 | |||||||||||||||
Total interest expense | 1,137 | 731 | 696 | 764 | 820 | |||||||||||||||
Net interest income | 12,141 | 11,923 | 11,010 | 10,736 | 10,717 | |||||||||||||||
Provision (credit) for loan losses | (461 | ) | 298 | 252 | (284 | ) | 26 | |||||||||||||
Net interest income after provision (credit) for loan losses | 12,602 | 11,625 | 10,758 | 11,020 | 10,691 | |||||||||||||||
Non-interest income | ||||||||||||||||||||
Other loan fees | 246 | 292 | 377 | 246 | 343 | |||||||||||||||
Gains from loan sales, net | 12 | 49 | 136 | 60 | 109 | |||||||||||||||
Document processing fees | 85 | 114 | 122 | 101 | 123 | |||||||||||||||
Service charges | 143 | 114 | 93 | 88 | 84 | |||||||||||||||
Other | 278 | 303 | 323 | 796 | 285 | |||||||||||||||
Total non-interest income | 764 | 872 | 1,051 | 1,291 | 944 | |||||||||||||||
Non-interest expenses | ||||||||||||||||||||
Salaries and employee benefits | 4,821 | 4,752 | 4,910 | 4,865 | 4,884 | |||||||||||||||
Occupancy, net | 1,116 | 1,046 | 1,021 | 997 | 893 | |||||||||||||||
Professional services | 1,236 | 653 | 635 | 399 | 441 | |||||||||||||||
Data processing | 346 | 302 | 307 | 310 | 251 | |||||||||||||||
Depreciation | 176 | 173 | 179 | 183 | 186 | |||||||||||||||
111 | 131 | 164 | 171 | 146 | ||||||||||||||||
Advertising and marketing | 234 | 196 | 233 | 258 | 198 | |||||||||||||||
Stock-based compensation | 32 | 71 | 94 | 92 | 129 | |||||||||||||||
Other | 507 | 286 | 569 | (304 | ) | 478 | ||||||||||||||
Total non-interest expenses | 8,579 | 7,610 | 8,112 | 6,971 | 7,606 | |||||||||||||||
Income before provision for income taxes | 4,787 | 4,887 | 3,697 | 5,340 | 4,029 | |||||||||||||||
Provision for income taxes | 1,411 | 1,409 | 1,062 | 1,380 | 1,135 | |||||||||||||||
Net income | $ | 3,376 | $ | 3,478 | $ | 2,635 | $ | 3,960 | $ | 2,894 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.38 | $ | 0.40 | $ | 0.30 | $ | 0.46 | $ | 0.34 | ||||||||||
Diluted | $ | 0.38 | $ | 0.39 | $ | 0.30 | $ | 0.45 | $ | 0.33 | ||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||||||||
Interest-Earning Assets | |||||||||||||||||||||||||||
Federal funds sold and interest-earning deposits | $ | 48,512 | $ | 415 | 3.39 | % | $ | 76,265 | $ | 401 | 2.09 | % | $ | 210,293 | $ | 85 | 0.16 | % | |||||||||
Investment securities | 54,022 | 396 | 2.91 | % | 65,148 | 386 | 2.35 | % | 27,661 | 194 | 2.78 | % | |||||||||||||||
Loans (1) | 949,007 | 12,467 | 5.21 | % | 935,169 | 11,867 | 5.03 | % | 888,519 | 11,258 | 5.03 | % | |||||||||||||||
Total earnings assets | 1,051,541 | 13,278 | 5.01 | % | 1,076,582 | 12,654 | 4.66 | % | 1,126,473 | 11,537 | 4.06 | % | |||||||||||||||
Nonearning Assets | |||||||||||||||||||||||||||
Cash and due from banks | 2,145 | 2,177 | 2,154 | ||||||||||||||||||||||||
Allowance for loan losses | (11,204 | ) | (11,031 | ) | (10,314 | ) | |||||||||||||||||||||
Other assets | 36,432 | 38,022 | 39,596 | ||||||||||||||||||||||||
Total assets | $ | 1,078,914 | $ | 1,105,750 | $ | 1,157,909 | |||||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 442,313 | $ | 591 | 0.53 | % | $ | 465,317 | $ | 325 | 0.28 | % | $ | 523,212 | $ | 343 | 0.26 | % | |||||||||
Savings deposits | 22,801 | 13 | 0.23 | % | 25,133 | 14 | 0.22 | % | 22,248 | 18 | 0.32 | % | |||||||||||||||
Time deposits | 152,249 | 309 | 0.81 | % | 151,130 | 189 | 0.50 | % | 181,638 | 253 | 0.55 | % | |||||||||||||||
Total interest-bearing deposits | 617,363 | 913 | 0.59 | % | 641,580 | 528 | 0.33 | % | 727,098 | 614 | 0.34 | % | |||||||||||||||
Other borrowings | 92,391 | 224 | 0.96 | % | 90,764 | 203 | 0.89 | % | 90,003 | 206 | 0.91 | % | |||||||||||||||
Total interest-bearing liabilities | $ | 709,754 | $ | 1,137 | 0.64 | % | $ | 732,344 | $ | 731 | 0.40 | % | $ | 817,101 | $ | 820 | 0.40 | % | |||||||||
Noninterest-Bearing Liabilities | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 241,759 | 248,538 | 223,503 | ||||||||||||||||||||||||
Other liabilities | 15,555 | 15,789 | 16,726 | ||||||||||||||||||||||||
Stockholders' equity | 111,846 | 109,079 | 100,579 | ||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,078,914 | $ | 1,105,750 | 1,157,909 | ||||||||||||||||||||||
Net interest income and margin | $ | 12,141 | 4.58 | % | $ | 11,923 | 4.39 | % | $ | 10,717 | 3.77 | % | |||||||||||||||
Net interest spread | 4.37 | % | 4.26 | % | 3.66 | % | |||||||||||||||||||||
Cost of total deposits | 0.42 | % | 0.24 | % | 0.26 | % | |||||||||||||||||||||
Cost of funds | 0.47 | % | 0.30 | % | 0.31 | % |
Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||
Interest-Earning Assets | ||||||||||||||||||
Federal funds sold and interest-earning deposits | $ | 119,524 | $ | 1,226 | 1.03 | % | $ | 139,217 | $ | 230 | 0.17 | % | ||||||
Investment securities | 47,949 | 1,255 | 2.62 | % | 27,011 | 725 | 2.68 | % | ||||||||||
Loans (1) | 921,638 | 46,657 | 5.06 | % | 884,601 | 45,123 | 5.10 | % | ||||||||||
Total earnings assets | 1,089,111 | 49,138 | 4.51 | % | 1,050,829 | 46,078 | 4.38 | % | ||||||||||
Nonearning Assets | ||||||||||||||||||
Cash and due from banks | 2,169 | 2,149 | ||||||||||||||||
Allowance for loan losses | (10,906 | ) | (10,245 | ) | ||||||||||||||
Other assets | 37,751 | 39,827 | ||||||||||||||||
Total assets | $ | 1,118,125 | $ | 1,082,560 | ||||||||||||||
Interest-Bearing Liabilities | ||||||||||||||||||
Interest-bearing demand deposits | $ | 480,472 | $ | 1,508 | 0.31 | % | $ | 467,720 | $ | 1,702 | 0.36 | % | ||||||
Savings deposits | 24,317 | 60 | 0.25 | % | 20,749 | 76 | 0.37 | % | ||||||||||
Time deposits | 160,788 | 943 | 0.59 | % | 182,108 | 1,057 | 0.58 | % | ||||||||||
Total interest-bearing deposits | 665,577 | 2,511 | 0.38 | % | 670,577 | 2,835 | 0.42 | % | ||||||||||
Other borrowings | 90,795 | 817 | 0.90 | % | 94,343 | 869 | 0.92 | % | ||||||||||
Total interest-bearing liabilities | $ | 756,372 | $ | 3,328 | 0.44 | % | $ | 764,920 | $ | 3,704 | 0.48 | % | ||||||
Noninterest-Bearing Liabilities | ||||||||||||||||||
Noninterest-bearing demand deposits | 237,849 | 205,820 | ||||||||||||||||
Other liabilities | 16,151 | 16,050 | ||||||||||||||||
Stockholders' equity | 107,753 | 95,770 | ||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,118,125 | $ | 1,082,560 | ||||||||||||||
Net interest income and margin | $ | 45,810 | 4.21 | % | $ | 42,374 | 4.03 | % | ||||||||||
Net interest spread | 4.07 | % | 3.90 | % | ||||||||||||||
Cost of total deposits | 0.28 | % | 0.32 | % | ||||||||||||||
Cost of funds | 0.33 | % | 0.38 | % |
ADDITIONAL FINANCIAL INFORMATION | |||||||||||||||||||
(Dollars and shares in thousands except per share amounts)(Unaudited) | |||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||
PERFORMANCE MEASURES AND RATIOS | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||
Return on average common equity | 11.98 | % | 12.65 | % | 11.42 | % | 12.48 | % | 13.68 | % | |||||||||
Return on average assets | 1.24 | % | 1.25 | % | 0.99 | % | 1.20 | % | 1.21 | % | |||||||||
Efficiency ratio | 66.48 | % | 59.48 | % | 65.23 | % | 62.81 | % | 60.69 | % | |||||||||
Net interest margin | 4.58 | % | 4.39 | % | 3.77 | % | 4.21 | % | 4.03 | % | |||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||
AVERAGE BALANCES | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||
Average assets | $ | 1,078,914 | $ | 1,105,750 | $ | 1,157,909 | $ | 1,118,125 | $ | 1,082,560 | |||||||||
Average earning assets | 1,051,541 | 1,076,582 | 1,126,473 | 1,089,111 | 1,050,829 | ||||||||||||||
Average total loans | 949,007 | 935,169 | 888,519 | 921,638 | 884,601 | ||||||||||||||
Average deposits | 859,122 | 890,118 | 950,601 | 903,426 | 876,397 | ||||||||||||||
Average common equity | 111,846 | 109,079 | 100,579 | 107,753 | 95,770 | ||||||||||||||
EQUITY ANALYSIS | December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Total common equity | $ | 112,650 | $ | 109,821 | $ | 101,375 | |||||||||||||
Common stock outstanding | 8,798 | 8,755 | 8,650 | ||||||||||||||||
Book value per common share | $ | 12.80 | $ | 12.54 | $ | 11.72 | |||||||||||||
ASSET QUALITY | December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Nonaccrual loans, net | $ | 211 | $ | 239 | $ | 565 | |||||||||||||
Nonaccrual loans, net/total loans | 0.02 | % | 0.03 | % | 0.06 | % | |||||||||||||
Other assets acquired through foreclosure, net | $ | 2,250 | $ | 2,250 | $ | 2,518 | |||||||||||||
Nonaccrual loans plus other assets acquired through foreclosure, net | $ | 2,461 | $ | 2,489 | $ | 3,083 | |||||||||||||
Nonaccrual loans plus other assets acquired through foreclosure, net/total assets | 0.23 | % | 0.23 | % | 0.27 | % | |||||||||||||
Net loan (recoveries)/charge-offs in the quarter | $ | (113 | ) | $ | 51 | $ | (96 | ) | |||||||||||
Net (recoveries)/charge-offs in the quarter/total loans | (0.01 | %) | 0.01 | % | (0.01 | %) | |||||||||||||
Allowance for loan losses | $ | 10,765 | $ | 11,113 | $ | 10,404 | |||||||||||||
Plus: Reserve for undisbursed loan commitments | 94 | 96 | 94 | ||||||||||||||||
Total allowance for credit losses | $ | 10,859 | $ | 11,209 | $ | 10,498 | |||||||||||||
Allowance for loan losses/total loans held for investment | 1.15 | % | 1.20 | % | 1.20 | % | |||||||||||||
Allowance for loan losses/total loans held for investment excluding PPP loans | 1.15 | % | 1.21 | % | 1.23 | % | |||||||||||||
Allowance for loan losses/nonaccrual loans, net | 5101.90 | % | 4649.79 | % | 1842.50 | % | |||||||||||||
Tier 1 leverage ratio | 10.34 | % | 9.83 | % | 8.56 | % | |||||||||||||
Tier 1 capital ratio | 11.44 | % | 11.30 | % | 11.02 | % | |||||||||||||
Total capital ratio | 12.56 | % | 12.46 | % | 12.19 | % | |||||||||||||
INTEREST SPREAD ANALYSIS | |||||||||||||||||||
Yield on total loans | 5.21 | % | 5.03 | % | 5.03 | % | |||||||||||||
Yield on investments | 2.91 | % | 2.35 | % | 2.78 | % | |||||||||||||
Yield on interest earning deposits | 3.39 | % | 2.09 | % | 0.16 | % | |||||||||||||
Yield on earning assets | 5.01 | % | 4.66 | % | 4.06 | % | |||||||||||||
Cost of interest-bearing deposits | 0.59 | % | 0.33 | % | 0.34 | % | |||||||||||||
Cost of total deposits | 0.42 | % | 0.24 | % | 0.26 | % | |||||||||||||
Cost of borrowings | 0.96 | % | 0.89 | % | 0.91 | % | |||||||||||||
Cost of interest-bearing liabilities | 0.64 | % | 0.40 | % | 0.40 | % | |||||||||||||
Cost of funds | 0.47 | % | 0.30 | % | 0.31 | % | |||||||||||||
* Capital ratios are preliminary until the Call Report is filed. | |||||||||||||||||||
Contact:
805.692.4410
www.communitywestbank.com
Source:
2023 GlobeNewswire, Inc., source