Community West Bancshares Q4 Earnings Increase

(RTTNews) - Community West Bancshares (CWBC), the holding company for Community West Bank, Tuesday reported a rise in the fourth-quarter earnings as the company registered a sizable tax benefit.

Earnings available to common shareholders rose to $2.88 million, or $0.34 per share, from $2.07 million, or $0.26 per share, a year ago.

The latest quarterly results included a $2.81 million tax benefit due to a reversal of deferred tax asset valuation allowance.

Interest income totaled $6.76 million compared with $7.46 million a year ago. Net interest income decreased to $5.81 million from $6.19 million a year earlier.

Net interest margin declined to 4.40 percent from 4.60 percent a year earlier. CFO Charles Baltuskonis commented, "Continued pressure on asset yields led to some margin compression during the fourth quarter. However, our margin remains strong primarily as a result of our higher than peer asset yields, which continue to keep our net interest margin in the mid-4% range."

Net loans increased to $462 million from $449.2 million a year ago. Deposits showed a slight rise to $436.1 million from $431.1 million last year.