The Company’s Board of Directors declared a quarterly cash dividend of
“While 2023 proved to be a challenging year for our industry, we are pleased with our 2023 operating results as we continue benefiting from the tremendous efforts our team has put into this organization,” stated
Recent Events
On
We are pleased to report the merger with Central Valley has received all customary regulatory approvals and final preparations for a second quarter close are underway. We look forward to merging with the professional bankers at Central Valley to create further shareholder value as we serve our clients and markets in
“Since opening in 1989,
Fourth Quarter 2023 Financial Highlights:
- Net income was
$479,000 , or$0.05 per diluted share in the fourth quarter 2023, compared to$2.3 million , or$0.25 per diluted share in third quarter 2023, and$3.4 million , or$0.38 per diluted share in fourth quarter 2022. - Net interest margin was 3.87% for the fourth quarter 2023, compared to 3.98% in third quarter 2023, and 4.58% in fourth quarter 2022.
- Return on average assets was 0.18% for the fourth quarter 2023, compared to 0.83% in third quarter 2023, and 1.24% in fourth quarter 2022.
- Return on average common equity was 1.63% for the fourth quarter 2023, compared to 7.72% in third quarter 2023, and 11.98% in fourth quarter 2022.
- The Allowance for Credit Losses (“ACL”) was 1.31% of total loans held for investment at
December 31, 2023 , compared to 1.30% atSeptember 30, 2023 , and 1.15% atDecember 31, 2022 . - Net non-accrual loans were
$4.0 million atDecember 31, 2023 , compared to$3.2 million atSeptember 30, 2023 , and$211,000 atDecember 31, 2022 . - The Bank’s uninsured deposits totaled approximately 22% of total deposits at
December 31, 2023 , and 21% atSeptember 30, 2023 . - Book value per common share was
$13.10 atDecember 31, 2023 , compared to$13.11 atSeptember 30, 2023 , and$12.80 atDecember 31, 2022 . - The Bank’s capital position remains well-capitalized with a Tier 1 leverage ratio* of 10.88% at
December 31, 2023 , compared to 10.84% atSeptember 30, 2023 , and 10.34% atDecember 31, 2022 .
* Capital Ratios are preliminary.
Income Statement
Total interest income increased
For the year, total interest income increased
Net interest income decreased
The yield on earning assets was 5.59% for the fourth quarter of 2023, an eight basis-point improvement compared to the third quarter 2023 and a fifty-eight basis-point improvement compared to the fourth quarter 2022. The yield on loans for the fourth quarter 2023 increased ten basis-points to 5.63%, compared to 5.53% for third quarter 2023 and increased forty-two basis-points compared to the fourth quarter 2022, due to increased average balances and increased loan rates. The yield on investment securities increased five basis-points to 5.66% during the fourth quarter due to higher rates earned on investments from variable rate securities. The yield on federal funds and interest-bearing-deposits decreased three basis-points to 5.05%, compared to 5.08% for the third quarter 2023 and increased 166 basis-points compared to the fourth quarter of 2022. The year-over-year increase was due to increases in average balances and rates earned for overnight deposits and interest-earning deposits. The cost of funds for the fourth quarter increased twenty-three basis-points to 1.93%, compared to 1.70% for the preceding quarter due to higher rates paid on deposit accounts and changes in the portfolio mix. Net interest margin was 3.87% for fourth quarter 2023, an eleven basis-point decrease compared to third quarter 2023 and a seventy-one basis-point decrease compared to the fourth quarter 2022. The increase in yield on earning assets was offset by an increase in the total cost of funds. The increased yield earned on earning assets was due to higher average balances and rates earned from loans and increased rates earned on interest-bearing liabilities as a result of higher market rates.
Non-interest income for the fourth quarter 2023 decreased
Total non-interest income for the year decreased
Non-interest expenses increased
Income tax expenses decreased
Balance Sheet
Total assets decreased
Total loans increased
Other assets increased
Total deposits decreased
Total borrowings were
Stockholders’ equity increased to
Credit Quality
The Company recorded a provision for credit loss expense of
Net non-accrual loans were
There was
Stock Repurchase Program
On
Company Overview
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, which may cause actual results, performance, or achievements to differ materially from those expressed in such statements, including, but not limited to, the following: deterioration in the strength of
Additional Information about the Proposed Transaction and Where to Find It
Investors and security holders are urged to carefully review and consider each of Central Valley and Community West public filings with the
Central Valley has filed a registration statement on Form S-4 with the
The directors, executive officers and certain other members of management and employees at Central Valley and Community West may be deemed participants in the solicitation of proxies in favor of the merger from their respective shareholders. Information about the directors and executive officers of Central Valley is included in the proxy statement for its 2023 Annual Meeting of Shareholders, which was filed with the
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
(unaudited) | |||||||||||||||
(in 000's, except per share data) | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||
Cash and cash equivalents | $ | 1,471 | $ | 1,855 | $ | 1,379 | |||||||||
Interest-earning deposits in other financial institutions | 70,727 | 138,764 | 63,311 | ||||||||||||
Investment securities | 17,749 | 17,591 | 29,470 | ||||||||||||
Loans: | |||||||||||||||
Commercial | 58,437 | 51,968 | 74,929 | ||||||||||||
Commercial real estate | 560,373 | 556,945 | 545,317 | ||||||||||||
SBA | 6,034 | 6,169 | 6,855 | ||||||||||||
Paycheck Protection Program (PPP) | 160 | 192 | 1,773 | ||||||||||||
Manufactured housing | 330,358 | 325,068 | 315,825 | ||||||||||||
Single family real estate | 10,327 | 10,590 | 8,678 | ||||||||||||
HELOC | 2,556 | 2,556 | 2,613 | ||||||||||||
Other (1) | (773 | ) | (806 | ) | (648 | ) | |||||||||
Total loans | 967,472 | 952,682 | 955,342 | ||||||||||||
Loans, net | |||||||||||||||
Held for sale | 16,648 | 18,435 | 21,033 | ||||||||||||
Held for investment | 950,824 | 934,247 | 934,309 | ||||||||||||
Less: Allowance for credit losses | (12,451 | ) | (12,135 | ) | (10,765 | ) | |||||||||
Net held for investment | 938,373 | 922,112 | 923,544 | ||||||||||||
NET LOANS | 955,021 | 940,547 | 944,577 | ||||||||||||
Other assets | 43,015 | 41,542 | 52,765 | ||||||||||||
TOTAL ASSETS | $ | 1,087,983 | $ | 1,140,299 | $ | 1,091,502 | |||||||||
Deposits | |||||||||||||||
Non-interest-bearing demand | $ | 168,603 | $ | 190,817 | $ | 216,494 | |||||||||
Interest-bearing demand | 377,530 | 456,808 | 428,173 | ||||||||||||
Savings | 16,257 | 16,905 | 23,490 | ||||||||||||
Certificates of deposit ( | 13,892 | 14,911 | 6,693 | ||||||||||||
Other certificates of deposit | 276,656 | 236,652 | 200,234 | ||||||||||||
Total deposits | 852,938 | 916,093 | 875,084 | ||||||||||||
Other borrowings | 100,000 | 90,000 | 90,000 | ||||||||||||
Other liabilities | 18,801 | 18,144 | 13,768 | ||||||||||||
TOTAL LIABILITIES | 971,739 | 1,024,237 | 978,852 | ||||||||||||
Stockholders' equity | 116,244 | 116,062 | 112,650 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
$ | 1,087,983 | $ | 1,140,299 | $ | 1,091,502 | ||||||||||
Common shares outstanding | 8,875 | 8,850 | 8,798 | ||||||||||||
Book value per common share | $ | 13.10 | $ | 13.11 | $ | 12.80 | |||||||||
(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 | ||||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||
Interest income | ||||||||||||||||||||||
Loans, including fees | $ | 13,575 | $ | 13,331 | $ | 13,161 | $ | 12,489 | $ | 12,467 | ||||||||||||
Investment securities and other | 1,094 | 1,222 | 1,554 | 1,096 | 811 | |||||||||||||||||
Total interest income | 14,669 | 14,553 | 14,715 | 13,585 | 13,278 | |||||||||||||||||
Deposits | 4,302 | 3,830 | 3,751 | 2,277 | 913 | |||||||||||||||||
Other borrowings | 226 | 204 | 247 | 278 | 224 | |||||||||||||||||
Total interest expense | 4,528 | 4,034 | 3,998 | 2,555 | 1,137 | |||||||||||||||||
Net interest income | 10,141 | 10,519 | 10,717 | 11,030 | 12,141 | |||||||||||||||||
Provision for credit losses | 386 | 43 | 12 | (722 | ) | (461 | ) | |||||||||||||||
Net interest income after provision for credit losses | 9,755 | 10,476 | 10,705 | 11,752 | 12,602 | |||||||||||||||||
Non-interest income | ||||||||||||||||||||||
Other loan fees | 241 | 248 | 286 | 169 | 246 | |||||||||||||||||
Gains from loan sales, net | 61 | 24 | 56 | 30 | 12 | |||||||||||||||||
Document processing fees | 84 | 88 | 102 | 78 | 85 | |||||||||||||||||
Service charges | 156 | 149 | 167 | 154 | 143 | |||||||||||||||||
Other | 336 | 572 | 535 | 331 | 278 | |||||||||||||||||
Total non-interest income | 878 | 1,081 | 1,146 | 762 | 764 | |||||||||||||||||
Non-interest expenses | ||||||||||||||||||||||
Salaries and employee benefits | 5,741 | 5,114 | 5,302 | 5,448 | 4,853 | |||||||||||||||||
Occupancy, net | 1,054 | 1,093 | 1,135 | 1,098 | 1,116 | |||||||||||||||||
Professional services | 1,286 | 672 | 851 | 919 | 1,236 | |||||||||||||||||
Data processing | 332 | 349 | 377 | 349 | 346 | |||||||||||||||||
Depreciation | 184 | 180 | 183 | 180 | 176 | |||||||||||||||||
224 | 331 | 276 | 182 | 111 | ||||||||||||||||||
Advertising and marketing | 255 | 179 | 282 | 210 | 234 | |||||||||||||||||
Other | 618 | 445 | 448 | 448 | 507 | |||||||||||||||||
Total non-interest expenses | 9,694 | 8,363 | 8,854 | 8,834 | 8,579 | |||||||||||||||||
Income before provision for income taxes | 939 | 3,194 | 2,997 | 3,680 | 4,787 | |||||||||||||||||
Provision for income taxes | 460 | 942 | 876 | 1,216 | 1,411 | |||||||||||||||||
Net income | $ | 479 | $ | 2,252 | $ | 2,121 | $ | 2,464 | $ | 3,376 | ||||||||||||
Earnings per share: | ||||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.25 | $ | 0.24 | $ | 0.28 | $ | 0.38 | ||||||||||||
Diluted | $ | 0.05 | $ | 0.25 | $ | 0.24 | $ | 0.27 | $ | 0.38 | ||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in 000's, except per share data) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Interest income | ||||||||||||||||
Loans, including fees | $ | 13,575 | $ | 12,467 | $ | 52,556 | $ | 46,657 | ||||||||
Investment securities and other | 1,094 | 811 | 4,966 | 2,481 | ||||||||||||
Total interest income | 14,669 | 13,278 | 57,522 | 49,138 | ||||||||||||
Deposits | 4,302 | 913 | 14,160 | 2,511 | ||||||||||||
Other borrowings | 226 | 224 | 955 | 817 | ||||||||||||
Total interest expense | 4,528 | 1,137 | 15,115 | 3,328 | ||||||||||||
Net interest income | 10,141 | 12,141 | 42,407 | 45,810 | ||||||||||||
Provision for credit losses | 386 | (461 | ) | (281 | ) | (195 | ) | |||||||||
Net interest income after provision for credit losses | 9,755 | 12,602 | 42,688 | 46,005 | ||||||||||||
Non-interest income | ||||||||||||||||
Other loan fees | 241 | 246 | 944 | 1,161 | ||||||||||||
Gains from loan sales, net | 61 | 12 | 171 | 257 | ||||||||||||
Document processing fees | 84 | 85 | 352 | 422 | ||||||||||||
Service charges | 156 | 143 | 626 | 438 | ||||||||||||
Other | 336 | 278 | 1,774 | 1,700 | ||||||||||||
Total non-interest income | 878 | 764 | 3,867 | 3,978 | ||||||||||||
Non-interest expenses | ||||||||||||||||
Salaries and employee benefits | 5,741 | 4,853 | 21,605 | 19,637 | ||||||||||||
Occupancy, net | 1,054 | 1,116 | 4,380 | 4,180 | ||||||||||||
Professional services | 1,286 | 1,236 | 3,728 | 2,923 | ||||||||||||
Data processing | 332 | 346 | 1,407 | 1,265 | ||||||||||||
Depreciation | 184 | 176 | 727 | 711 | ||||||||||||
224 | 111 | 1,013 | 577 | |||||||||||||
Advertising and marketing | 255 | 234 | 926 | 921 | ||||||||||||
Other | 618 | 507 | 1,959 | 1,058 | ||||||||||||
Total non-interest expenses | 9,694 | 8,579 | 35,745 | 31,272 | ||||||||||||
Income before provision for income taxes | 939 | 4,787 | 10,810 | 18,711 | ||||||||||||
Provision for income taxes | 460 | 1,411 | 3,494 | 5,262 | ||||||||||||
Net income | $ | 479 | $ | 3,376 | $ | 7,316 | $ | 13,449 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.05 | $ | 0.38 | $ | 0.83 | $ | 1.54 | ||||||||
Diluted | $ | 0.05 | $ | 0.38 | $ | 0.81 | $ | 1.51 | ||||||||
Average Balance, Average Yield Earned, and Average Rate Paid | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(in 000's) | ||||||||||||||||||||||||||||
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 | $ | 60,851 | $ | 775 | 5.05 | % | $ | 70,564 | $ | 903 | 5.08 | % | $ | 48,512 | $ | 415 | 3.39 | % | ||||||||||
Investment securities | 22,348 | 319 | 5.66 | % | 22,568 | 319 | 5.61 | % | 54,022 | 396 | 2.91 | % | ||||||||||||||||
Loans (1) | 957,403 | 13,575 | 5.63 | % | 955,609 | 13,331 | 5.53 | % | 949,007 | 12,467 | 5.21 | % | ||||||||||||||||
Total earnings assets | 1,040,602 | 14,669 | 5.59 | % | 1,048,741 | 14,553 | 5.51 | % | 1,051,541 | 13,278 | 5.01 | % | ||||||||||||||||
Nonearning Assets | ||||||||||||||||||||||||||||
Cash and due from banks | 1,729 | 2,114 | 2,145 | |||||||||||||||||||||||||
Allowance for credit losses | (12,138 | ) | (12,107 | ) | (11,204 | ) | ||||||||||||||||||||||
Other assets | 37,162 | 35,121 | 36,432 | |||||||||||||||||||||||||
Total assets | $ | 1,067,355 | $ | 1,073,869 | $ | 1,078,914 | ||||||||||||||||||||||
Interest-Bearing Liabilities | ||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 377,720 | $ | 1,972 | 2.07 | % | $ | 388,385 | $ | 1,908 | 1.95 | % | $ | 442,313 | $ | 591 | 0.53 | % | ||||||||||
Savings deposits | 16,120 | 15 | 0.37 | % | 17,797 | 13 | 0.29 | % | 22,801 | 13 | 0.23 | % | ||||||||||||||||
Time deposits | 260,016 | 2,315 | 3.53 | % | 242,794 | 1,909 | 3.12 | % | 152,249 | 309 | 0.81 | % | ||||||||||||||||
Total interest-bearing deposits | 653,856 | 4,302 | 2.61 | % | 648,976 | 3,830 | 2.34 | % | 617,363 | 913 | 0.59 | % | ||||||||||||||||
Other borrowings | 91,313 | 226 | 0.98 | % | 90,217 | 204 | 0.90 | % | 92,391 | 224 | 0.96 | % | ||||||||||||||||
Total interest-bearing liabilities | $ | 745,169 | $ | 4,528 | 2.41 | % | $ | 739,193 | $ | 4,034 | 2.17 | % | $ | 709,754 | $ | 1,137 | 0.64 | % | ||||||||||
Noninterest-Bearing Liabilities | ||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 185,871 | 200,804 | 241,759 | |||||||||||||||||||||||||
Other liabilities | 19,564 | 18,209 | 15,555 | |||||||||||||||||||||||||
Stockholders' equity | 116,751 | 115,663 | 111,846 | |||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,067,355 | $ | 1,073,869 | $ | 1,078,914 | ||||||||||||||||||||||
Net interest income and margin | $ | 10,141 | 3.87 | % | $ | 10,519 | 3.98 | % | $ | 12,141 | 4.58 | % | ||||||||||||||||
Net interest spread | 3.18 | % | 3.34 | % | 4.37 | % | ||||||||||||||||||||||
Cost of total deposits | 2.03 | % | 1.79 | % | 0.42 | % | ||||||||||||||||||||||
Cost of funds | 1.93 | % | 1.70 | % | 0.47 | % | ||||||||||||||||||||||
(1) Includes nonaccrual and held for sale loans. | ||||||||||||||||||||||||||||
Average Balance, Average Yield Earned, and Average Rate Paid | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
(in 000's) | |||||||||||||||||||||
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 | $ | 76,314 | $ | 3,699 | 4.85 | % | $ | 119,524 | $ | 1,226 | 1.03 | % | |||||||||
Investment securities | 24,265 | 1,267 | 5.22 | % | 47,949 | 1,255 | 2.62 | % | |||||||||||||
Loans (1) | 954,492 | 52,556 | 5.51 | % | 921,638 | 46,657 | 5.06 | % | |||||||||||||
Total earnings assets | 1,055,071 | 57,522 | 5.45 | % | 1,089,111 | 49,138 | 4.51 | % | |||||||||||||
Nonearning Assets | |||||||||||||||||||||
Cash and due from banks | 1,959 | 2,169 | |||||||||||||||||||
Allowance for credit losses | (12,184 | ) | (10,906 | ) | |||||||||||||||||
Other assets | 36,928 | 37,751 | |||||||||||||||||||
Total assets | $ | 1,081,774 | $ | 1,118,125 | |||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||
Interest-bearing demand deposits | $ | 395,328 | $ | 7,004 | 1.77 | % | $ | 480,472 | $ | 1,508 | 0.31 | % | |||||||||
Savings deposits | 19,133 | 53 | 0.28 | % | 24,317 | 60 | 0.25 | % | |||||||||||||
Time deposits | 241,633 | 7,103 | 2.94 | % | 160,788 | 943 | 0.59 | % | |||||||||||||
Total interest-bearing deposits | 656,094 | 14,160 | 2.16 | % | 665,577 | 2,511 | 0.38 | % | |||||||||||||
Other borrowings | 92,838 | 955 | 1.03 | % | 90,795 | 817 | 0.90 | % | |||||||||||||
Total interest-bearing liabilities | $ | 748,932 | $ | 15,115 | 2.02 | % | $ | 756,372 | $ | 3,328 | 0.44 | % | |||||||||
Noninterest-Bearing Liabilities | |||||||||||||||||||||
Noninterest-bearing demand deposits | 199,968 | 237,849 | |||||||||||||||||||
Other liabilities | 18,046 | 16,151 | |||||||||||||||||||
Stockholders' equity | 114,828 | 107,753 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,081,774 | $ | 1,118,125 | |||||||||||||||||
Net interest income and margin | $ | 42,407 | 4.02 | % | $ | 45,810 | 4.21 | % | |||||||||||||
Net interest spread | 3.43 | % | 4.07 | % | |||||||||||||||||
Cost of total deposits | 1.65 | % | 0.28 | % | |||||||||||||||||
Cost of funds | 1.59 | % | 0.33 | % | |||||||||||||||||
(1) Includes nonaccrual and held for sale loans. | |||||||||||||||||||||
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 | |||||||||||||||||||||
Return on average common equity | 1.63 | % | 7.72 | % | 11.98 | % | 6.37 | % | 12.48 | % | |||||||||||
Return on average assets | 0.18 | % | 0.83 | % | 1.24 | % | 0.68 | % | 1.20 | % | |||||||||||
Efficiency ratio | 87.98 | % | 72.09 | % | 66.48 | % | 77.25 | % | 62.81 | % | |||||||||||
Net interest margin | 3.87 | % | 3.98 | % | 4.58 | % | 4.02 | % | 4.21 | % | |||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||
Average assets | $ | 1,067,355 | $ | 1,073,869 | $ | 1,078,914 | $ | 1,081,774 | $ | 1,118,125 | |||||||||||
Average earning assets | 1,040,602 | 1,048,741 | 1,051,541 | 1,055,071 | 1,089,111 | ||||||||||||||||
Average total loans | 957,403 | 955,609 | 949,007 | 954,492 | 921,638 | ||||||||||||||||
Average deposits | 839,727 | 849,780 | 859,122 | 856,062 | 903,426 | ||||||||||||||||
Average common equity | 116,751 | 115,663 | 111,846 | 114,828 | 107,753 | ||||||||||||||||
EQUITY ANALYSIS | |||||||||||||||||||||
Total common equity | $ | 116,244 | $ | 116,062 | $ | 112,650 | |||||||||||||||
Common stock outstanding | 8,875 | 8,850 | 8,798 | ||||||||||||||||||
Book value per common share | $ | 13.10 | $ | 13.11 | $ | 12.80 | |||||||||||||||
ASSET QUALITY | |||||||||||||||||||||
Nonaccrual loans, net | $ | 4,007 | $ | 3,195 | $ | 211 | |||||||||||||||
Nonaccrual loans, net/total loans | 0.41 | % | 0.34 | % | 0.02 | % | |||||||||||||||
Other assets acquired through foreclosure, net | $ | 982 | $ | 1,511 | $ | 2,250 | |||||||||||||||
Nonaccrual loans plus other assets acquired through foreclosure, net | $ | 4,989 | $ | 4,706 | $ | 2,461 | |||||||||||||||
Nonaccrual loans plus other assets acquired through foreclosure, net/total assets | 0.46 | % | 0.41 | % | 0.23 | % | |||||||||||||||
Net loan (recoveries)/charge-offs in the quarter | $ | 25 | $ | (45 | ) | $ | (113 | ) | |||||||||||||
Net (recoveries)/charge-offs in the quarter/total loans | 0.00 | % | (0.00 | %) | (0.01 | %) | |||||||||||||||
Allowance for credit losses - loans | $ | 12,451 | $ | 12,135 | $ | 10,765 | |||||||||||||||
Plus: Reserve for undisbursed loan commitments | 458 | 424 | 94 | ||||||||||||||||||
Allowance for credit losses - loans / total loans held for investment | $ | 12,909 | $ | 12,559 | $ | 10,859 | |||||||||||||||
Allowance for credit losses - loans | 1.31 | % | 1.30 | % | 1.15 | % | |||||||||||||||
Allowance for credit losses/nonaccrual loans, net | 310.73 | % | 379.81 | % | 5101.90 | % | |||||||||||||||
Tier 1 leverage ratio | 10.88 | % | 10.84 | % | 10.34 | % | |||||||||||||||
Tier 1 capital ratio | 11.88 | % | 12.09 | % | 11.44 | % | |||||||||||||||
Total capital ratio | 13.08 | % | 13.27 | % | 12.56 | % | |||||||||||||||
INTEREST SPREAD ANALYSIS | |||||||||||||||||||||
Yield on total loans | 5.63 | % | 5.53 | % | 5.21 | % | |||||||||||||||
Yield on investments | 5.66 | % | 5.61 | % | 2.91 | % | |||||||||||||||
Yield on interest earning deposits | 5.05 | % | 5.08 | % | 3.39 | % | |||||||||||||||
Yield on earning assets | 5.59 | % | 5.51 | % | 5.01 | % | |||||||||||||||
Cost of interest-bearing deposits | 2.61 | % | 2.34 | % | 0.59 | % | |||||||||||||||
Cost of total deposits | 2.03 | % | 1.79 | % | 0.42 | % | |||||||||||||||
Cost of borrowings | 0.98 | % | 0.90 | % | 0.96 | % | |||||||||||||||
Cost of interest-bearing liabilities | 2.41 | % | 2.17 | % | 0.64 | % | |||||||||||||||
Cost of funds | 1.93 | % | 1.70 | % | 0.47 | % | |||||||||||||||
* Capital ratios are preliminary until the Call Report is filed. | |||||||||||||||||||||
Contact:
805.692.4410
www.communitywestbank.com
Source:
2024 GlobeNewswire, Inc., source