Community West Bank announces third quarter earnings
Community West Bancshares, the parent company of Community West Bank headquartered in Goleta, announced earnings for the third quarter of 20234 on Oct. 24.
According to the report, Community West reported $3.4 million in net income, up from a net loss of $6.3 million in the second quarter of 2024, but down from a net income of $6.4 million in the same quarter a year ago.
The drop in net income could be attributed to costs related to the merger with Central Valley Community Bancorp which happened on April 1.
“The current year has been transformative for our Company, including the April 1 closing of the largest merger in our history, uniting an expanded team of experienced community bankers and, during the third quarter, combining two core bank systems into one,” James Kim, president and CEO, said in a press release.
“The new Community West Bank proudly operates as one of the premier community banks headquartered in Central California, under one brand, with an inspired team focused on building relationships by exceeding the expectations of clients, communities and shareholders.”
Total assets for the bank increased by $1.1 billion to over $3 billion. Total gross loans were at $2.3 billion while total deposits were at $2.9 billion by the end of the quarter.
