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Community West Bancshares (New) Com (CWBC+0.10%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The filing reports a net income of $7,666,000 for the year, compared to $25,536,000 in 2023. The decrease in net income is attributed to merger-related expenses, including a one-time provision for expected credit losses of $10,877,000.
Total assets increased by 45% to $3.52 billion as of December 31, 2024, primarily due to the merger with Community West Bancshares. Total loans, net of discount, increased by 81% to $2.33 billion.
Total deposits rose by 43% to $2.91 billion. The company's net interest margin increased to 3.76% from 3.58% in the previous year.
The allowance for credit losses was $25,803,000, with net charge-offs totaling $463,000 for the year. Nonperforming assets were reported at $6.46 million.
Shareholders' equity increased to $362,685,000, driven by the issuance of common stock related to the merger and a decrease in net unrealized losses on the investment portfolio.
The company declared a $0.12 per common share cash dividend, payable on February 21, 2025, to shareholders of record on February 7, 2025.
The filing includes details on the company's liquidity, indicating cash and cash equivalents of $120,398,000 and available borrowing capacity of $738,556,000 with the Federal Home Loan Bank.
Community West Bancshares continues to focus on maintaining strong capital positions, with a Tier 1 Leverage Ratio of 9.17% and a Total Risk-Based Capital Ratio of 13.58%.
The company also reported on its regulatory compliance, noting that it met or exceeded all capital requirements, inclusive of the capital buffer, as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Community West Bancshares (New) Com annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.