Community West Bancshares Announces First-Quarter Results.Business Editors GOLETA, Calif.--(BUSINESS WIRE)--May 8, 2001 Community West Bancshares today announced operating results for the first quarter. Net income, for the quarter ended March 31, 2001 was $502,000, or $0.08 per share, diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. . Net income for the quarter ended March 31, 2000, excluding a one-time gain of $2,080,000 on the sale of a subsidiary, was $597,000, or $0.10 per share, diluted. Asset size increased $14 million or 3.5% from $405,255,000 as of Dec. 31, 2000 to $419,628,000 as of March 31, 2001 as the company returns to a growth mode after a period of planned asset reductions. Book value per share as of March 31, 2001 was $5.98 up from $5.90 as of Dec. 31, 2000. The settlement of a pending lawsuit lawsuit: see procedure; tort. will be reflected in the company's second-quarter results and is expected to increase book value by $.48 to $.50 per share.
Three Months Ended Three Months Ended
March 31, 2001 March 31, 2000
Selected Income Statement Data
Interest Income $ 10,910,000 $ 13,844,000
Interest Expense 5,703,000 6,641,000
Net Interest Income 5,207,000 7,203,000
Provision for Loan Losses 2,986,000 896,000
Net Interest Income after
Provision for Loan Losses 2,221,000 6,307,000
Other Income 4,394,000 4,595,000
Other Expenses including Taxes 6,113,000 8,225,000
Net Income 502,000 2,677,000
Earnings per Share - Basic $ 0.08 $ 0.44
Earnings per Share - Diluted $ 0.08 $ 0.44
Weighted Average Shares
Outstanding 6,107,216 6,104,356
Diluted Shares Outstanding 6,128,422 6,140,238
Selected Balance Sheet Data as of March 31,
2001 2000
Loans, net $ 340,722,000 $ 361,323,000
Deposits 255,630,000 277,438,000
Equity 36,550,000 36,394,000
Total Assets 419,628,000 482,044,000
Company Overview Community West Bancshares is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with headquarters in Goleta. The company is the holding company for Goleta National Bank, which has two full service branches, one in Goleta and one in Ventura, Calif. Goleta National Bank is one of the nation's largest SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government leaders with loan production offices located in Alabama, California, Florida, Georgia, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Tennessee, Oregon, Nevada and Washington. The principal business areas and profit generators of the company are Relationship Banking and Short-Term Consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. with net interest margins, Small Business Administration (SBA) lending with fee income, and mortgage-based Consumer Finance lending with fee income. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Disclosure This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that 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 risks and uncertainties, including but not limited to, the ability of the company to implement its strategy and expand its lending operations. Furthermore the company will have certain restrictions placed on its operations by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. until it deems that it has substantially complied with the letter agreement signed by the GNB GNB Guinea-Bissau (ISO Country code) GNB Good News Bible GNB Group of Notified Bodies GNB Gram-Negative Bacillus GNB Grenoble, France - St Geoirs (Airport Code) GNB Global Networked Business board of directors. The company has attempted to incorporate these restrictions into its business plans, and it believes that they will not impact the organization's earnings ability into the future. |
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