Community West Bancshares Announces Second Quarter Results.Business Editors GOLETA, Calif.--(BUSINESS WIRE)--Aug. 13, 2001 Community West Bancshares today announced earnings for the second quarter. Net income, for the quarter ended June 30, 2001 was $4,556,000, or $0.75 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. compared to $1,137,000 or $0.18 per share, diluted for the quarter ended June 30, 2000. Net income, for the six months ended June 30, 2001 was $5,058,000, or $0.83 per share, diluted compared to $3,814,000, or $0.62 per share, diluted for the quarter ended June 30, 2000. Included in earnings for 2001 were the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of a lawsuit filed in 2000 and settled in April of 2001. The sale of Palomar Community Bank is anticipated to close in the third quarter, and will result in the company recognizing a $1 million charge for income tax liability related to the sale. Asset size increased $2.7 million or 0.7% from $405,255,000 as of December 31, 2000 to $407,995,000 as of June 30, 2001 as the Company returns to a modest growth mode after a period of planned asset reductions. Book value per share as of June 30, 2001 was $6.75 up from $5.90 as of December 31, 2000. The increase in book value is a result of net earnings as well as the impact of recent stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. which were at less than book value. Lew Stone Lew Stone (1898 - 1969), British dance band leader and arranger. Major name in British popular entertainment during the 1930s. , President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We are extremely pleased to have settled our lawsuit so quickly. Our earnings this quarter have increased our book value substantially and have allowed us to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. stock and repay debt, as well as continuing to augment the capital of the Company. Each of these actions is a reflection of our firm commitment to promoting shareholder value."
Three Months Ended Three Months Ended
June 30, 2001 June 30, 2000
Selected Income Statement Data
Interest Income $10,723,000 $ 10,855,000
Interest Expense 5,342,000 5,942,000
Net Interest Income 5,381,000 4,913,000
Provision for Loan Losses 2,017,000 628,000
Net Interest Income after
Provision for Loan Losses 3,364,000 4,285,000
Other Income 11,458,000 4,923,000
Other Expenses including Taxes 10,266,000 8,071,000
Net Income 4,556,000 1,137,000
Earnings per Share - Basic $ 0.75 $ 0.18
Earnings per Share - Diluted $ 0.75 $ 0.18
Weighted Average Shares
Outstanding 6,094,710 6,104,356
Diluted Shares Outstanding 6,158,941 6,146,001
Six Months Ended Six Months Ended
June 30, 2001 June 30, 2000
Selected Income Statement Data
Interest Income $ 21,633,000 $ 24,699,000
Interest Expense 11,045,000 12,583,000
Net Interest Income 10,588,000 12,116,000
Provision for Loan Losses 5,003,000 1,524,000
Net Interest Income after
Provision for Loan Losses 5,585,000 10,592,000
Other Income 15,852,000 9,519,000
Other Expenses including Taxes 16,379,000 16,297,000
Net Income 5,058,000 3,814,000
Earnings per Share - Basic $ 0.83 $ 0.62
Earnings per Share - Diluted $ 0.83 $ 0.62
Weighted Average Shares
Outstanding 6,100,913 6,104,356
Diluted Shares Outstanding 6,113,697 6,146,001
Selected Balance Sheet Data as of March 31,
June 30 2001 December 31, 2000
Loans, net $ 341,360,000 $ 329,265,000
Deposits 247,243,000 228,720,000
Equity 40,053,000 36,034,000
Total Assets 407,995,000 405,255,000
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, Calif. The Company is the holding company for Goleta National Bank, which has two full service branches, one in Goleta and one in Ventura, Calif. and Palomar Community Bank, with one branch in Escondido, 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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