[Community West Bancshares Q3 2024 Earnings Report](index=1&type=section&id=Community%20West%20Bancshares%20Q3%202024%20Earnings%20Report) [Financial Highlights](index=1&type=section&id=THIRD%20QUARTER%20FINANCIAL%20HIGHLIGHTS) The company reported Q3 net income of $3.4 million, reflecting merger impacts and balance sheet repositioning Q3 2024 Earnings Summary | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Net Income (Loss) | $3.4 million | ($6.3 million) | $6.4 million | | Diluted EPS | $0.18 | ($0.33) | $0.54 | Balance Sheet Growth (as of Sep 30, 2024 vs Dec 31, 2023) | Metric | Growth Amount | Growth Rate | | :--- | :--- | :--- | | Total Assets | +$1.1 billion | +45.12% | | Total Gross Loans | +$1.0 billion | +77.96% | | Total Deposits | +$880.1 million | +43.11% | - The company is strategically repositioning its balance sheet by selling available-for-sale investment securities to fund loan growth, with proceeds from sales totaling **$64.2 million year-to-date**[3](index=3&type=chunk) Key Performance Ratios (Q3 2024) | Ratio | Value | | :--- | :--- | | Net Interest Margin | 3.69% | | Total Cost of Deposits | 1.69% | | Tier 1 Leverage Ratio | 9.38% | | Total Risk-Based Capital Ratio | 13.55% | [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted the transformative merger and system integration as key milestones for future growth and efficiency - CEO James J. Kim highlighted the completion of the merger and system integration as foundational milestones for future growth, establishing the new Community West Bank as a **premier community bank in Central California**[7](index=7&type=chunk) - CFO Shannon Livingston stated that with most merger-related expenses behind them, future operating results are expected to reflect the **implemented efficiencies and synergies**[8](index=8&type=chunk) [Results of Operations](index=2&type=section&id=Results%20of%20Operations) Q3 net income fell to $3.4 million year-over-year, driven by a 106% surge in non-interest expenses from the merger Consolidated Income Statement Summary (in thousands) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $30,214 | $20,527 | $78,343 | $62,313 | | Provision for Credit Losses | ($518) | $186 | $9,889 | $476 | | Non-Interest Income | $1,105 | $1,583 | $4,142 | $4,752 | | Non-Interest Expense | $27,677 | $13,436 | $71,513 | $40,446 | | **Net Income (Loss)** | **$3,385** | **$6,390** | **$771** | **$19,642** | - The decrease in earnings for Q3 and the nine-month period was primarily due to **merger and acquisition expenses** and the additional operating costs associated with the expanded company[13](index=13&type=chunk)[14](index=14&type=chunk) Key Performance Ratios (Annualized) | Ratio | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Return on Average Equity (ROAE) | 3.84% | 13.60% | | Return on Average Assets (ROAA) | 0.38% | 1.02% | [Net Interest Income and Margin](index=4&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest margin expanded to 3.69% in Q3 2024, driven by higher asset yields that outpaced rising deposit costs Net Interest Margin and Component Yields | Metric | Q3 2024 | Q3 2023 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Interest Margin (FTE) | 3.69% | 3.47% | 3.65% | | Yield on Interest Earning Assets | 5.52% | 4.46% | 5.50% | | Cost of Total Deposits | 1.69% | 0.90% | 1.71% | - Average loans increased by **over $1.0 billion** for Q3 2024 compared to Q3 2023, primarily due to the merger, with the effective yield on average loans increasing to **6.53%**[16](index=16&type=chunk) [Non-Interest Income](index=5&type=section&id=Non-Interest%20Income) Total non-interest income declined 30.2% in Q3 2024 due to strategic losses on securities sales to fund loan growth Non-Interest Income Components (Q3 2024 vs Q3 2023, in thousands) | Component | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Service charges | $478 | $376 | 27.1% | | Loan placement fees | $251 | $119 | 110.9% | | Net realized losses on sales of securities | ($1,853) | ($39) | 4651.3% | | Other income | $1,040 | $283 | 267.5% | | **Total non-interest income** | **$1,105** | **$1,583** | **(30.2)%** | - The decrease in total non-interest income was due to **strategic sales of investment securities**, with proceeds used to fund loan growth[22](index=22&type=chunk) [Non-Interest Expense](index=6&type=section&id=Non-Interest%20Expense) Non-interest expenses more than doubled to $27.7 million in Q3 2024, primarily due to merger-related costs and expansion Non-Interest Expense Components (Q3 2024 vs Q3 2023, in thousands) | Component | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $13,710 | $7,474 | 83.4% | | Merger and acquisition expense | $3,208 | $365 | 778.9% | | Information technology | $1,878 | $915 | 105.2% | | **Total non-interest expenses** | **$27,677** | **$13,436** | **106.0%** | - The increase in non-interest expense was due to the merger, which added **131 full-time equivalent employees** and seven banking centers[26](index=26&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Financial%20Measures) Non-GAAP measures show core net income of $5.7 million, excluding merger costs and other non-recurring items - Management uses non-GAAP measures to facilitate analysis of the Company's **core operating results** and for internal budgeting and business management[10](index=10&type=chunk) GAAP vs. Non-GAAP Reconciliation (Q3 2024, in thousands except per share) | Metric | GAAP | Adjustments | Non-GAAP (Comparable) | | :--- | :--- | :--- | :--- | | Net Income | $3,385 | $2,308 | $5,693 | | Diluted EPS | $0.18 | $0.12 | $0.30 | | ROAA (annualized) | 0.38% | | 0.64% | | ROAE (annualized) | 3.84% | | 6.45% | | Efficiency Ratio | 88.37% | | 73.76% | [Balance Sheet Analysis](index=8&type=section&id=Balance%20Sheet%20Summary) Total assets grew 45.1% to $3.53 billion since year-end 2023, driven by the recent merger's impact on loans and deposits - Total assets increased by **$1.1 billion**, or 45.12%, from December 31, 2023, to September 30, 2024, largely due to the merger[28](index=28&type=chunk) - As a result of the merger, the company recorded approximately **$42.6 million in goodwill** and **$10.0 million in core deposit intangibles**[28](index=28&type=chunk) [Asset and Loan Portfolio](index=8&type=section&id=Loan%20Portfolio) Gross loans increased by 78% to $2.3 billion since year-end, with the merger shifting the portfolio mix toward consumer loans Loan Portfolio Composition (in thousands) | Loan Type | Sep 30, 2024 | % of Total | Dec 31, 2023 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Commercial | $160,816 | 7.0% | $139,022 | 10.8% | | Real Estate | $1,726,444 | 75.1% | $1,094,327 | 84.8% | | Consumer | $407,919 | 17.8% | $55,606 | 4.3% | | **Total Gross Loans** | **$2,297,143** | **100.0%** | **$1,290,797** | **100.0%** | [Deposits and Liquidity](index=9&type=section&id=Deposits%20and%20Liquidity) Total deposits rose 43% to $2.92 billion, supported by strong liquidity sources of $1.28 billion Deposit Composition (in thousands) | Deposit Type | Sep 30, 2024 | % of Total | Dec 31, 2023 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Non-interest bearing | $1,076,423 | 36.8% | $951,541 | 46.6% | | Interest-bearing | $1,845,272 | 63.2% | $1,090,071 | 53.4% | | **Total Deposits** | **$2,921,695** | **100.0%** | **$2,041,612** | **100.0%** | Total Liquidity Sources (in thousands) | Source | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Liquidity** | **$1,275,858** | **$1,168,206** | [Credit Quality](index=10&type=section&id=Credit%20Quality) Credit quality remained strong with net loan recoveries in Q3 and an allowance for credit losses of 1.08% of total loans - The company recorded **net loan recoveries of $162,000** in Q3 2024, compared to net charge-offs of $194,000 in Q3 2023[36](index=36&type=chunk) - The allowance for credit losses for loans was **$24.9 million**, or 1.08% of total loans, as of September 30, 2024, with the increase driven by provisioning for acquired loans[37](index=37&type=chunk) Loan Risk Ratings (% of Total Portfolio) | Risk Rating | Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Pass | 97.0% | 97.1% | 96.7% | | Special mention | 1.3% | 1.1% | 1.3% | | Substandard | 1.7% | 1.8% | 2.0% | [Dividend Declaration](index=10&type=section&id=Cash%20Dividend%20Declared) The Board of Directors declared a regular quarterly cash dividend of $0.12 per common share - A regular quarterly cash dividend of **$0.12 per share** was declared, payable on November 22, 2024, to shareholders of record as of November 8, 2024[38](index=38&type=chunk) [Company Overview](index=11&type=section&id=Company%20Overview) The company completed its merger with Central Valley Community Bancorp, establishing a larger presence in Central California - The merger between Central Valley Community Bancorp and Community West Bancshares was **completed on April 1, 2024**, with the resulting entities named Community West Bancshares and Community West Bank[40](index=40&type=chunk) - The company is headquartered in Fresno, California and provides a full suite of banking services throughout **Central California**[41](index=41&type=chunk)

[PART 1: FINANCIAL INFORMATION](index=5&type=section&id=PART%201%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201%20FINANCIAL%20STATEMENTS%20(Unaudited)) Unaudited statements show the financial impact of the April 2024 merger with Community West Bancshares [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew 43.2% to $3.48 billion, driven by merger-related increases in loans and deposits Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$3,484,671** | **$2,433,426** | **+43.2%** | | Total cash and cash equivalents | $109,669 | $53,728 | +104.1% | | Loans, net | $2,231,631 | $1,276,144 | +74.9% | | Goodwill | $96,379 | $53,777 | +79.2% | | **Total Liabilities** | **$3,134,429** | **$2,226,362** | **+40.8%** | | Total deposits | $2,869,300 | $2,041,612 | +40.5% | | **Total Shareholders' Equity** | **$350,242** | **$207,064** | **+69.2%** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) A Q2 2024 net loss of $6.3 million resulted from merger-related credit provisions and expenses Quarterly and Six-Month Performance (in thousands, except per-share amounts) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $29,057 | $20,205 | $48,129 | $41,786 | | Provision for Credit Losses | $9,831 | $(343) | $10,407 | $290 | | Non-Interest Income | $1,400 | $1,594 | $3,037 | $3,169 | | Non-Interest Expenses | $28,503 | $13,805 | $43,836 | $27,010 | | **Net (Loss) Income** | **$(6,290)** | **$6,282** | **$(2,614)** | **$13,252** | | **Diluted EPS** | **$(0.33)** | **$0.54** | **$(0.17)** | **$1.13** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the merger accounting, credit loss allowance, goodwill, and a declared cash dividend - Effective April 1, 2024, Central Valley Community Bancorp merged with Community West Bancshares, with Central Valley being the surviving entity and subsequently changing its name to Community West Bancshares[29](index=29&type=chunk) - The allowance for credit losses on loans increased to **$24.94 million** at June 30, 2024, from $14.65 million at year-end 2023, primarily driven by a **$10.03 million provision**[60](index=60&type=chunk)[63](index=63&type=chunk) - On July 17, 2024, the Board of Directors declared a **$0.12 per share cash dividend**, payable on August 16, 2024[131](index=131&type=chunk) Merger Consideration and Net Assets Acquired (in thousands) | Item | Amount | | :--- | :--- | | **Total merger consideration** | **$143,714** | | Total assets acquired | $1,041,385 | | Total liabilities assumed | $(940,276) | | Total net assets acquired | $101,109 | | **Goodwill created from transaction** | **$42,605** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=ITEM%202%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) The merger drove balance sheet growth but resulted in a net loss due to related expenses and provisions [Financial Highlights](index=43&type=section&id=Financial%20Highlights) Merger effects led to a $6.3 million net loss despite significant growth in loans, deposits, and assets - The company incurred a **net loss of $6.3 million**, or $0.33 per diluted share, in Q2 2024, primarily due to merger-related expenses and a provision for loan losses on the acquired portfolio[143](index=143&type=chunk) Key Metrics as of June 30, 2024 | Metric | Value | Change vs. Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | $3.48 billion | +43.20% | | Total Gross Loans | $2.26 billion | +74.82% | | Total Deposits | $2.87 billion | +40.54% | | Net Interest Margin (Q2) | 3.65% | +23 bps (vs Q1 2024) | | Tier 1 Leverage Ratio | 9.14% | -4 bps | [Results of Operations](index=44&type=section&id=Results%20of%20Operations) A Q2 net loss of $6.3 million was driven by a $9.8M credit provision and a $14.7M rise in expenses - **Comparable net income (non-GAAP)**, which excludes merger costs and other non-core items, was **$7.8 million** ($0.41 per diluted share) for Q2 2024[149](index=149&type=chunk) - **Net interest margin (FTE)** for Q2 2024 increased 19 basis points to **3.65%** from 3.46% in Q2 2023, as the higher yield on the expanded loan portfolio outweighed the increased cost of funds[159](index=159&type=chunk) - **Non-interest expenses** for Q2 2024 rose 106.5% year-over-year to **$28.5 million**, with merger and acquisition expenses accounting for $5.6 million of the total[177](index=177&type=chunk)[179](index=179&type=chunk) [Financial Condition](index=54&type=section&id=Financial%20Condition) The merger expanded total assets to $3.48 billion, with loans up 74.8% and deposits up 40.5% - Total gross loans increased by **$965.8 million (74.8%) to $2.26 billion**, with commercial real estate loans comprising 56.0% of the total portfolio[185](index=185&type=chunk)[187](index=187&type=chunk) - **Nonperforming assets were $2.8 million** as of June 30, 2024, compared to zero at the end of 2023, with the increase resulting from the acquired loan portfolio[190](index=190&type=chunk) - The **allowance for credit losses (ACL)** on loans stood at **$24.9 million**, or 1.11% of total gross loans, up from $14.7 million at year-end 2023[191](index=191&type=chunk) - Total deposits grew by **$827.7 million (40.5%) to $2.87 billion**, with uninsured deposits representing 37.85% of total deposits[194](index=194&type=chunk)[196](index=196&type=chunk) [Capital and Liquidity](index=57&type=section&id=Capital%20and%20Liquidity) Capital ratios remained well-capitalized and liquidity was robust with significant available borrowing capacity - Primary liquidity sources include customer deposits, FHLB advances, and correspondent bank lines, with **$110 million in unsecured credit lines** and **$256 million in unused FHLB secured advances**[204](index=204&type=chunk)[205](index=205&type=chunk) Consolidated Regulatory Capital Ratios | Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Tier 1 Leverage Ratio | 9.14% | 9.18% | | Common Equity Tier 1 Ratio | 11.36% | 12.78% | | Tier 1 Risk-Based Capital Ratio | 11.55% | 13.07% | | Total Risk-Based Capital Ratio | 13.87% | 16.08% | [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=ITEM%203%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate sensitivity, which remains within policy limits - The company actively manages interest rate risk to minimize exposure of its net interest margin and equity to rate changes, with risk remaining **within policy guidelines** as of June 30, 2024[207](index=207&type=chunk)[209](index=209&type=chunk) Interest Rate Sensitivity Analysis (Immediate Parallel Shift) | Rate Shift (bps) | Estimated Change in NII (Year 1) | Estimated Change in NII (Year 2) | | :--- | :--- | :--- | | +400 | (1.33)% | (2.02)% | | +200 | (0.85)% | (1.46)% | | +100 | 0.02% | (0.08)% | | -100 | (2.77)% | (3.59)% | | -200 | (4.20)% | (5.98)% | [Controls and Procedures](index=60&type=section&id=ITEM%204%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective with no material changes - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2024[211](index=211&type=chunk) - **No changes in internal controls** over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[212](index=212&type=chunk) [PART II: OTHER INFORMATION](index=61&type=section&id=PART%20II%20OTHER%20INFORMATION) [Other Information Items (Items 1-6)](index=61&type=section&id=Other%20Information%20Items) The company reports no new legal proceedings, material risk factor changes, or unregistered security sales - The company reports **no legal proceedings** to disclose for the period[213](index=213&type=chunk) - There have been **no material changes to the risk factors** previously disclosed in the company's 2023 Annual Report on Form 10-K[213](index=213&type=chunk) - **No unregistered sales of equity securities** or defaults upon senior securities were reported for the period[214](index=214&type=chunk)

[Earnings Release Overview](index=1&type=section&id=Community%20West%20Bancshares%20Reports%20Earnings%20Results%20for%20the%20Quarter%20Ended%20June%2030%2C%202024) [Second Quarter 2024 Financial Highlights](index=1&type=section&id=SECOND%20QUARTER%20FINANCIAL%20HIGHLIGHTS) Community West Bancshares reported a **$6.29 million net loss** in Q2 2024, driven by merger-related expenses and a **$9.83 million provision for credit losses**, alongside **42.8% asset growth** Q2 2024 Key Financial Results | Metric | Q2 2024 (in millions) | Q1 2024 (in millions) | Q2 2023 (in millions) | | :--- | :--- | :--- | :--- | | **Net (Loss) Income** | ($6.29) | $3.68 | $6.28 | | **Diluted (Loss) EPS** | ($0.33) | $0.31 | $0.54 | | **Provision for Credit Losses** | $9.83 | $0.58 | ($0.34) | | **Net Interest Margin** | 3.65% | 3.42% | 3.46% | - The net loss in Q2 was directly caused by merger-related expenses, a provision for loan losses on the acquired portfolio, and a realized loss on securities sales[4](index=4&type=chunk) - Total assets grew by **$1.04 billion (42.83%)** compared to December 31, 2023, primarily due to the merger[23](index=23&type=chunk) [Key Operational and Strategic Developments](index=1&type=section&id=Notable%20Items%20for%20Second%20Quarter%202024) The company completed its merger on April 1, 2024, adding **$920.9 million in loans** and **$844.0 million in deposits**, and declared a **$0.12 per share cash dividend** - On April 1, 2024, the company completed its acquisition of Community West Bancshares and adopted its name to reflect the expanded Central California territory[20](index=20&type=chunk) - The merger added loans with a fair value of **$920.9 million** and deposits with a fair value of **$844.0 million**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company is repositioning its balance sheet by selling lower-earning investment securities to fund strong organic loan growth of **$49 million (8.89% annualized)** for the quarter[2](index=2&type=chunk)[11](index=11&type=chunk)[22](index=22&type=chunk) - A cash dividend of **$0.12 per common share** was declared, payable on August 16, 2024[10](index=10&type=chunk) [Results of Operations](index=2&type=section&id=Results%20of%20Operations) [Net Interest Income and Net Interest Margin](index=4&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income increased **43.8% year-over-year to $29.06 million** in Q2 2024, with net interest margin expanding to **3.65%**, despite a rise in the cost of total deposits to **1.71%** Net Interest Income and Margin Performance | Metric | Q2 2024 (in millions) | Q1 2024 (in millions) | Q2 2023 (in millions) | | :--- | :--- | :--- | :--- | | **Net Interest Income** | $29.06 | $19.07 | $20.21 | | **Net Interest Margin (FTE)** | 3.65% | 3.42% | 3.46% | | **Yield on Earning Assets** | 5.50% | 4.58% | 4.43% | | **Cost of Total Deposits** | 1.71% | 0.98% | 0.88% | - Net interest margin increased to **3.65%** for Q2 2024, with fair value accretion from the merger contributing **12 basis points** to the **23 basis point** sequential increase[21](index=21&type=chunk) - The effective yield on average loans increased to **6.54%** in Q2 2024, up from **5.74%** in Q1 2024 and **5.54%** in Q2 2023[58](index=58&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The company recorded a significant **$9.83 million provision for credit losses** in Q2 2024, primarily due to establishing an allowance for the acquired loan portfolio from the merger Provision for Credit Losses Comparison | Period | Provision (Credit) for Credit Losses (in millions) | | :--- | :--- | | **Q2 2024** | $9.83 | | **Q1 2024** | $0.58 | | **Q2 2023** | ($0.34) | - The provision for credit losses on non-purchased credit deteriorated loans related to the merger was **$10.9 million**[31](index=31&type=chunk) [Non-Interest Income](index=5&type=section&id=Non-Interest%20Income) Total non-interest income decreased **12.2% to $1.40 million** in Q2 2024, primarily due to a **$1.97 million net realized loss** on securities sales for strategic balance sheet repositioning Non-Interest Income Components (Q2 2024 vs Q2 2023) | Component | Q2 2024 (in thousands) | Q2 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Service charges | $480 | $367 | 30.8% | | Net realized losses on sales of securities | ($1,974) | ($39) | 4961.5% | | Other income | $1,508 | $276 | 446.4% | | **Total non-interest income** | **$1,400** | **$1,594** | **(12.2)%** | - Proceeds from the sale of securities were used to fund loan growth as part of a strategic balance sheet repositioning to improve future earnings[17](index=17&type=chunk)[22](index=22&type=chunk) [Non-Interest Expense](index=6&type=section&id=Non-Interest%20Expense) Non-interest expenses surged **106.5% to $28.50 million** in Q2 2024, primarily driven by **$5.56 million in merger expenses** and increased operational costs from expanded operations Non-Interest Expense Components (Q2 2024 vs Q2 2023) | Component | Q2 2024 (in thousands) | Q2 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $13,451 | $7,976 | 68.6% | | Merger and acquisition expense | $5,556 | $177 | 3039.0% | | Occupancy and equipment | $2,423 | $1,264 | 91.7% | | **Total non-interest expenses** | **$28,503** | **$13,805** | **106.5%** | - The increase in non-interest expense was due to the merger completed on April 1, 2024, which added **131 full-time equivalent employees** and **seven banking centers**[37](index=37&type=chunk) - Management expects elevated non-interest expenses to continue through Q3 2024 due to merger-related systems integration, with operational efficiencies anticipated to begin in Q4 2024[11](index=11&type=chunk) [Balance Sheet Analysis](index=7&type=section&id=Balance%20Sheet%20Summary) [Assets, Loans, and Deposits](index=7&type=section&id=Assets%2C%20Loans%2C%20and%20Deposits) The merger significantly expanded the balance sheet, with total assets reaching **$3.48 billion (42.8% increase)**, gross loans **$2.26 billion (74.8% increase)**, and total deposits **$2.87 billion (40.5% increase)** Balance Sheet Growth (June 30, 2024 vs. Dec 31, 2023) | Metric (in billions) | June 30, 2024 | Dec 31, 2023 | % Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $3.48 | $2.43 | 42.8% | | **Total Gross Loans** | $2.26 | $1.29 | 74.8% | | **Total Deposits** | $2.87 | $2.04 | 40.5% | - Excluding the **$920.9 million** in acquired loans, gross loans increased organically by **$44.9 million (3.48%)** year-to-date[5](index=5&type=chunk) - The ratio of average non-interest bearing deposits to total deposits decreased to **37.36%** for Q2 2024, compared to **45.30%** for Q1 2024, reflecting the composition of acquired deposits[8](index=8&type=chunk)[41](index=41&type=chunk) [Liquidity and Capital](index=2&type=section&id=Liquidity%20and%20Capital) The company maintains strong liquidity with **$1.1 billion in available sources** and capital ratios well above regulatory requirements, including a **9.14% Tier 1 Leverage Ratio** Key Capital Ratios (June 30, 2024) | Ratio | Value | | :--- | :--- | | **Tier 1 Leverage Ratio** | 9.14% | | **Common Equity Tier 1 Ratio** | 11.36% | | **Tier 1 Risk-Based Capital Ratio** | 11.55% | | **Total Risk-Based Capital Ratio** | 13.87% | Liquidity Sources (in thousands) | Source | June 30, 2024 (in thousands) | | :--- | :--- | | Cash and cash equivalents | $109,723 | | Unpledged investment securities | $519,693 | | FHLB borrowing availability | $253,850 | | Unsecured lines of credit availability | $110,000 | | **Total** | **$1,104,883** | [Credit Quality](index=8&type=section&id=Credit%20Quality) [Non-performing Assets and Loan Quality](index=2&type=section&id=Non-performing%20Assets%20and%20Loan%20Quality) Credit quality metrics shifted post-merger, with non-performing assets reaching **$2.81 million** and increases in special mention and substandard loans, while net loan charge-offs remained minimal at **$41 thousand** - Non-performing assets totaled **$2.81 million** for the quarter ended June 30, 2024, as a result of acquired loans from the merger[9](index=9&type=chunk) Loan Risk Rating (in thousands) | Rating | June 30, 2024 (in thousands) | March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Pass | $2,191,348 | $1,262,046 | | Special mention | $25,576 | $5,595 | | Substandard | $39,647 | $18,968 | - Net loan charge-offs were minimal at **$41 thousand** for the quarter, with a charge-off ratio of **0.01%**[9](index=9&type=chunk)[43](index=43&type=chunk) [Allowance for Credit Losses](index=9&type=section&id=Allowance%20for%20Credit%20Losses) The allowance for credit losses (ACL) increased to **$24.94 million** at June 30, 2024, reflecting the acquired loan portfolio, with ACL as a percentage of total loans at **1.11%** - The allowance for credit losses was **$24.94 million** at June 30, 2024, compared to **$14.65 million** at December 31, 2023[71](index=71&type=chunk) - The allowance for credit losses as a percentage of total loans was **1.11%** at June 30, 2024, compared to **1.14%** at December 31, 2023[71](index=71&type=chunk) [Company Information and Forward-Looking Statements](index=9&type=section&id=Company%20Overview) [Company Overview](index=9&type=section&id=Company%20Overview) Community West Bancshares, headquartered in Fresno, California, operates full-service banking centers across Central California, offering diverse financial services post-merger - Effective April 1, 2024, Central Valley Community Bancorp merged with Community West Bancshares and adopted its name[73](index=73&type=chunk) - The company is headquartered in Fresno, California and operates full-service Banking Centers across California's Central Valley and Central Coast[46](index=46&type=chunk) [Forward-Looking Statements](index=10&type=section&id=Forward-looking%20Statements) This section contains forward-looking statements, cautioning that actual results may differ materially due to economic conditions, interest rate changes, credit quality, competition, and merger integration risks - The report includes forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially[49](index=49&type=chunk) - Key risks include economic conditions, interest rate environment, credit quality, competition, and challenges related to merger integration, such as failing to achieve projected expansion or experiencing higher-than-expected costs[49](index=49&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet shows total assets of **$3.48 billion** as of June 30, 2024, driven by increased loans and goodwill, with total deposits at **$2.87 billion** and shareholders' equity at **$350.2 million** Consolidated Balance Sheets (in thousands) | Account | June 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$3,475,764** | **$2,433,426** | | Total cash and cash equivalents | $109,723 | $53,728 | | Total loans, net | $2,231,631 | $1,276,144 | | Goodwill | $96,379 | $53,777 | | **Total Liabilities** | **$3,125,522** | **$2,226,362** | | Total deposits | $2,869,300 | $2,041,612 | | **Total Shareholders' Equity** | **$350,242** | **$207,064** | [Consolidated Statements of Income](index=12&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statement of income for Q2 2024 shows a **$6.29 million net loss**, with **$29.06 million in net interest income**, a **$9.83 million provision for credit losses**, and **$28.50 million in non-interest expenses** Consolidated Statements of Income (Three Months Ended June 30, in thousands) | Account | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Net interest income | $29,057 | $20,205 | | Provision for credit losses | $9,831 | ($343) | | Total non-interest income | $1,400 | $1,594 | | Total non-interest expenses | $28,503 | $13,805 | | (Loss) income before income taxes | ($7,877) | $8,337 | | **Net (loss) income** | **($6,290)** | **$6,282** | [Selected Financial Highlights (Quarterly)](index=13&type=section&id=Selected%20Financial%20Highlights%20(Quarterly)) Quarterly financial highlights show a **$6.29 million net loss** in Q2 2024, an efficiency ratio spike to **93.58%**, and a loan-to-deposit ratio increase to **78.65%**, reflecting merger impacts Quarterly Performance Ratios | Metric | Q2 2024 (in thousands) | Q1 2024 (in thousands) | Q4 2023 (in thousands) | Q2 2023 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net (loss) income | ($6,290) | $3,676 | $5,893 | $6,282 | | Diluted (loss) EPS | ($0.33) | $0.31 | $0.50 | $0.54 | | Return on average assets | (0.73)% | 0.61% | 0.98% | 1.00% | | Return on average equity | (7.39)% | 7.08% | 12.78% | 13.60% | | Efficiency ratio | 93.58% | 74.04% | 66.37% | 65.24% | | Loan to deposit ratio | 78.65% | 63.34% | 63.33% | 57.07% | [Average Balances and Yields](index=14&type=section&id=Average%20Balances%20and%20Average%20Yields%20and%20Rates) Average interest-earning assets increased to **$3.25 billion** in Q2 2024, with average loans at **$2.23 billion** and a net interest margin of **3.65%** Average Balances and Rates (Three Months Ended June 30, 2024) | Category | Average Balance (in thousands) | Interest Income/Expense (in thousands) | Average Rate | | :--- | :--- | :--- | :--- | | **Total interest-earning assets** | **$3,246,454** | **$44,368** | **5.50%** | | Average Loans | $2,226,858 | $36,197 | 6.54% | | **Total interest-bearing liabilities** | **$2,013,444** | **$14,940** | **2.98%** | | Average Interest-bearing deposits | $1,806,336 | $12,266 | 2.73% | | **Net interest income (FTE)** | | **$29,428** | **3.65% (Margin)** |

[PART 1: FINANCIAL INFORMATION](index=5&type=section&id=PART%201%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201%20FINANCIAL%20STATEMENTS%20(Unaudited)) Unaudited Q1 2024 results show lower net income and stable assets ahead of the Community West Bancshares merger [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $2.42 billion while shareholders' equity increased to $211.7 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $2,415,624 | $2,433,426 | | Total Loans, net | $1,271,951 | $1,276,144 | | Total Deposits | $2,031,249 | $2,041,612 | | Total Liabilities | $2,203,907 | $2,226,362 | | Total Shareholders' Equity | $211,717 | $207,064 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Q1 2024 net income fell to $3.7 million from $7.0 million year-over-year due to lower net interest income Q1 2024 vs Q1 2023 Income Statement (in thousands, except per-share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Interest Income | $19,073 | $21,581 | | Provision for Credit Losses | $575 | $633 | | Non-Interest Income | $1,636 | $1,575 | | Non-Interest Expenses | $15,333 | $13,205 | | Net Income | $3,676 | $6,970 | | Diluted EPS | $0.31 | $0.59 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $7.2 million, driven by investing inflows that offset financing outflows Cash Flow Summary for Three Months Ended March 31, 2024 (in thousands) | Activity | Cash Flow | | :--- | :--- | | Net Cash from Operating Activities | $3,982 | | Net Cash from Investing Activities | $27,960 | | Net Cash from Financing Activities | $(24,711) | | **Net Increase in Cash** | **$7,231** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Disclosures cover the post-quarter merger, investment portfolio unrealized losses, and credit loss allowances - On April 1, 2024, Central Valley Community Bancorp completed its merger with Community West Bancshares, changing its name to Community West Bancshares; the combined company had approximately **$3.5 billion in assets** and results will be reported starting in Q2 2024[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - The allowance for credit losses on loans was **$14.66 million** as of March 31, 2024, with a provision for credit losses on loans for Q1 2024 of $530,000[59](index=59&type=chunk)[61](index=61&type=chunk) - As of March 31, 2024, uninsured deposits totaled **$803.7 million**, down from $821.8 million at the end of 2023[73](index=73&type=chunk) - On April 17, 2024, the Board of Directors declared a cash dividend of **$0.12 per share**[115](index=115&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=34&type=section&id=ITEM%202%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Net income declined due to a compressed net interest margin and higher merger-related expenses [Financial Highlights](index=35&type=section&id=Financial%20Highlights) Q1 2024 featured net income of $3.7 million, a 3.42% net interest margin, and strong capital ratios Q1 2024 Key Metrics | Metric | Value | | :--- | :--- | | Net Income | $3,676,000 | | Diluted EPS | $0.31 | | Net Interest Margin | 3.42% | | Total Assets | $2.42 billion | | Tier 1 Leverage Ratio | 9.34% | | Cash Dividend per Share | $0.12 | - There were **no non-performing assets** at the end of Q1 2024; net loan charge-offs were $525,000[127](index=127&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Net income fell to $3.7 million from $7.0 million year-over-year, driven by lower net interest income - Net interest margin (fully tax equivalent) **decreased by 44 basis points to 3.42%** in Q1 2024 from 3.86% in Q1 2023, primarily due to rising funding costs[136](index=136&type=chunk) - The average interest rate on interest-bearing deposits **increased significantly to 1.80%** in Q1 2024 from 0.38% in Q1 2023[142](index=142&type=chunk) - Non-interest expenses **rose 16.1% year-over-year**, mainly due to $383,000 in acquisition expenses and increased professional services and salaries[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk) [Financial Condition](index=41&type=section&id=Financial%20Condition) The company maintained a stable financial position with strong capital, adequate liquidity, and no nonperforming assets - The loan portfolio has a concentration in commercial real estate, representing **62.2% of total loans** as of March 31, 2024[164](index=164&type=chunk) - There were **no nonperforming assets** as of March 31, 2024, and December 31, 2023[168](index=168&type=chunk) Regulatory Capital Ratios (Company) - March 31, 2024 | Ratio | Actual | Minimum for 'Well-Capitalized' | | :--- | :--- | :--- | | Tier 1 Leverage Ratio | 9.34% | 5.00% | | Common Equity Tier 1 Ratio | 12.94% | 6.50% | | Tier 1 Risk-Based Capital Ratio | 13.23% | 8.00% | | Total Risk-Based Capital Ratio | 16.24% | 10.00% | - The company has significant available liquidity, including **$110 million in unsecured credit lines** and **$342.7 million in unused FHLB advances**[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=ITEM%203%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, which is actively managed and within policy limits Interest Rate Sensitivity Analysis on Net Interest Income | Immediate Rate Shift (bps) | Estimated Change in NII (Year 1) | Estimated Change in NII (Year 2) | | :--- | :--- | :--- | | +200 | +1.27% | +3.03% | | +100 | +1.20% | +2.46% | | -100 | -2.94% | -5.41% | | -200 | -4.40% | -9.70% | [Controls and Procedures](index=47&type=section&id=ITEM%204%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective with no material changes during the quarter - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of March 31, 2024[194](index=194&type=chunk) - **No changes in internal controls** over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[195](index=195&type=chunk) [PART II: OTHER INFORMATION](index=47&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=48&type=section&id=ITEM%201%20LEGAL%20PROCEEDINGS) The company reported no material legal proceedings during the period - None to report[198](index=198&type=chunk) [Risk Factors](index=48&type=section&id=ITEM%201A%20RISK%20FACTORS) The report refers to the company's 2023 Form 10-K for a comprehensive discussion of potential risks - The company directs readers to its 2023 Annual Report on Form 10-K for a full discussion of risk factors[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=ITEM%202%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities or related use of proceeds - None to report[200](index=200&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=ITEM%203%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reported no defaults upon its senior securities - None to report[201](index=201&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=ITEM%204%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company's operations - Not applicable[202](index=202&type=chunk) [Other Information](index=48&type=section&id=ITEM%205%20OTHER%20INFORMATION) The company reported no other material information for the period - None to report[203](index=203&type=chunk) [Exhibits](index=49&type=section&id=ITEM%206%20EXHIBITS) The filing includes required exhibits such as officer certifications and XBRL data files - Exhibits filed include corporate governance documents, officer certifications, and XBRL interactive data files[205](index=205&type=chunk)

FOR IMMEDIATE RELEASE FRESNO, CALIFORNIA... April 18, 2024... The Board of Directors of Community West Bancshares ("Company") (NASDAQ: CWBC), the parent company of Community West Bank ("Bank"), reported today unaudited consolidated net income of $3,676,000, and fully diluted earnings per common share of $0.31 for the three months ended March 31, 2024, compared to $6,970,000 and $0.59 per fully diluted common share for the three months ended March 31, 2023. On April 1, 2024, the Company, formerly named Centr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-31977 CENTRAL VALLEY COMMUNITY BANCORP (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

FRESNO, Calif. & GOLETA, Calif.--(BUSINESS WIRE)--Central Valley Community Bancorp (Central Valley), (NASDAQ: CVCY), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (CVCB) and Community West Bancshares (Community West), (NASDAQ: CWBC), parent company of Community West Bank (CWB), headquartered in Goleta, California, announced today that shareholders of both companies approved the merger of Community West with and into Central Valley, with Central Vall ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Common Stock, no par value CVCY NASDAQ Capital Market (Title of Each Class) (Trading Symbol) (Name of Each Exchange on which Registered) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE N ...

Financial Performance - Net income for the six months ended June 30, 2023, was $13,252 thousand, compared to the previous period [72]. - Net income for Q2 2023 was $6,282,000, compared to $6,542,000 in Q2 2022, reflecting a decrease of 3.97% [81]. - Total interest income for Q2 2023 was $25,987,000, a 27.5% increase from $20,465,000 in Q2 2022 [80]. - Total non-interest income increased to $1,594,000 in Q2 2023 from $770,000 in Q2 2022, representing a significant increase of 106.5% [80]. - The company reported a net cash provided by operating activities of $15,474,000 for the six months ended June 30, 2023, compared to $5,524,000 for the same period in 2022 [86]. - Basic earnings per share for the three months ended June 30, 2023, was $0.54, down from $0.56 in the same period of 2022 [204]. - Diluted earnings per share (EPS) for the three months ended June 30, 2023, was $0.54, compared to $0.56 for the same period in 2022 [223]. Assets and Liabilities - Total average assets for the period were $2,501,524 thousand, compared to $2,441,962 thousand in the previous period, reflecting an increase of approximately 2.4% [41]. - Total assets increased to $2,489,807 thousand as of June 30, 2023, up from $2,422,519 thousand at December 31, 2022, representing a growth of 2.77% [64]. - Total liabilities increased to $2,302,447 thousand from $2,247,859 thousand, reflecting a growth of 2.43% [64]. - Total deposits rose to $2,200,294 thousand, an increase of 4.79% from $2,099,649 thousand at the end of 2022 [64]. - Cash and cash equivalents significantly increased to $128,658 thousand from $31,170 thousand, marking a substantial rise [64]. - Interest-earning deposits in other banks surged to $100,333 thousand from $5,685 thousand, indicating a strong liquidity position [64]. Interest Income and Expenses - Total interest-earning assets amounted to $2,387,046 thousand, generating interest income of $26,361 thousand at an average interest rate of 4.43% [41]. - Net interest income was reported at $20,579 thousand, with a net interest margin of 3.46% [41]. - Total interest expense on other borrowed funds was $2,468,000 for the six months ended June 30, 2023, compared to $757,000 for the same period in 2022 [52]. - The cost of interest-bearing liabilities rose by 156 basis points to 1.76% for the three months ended June 30, 2023, compared to 0.20% for the same period in 2022 [48]. - Cash paid for interest increased significantly to $8,621,000 in Q2 2023 from $1,159,000 in Q2 2022, representing a growth of 642% [87]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses was $15,317 thousand, an increase from $9,870 thousand in the previous period, reflecting a more cautious approach to credit risk [41]. - The allowance for credit losses on loans is $15,463,000, deemed adequate to absorb current expected credit losses in the loan portfolio [51]. - The allowance for credit losses increased to $15,463,000 from $10,848,000, indicating a rise in provisions for potential loan defaults [136]. - The provision for credit losses was $(343) million, including a $(228) million credit for held-to-maturity securities, reflecting expected credit losses in the loan portfolio as of June 30, 2023 [140]. - The company believes the allowance for credit losses appropriately reflects expected credit losses in the loan portfolio as of June 30, 2023 [140]. Loans and Securities - The company reported a total of $1,257,984 thousand in loans, with interest income of $17,382 thousand at an average interest rate of 5.54% [41]. - Loans acquired from Folsom Lake Bank, Sierra Vista Bank, and Visalia Community Bank totaled $67,523,000 as of June 30, 2023 [56]. - The total available-for-sale securities were valued at $619,759,000, down from $648,825,000 as of December 31, 2022, primarily due to unrealized losses [131]. - The total held-to-maturity securities amounted to $304,332,000 with gross unrecognized losses of $30,560,000 as of June 30, 2023 [105]. - The total loan portfolio as of June 30, 2023, was $1,256,304 million, with commercial and industrial loans accounting for $141,662 million [166]. Regulatory and Market Environment - The banking operating environment remains correlated with public trading prices, which could impact the trading prices of the company's common stock [28]. - Regulatory assessments increased by 83.5% to $356,000 in 2023 compared to $194,000 in 2022 [50]. - The Company is subject to various risks including competitive pressure, interest rate changes, and economic conditions in the Central Valley and Greater Sacramento Region [215]. Non-Interest Expenses - Non-interest expenses increased by $1,722,000 or 14.25% to $13,805,000 for the three months ended June 30, 2023, compared to $12,083,000 for the same period in 2022 [54]. - Total non-interest expenses rose to $13,805,000 in Q2 2023, up from $12,083,000 in Q2 2022, an increase of 14.2% [80]. - Total other non-interest expense for the three months ended June 30, 2023, was $4,565,000, an increase from $3,682,000 in the same period of 2022 [181].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO CENTRAL VALLEY COMMUNITY BANCORP (Exact name of registrant as specified in its charter) California 77-0539125 (State or other jurisdiction of incorporation or ...