Community West Bank(US:CWBC)2022-11-11 00:41Financial Performance - Total interest and dividend income for the three months ended September 30, 2022, was $12,654 thousand, an increase from $11,835 thousand in the same period of 2021, representing a growth of 6.9%[8] - Net income for the nine months ended September 30, 2022, was $10,073 thousand, compared to $10,207 thousand for the same period in 2021, reflecting a decrease of 1.3%[8] - Earnings per share (EPS) for the three months ended September 30, 2022, was $0.39 diluted, down from $0.41 diluted in the same period of 2021, a decline of 4.9%[8] - Net income for the three months ended September 30, 2022, was $3,478,000, a decrease of 4.3% compared to $3,635,000 for the same period in 2021[10] - Comprehensive income for the three months ended September 30, 2022, was $3,171,000, down from $3,623,000 in the prior year, reflecting a decline of 12.5%[10] - For the nine months ended September 30, 2022, net income totaled $10,073,000, a slight decrease of 1.3% from $10,207,000 in the same period of 2021[10] Expenses and Income Tax - Total non-interest expenses for the nine months ended September 30, 2022, were $22,693 thousand, an increase of 11.3% compared to $20,389 thousand for the same period in 2021[8] - The provision for income taxes for the nine months ended September 30, 2022, was $3,851 thousand, down from $4,077 thousand in the same period of 2021, a decrease of 5.6%[8] Assets and Liabilities - Total assets as of September 30, 2022, were $1,088,278 thousand, a decrease from $1,157,052 thousand as of December 31, 2021, representing a decline of 5.9%[6] - Total liabilities as of September 30, 2022, were $852,189 thousand, down from $950,131 thousand as of December 31, 2021, a decrease of 10.3%[6] - Total stockholders' equity increased to $109,821,000 as of September 30, 2022, up from $98,767,000 a year earlier, representing an increase of 11.2%[12] Dividends - The company declared dividends of $0.075 per common share for the three months ended September 30, 2022, compared to $0.070 per common share in the same period of 2021, an increase of 7.1%[8] - The company reported a cash dividend of $1,916,000 paid on common stock for the nine months ended September 30, 2022, compared to $1,709,000 in the previous year, reflecting an increase of 12.1%[22] Loan Performance - The provision for loan losses was $266,000 for the nine months ended September 30, 2022, compared to a credit of $207,000 in the same period of 2021[22] - The total loans held for investment reached $923,598,000 as of September 30, 2022, compared to $868,675,000 as of December 31, 2021, indicating an increase of about 6.3%[83] - The allowance for loan losses was $11,113,000 as of September 30, 2022, compared to $10,404,000 as of December 31, 2021, reflecting an increase of approximately 6.8%[83] - The total recorded investment in past due held for investment loans is $924,549 thousand, with $1,644 thousand over 90 days and accruing[89] - The total amount of corporate debt securities was $9,250,000, with gross unrealized losses of $880,000[72] Investment Securities - As of September 30, 2022, the total amortized cost of investment securities was $58,192,000, with a fair value of $57,115,000, reflecting gross unrealized losses of $1,116,000[72] - The fair value of U.S. Treasury securities was $39,795,000 as of September 30, 2022, with gross unrealized losses of $135,000[78] - The total gross unrealized losses for securities available-for-sale were $946,000 as of September 30, 2022, with a fair value of $49,943,000[78] Cash Flow and Operating Activities - The company reported a net cash provided by operating activities of $14,456,000 for the nine months ended September 30, 2022, compared to $17,008,000 for the same period in 2021, indicating a decrease of 15%[22] - Cash and cash equivalents at the end of the period were $51,295,000, down from $186,935,000 at the end of the previous year, reflecting a decrease of 72.6%[22] Regulatory Ratios - CWB's actual regulatory ratios as of September 30, 2022, included Total Capital to Risk-Weighted Assets at 12.46%, Tier 1 Capital at 11.30%, and Leverage Ratio at 9.83%, all exceeding minimum capital requirements[148] Non-Interest Income - Non-interest income in-scope of ASC 606 for the three months ended September 30, 2022, was $216 thousand, compared to $184 thousand for the same period in 2021, reflecting a growth of 17.39%[154] - Service charges on deposit accounts for the three months ended September 30, 2022, were $87 thousand, an increase from $59 thousand in the same period of 2021, representing a growth of 47.46%[154] - Non-interest income decreased to $872 for the three months ended September 30, 2022, down by $168 from $1,040 in 2021, a decline of approximately 16.2%[178]