Community West Bancshares,(CWBC) a leading financial institution , released its financial statements for the first quarter of 2023, showing a net income of $2.46 million. Alongside this impressive profit, the company's revenue surged, generating $13.59 million during the same period. Let's delve into the details of their consolidated balance sheets, income statements, and other key financial data for Q1 2023.**
At the end of Q1 2023, Community West Bancshares reported total assets amounting to $1.17 billion, representing a significant increase compared to $1.09 billion in assets recorded at the end of December 2022. The company's cash and cash equivalents also rose to $167.88 million, up from $64.69 million in the previous quarter. Investment securities, held-to-maturity securities, and loans held for investment remained major components of their asset portfolio.
Liabilities and Stockholders' Equity
Total deposits reached $920.80 million, reflecting growth from $875.08 million at the end of Q4 2022. Non-interest-bearing demand and interest-bearing demand deposits were the largest contributors to the deposit base. Other liabilities were reported at $18.99 million.
The stockholders' equity witnessed a slight increase, reaching $112.79 million, compared to $112.65 million in the previous quarter. This growth was primarily driven by the company's net income and exercise of stock options during the first quarter of 2023.
Consolidated Income Statements Highlights
Community West Bancshares reported an impressive total interest income of $13.59 million for Q1 2023. Interest income from loans, including fees, was the largest contributor to this figure, amounting to $12.49 million. Interest expense for the same period was reported at $2.56 million.
After accounting for provision for credit losses, the company achieved a net interest income of $11.03 million, compared to $10.74 million in the previous quarter. Furthermore, non-interest income amounted to $762,000, and non-interest expenses totaled $8.83 million, reflecting prudent cost management.
Net Income and Earnings per Share
For Q1 2023, Community West Bancshares reported a net income of $2.46 million, which translated to earnings per share of $0.27 on a diluted basis. This is a noteworthy achievement for the company as it navigated the financial landscape with solid performance and diligent risk management.
Comprehensive Income
The company's comprehensive income for Q1 2023 amounted to $1.98 million, inclusive of the net income and other comprehensive losses related to unrealized losses on securities available-for-sale.
Overall, Community West Bancshares demonstrated a robust financial performance during the first quarter of 2023, with substantial growth in both net income and revenue. With a strong balance sheet and prudent financial strategies, the company remains well-positioned to capitalize on opportunities in the evolving market.