Wed, Oct 2, 10:40 AM (290 days ago)
Community West Bancshares filed an amendment (Form 10-K/A) to correct a typographical error in its original 10-K filing for the fiscal year ending December 31, 2023. The key financial highlights include a net income of $25,536,000, with earnings per share at $2.17, reflecting a slight decline from $2.27 in 2022. Total assets increased marginally to $2,433,426,000, while total liabilities decreased to $2,226,362,000. The allowance for credit losses rose to $14,653,000 from $10,848,000, following the adoption of the CECL methodology. The company reported a provision of $309,000 for credit losses, indicating stable economic conditions. Shareholders' equity improved to $207,064,000, driven by retained earnings growth. The company anticipates a merger with Community West Bancshares, effective April 1, 2024, which is expected to enhance its market position. Risk factors include concentrated loan portfolios in commercial and real estate sectors, which may be affected by economic downturns. Overall, the company maintains a solid financial condition with a well-capitalized status under regulatory guidelines.