Central Valley Community Bancorp, now known as Community West Bancshares following its merger with Community West Bancshares on April 1, 2024, reported significant changes in its financial performance for the fiscal year ending December 31, 2024. The company recorded a net income of $7.67 million, a substantial decrease from $25.54 million in 2023. This decline in profitability was primarily attributed to merger-related expenses totaling $20.49 million, including a one-time provision for expected credit losses of $10.88 million related to the acquired loan portfolio. Diluted earnings per share fell to $0.45 from $2.17 in the previous year.
The merger significantly impacted the company's financial metrics, with total assets increasing by 44.7% to approximately $3.52 billion, up from $2.43 billion in 2023. Total loans surged by 80.8% to $2.33 billion, while total deposits rose by 43% to $2.91 billion. The company’s total equity also saw a notable increase, reaching $362.69 million compared to $207.06 million in the prior year. The cost of deposits increased to 1.53%, reflecting the competitive environment for attracting deposits.
Operationally, Community West Bancshares expanded its footprint to include 26 full-service banking offices across Central California, enhancing its market presence. The company reported a total market share of 4.10% in deposits across Fresno, Madera, San Joaquin, and Tulare counties, slightly down from 4.15% in 2023. The bank's employee count rose to 355, including 346 full-time employees, reflecting the integration of staff from the acquired institution.
Looking ahead, the company remains focused on managing its asset quality and capital adequacy while navigating the regulatory landscape. The management anticipates that the integration of Community West Bank will yield operational efficiencies and enhance its product offerings. However, the company also acknowledges potential risks, including economic conditions that could affect loan performance and the overall financial environment. The outlook for 2025 will depend on the successful execution of its strategic initiatives and the stabilization of its financial metrics post-merger.
About Community West Bancshares
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