Community West Bancshares
For the period ended Apr 21, 2025. Filed Apr 21, 2025.
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Apr 21, 2025 · Filed Apr 21, 2025
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Contents
EX-99.1 · Balance Sheet Summary
Balance Sheet Summary
Total assets for the period ended March 31, 2025 increased $31,315,000 or 0.89%, compared to the period ended December 31, 2024. Total average assets for the quarter ended March 31, 2025 were $3,528,337,000 compared to $2,420,810,000 for the quarter ended March 31, 2024 and $3,524,115,000 for the quarter ended December 31, 2024, an increase of $1,107,527,000 or 45.8% and an increase of $4,222,000 or 0.12%, respectively. As a result of the merger on April 1, 2024, the Company recorded goodwill of approximately $43 million and core deposit intangibles of $10.0 million.
For the quarter ended March 31, 2025, the Company’s average gross investment securities decreased by $125,834,000, or 13.00%, compared to the quarter ended March 31, 2024, and decreased by $10,163,000, or 1.19%, compared to the quarter ended December 31, 2024. This decrease compared to the prior year was the result of sales and maturities of available for sale (AFS) securities.
In comparing the quarter ended March 31, 2025 to the quarters ended March 31, 2024 and December 31, 2024, total average gross loans increased $1,050,929,000 or 81.91%, and increased by $25,817,000 or 1.12%, respectively.
Community West Bancshares -- page 7
The following table shows the Company’s outstanding loan portfolio composition as of March 31, 2025 and December 31, 2024:
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Loan Type (dollars in thousands) | Amount | % of Total | Amount | % of Total |
| Commercial: | ||||
| Commercial and industrial | $146,736 | 6.2% | $143,422 | 6.1% |
| Agricultural production | 28,045 | 1.2% | 37,323 | 1.6% |
| Total commercial | 174,781 | 7.4% | 180,745 | 7.7% |
| Real estate: | ||||
| Construction & other land loans | 71,075 | 3.0% | 67,869 | 2.9% |
| Commercial real estate - owner occupied | 325,838 | 13.9% | 323,188 | 13.9% |
| Commercial real estate - non-owner occupied | 923,589 | 39.3% | 913,165 | 39.1% |
| Farmland | 137,587 | 5.9% | 139,815 | 6.0% |
| Multi-family residential | 143,524 | 6.1% | 133,595 | 5.7% |
| 1-4 family - close-ended | 121,751 | 5.2% | 123,445 | 5.3% |
| 1-4 family - revolving | 32,477 | 1.4% | 35,421 | 1.5% |
| Total real estate | 1,755,841 | 74.8% | 1,736,498 | 74.4% |
| Consumer: | ||||
| Manufactured housing | 319,211 | 13.6% | 322,263 | 13.8% |
| Other installment | 95,180 | 4.1% | 92,839 | 4.0% |
| Total consumer | 414,391 | 17.7% | 415,102 | 17.8% |
| Net deferred origination costs | 1,884 | 0.1% | 1,876 | 0.1% |
| Total gross loans | 2,346,897 | 100.0% | 2,334,221 | 100.0% |
| Allowance for credit losses | (26,095) | (25,803) | ||
| Total loans | $2,320,802 | $2,308,418 | ||
The composition of deposits at March 31, 2025 and December 31, 2024 is summarized in the table below:
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| (Dollars in thousands) | Amount | % of Total | Amount | % of Total |
| NOW accounts | $422,834 | 14.4% | $470,548 | 16.2% |
| MMA accounts | 865,973 | 29.6% | 843,145 | 29.0% |
| Time deposits | 453,460 | 15.5% | 443,284 | 15.2% |
| Savings deposits | 174,123 | 5.9% | 172,976 | 5.9% |
| Total interest-bearing | 1,916,390 | 65.4% | 1,929,953 | 66.3% |
| Non-interest bearing | 1,012,548 | 34.6% | 980,824 | 33.7% |
| Total deposits | $2,928,938 | 100.0% | $2,910,777 | 100.0% |
Total average deposits increased $851,336,000 or 41.42%, to $2,906,477,000 for the quarter ended March 31, 2025, compared to $2,055,141,000 for the quarter ended March 31, 2024, and increased $1,609,000, or 0.06%, compared to $2,904,868,000 for the quarter ended December 31, 2024. The Company’s ratio of average non-interest bearing deposits to total deposits was 34.30% for the quarter ended March 31, 2025, compared to 45.30% and 36.02% for the quarters ended March 31, 2024 and December 31, 2024, respectively.
Community West Bancshares -- page 8
The Company has significant liquidity, both on and off-balance sheet, to meet customer demand. During the year-to-date period, the Company’s cash and cash equivalents increased $27,994,000 to $148,392,000 compared to $120,398,000 at December 31, 2024. The Company had $134,377,000, net of discount, in short-term borrowings at March 31, 2025 compared to $133,442,000 at December 31, 2024.
At March 31, 2025 and December 31, 2024, the Company had the following sources of primary and secondary liquidity:
| Liquidity Sources (in thousands) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $148,392 | $120,398 |
| Unpledged investment securities | 361,254 | 403,669 |
| Excess pledged securities | 70,306 | 69,866 |
| FHLB borrowing availability | 589,261 | 576,556 |
| Unsecured lines of credit availability | 110,000 | 110,000 |
| Funds available through FRB discount window | 3,770 | 3,828 |
| Total | $1,282,983 | $1,284,317 |
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