Community West Bancshares reports Q2 net loss of $6.3M; diluted loss $0.33 per share

Community West Bancshares

2024-Q2 EPS reported -$0.17

Net loss of $6,290,000 vs net income of $6,282,000 in Q2 2023; diluted loss $0.33 per share.
Loss driven by merger-related expenses, provision for loan losses on acquired portfolio, and securities sale loss.
Gross organic loan growth of $49M (8.89% annualized) in the quarter.
Net interest margin improved to 3.65% from 3.42% linked quarter; fair value accretion contributed 12 bps.
Merger completed April 1, 2024; combined entity now operates as Community West Bancshares (CWBC).

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