PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

PARENT COMPANY FINANCIAL INFORMATION [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

18. PARENT COMPANY FINANCIAL INFORMATION

The condensed financial statements of the holding company are presented in the following tables:

COMMUNITY WEST BANCSHARES

Condensed Balance Sheets

	December 31,
	2023		2022
	(in thousands)
Assets:
Cash and cash equivalents	$	10,498	$	67
Investment in subsidiary		115,407		112,183
Other assets		521		419
Total assets	$	126,426	$	112,669
Liabilities and Stockholders’ Equity:
Other borrowings	$	10,000	$	—
Other liabilities		182		19
Total liabilities		10,182		19
Total stockholders’ equity		116,244		112,650
Total liabilities and stockholders’ equity	$	126,426	$	112,669

COMMUNITY WEST BANCSHARES

Condensed Income Statements

	December 31,
	2023			2022			2021
	(in thousands)
Interest income	$	—		$	—		$	—
Interest expense		51			16			17
Net interest expense		(51	)		(16	)		(17	)
Provision for credit losses		—			—			—
Net interest expense after provision for credit losses		(51	)		(16	)		(17	)
Equity in income from consolidated subsidiary		8,668			13,779			13,271
Total income		8,617			13,763			13,254
Total non-interest expenses		1,624			525			420
Income before income tax benefit		6,993			13,238			12,834
Income tax benefit		(323	)		(211	)		(267	)
Net income	$	7,316		$	13,449		$	13,101

COMMUNITY WEST BANCSHARES

Condensed Statements of Cash Flows

	December 31,
	2023			2022			2021
	(in thousands)
Cash Flows from Operating Activities:
Net income	$	7,316		$	13,449		$	13,101
Adjustments to reconcile net income to cash provided by operating activities:
Equity in undistributed income from subsidiary		(8,668	)		(13,779	)		(13,271	)
Stock-based compensation		464			289			318
Changes in:
Other assets		(102	)		(221	)		41
Other liabilities		163			15			(215	)
Net cash used in operating activities		(827	)		(247	)		(26	)
Cash Flows from Investing Activities:
Net dividends from and investment in subsidiary		3,626			1,375			1,600
Net cash provided by investing activities		3,626			1,375			1,600
Cash Flows from Financing Activities:
Proceeds from other borrowings		20,000			—			—
Repayments of other borrowings		(10,000	)		—			—
Common stock dividends paid		(2,824	)		(2,574	)		(2,312	)
Proceeds from exercise of stock options		456			974			1,204
Net cash provided by (used in) financing activities		7,632			(1,600	)		(1,108	)
Net increase (decrease) in cash and cash equivalents		10,431			(472	)		466
Cash and cash equivalents at beginning of year		67			539			73
Cash and cash equivalents at end of year	$	10,498		$	67		$	539