0001628280-24-036559.txt : 20240812 0001628280-24-036559.hdr.sgml : 20240812 20240809192829 ACCESSION NUMBER: 0001628280-24-036559 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 89 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240812 DATE AS OF CHANGE: 20240809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Community West Bancshares CENTRAL INDEX KEY: 0001127371 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 770539125 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31977 FILM NUMBER: 241194365 BUSINESS ADDRESS: STREET 1: 7100 N. FINANCIAL DRIVE, #101 CITY: FRESNO STATE: CA ZIP: 93720 BUSINESS PHONE: 559-298-1775 MAIL ADDRESS: STREET 1: 7100 N. FINANCIAL DRIVE, #101 CITY: FRESNO STATE: CA ZIP: 93720 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL VALLEY COMMUNITY BANCORP DATE OF NAME CHANGE: 20001117 10-Q 1 cvcy-20240630.htm 10-Q cvcy-20240630
0001127371false12-312024Q236.7512P1MP1YP1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecvcy:security00011273712024-01-012024-06-3000011273712024-07-3100011273712024-06-3000011273712023-12-3100011273712024-04-012024-06-3000011273712023-04-012023-06-3000011273712023-01-012023-06-300001127371us-gaap:CommonStockMember2023-03-310001127371us-gaap:RetainedEarningsMember2023-03-310001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100011273712023-03-310001127371us-gaap:RetainedEarningsMember2023-04-012023-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001127371us-gaap:CommonStockMember2023-04-012023-06-300001127371us-gaap:CommonStockMember2023-06-300001127371us-gaap:RetainedEarningsMember2023-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000011273712023-06-300001127371us-gaap:CommonStockMember2024-03-310001127371us-gaap:RetainedEarningsMember2024-03-310001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-3100011273712024-03-310001127371us-gaap:RetainedEarningsMember2024-04-012024-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001127371us-gaap:CommonStockMember2024-04-012024-06-300001127371us-gaap:CommonStockMember2024-06-300001127371us-gaap:RetainedEarningsMember2024-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001127371us-gaap:CommonStockMember2022-12-310001127371us-gaap:RetainedEarningsMember2022-12-310001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100011273712022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001127371us-gaap:RetainedEarningsMember2023-01-012023-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001127371us-gaap:CommonStockMember2023-01-012023-06-300001127371us-gaap:CommonStockMember2023-12-310001127371us-gaap:RetainedEarningsMember2023-12-310001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001127371us-gaap:RetainedEarningsMember2024-01-012024-06-300001127371us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001127371us-gaap:CommonStockMember2024-01-012024-06-300001127371cvcy:CommunityWestBancsharesMember2024-04-010001127371cvcy:CommunityWestBancsharesMember2024-04-012024-04-010001127371us-gaap:USTreasurySecuritiesMember2024-06-300001127371us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-06-300001127371us-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300001127371us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371us-gaap:CorporateDebtSecuritiesMember2024-06-300001127371us-gaap:USTreasurySecuritiesMember2023-12-310001127371us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001127371us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001127371us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001127371us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001127371us-gaap:CorporateDebtSecuritiesMember2023-12-310001127371cvcy:InvestmentConcentrationRiskMembercvcy:TwoIssuersMembercvcy:ShareholdersEquityMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-01-012024-06-300001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-12-310001127371cvcy:ExternalCreditRatingAAAAAARatingMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371cvcy:ExternalCreditRatingBBBBBBRatingMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371cvcy:ExternalCreditRatingNotRatedMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371cvcy:ExternalCreditRatingAAAAAARatingMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371cvcy:ExternalCreditRatingBBBBBBRatingMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371cvcy:ExternalCreditRatingNotRatedMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371cvcy:ExternalCreditRatingAAAAAARatingMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371cvcy:ExternalCreditRatingBBBBBBRatingMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371cvcy:ExternalCreditRatingNotRatedMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371cvcy:ExternalCreditRatingAAAAAARatingMember2024-06-300001127371cvcy:ExternalCreditRatingBBBBBBRatingMember2024-06-300001127371cvcy:ExternalCreditRatingNotRatedMember2024-06-300001127371cvcy:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001127371cvcy:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001127371cvcy:AgriculturalLandandProductionMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMember2023-12-310001127371cvcy:RealEstateConstructionAndOtherLandLoansMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371cvcy:RealEstateConstructionAndOtherLandLoansMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371cvcy:OwnerOccupiedRealEstateMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371cvcy:OwnerOccupiedRealEstateMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371us-gaap:CommercialRealEstateMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371srt:MultifamilyMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371srt:MultifamilyMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371cvcy:A14FamilyCloseEndedMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371cvcy:A14FamilyCloseEndedMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371cvcy:A14FamilyRevolvingMembercvcy:RealEstatePortfolioSegmentMember2024-06-300001127371cvcy:A14FamilyRevolvingMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMember2023-12-310001127371cvcy:ManufacturedHousingMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001127371cvcy:ManufacturedHousingMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371cvcy:OtherInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001127371cvcy:OtherInstallmentMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:ConsumerPortfolioSegmentMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371cvcy:SmallBusinessAdministrationProgramsMember2024-06-300001127371cvcy:SmallBusinessAdministrationProgramsMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMember2024-03-310001127371cvcy:RealEstatePortfolioSegmentMember2024-03-310001127371cvcy:FamilyRealEstateMember2024-03-310001127371us-gaap:ConsumerPortfolioSegmentMember2024-03-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMembercvcy:RealEstatePortfolioSegmentMember2024-03-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMembercvcy:FamilyRealEstateMember2024-03-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310001127371us-gaap:CommercialPortfolioSegmentMember2024-04-012024-06-300001127371cvcy:RealEstatePortfolioSegmentMember2024-04-012024-06-300001127371cvcy:FamilyRealEstateMember2024-04-012024-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2024-04-012024-06-300001127371cvcy:FamilyRealEstateMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMember2023-03-310001127371cvcy:RealEstatePortfolioSegmentMember2023-03-310001127371cvcy:FamilyRealEstateMember2023-03-310001127371us-gaap:ConsumerPortfolioSegmentMember2023-03-310001127371us-gaap:CommercialPortfolioSegmentMember2023-04-012023-06-300001127371cvcy:RealEstatePortfolioSegmentMember2023-04-012023-06-300001127371cvcy:FamilyRealEstateMember2023-04-012023-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2023-04-012023-06-300001127371us-gaap:CommercialPortfolioSegmentMember2023-06-300001127371cvcy:RealEstatePortfolioSegmentMember2023-06-300001127371cvcy:FamilyRealEstateMember2023-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2023-06-300001127371cvcy:FamilyRealEstateMember2023-12-310001127371us-gaap:UnallocatedFinancingReceivablesMember2023-12-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMembercvcy:RealEstatePortfolioSegmentMember2023-12-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMembercvcy:FamilyRealEstateMember2023-12-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:UnallocatedFinancingReceivablesMember2023-12-310001127371us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMember2024-01-012024-06-300001127371cvcy:RealEstatePortfolioSegmentMember2024-01-012024-06-300001127371cvcy:FamilyRealEstateMember2024-01-012024-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-06-300001127371us-gaap:UnallocatedFinancingReceivablesMember2024-01-012024-06-300001127371us-gaap:UnallocatedFinancingReceivablesMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMember2022-12-310001127371cvcy:RealEstatePortfolioSegmentMember2022-12-310001127371cvcy:FamilyRealEstateMember2022-12-310001127371us-gaap:ConsumerPortfolioSegmentMember2022-12-310001127371us-gaap:UnallocatedFinancingReceivablesMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercvcy:RealEstatePortfolioSegmentMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercvcy:FamilyRealEstateMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001127371srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:UnallocatedFinancingReceivablesMember2022-12-310001127371us-gaap:CommercialPortfolioSegmentMember2023-01-012023-06-300001127371cvcy:RealEstatePortfolioSegmentMember2023-01-012023-06-300001127371cvcy:FamilyRealEstateMember2023-01-012023-06-300001127371us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-06-300001127371us-gaap:UnallocatedFinancingReceivablesMember2023-01-012023-06-300001127371us-gaap:UnallocatedFinancingReceivablesMember2023-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMembercvcy:ManufacturedHomesMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:RealEstateMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:MachineryAndEquipmentMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:CollateralPledgedMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMembercvcy:ManufacturedHomesMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:RealEstateMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:MachineryAndEquipmentMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:CollateralPledgedMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMembercvcy:ManufacturedHomesMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:RealEstateMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:MachineryAndEquipmentMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:CollateralPledgedMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMembercvcy:ManufacturedHomesMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:RealEstateMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:MachineryAndEquipmentMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:CollateralPledgedMember2024-06-300001127371cvcy:ManufacturedHomesMember2024-06-300001127371us-gaap:RealEstateMember2024-06-300001127371us-gaap:MachineryAndEquipmentMember2024-06-300001127371us-gaap:CollateralPledgedMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMember2024-04-012024-04-010001127371cvcy:CommercialRealEstateClassMembercvcy:RealEstatePortfolioSegmentMember2024-04-012024-04-010001127371cvcy:AgriculturalRealEstateMembercvcy:RealEstatePortfolioSegmentMember2024-04-012024-04-010001127371cvcy:A14FamilyMembercvcy:RealEstatePortfolioSegmentMember2024-04-012024-04-010001127371cvcy:ManufacturedHousingMemberus-gaap:ConsumerPortfolioSegmentMember2024-04-012024-04-0100011273712024-04-012024-04-010001127371cvcy:CommercialAndIndustrialMemberus-gaap:PassMember2024-06-300001127371cvcy:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:CommercialAndIndustrialMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:CommercialAndIndustrialMember2024-06-300001127371cvcy:CommercialAndIndustrialMember2024-04-012024-06-300001127371cvcy:AgriculturalProductionMemberus-gaap:PassMember2024-06-300001127371cvcy:AgriculturalProductionMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:AgriculturalProductionMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:AgriculturalProductionMember2024-06-300001127371cvcy:AgriculturalProductionMember2024-04-012024-06-300001127371cvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:PassMember2024-06-300001127371cvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:RealEstateConstructionAndOtherLandLoansMember2024-06-300001127371cvcy:RealEstateConstructionAndOtherLandLoansMember2024-04-012024-06-300001127371cvcy:OwnerOccupiedRealEstateMemberus-gaap:PassMember2024-06-300001127371cvcy:OwnerOccupiedRealEstateMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:OwnerOccupiedRealEstateMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:OwnerOccupiedRealEstateMember2024-06-300001127371cvcy:OwnerOccupiedRealEstateMember2024-04-012024-06-300001127371us-gaap:CommercialRealEstateMemberus-gaap:PassMember2024-06-300001127371us-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2024-06-300001127371us-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2024-06-300001127371us-gaap:CommercialRealEstateMember2024-06-300001127371us-gaap:CommercialRealEstateMember2024-04-012024-06-300001127371cvcy:AgriculturalRealEstateMemberus-gaap:PassMember2024-06-300001127371cvcy:AgriculturalRealEstateMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:AgriculturalRealEstateMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:AgriculturalRealEstateMember2024-06-300001127371cvcy:AgriculturalRealEstateMember2024-04-012024-06-300001127371srt:MultifamilyMemberus-gaap:PassMember2024-06-300001127371srt:MultifamilyMemberus-gaap:SpecialMentionMember2024-06-300001127371srt:MultifamilyMemberus-gaap:SubstandardMember2024-06-300001127371srt:MultifamilyMember2024-06-300001127371srt:MultifamilyMember2024-04-012024-06-300001127371cvcy:A14FamilyCloseEndedMemberus-gaap:PassMember2024-06-300001127371cvcy:A14FamilyCloseEndedMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:A14FamilyCloseEndedMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:A14FamilyCloseEndedMember2024-06-300001127371cvcy:A14FamilyCloseEndedMember2024-04-012024-06-300001127371cvcy:A14FamilyRevolvingMemberus-gaap:PassMember2024-06-300001127371cvcy:A14FamilyRevolvingMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:A14FamilyRevolvingMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:A14FamilyRevolvingMember2024-06-300001127371cvcy:A14FamilyRevolvingMember2024-04-012024-06-300001127371cvcy:ManufacturedHousingMemberus-gaap:PassMember2024-06-300001127371cvcy:ManufacturedHousingMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:ManufacturedHousingMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:ManufacturedHousingMember2024-06-300001127371cvcy:ManufacturedHousingMember2024-04-012024-06-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:PassMember2024-06-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:SpecialMentionMember2024-06-300001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:SubstandardMember2024-06-300001127371cvcy:EquityLoansAndLinesOfCreditMember2024-06-300001127371cvcy:EquityLoansAndLinesOfCreditMember2024-04-012024-06-300001127371us-gaap:PassMember2024-06-300001127371us-gaap:SpecialMentionMember2024-06-300001127371us-gaap:SubstandardMember2024-06-300001127371cvcy:CommercialAndIndustrialMemberus-gaap:PassMember2023-12-310001127371cvcy:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:CommercialAndIndustrialMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:CommercialAndIndustrialMember2023-12-310001127371cvcy:CommercialAndIndustrialMember2023-01-012023-12-310001127371cvcy:AgriculturalProductionMemberus-gaap:PassMember2023-12-310001127371cvcy:AgriculturalProductionMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:AgriculturalProductionMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:AgriculturalProductionMember2023-12-310001127371cvcy:AgriculturalProductionMember2023-01-012023-12-310001127371cvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:PassMember2023-12-310001127371cvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:RealEstateConstructionAndOtherLandLoansMember2023-12-310001127371cvcy:RealEstateConstructionAndOtherLandLoansMember2023-01-012023-12-310001127371cvcy:OwnerOccupiedRealEstateMemberus-gaap:PassMember2023-12-310001127371cvcy:OwnerOccupiedRealEstateMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:OwnerOccupiedRealEstateMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:OwnerOccupiedRealEstateMember2023-12-310001127371cvcy:OwnerOccupiedRealEstateMember2023-01-012023-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:PassMember2023-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2023-12-310001127371us-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2023-12-310001127371us-gaap:CommercialRealEstateMember2023-12-310001127371us-gaap:CommercialRealEstateMember2023-01-012023-12-310001127371cvcy:AgriculturalRealEstateMemberus-gaap:PassMember2023-12-310001127371cvcy:AgriculturalRealEstateMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:AgriculturalRealEstateMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:AgriculturalRealEstateMember2023-12-310001127371cvcy:AgriculturalRealEstateMember2023-01-012023-12-310001127371srt:MultifamilyMemberus-gaap:PassMember2023-12-310001127371srt:MultifamilyMemberus-gaap:SpecialMentionMember2023-12-310001127371srt:MultifamilyMemberus-gaap:SubstandardMember2023-12-310001127371srt:MultifamilyMember2023-12-310001127371srt:MultifamilyMember2023-01-012023-12-310001127371cvcy:A14FamilyCloseEndedMemberus-gaap:PassMember2023-12-310001127371cvcy:A14FamilyCloseEndedMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:A14FamilyCloseEndedMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:A14FamilyCloseEndedMember2023-12-310001127371cvcy:A14FamilyCloseEndedMember2023-01-012023-12-310001127371cvcy:A14FamilyRevolvingMemberus-gaap:PassMember2023-12-310001127371cvcy:A14FamilyRevolvingMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:A14FamilyRevolvingMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:A14FamilyRevolvingMember2023-12-310001127371cvcy:A14FamilyRevolvingMember2023-01-012023-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:PassMember2023-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:SpecialMentionMember2023-12-310001127371cvcy:EquityLoansAndLinesOfCreditMemberus-gaap:SubstandardMember2023-12-310001127371cvcy:EquityLoansAndLinesOfCreditMember2023-12-310001127371cvcy:EquityLoansAndLinesOfCreditMember2023-01-012023-12-310001127371us-gaap:LoansMemberus-gaap:PassMember2023-12-310001127371us-gaap:LoansMemberus-gaap:SpecialMentionMember2023-12-310001127371us-gaap:LoansMemberus-gaap:SubstandardMember2023-12-310001127371us-gaap:LoansMember2023-12-310001127371us-gaap:LoansMember2023-01-012023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:ManufacturedHousingMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:OtherInstallmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:OtherInstallmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:OtherInstallmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:OtherInstallmentMemberus-gaap:FinancialAssetPastDueMember2024-06-300001127371us-gaap:ConsumerPortfolioSegmentMembercvcy:OtherInstallmentMemberus-gaap:FinancialAssetNotPastDueMember2024-06-300001127371us-gaap:FinancialAssetNotPastDueMember2024-06-300001127371us-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001127371us-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001127371us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001127371us-gaap:FinancialAssetPastDueMember2024-06-300001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:CommercialAndIndustrialMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371us-gaap:CommercialPortfolioSegmentMembercvcy:AgriculturalLandandProductionMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:OwnerOccupiedRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:RealEstateConstructionAndOtherLandLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:AgriculturalRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyCloseEndedMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:RealEstatePortfolioSegmentMembercvcy:A14FamilyRevolvingMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001127371us-gaap:FinancialAssetNotPastDueMember2023-12-310001127371us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001127371us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001127371us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001127371us-gaap:FinancialAssetPastDueMember2023-12-310001127371cvcy:UnsecuredCreditLinesMemberus-gaap:LetterOfCreditMember2024-06-300001127371srt:FederalHomeLoanBankOfSanFranciscoMember2024-06-300001127371cvcy:OvernightBorrowingsMember2024-06-300001127371srt:FederalHomeLoanBankOfSanFranciscoMember2023-12-310001127371cvcy:OvernightBorrowingsMember2023-12-310001127371cvcy:FederalHomeLoanBankOfSanFranciscoMaturingApril2025Member2024-06-300001127371cvcy:FederalHomeLoanBankOfSanFranciscoMaturingJune2025Member2024-06-300001127371us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2024-06-300001127371us-gaap:FederalHomeLoanBankAdvancesMember2024-06-300001127371us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001127371cvcy:FederalReserveBankMemberus-gaap:LetterOfCreditMemberus-gaap:FederalReserveBankAdvancesMember2024-06-300001127371cvcy:FederalReserveBankMemberus-gaap:LetterOfCreditMemberus-gaap:FederalReserveBankAdvancesMember2023-12-310001127371cvcy:FederalReserveBankTermLoanFundingProgramMemberus-gaap:LetterOfCreditMember2024-06-300001127371cvcy:FederalReserveBankTermLoanFundingProgramMemberus-gaap:LetterOfCreditMember2023-12-310001127371cvcy:FederalReserveBankMemberus-gaap:FederalReserveBankAdvancesMember2023-12-310001127371cvcy:FederalReserveBankMemberus-gaap:FederalReserveBankAdvancesMember2024-06-300001127371cvcy:UnsecuredCreditLinesMemberus-gaap:LetterOfCreditMember2023-12-310001127371us-gaap:FederalHomeLoanBankBorrowingsMemberus-gaap:LetterOfCreditMember2024-06-300001127371us-gaap:FederalHomeLoanBankBorrowingsMemberus-gaap:LetterOfCreditMember2023-12-310001127371cvcy:FederalReserveBankMemberus-gaap:LetterOfCreditMember2023-12-310001127371cvcy:FederalReserveBankMemberus-gaap:LetterOfCreditMember2024-06-300001127371cvcy:SubordinatedDebtDue2031Memberus-gaap:SubordinatedDebtMember2024-06-300001127371cvcy:SubordinatedDebtDue2031Memberus-gaap:SubordinatedDebtMember2023-12-310001127371us-gaap:SubordinatedDebtMember2024-06-300001127371us-gaap:SubordinatedDebtMember2023-12-310001127371us-gaap:SeniorNotesMember2024-06-300001127371us-gaap:SeniorNotesMember2023-12-310001127371us-gaap:SubordinatedDebtMember2021-11-120001127371cvcy:SubordinatedDebtDue2031Memberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMember2026-12-012026-12-010001127371us-gaap:SubordinatedDebtMember2023-04-012023-06-300001127371us-gaap:SubordinatedDebtMember2024-04-012024-06-300001127371us-gaap:SubordinatedDebtMember2023-01-012023-06-300001127371us-gaap:SubordinatedDebtMember2024-01-012024-06-300001127371us-gaap:SeniorNotesMember2022-09-150001127371us-gaap:SeniorNotesMember2022-09-152022-09-1500011273712022-09-150001127371us-gaap:SeniorNotesMember2024-04-012024-06-300001127371us-gaap:SeniorNotesMember2024-01-012024-06-300001127371us-gaap:SeniorNotesMember2023-04-012023-06-300001127371us-gaap:SeniorNotesMember2023-01-012023-06-300001127371us-gaap:JuniorSubordinatedDebtMember2024-01-012024-06-3000011273712022-09-152022-09-150001127371us-gaap:CommitmentsToExtendCreditMember2024-06-300001127371us-gaap:CommitmentsToExtendCreditMember2023-12-310001127371us-gaap:UnusedLinesOfCreditMember2024-06-300001127371us-gaap:UnusedLinesOfCreditMember2023-12-310001127371srt:MinimumMemberus-gaap:UnusedLinesOfCreditMember2024-01-012024-06-300001127371srt:MaximumMemberus-gaap:UnusedLinesOfCreditMember2024-01-012024-06-300001127371cvcy:UnusedPortionOfConstructionLoansMember2024-06-300001127371cvcy:UnusedPortionOfConstructionLoansMember2023-12-310001127371us-gaap:StandbyLettersOfCreditMember2024-06-300001127371us-gaap:StandbyLettersOfCreditMember2023-12-310001127371srt:MaximumMemberus-gaap:StandbyLettersOfCreditMember2024-01-012024-06-300001127371cvcy:ProbableLoanLossExperienceOnUnfundedObligationsMember2024-06-300001127371cvcy:ProbableLoanLossExperienceOnUnfundedObligationsMember2023-12-310001127371us-gaap:RestrictedStockMember2024-06-300001127371us-gaap:RestrictedStockMember2023-06-300001127371srt:MinimumMember2024-01-012024-06-300001127371srt:MaximumMember2024-01-012024-06-300001127371us-gaap:EmployeeStockOptionMember2024-01-012024-06-300001127371us-gaap:RestrictedStockMembersrt:MinimumMember2024-01-012024-06-300001127371us-gaap:RestrictedStockMembersrt:MaximumMember2024-01-012024-06-300001127371us-gaap:RestrictedStockMember2023-12-310001127371us-gaap:RestrictedStockMember2024-01-012024-06-300001127371us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001127371us-gaap:FairValueInputsLevel1Member2024-06-300001127371us-gaap:FairValueInputsLevel2Member2024-06-300001127371us-gaap:FairValueInputsLevel3Member2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001127371us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001127371us-gaap:FairValueInputsLevel1Member2023-12-310001127371us-gaap:FairValueInputsLevel2Member2023-12-310001127371us-gaap:FairValueInputsLevel3Member2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-06-300001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310001127371us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001127371us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001127371us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001127371us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001127371us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001127371us-gaap:SubsequentEventMember2024-07-172024-07-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM                        TO
 
COMMISSION FILE NUMBER: 000-31977
 
COMMUNITY WEST BANCSHARES
(Exact name of registrant as specified in its charter)
California 77-0539125
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
7100 N. Financial Dr., Suite 101, Fresno, California
 93720
(Address of principal executive offices) (Zip code)
 
Registrant’s telephone number (559) 298-1775

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, no par valueCWBC
NASDAQ Capital Market
(Title of Each Class)(Trading Symbol)(Name of Each Exchange on which Registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐ 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer  ☐ Accelerated filer Emerging growth company
Non-accelerated filer  ☒ Small reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  ☒
1



As of July 31, 2024 there were 18,940,558 shares of the registrant’s common stock outstanding.
2


COMMUNITY WEST BANCSHARES
 
2024 QUARTERLY REPORT ON FORM 10-Q
 
TABLE OF CONTENTS
 
 

2



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain matters set forth herein (including any exhibits hereto) constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations regarding future operating results. Forward-looking statements may include, but are not limited to, the use of forward-looking language, such as “likely result in,” “expects,” “anticipates,” “estimates,” “forecasts,” “projects,” “intends to,” or may include other similar words or phrases, such as “believes,” “plans,” “trend,” “objective,” “continues,” “remains,” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” “may,” “might,” “can,” or similar verbs. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to:

current and future business, economic and market conditions in the United States generally or in the communities we serve, including the effects of declines in property values and overall slowdowns in economic growth should these events occur;
inflationary pressures and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make, whether held in the portfolio or in the secondary market;
effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Open Market Committee of the Federal Reserve Board;
geopolitical and domestic political developments that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, and increase the volatility of financial markets;
changes in the level of nonperforming assets and charge offs and other credit quality measures, and their impact on the adequacy of our allowance for credit losses and our provision for credit losses;
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers, and the success of construction projects that we finance;
our ability to achieve loan growth and attract deposits in our market area, the impact of the cost of deposits and our ability to retain deposits;
liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold for sale and our ability to raise additional capital, if necessary;
continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than we are;
challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services;
restraints on the ability of Community West Bank to pay dividends to us, which could limit our liquidity;
increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all;
inaccuracies in our assumptions about future events, which could result in material differences between our financial projections and actual financial performance;
changes in our management personnel or our inability to retain, motivate and hire qualified management personnel;
disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems;
disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;
an inability to keep pace with the rate of technological advances due to a lack of resources to invest in new technologies;
risks related to the proposed merger with Community West Bancshares, including, among others, conditions to the closing of the merger may not be satisfied; the expected business expansion may be less successful as projected; the integration of each party’s management, personnel and operations may not be successfully achieved or may be materially delayed or may be more costly or difficult than expected, deposit attrition, customer or employee loss and/or revenue loss as a result of the announcement of the proposed merger, and expenses related to the proposed merger may be greater than expected;
natural disasters, such as earthquakes, drought, pandemic diseases (such as the coronavirus) or extreme weather events, any of which may affect services we use or affect our customers, employees or third parties with which we conduct business;
compliance with governmental and regulatory requirements, relating to banking, consumer protection, securities and tax matters; and
our ability to the manage the foregoing.
3



The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by the forward looking statements in this report. In addition, our past results of operations are not necessarily indicative of our future results. You should not rely on any forward looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Further information on other factors that could affect the financial results of the Company are included in Item 1A of this Annual Report on Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). These documents are available free of charge at the SEC website at http://www.sec.gov.

4



PART 1: FINANCIAL INFORMATION
 
ITEM 1: FINANCIAL STATEMENTS

COMMUNITY WEST BANCSHARES
CONSOLIDATED BALANCE SHEETS
 (Unaudited)
(In thousands, except share amounts)June 30, 2024December 31, 2023
  
ASSETS  
Cash and due from banks$26,437 $30,017 
Interest-earning deposits in other banks83,232 23,711 
Total cash and cash equivalents109,669 53,728 
Available-for-sale debt securities, at fair value, net of allowance for credit losses of $0, with an amortized cost of $598,174 at June 30, 2024 and $669,646 at December 31, 2023, respectively
531,972 597,196 
Held-to-maturity debt securities, at amortized cost less allowance for credit losses of $1,076 at June 30, 2024 and $1,051 at December 31, 2023, respectively
301,898 302,442 
Equity securities, at fair value6,551 6,649 
Loans, less allowance for credit losses of $24,940 at June 30, 2024 and $14,653 at December 31, 2023, respectively
2,231,631 1,276,144 
Bank premises and equipment, net21,752 14,042 
Bank-owned life insurance51,166 41,572 
Federal Home Loan Bank stock10,978 7,136 
Goodwill96,379 53,777 
Accrued interest receivable and other assets122,675 80,740 
Total assets$3,484,671 $2,433,426 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
Non-interest bearing$1,075,882 $951,541 
Interest bearing1,793,418 1,090,071 
Total deposits2,869,300 2,041,612 
Borrowings150,638 80,000 
Senior debt and subordinated debentures, less debt issuance costs of $375 at June 30, 2024 and $411 at December 31, 2023
69,817 69,744 
Accrued interest payable and other liabilities44,674 35,006 
Total liabilities3,134,429 2,226,362 
Commitments and contingencies (Note 9)
Shareholders’ equity:  
Preferred stock, no par value; 10,000,000 shares authorized, none issued and outstanding
  
Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 18,939,531 at June 30, 2024 and 11,818,039 at December 31, 2023
206,821 62,550 
Retained earnings204,250 210,548 
Accumulated other comprehensive loss, net of tax(60,829)(66,034)
Total shareholders’ equity350,242 207,064 
Total liabilities and shareholders’ equity$3,484,671 $2,433,426 
 
See notes to unaudited consolidated financial statements.
5



COMMUNITY WEST BANCSHARES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
(In thousands, except share and per-share amounts) 2024202320242023
INTEREST INCOME:  
Interest and fees on loans$36,197 $17,382 $54,497 $34,159 
Interest on deposits in other banks1,076 1,374 1,507 1,449 
Interest and dividends on investment securities:
Taxable5,328 5,826 10,828 11,712 
Exempt from Federal income taxes1,396 1,405 2,792 2,810 
Total interest income43,997 25,987 69,624 50,130 
INTEREST EXPENSE:  
Interest on deposits12,266 4,871 17,285 5,876 
Interest on borrowings1,758  2,379 661 
Interest on senior debt and subordinated debentures916 911 1,831 1,807 
Total interest expense14,940 5,782 21,495 8,344 
Net interest income before provision for credit losses29,057 20,205 48,129 41,786 
PROVISION (CREDIT) FOR CREDIT LOSSES9,831 (343)10,407 290 
Net interest income after provision for credit losses19,226 20,548 37,722 41,496 
NON-INTEREST INCOME:  
Service charges480 367 864 755 
Net realized losses on sales and calls of investment securities (1,974)(39)(2,346)(257)
Other income2,894 1,266 4,519 2,671 
Total non-interest income1,400 1,594 3,037 3,169 
NON-INTEREST EXPENSES:  
Salaries and employee benefits13,451 7,976 22,090 16,010 
Occupancy and equipment2,423 1,264 3,966 2,521 
Other12,629 4,565 17,780 8,479 
Total non-interest expenses28,503 13,805 43,836 27,010 
(Loss) income before (benefit) provision for income taxes(7,877)8,337 (3,077)17,655 
(Benefit) provision for income taxes (1,587)2,055 (463)4,403 
Net (loss) income$(6,290)$6,282 $(2,614)$13,252 
Earnings per common share:  
Basic earnings per share$(0.33)$0.54 $(0.17)$1.13 
Weighted average common shares used in basic computation18,814,020 11,723,127 15,282,274 11,713,524 
Diluted earnings per share$(0.33)$0.54 $(0.17)$1.13 
Weighted average common shares used in diluted computation18,937,036 11,740,390 15,369,528 11,738,037 
Cash dividend per common share$0.12 $0.12 $0.24 $0.24 
 
See notes to unaudited consolidated financial statements.
6



COMMUNITY WEST BANCSHARES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
(In thousands)2024202320242023
Net (loss) income$(6,290)$6,282 $(2,614)13,252 
Other comprehensive income:
Unrealized gains on securities:
Unrealized holding gains (losses) arising during the period1,815 (282)3,902 6,152 
Reclassification of net losses included in net income1,974 39 2,346 257 
Amortization of net unrealized losses transferred 555 573 1,142 1,200 
Other comprehensive income, before tax4,344 330 7,390 7,609 
Tax effect(1,284)(97)(2,185)(2,250)
Total other comprehensive income3,060 233 5,205 5,359 
Comprehensive (loss) income$(3,230)$6,515 $2,591 $18,611 

See notes to unaudited consolidated financial statements.
7


 
COMMUNITY WEST BANCSHARES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
THREE MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
Accumulated
Other
Comprehensive Loss
(Net of Taxes)
Total Shareholders’ Equity
Common StockRetained Earnings
(In thousands, except share amounts)SharesAmount
Balance, March 31, 202311,754,938 $61,924 $196,229 $(76,101)182,052 
Net income— — 6,282 — 6,282 
Other comprehensive income— — — 233 233 
Stock issued under employee stock purchase plan3,649 47 — — 47 
Restricted stock granted net of forfeitures53,877 — — — — 
Stock-based compensation expense— 158 — — 158 
Cash dividend— — (1,411)— (1,411)
Repurchase and retirement of common stock(39)(1)— — (1)
Balance, June 30, 202311,812,425 $62,128 $201,100 $(75,868)$187,360 
Balance, March 31, 202411,831,994 $62,801 $212,805 $(63,889)$211,717 
Net loss— — (6,290)— (6,290)
Other comprehensive income— — — 3,060 3,060 
Issuance of common stock due to business combination, net of issuance costs7,037,202 143,712 — — 143,712 
Stock issued under employee stock purchase plan3,654 77 — — 77 
Restricted stock granted net of forfeitures62,785 — — — — 
Stock-based compensation expense— 187 — — 187 
Cash dividend— — (2,265)— (2,265)
Stock options exercised 5,017 63 — — 63 
Repurchase and retirement of common stock(1,121)(19)— — (19)
Balance, June 30, 202418,939,531 $206,821 $204,250 $(60,829)$350,242 

See notes to unaudited consolidated financial statements.





















8



COMMUNITY WEST BANCSHARES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
SIX MONTHS ENDED JUNE 30, 2024 AND 2023
Common StockRetained EarningsAccumulated
Other
Comprehensive Income (Loss)
(Net of Taxes)
Total Shareholders’ Equity
(In thousands, except share amounts)SharesAmount
Balance, December 31, 202211,735,291 $61,487 $194,400 $(81,227)$174,660 
Implementation of ASU 2016-13, Current Expected Credit Loss (CECL) Day 1 Adjustment— — (3,731)— (3,731)
Adjusted Balance, January 1, 202311,735,291 $61,487 $190,669 $(81,227)$170,929 
Net income— — 13,252 — 13,252 
Other comprehensive loss— — — 5,359 5,359 
Stock issued under employee stock purchase plan7,792 123 — — 123 
Stock awarded to employees10,347 — — — — 
Restricted stock granted net of forfeitures59,034 — — — — 
Stock-based compensation expense— 519 — — 519 
Cash dividend— — (2,821)— (2,821)
Repurchase and retirement of common stock(39)(1)— — (1)
Balance, June 30, 202311,812,425 $62,128 $201,100 $(75,868)$187,360 
Balance, December 31, 202311,818,039 $62,550 $210,548 $(66,034)$207,064 
Net loss— — (2,614)— (2,614)
Other comprehensive income— — — 5,205 5,205 
Issuance of common stock due to business combination, net of issuance costs7,037,202 143,712 — — 143,712 
Stock issued under employee stock purchase plan8,034 147 — — 147 
Restricted stock granted net of forfeitures72,360 — — — — 
Stock-based compensation expense 368 — — 368 
Cash dividend— — (3,684)— (3,684)
Stock options exercised and related tax benefit5,017 63 — — 63 
Repurchase and retirement of common stock(1,121)(19)— — (19)
Balance, June 30, 202418,939,531 $206,821 $204,250 $(60,829)$350,242 

See notes to unaudited consolidated financial statements.

9


COMMUNITY WEST BANCSHARES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 For the Six Months
 Ended June 30,
(In thousands)20242023
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net (loss) income$(2,614)$13,252 
Adjustments to reconcile net income to net cash provided by operating activities: 
Net (decrease) increase in deferred loan fees(299)94 
Depreciation937 311 
Accretion(942)(971)
Amortization2,154 4,562 
Stock-based compensation368 519 
Provision for credit losses10,407 290 
Net realized losses on sales and calls of available-for-sale investment securities2,346 257 
Net gain on disposal of premises and equipment14  
Net change in equity securities98  
Increase in bank-owned life insurance, net of expenses(623)(503)
Net decrease in accrued interest receivable and other assets2,506 (2,069)
Net increase in accrued interest payable and other liabilities(1,284)(649)
(Benefit) provision for deferred income taxes(2,762)381 
Net cash provided by operating activities10,306 15,474 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Net cash and cash equivalents acquired in acquisition58,523  
Proceeds from sales or calls of available-for-sale investment securities38,289 12,376 
Proceeds from calls of held-to-maturity investment securities 20 
Proceeds from maturity and principal repayments of available-for-sale investment securities29,144 20,166 
Proceeds from maturity and principal repayments of held-to-maturity investment securities875 1,180 
Net (increase) decrease in loans(45,127)556 
Purchases of premises and equipment(880)(3,263)
FHLB stock purchased(350)(967)
Net cash provided by investing activities80,474 30,068 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net decrease in demand, interest bearing and savings deposits(38,089)(40,296)
Net increase in time deposits21,743 140,941 
Proceeds from short-term borrowings from Federal Home Loan Bank714,500 3,346,500 
Repayments of short-term borrowings to Federal Home Loan Bank(728,565)(3,392,500)
Repayments of borrowings from FRB Bank Term Funding Program(935) 
Repurchase and retirement of common stock(19)(1)
Proceeds from stock issued under employee stock purchase plan147 123 
Excess tax benefit from exercise of stock options63  
Cash dividend payments on common stock(3,684)(2,821)
Net cash (used in) provided by financing activities(34,839)51,946 
Increase in cash and cash equivalents55,941 97,488 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD53,728 31,170 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$109,669 $128,658 
 
See notes to unaudited consolidated financial statements.
10


 For the Six Months
 Ended June 30,
(In thousands)20242023
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:  
Cash paid during the period for:
  
Interest$18,366 $8,621 
Income taxes2,380 5,400 
Operating cash flows from operating leases1,157 1,231 
Non-cash investing and financing activities:
Unrealized gain on securities available for sale$6,248 $6,652 
Acquisition:
Assets acquired$1,041,385 $— 
Liabilities assumed$(940,276)$— 
See notes to unaudited consolidated financial statements.

11


COMMUNITY WEST BANCSHARES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)

Note 1. 
 
Description of Business and Basis of Presentation
The interim unaudited condensed consolidated financial statements of Community West Bancshares and subsidiary have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). These interim condensed consolidated financial statements include the accounts of Community West Bancshares and its wholly owned subsidiary Community West Bank (the Bank) (collectively, the Company). All significant intercompany accounts and transactions have been eliminated in consolidation.  Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been omitted. The Company believes that the disclosures are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2023 Annual Report to Shareholders on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2024, and the results of its operations and its cash flows for the three and six month interim periods ended June 30, 2024 and 2023 have been included. The results of operations for interim periods are not necessarily indicative of results for the full year.
 
Use of Estimates in the Preparation of Financial Statements
The preparation of these interim unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
 
Segment and Significant Group Concentration of Credit Risk
Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment, and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank.


Recently Issued or Adopted Accounting Pronouncements

Compensation—Stock Compensation (Topic 718) - In March 2024, the Financial Accounting Standards Board (FASB) issued guidance within Accounting Standards Update (ASU) 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments in the ASU apply to companies that provide employees and non-employees with profits interest and similar awards to align compensation with the company’s operating performance and provide those holders with the opportunity to participate in future profits and/or equity appreciation of the company. The purpose of the ASU is to clarify the application of the scope guidance in Accounting Standards Codification (ASC) paragraph 718-10-15-3 in determining if a profit interest award should be accounted for in accordance with Topic 718: Compensation—Stock Compensation. The amendment in ASC paragraph 718-10-15-3 is solely intended to improve the overall clarity and does not change the guidance.

The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. If the Company adopts the amendments in an interim period, it should adopt them as of the beginning of the annual period that includes the interim period. The amendments should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) on a prospective basis. The Company has evaluated this ASU and does not expect the adoption to have a material impact on the Company’s Consolidated Financial Statements, as the Company does not typically provide these types of awards.

12


In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply ASU 2021-01 on contract modifications that change the interest rate used for margining, discounting, or contract price alignment retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. An entity may elect to apply ASU 2021-01 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020, and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. This ASU extends the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company is in the process of evaluating the provisions of this ASU but does not expect it to have a material impact on the Company's consolidated financial statements.

FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU was issued to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024. The adoption of this accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements but will result in the expansion of the income tax disclosures.

FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU was issued to address stakeholder requests for more detailed information about expenses within each reportable segment and address disclosure requirements there within. The amendments retain existing disclosure requirements, and expand upon them for both interim and annual reporting periods. In addition, entities with a single reportable segment must now provide all segment disclosures required, including the new disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements but will result in inclusion of certain segment reporting requirements not previously required.


Note 2.  Business Combinations

Effective on April 1, 2024, Central Valley Community Bancorp (“Central Valley”) completed its merger transaction with Community West Bancshares (“Community West”). Shortly thereafter Community West Bank (“CWB”), a wholly owned subsidiary of Community West, merged with and into Central Valley Community Bank (“CVCB”), a wholly-owned subsidiary of Central Valley, with CVCB being the surviving banking institution. Effective with these mergers, the corporate name of Central Valley and CVCB were changed to Community West Bancshares and Community West Bank, respectively.

Pursuant to the terms of the merger, holders of Community West common stock received 0.79 of a share of common stock of Central Valley for each share of Community West common stock held immediately prior to the effective time of the mergers, with cash to be paid in lieu of any fractional shares of common stock of Central Valley. As a result of the mergers, Central Valley issued approximately 7,037,202 shares of Central Valley common stock. The financial condition and results of operation of the combined companies is reported in the second quarter results.

The acquisition of Community West has been accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed, intangibles recognized and consideration exchanged was recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. We recorded the fair values based on the valuations available as of reporting date. In accordance with business combination accounting guidance, we will continue to evaluate these fair values for up to one year following the merger date of April 1, 2024. While management believes the information available and presented below provide a reasonable basis for estimating fair value, we may obtain additional information and evidence during the
13


measurement period that could result in changes to the estimated fair value amounts. Valuation subject to change include, but not limited to, loans and leases, deposits, deferred tax items, and certain other assets and liabilities.

The following table summarizes the consideration paid for Community West Bank and the amounts of assets acquired and liabilities assumed that were recorded at the acquisition date (in thousands):

Community West
April 1, 2024
Fair value of consideration transferred:
Fair value of shares issued$139,970 
Cash consideration2 
Fair value of options assumed3,742 
Total merger consideration$143,714 
Assets acquired:
Cash and cash equivalents$58,523 
Securities available-for-sale846 
Loans and leases920,094 
Premises and equipment7,608 
Cash value of life insurance8,971 
Other assets45,343 
Total assets acquired1,041,385 
Liabilities assumed:
Deposits(844,035)
Borrowings(85,638)
Other liabilities(10,603)
Total liabilities assumed(940,276)
Total net assets acquired101,109 
Goodwill created from transaction$42,605 

The acquisition resulted in goodwill of $42.6 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects the related synergies from the combined operations.

The following table presents the fair value and gross contractual amounts receivable of acquired non-credit deteriorated loans from the recent acquisition on April 1, 2024, and their respective expected contractual cash flows as of the acquisition date:
Community West
April 1, 2024
Fair value$892,090 
Gross contractual amounts receivable1,124,200 
Estimate of contractual cash flows not expected to be collected (1)
13,375 
Estimate of contractual cash flows expected to be collected1,110,825 
(1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default.

The acquisition improves the Company’s footprint in Central California, expanding to the Central Coast. The acquisition diversifies its commercial banking business, adds additional revenue enhancing products, improves the Bank’s loan to deposit ratio, and creates operational efficiencies. Revenues and earnings of the acquired company since the acquisition date have not been disclosed as it is not practicable as Community West was merged into the Company and separate financial information is not readily available.


14



Note 3. Investments
 
The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at June 30, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrealized gains and losses (in thousands): 
 June 30, 2024
Available-for-Sale SecuritiesAmortized 
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Debt securities:    
U.S. Treasury securities$9,993 $ $(1,070)$8,923 $ 
U.S. Government agencies99  (7)92  
Obligations of states and political subdivisions196,230  (19,586)176,644  
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations83,098 10 (4,853)78,255  
Private label mortgage and asset backed securities308,285 7 (40,706)267,586  
Corporate debt securities469 3  472  
Total available-for-sale$598,174 $20 $(66,222)$531,972 $ 
June 30, 2024
Held-to-Maturity SecuritiesAmortized Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Debt securities:
Obligations of states and political subdivisions$192,112 $73 $(15,732)$176,453 $15 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations10,925  (1,971)8,954  
Private label mortgage and asset backed securities53,812  (5,777)48,035 34 
Corporate debt securities46,125  (4,174)41,951 1,027 
Total held-to-maturity$302,974 $73 $(27,654)$275,393 $1,076 
 December 31, 2023
Available-for-Sale SecuritiesAmortized
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Allowance for Credit Losses
Debt securities:    
U.S. Treasury securities$9,990 $ $(1,036)$8,954 $ 
U.S. Government agencies102  (7)95  
Obligations of states and political subdivisions198,070  (17,848)180,222  
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations88,874 3 (5,525)83,352  
Private label mortgage and asset backed securities372,610 10 (48,047)324,573  
Total available-for-sale$669,646 $13 $(72,463)$597,196 $ 

15


December 31, 2023
Held-to-Maturity SecuritiesAmortized 
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
Estimated
 Fair Value
Allowance for Credit Losses
Debt securities:
Obligations of states and political subdivisions$192,070 $70 $(14,188)$177,952 $20 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations10,758  (1,692)9,066  
Private label mortgage and asset backed securities54,579  (5,944)48,635 11 
Corporate debt securities46,086  (4,736)41,350 1,020 
Total held-to-maturity$303,493 $70 $(26,560)$277,003 $1,051 

Proceeds and gross realized gains (losses) from the sales or calls of available-for-sale investment securities for the periods ended June 30, 2024 and 2023 are shown below (in thousands):

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
Available-for-Sale Securities2024202320242023
Proceeds from sales or calls$32,589 $310 $38,289 $12,376 
Gross realized gains from sales or calls    
Gross realized losses from sales or calls$(1,974)$(39)$(2,346)$(257)

The provision for income taxes includes a $584,000 and $12,000 income tax benefit from security sales for the three months ended June 30, 2024 and 2023. The provision for income taxes includes a $693,000 and $76,000 income tax benefit from security sales for the six months ended June 30, 2024 and 2023.

The amortized cost and estimated fair value of available-for-sale and held-to maturity investment securities at June 30, 2024 by contractual maturity is shown below (in thousands).  Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

June 30, 2024December 31, 2023
Available-for-Sale SecuritiesAmortized 
Cost
Estimated Fair
Value
Amortized 
Cost
Estimated Fair
Value
Within one year$ $ $ $ 
After one year through five years15,662 13,888 9,992 8,954 
After five years through ten years34,050 29,911 40,264 35,379 
After ten years156,511 141,768 157,804 144,843 
 206,223 185,567 208,060 189,176 
Investment securities not due at a single maturity date:  
U.S. Government agencies99 92 102 95 
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations83,098 78,255 88,874 83,352 
Private label mortgage and asset backed securities308,285 267,586 372,610 324,573 
Corporate debt securities469 472 
Total available-for-sale$598,174 $531,972 $669,646 $597,196 

16


June 30, 2024December 31, 2023
Held-to-Maturity SecuritiesAmortized 
Cost
Estimated Fair
Value
Amortized 
Cost
Estimated Fair
Value
Within one year$ $ $ $ 
After one year through five years8,502 8,171 8,463 8,136 
After five years through ten years74,993 68,883 74,746 68,552 
After ten years108,617 99,399 108,861 101,264