Community West Bancshares
Let’s work together
ANNUAL REPORT 2021
The year 2021 was filled with
both challenges and victories,
and was a great success for
Community West Bank.
Throughout the year, our work at the bank was filled with ongoing challenges related to the
COVID-19 pandemic and recession, resulting in remote work, cost cutting and employee shortages.
It has been a difficult time for everyone. We thank our outstanding team of bankers for working
together, undeterred, to provide the exceptional service clients expect from Community West Bank.
Their efforts, day in and day out, paved the way to make 2021 our bank’s most successful year ever.
Contributing to success was our continued participation in the SBA’s Paycheck Protection Program (PPP).
Our focus on delivering an exceptional client experience throughout the PPP process, from the initial
loan origination to the forgiveness process, is helping to bring in new business clients. As of December 31,
2021, we had 93 PPP loans totaling $21.3 million remaining on our balance sheet from both the first and
second rounds of funding and have $536,000 remaining in net unrecognized fees related to PPP loans
that will be recognized as income through amortization or once the loans are paid off or forgiven by the
SBA. As these loans are forgiven, we will use the liquidity to pursue new lending opportunities as well as
focus on further reduction in funding costs.
We delivered excellent full year 2021 financial results, highlighted by strong organic loan growth, record
loan production and solid revenue growth.
Net income was another record at $13.1 million, or $1.50 per share, an increase of 58% com-
pared to $8.2 million, or $0.97 per share in 2020.
Total loans, excluding PPP loans, increased $82.7 million, or 10.5%, compared to December 31,
2020.
Total assets ended the year at $1.16 billion, up $182 million from 2020.
Deposits grew by $184 million and non-interest deposits increased by $29 million.
Notable credit quality progress was made
in 2021, with past-due and delinquent
loans at all-time lows, and non-accrual
loans fell to $565,000, an 85% reduction
from 2020, and another all-time low. Our
performance ratios of return on assets
and return on equity are at all-time
highs, at 13.68% and 1.21% respectively –
by far our bank’s best results to date.
In April 2021, Community West Bank
was awarded a “Super Premier Perfor-
mance” rating by The Findley Reports.
For over 50 years, Findley has recognized
the financial performance of banking
institutions in California and the western
United States. Community West Bank is
rated 5-star Superior by Bauer Financial.
And Community West was named to
Piper Sandler’s Bank and Thrift Sm-All
Stars – Class of 2021. This award recog-
nized Community West as one of the top
35 best performing small capitalization
institutions from a list of publicly traded
banks and thrifts in the U.S. with market
capitalizations less than $2.5 billion. It is
an honor to be recognized so favorably.
With seven branch offices – from Oxnard
in the south to Paso Robles in the
north – Community West Bank is the
largest publicly traded and only com-
munity bank headquartered and serving
all of Ventura, Santa Barbara and San
Luis Obispo counties. As one of the
last remaining community banks along
California’s Central Coast, we believe we
are operating from a position of strength
and we will continue to work to create
value for our shareholders, our clients
and our communities.
We appreciate the support from you, our
shareholders, as we expand Community
West Bank’s capabilities in providing
personal service and trusted advice to
our clients.
William R. Peeples
Chairman of the Board
Martin E. Plourd
Chief Executive Officer
Community Involvement
Hundreds of hours are volunteered annually by Community West Bank employees
to non-profit organizations in the communities in which they live and work. And
our bank provides donations, sponsorships and grants to non-profits throughout
the Central Coast, from Ventura County to Paso Robles. Please refer to the
Community Involvement section of this annual report.
Community West Bank provides
financing to businesses and
families throughout California’s
Central Coast, supporting job
creation, economic vitality and
vibrant local communities.
The past two years have been challenging for our clients and com-
munities – public health and safety has become a primary concern
during the pandemic, lives have been disrupted, work and school
adjusted to remote access, jobs were lost and many businesses
have had difficulty remaining open.
Our bank is proud to step up in times of need to offer resources
which support the communities we serve. A number of local
business clients which have been able to keep their doors open –
and serving their clients – are featured in this publication.
Community West Bank first opened its doors in 1989 as Goleta
National Bank, with a single office at 5827 Hollister Avenue, and has
grown to seven full-service banking offices throughout Ventura, San-
ta Barbara and San Luis Obispo counties.
What makes Community West Bank different is not so much what
we do, but why we do it. The Founders of our bank had a simple
and enduring vision: To serve our community and customers like no
other bank. We remain committed to that vision – being the bank
of choice in the communities we serve – and firmly believe that
local deposits should be put to work locally. We focus on four core
competencies:
Relationship Banking
Manufactured Home Lending
Agricultural Lending
Government Guaranteed Lending
Please check us out at www.CommunityWestBank.com.
Relationship Banking
“Let’s Work Together” is our bank slogan and is central to the way Community West Bank
does business. Our experienced banking managers, loan officers and staff offer personal
service and local knowledge to assist with each client’s specific financial needs. Community
West Bank has developed an understanding for the special needs of our business clients,
and we are better able to make well guided local lending decisions based on firsthand
knowledge of the communities we serve. From revolving lines of credit, term loans and
commercial real estate financing, to agribusiness financing, equipment loans and SBA loans,
we offer the right financing solutions for local businesses.
Our banking services and deposit accounts are designed to contribute to the smooth and
efficient operation of our clients’ businesses. Community West Bank provides a full range of
convenient and secure treasury management services, including mobile banking apps for
businesses and personal customers, payment processing services, payroll services, positive
pay, lockbox services, remote deposit capture, ACH processing, business credit cards and
online banking with bill pay.
What sets us apart is the level of personal service, flexibility and attention to detail our
bankers provide to clients. It was true when Goleta National Bank first opened its doors over
30 years ago and remains true at Community West Bank today. That is the foundation for our
continued success.
Manufactured Home Lending
For over 20 years, Community West Bank has been a premier manufactured home loans
lender throughout Santa Barbara, Ventura and San Luis Obispo counties and in coastal
California communities from San Diego to San Francisco. For those who are purchasing a
manufactured home, we offer financing to fit their needs and a staff who focuses exclusively
on manufactured home financing.
We have developed strong relationships with California’s manufactured home dealers to bet-
ter serve the new home market. Manufactured home loans are retained in the bank’s portfo-
lio and Community West Bank holds more than 2,000 manufactured home loans—a portfolio
of over $295 million—in more than 330 well-maintained California mobile home parks.
Agricultural Lending
Community West Bank supports farm, ranch and agribusiness clients with Farmer Mac mortgage loans, offering long-term fixed rates for
land acquisition, loans to refinance existing debt and financing for capital improvements. We understand that the challenges faced by
agricultural clients are different from our other business clients, and require expertise, dedication and experience from their bankers.
Community West Bank has dedicated staff and resources focused on serving agricultural clients throughout California.
Our goal is to encourage growth throughout the agricultural sector – on California’s Central Coast and statewide. A commitment to
responsive personal service makes us stand out from other banks. We take pride in the portfolio of very satisfied clients who have
managed to make their Ag businesses thrive with the funding they received from us.
Government Guaranteed Lending
Community West Bank offers U.S. Small Business Administration (SBA) loan programs, as well as the U.S. Department of Agriculture
(USDA) Business & Industry loan program for businesses in rural areas. In 2022, we will enhance our focus on providing SBA 7(a) financ-
ing to local businesses.
Since 1989, Community West Bank has provided growing businesses with over $700 million in funding for commercial space, expansion
and capital improvements through government guaranteed lending programs, earning the “Preferred Lender” designation by the SBA.
This special status allows us to expedite the processing of loan applications for rapid closing with in-house approvals.
We work together.
A defining characteristic of a community bank is being a reliable resource,
supporting the financial needs of clients – in challenging times as well as in
good times. Local businesses of all sizes and types have struggled throughout
the COVID pandemic. In 2021, Community West Bank highlighted in television
ads clients who successfully kept their businesses open, serving their own
customers. We salute their commitment to serving our communities, and are
proud to work with our business clients when they need us most.
Community Involvement
Community West Bank employees proudly support non-profit and community organizations
throughout Ventura, Santa Barbara and San Luis Obispo counties.
805 AgKids
Affordable Housing Paso Robles
Goleta Lions Club
Goleta Rotary Club
Santa Barbara Community Animal Services
Santa Barbara County Animal Services
Alpha Resource Center of Santa Barbara
Goleta Valley Community Center
Santa Barbara Courthouse Legacy
Goleta Valley Cottage Hospital Foundation
Foundation
American Cancer Society
American Heart Association
BioMedley
Boys & Girls Clubs
Boy Scouts, Los Padres Council
Cal Lutheran University
Care for Paws
Central Coast Alliance United for
Sustainable Economy
Central Coast Economic Forecast
Grower Shipper Association
Habitat for Humanity
Housing Trust Fund of Santa Barbara
County
Interface Children’s Program
Legal Aid of Santa Barbara
Lobero Theater
Los Alamos Valley Men’s Club
Make A Wish Ventura County
Child Development Resources of Ventura
Marian Regional Medical Center
County
Children’s Creative Project
Foundation
Meals That Connect
City of Oxnard – Cinco de Mayo Committee
Museum of Ventura County
City of Oxnard – Fiesta Patrias Committee
National Association of Women Business
Clinicas del Camino Real
COLAB Ventura County
Commemorative Air Force
Community Health Centers of the Central
Coast
Cottage Hospital Foundation
Court Appointed Special Advocates of SLO
County (CASA)
Dos Pueblos Little League
El Camino Homeless Organization (ECHO)
Elite Pup Training
Fairview Gardens
Owners (NAWBO)
North County Rape Crisis and Child
Protection Center
North San Luis Obispo County Concert
Association
Old Spanish Days Fiesta
One805.org
Paso Robles Chamber of Commerce
Paso Robles Housing Authority
Paso Robles Pioneer Day
Paso Robles Rotary Club Foundation
Rotary Club San Luis Obispo Daybreak
Food Bank Coalition of San Luis Obispo
Salvation Army
Santa Barbara Family YMCA
Santa Barbara Foresters
Santa Barbara Historical Museum
Santa Barbara Police Foundation
Santa Barbara South Coast Chamber of
Commerce
Santa Barbara Zoological Gardens
Scholarship Foundation of Santa Barbara
Science and Engineering Council of Santa
Barbara
Solvang Senior Center
South Coast Railroad Museum
St. Vincent’s
Success Charities
Teacher’s Fund
Temple Beth Torah
Toy Bank of Greater Paso Robles
Transitions Mental Health Association
UCSB Advisory Board
UCSB Economic Forecast Project
United Boys & Girls Clubs of Santa Barbara
County
United Way Santa Barbara
Unity Shoppe
Ventura County Arts Events
Ventura County Contractors Association
Ventura County Medical Resource
County
Food From the Heart
Food Share Inc.
French Hospital Foundation
Gala Pride & Diversity Center
San Luis Obispo Chamber of Commerce
Foundation
San Luis Obispo Museum of Art
Vitalant Blood Services
San Luis Obispo Safe Ride
Westmont College Foundation
Santa Barbara Carriage and Western
Young Professionals Networking Group
Art Museum
2021 Financials Snapshot
Year Ended December 31,
2021
2020
2019
2018
2017
(in thousands, except per share amounts)
$46,078
$43,854
$45,739
$42,631
$37,391
3,704
42,374
(181)
42,555
3,753
27,995
18,313
5,212
$13,101
$1.53
8,568
$1.50
8,723
$11.72
7,265
36,589
1,223
35,366
3,912
27,523
11,755
3,510
$8,245
$0.97
8,473
$0.97
8,543
$10.50
11,382
34,357
(165)
34,522
3,607
26,755
11,374
3,411
7,963
$0.94
8,472
$0.93
8,579
$9.68
881,679
847,383
766,846
8,988
33,643
14
33,629
2,628
26,039
10,218
2,809
7,409
$0.89
8,288
$0.88
8,451
$8.92
759,552
877,291
Results of Operations:
Interest income
Interest expense
Net interest income
Provision (credit) for loan losses
Net interest income after provision for loan losses
Non-interest income
Non-interest expenses
Income before income taxes
Provision (benefit) for income taxes
Net income
Per Share Data:
Income per common share - basic
Weighted average shares outstanding - basic
Income per common share - diluted
Weighted average shares outstanding - diluted
Book value per common share
Selected Balance Sheet Data:
Net loans
Total assets
Total deposits
Total liabilities
1,157,052
950,131
975,435
766,185
913,870
750,934
716,006
1,055,677
886,428
831,892
801,140
Total stockholders' equity
101,375
89,007
81,978
76,151
Selected Financial and Liquidity Ratios:
Return on average stockholders' equity
Return on average assets
Equity to assets ratio
Community Banking Leverage Ratio
Tier 1 leverage ratio
Common Equity Tier 1 ratio
Tier 1 risk-based capital ratio
Total risk-based capital ratio
13.68%
1.21%
8.76%
N/A
8.56%
11.02%
11.02%
12.19%
9.70%
0.85%
9.12%
9.29%
9.57%
11.40%
11.40%
12.65%
10.15%
0.91%
8.97%
—
9.33%
10.60%
10.60%
11.73%
10.02%
0.88%
8.68%
—
8.96%
10.10%
10.10%
11.26%
4,729
32,662
411
32,251
2,757
24,545
10,463
5,548
4,915
$0.60
8,146
$0.57
8,589
$8.55
726,189
833,315
699,684
763,245
70,070
7.16%
0.64%
8.41%
—
8.72%
9.96%
9.96%
11.17%
Board of Directors
William R. Peeples
Chairman of the Board,
Community West
Bancshares
Private Investor
Martin E. Plourd
Chief Executive Officer
Robert H. Bartlein
Chairman of the Board,
Community West Bank
President and CEO,
Bartlein & Co.
Dana L. Boutain
Certified Public Accountant
Managing Director, CBIZ
Suzanne Chadwick
Retired Bank Executive
Tom L. Dobyns
Retired Bank CEO
John D. Illgen
Modeling and Simulation
Consultant
James W. Lokey
Retired Bank
Chairman and CEO
Shereef Moharram
Attorney
Partner, Price, Postel
& Parma LLP
Christopher R. Raffo
Farmer and Former
Community Bank
Equity Broker
Kirk B. Stovesand
Certified Public Accountant
Partner, Walpole & Co.
Celina L. Zacarias
Senior Director
of Community &
Government Relations
California State University
Channel Islands
Corporate Headquarters
Goleta
Oxnard
Paso Robles
Management Team
Executive Management Team
Senior Management Team
Locations
Martin E. Plourd
Chief Executive Officer
William F. Filippin
President
Chief Credit Officer
Richard Pimentel
Executive Vice President
Chief Financial Officer
T. Joseph Stronks
Executive Vice President
Chief Operating Officer
Chief Risk Officer
Jean Blois
Director Emeritus,
Former Mayor City of Goleta
Jason Bietz
Senior Vice President
Regional President
Clay Dickens
Senior Vice President
Senior Loan Consultant
Luis Garcia-Moreira
Senior Vice President
Treasury Management Manager
James Gray
Senior Vice President
Manufactured Housing Division Manager
Laura Maffei
Senior Vice President
Regional Agriculture Loan Manager
Janie Marlborough
Senior Vice President
Director of Credit Risk Management
Kevin Moon
Senior Vice President
Director of Marketing & Product Development
Jennifer Ofner
Senior Vice President
Director of Human Resources
Brian Schwabecher
Senior Vice President
Chief Banking Officer
Michael Will
Senior Vice President
Director of Legal and Asset Resolution
Corporate Information
Investor Relations Contact
Martin E. Plourd
Transfer Agent & Registrar
Computershare Trust Company
462 South 4th Street, Suite 1600
Louisville KY 40202
Independent Auditors
RSM US LLP
44 Montgomery Street, Suite 3900
San Francisco, CA 94104
Corporate Headquarters
445 Pine Avenue
Goleta, CA 93117
(805) 692-5821
www.communitywest.com
Branches
Goleta
5827 Hollister Avenue
Goleta, CA 93117
(805) 683-4944
Oxnard
300 E. Esplanade Drive
Oxnard, CA 93036
(805) 597-4140
Paso Robles
541 Spring Street
Paso Robles, CA 93446
(805) 597-7778
San Luis Obispo
4464 Broad Street
San Luis Obispo, CA 93401
(805) 597-3655
Santa Barbara
1501 State Street
Santa Barbara, CA 93101
(805) 962-7420
Santa Maria
122 E. Betteravia Road
Santa Maria, CA 93454
(805) 938-1690
Ventura
1463 S. Victoria Avenue
Ventura, CA 93003
(805) 650-1901
Corporate Counsel
Duane Morris LLP
865 S. Figueroa Street, Suite 3100
Los Angeles, CA 90017-5450
Annual Meeting
The Annual Meeting of Shareholders
of Community West Bancshares
will be held on May 26, 2022 at 6:30pm
PDT at La Cumbre Country Club,
4015 Via Laguna, Santa Barbara, CA.
Paso Robles
San Luis Obispo
Santa Barbara
Santa Maria
Ventura
Executive Management Team
Martin E. Plourd
Chief Executive Officer
William F. Filippin
President
Chief Credit Officer
T. Joseph Stronks
Executive Vice President
Chief Operating Officer
Chief Risk Officer
Richard Pimentel
Executive Vice President
Chief Financial Officer
Corporate Headquarters
445 Pine Avenue
Goleta, CA 93117
(805) 692-5821
Fax (805) 692-5835
www.communitywest.com
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