Otherwise, the company’s net income would have been $1.9 million, up from $1.7 million for the same period in 2014, according to pacbiztimes. Total deposits for Q2 2015 rose six percent to $500.6 million, while net loans climbed 5.7 percent to $511.9 million, as compared to $484.1 a year ago.
According to president and CEO Martin Plourd, Community West terminated its real estate lending division Aug. 14 in order to concentrate on manufactured home and commercial lending. “With the increasing costs of regulatory compliance in residential real estate lending, along with lower anticipated volumes, increased competition and projected increasing interest rates, we decided to focus on our core strengths in commercial lending and manufactured-home mortgages,” he stated. “We continue to position the bank for future growth by strengthening our balance sheet, liquidity and capital base and exploring all growth opportunities,” he added.
MHProNews has learned from the company website that its loan portfolio as of March 31, 2015 totaled $481.5 million of which approximately 30 percent were manufactured housing loans. ##
(Image credit: Community West Bancshares)
