This week provider of manufactured home loans, Community West Bancshares, parent company of Community West Bank, reported a loss of $8.6 million in the fourth quarter ended December 31, 2011 (4Q11) compared to net income of $1.1 million in the fourth quarter a year ago (4Q10). The company says quarter over quarter results were significantly impacted by a $6.7 million valuation allowance against net deferred tax assets and a loan loss provision in 4Q11 of $5.9 million as compared to $1.3 million in 4Q10. For the full year, Community West had a net loss of $10.5 million compared to net income of $2.1 million in 2010. The loan loss provision for 2011 was $14.6 million compared to $8.7 million in 2010. Nonaccrual loans totaled $28.7 million, or 5.23 percent of total loans at December 31, 2011 compared to $36.6 million, or 6.50 percent of total loans at September 30, 2011 and $12.7 million, or 2.13 percent of total loans at December 31, 2010. Nonaccrual loans as a percentage of total common equity were 80.6 percent at December 31, 2011 compared to 82.6 percent at September 30, 2011 and 27.1 percent at December 31, 2010. Of the $28.7 million in nonaccrual loans, $21.6 million, or 75.2 percent were real estate loans, $1.7 million, or 5.8 percent were SBA loans, $3.4 million, or 11.8 percent were manufactured housing loans, $2.0 million, or 7.1 percent were commercial loans and $29,000, or 0.1 percent were other installment loans. Net loans were $532.7 million at December 31, 2011 compared to $580.6 million at December 31, 2010. Commercial real estate loans outstanding were down slightly from year ago levels to $168.8 million at December 31, 2011 and comprise 30.8 percent of the total loan portfolio. Manufactured housing loans were down 2.7 percent from year ago levels to $189.3 million and represent 34.6 percent of total loans.
