Community West Bancshares Files 2023 10-K/A Amendment

TL;DR

CVB filed an amended 2023 10-K. Check financials.

AI Summary

Community West Bancshares filed an amendment (10-K/A) on October 2, 2024, for their fiscal year ending December 31, 2023. The filing pertains to their operations as a commercial bank, headquartered in Fresno, California, with a business phone number of 559-298-1775. The company was formerly known as Central Valley Community Bancorp.

Why It Matters

This amendment provides updated financial and operational information for Community West Bancshares for the 2023 fiscal year, which is crucial for investors and analysts to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous report and does not appear to introduce new material risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K/A)
• 2024-10-02 — Filing Date (Date the amendment was filed)
• 2023-01-01 — Fiscal Year Start (Beginning of the reporting period)

Key Players & Entities

• Community West Bancshares (company) — Filer
• Central Valley Community Bancorp (company) — Former company name
• 7100 N. FINANCIAL DRIVE, #101 (location) — Business and mailing address
• Fresno, CA (location) — City and State of headquarters
• 559-298-1775 (phone_number) — Business phone

FAQ

Key Financial Figures

• $3.7 m — rded a decrease to retained earnings of $3.7 million, net of taxes, for the cumulative
• $14.7 million — lowance for credit losses for loans was $14.7 million as of December 31, 2023. The allowance
• $0 — , net of allowance for credit losses of $0, with an amortized cost of $669,646 at
• $669,646 — losses of $0, with an amortized cost of $669,646 at December 31, 2023 and $740,468 at De
• $740,468 — st of $669,646 at December 31, 2023 and $740,468 at December 31, 2022 597,196 648,825 H
• $1,051 — ost less allowance for credit losses of $1,051 at December 31, 2023 and $0 at December
• $14,653 — ns, less allowance for credit losses of $14,653 at December 31, 2023 and $10,848 at Dec
• $10,848 — ses of $14,653 at December 31, 2023 and $10,848 at December 31, 2022 1,276,144 1,245,45
• $0.47 — expense — 562 — — 562 Cash dividend ($0.47 per common share) — — ( 5,757 ) — ( 5,7
• $0.48 — expense — 776 — — 776 Cash dividend ($0.48 per common share) — — ( 5,638 ) — ( 5,6
• $250,000 — ard maximum deposit insurance amount of $250,000 for each deposit insurance ownership ca

Filing Documents

• cvcy-20231231.htm (10-K/A) — 2865KB
• exhibit2312023-moss10xkaco.htm (EX-23.1) — 3KB
• exhibit2322023-crowe10xkac.htm (EX-23.2) — 4KB
• exhibit3112024q410-ka.htm (EX-31.1) — 14KB
• exhibit3122023q410-ka.htm (EX-31.2) — 14KB
• exhibit3212023q410-ka.htm (EX-32.1) — 6KB
• exhibit3222023q410-ka.htm (EX-32.2) — 6KB
• 0001628280-24-041802.txt ( ) — 16319KB
• cvcy-20231231.xsd (EX-101.SCH) — 81KB
• cvcy-20231231_cal.xml (EX-101.CAL) — 165KB
• cvcy-20231231_def.xml (EX-101.DEF) — 566KB
• cvcy-20231231_lab.xml (EX-101.LAB) — 1083KB
• cvcy-20231231_pre.xml (EX-101.PRE) — 860KB
• cvcy-20231231_htm.xml (XML) — 3314KB

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 4 ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES 51

SIGNATURES

SIGNATURES 57 Table of Contents PART II

- FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Central Valley Community Bancorp Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Central Valley Community Bancorp and subsidiary (the "Company") as of December 31, 2023, the related consolidated statements of income, comprehensive income (loss), changes in shareholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2023, and the consolidated results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Notes 1, 2, and 3 to the consolidated financial statements, the Company changed its method of accounting for allowance for credit losses as of January 1, 2023, due to the adoption of Accounting Standards Updated No. 2016-13, which established Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses . Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB.

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General - Central Valley Community Bancorp (the "Company") was incorporated on February 7, 2000 and subsequently obtained approval from the Board of Governors of the Federal Reserve System to be a bank holding company in connection with its acquisition of Central Valley Community Bank (the "Bank"). The Company became the sole shareholder of the Bank on November 15, 2000 in a statutory merger, pursuant to which each outstanding share of the Bank's common stock was exchanged for one share of common stock of the Company. Service 1st Capital Trust I (the Trust) is a business trust formed by Service 1st for the sole purpose of issuing trust preferred securities. The Company succeeded to all the rights and obligations of Service 1st in connection with the acquisition of Service 1st. The Trust is a wholly-owned subsidiary of the Company. The Bank operates 19 full service offices throughout California's San Joaquin Valley and Greater Sacramento Region. The Bank's primary source of revenue is providing loans to customers who are predominately small and middle-market businesses and individuals. The deposits of the Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable legal limits. Depositors' accounts at an insured depository institution, including all non-interest bearing transactions accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount of $250,000 for each deposit insurance ownership category. The accounting and reporting policies of the Company and the Bank conform with accounting principles generally accepted i

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View this 10-K/A filing on SEC EDGAR