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EXHIBIT 99.1
COMMUNITY WEST BANCSHARES
Pro-Forma
Existing Parent-Only Adjustment Reflecting Acquisition Parent-Only
Balance Sheet Balance Sheet
-------------------- ---------------------------------- -------------
ASSETS DR (CR)
Cash $ 4,896 $ 250,000(1) $ 254,986
Note Receivable - Shareholder $ 5,000 $ 5,000
Organizational Expense $15,781 $ 15,781
Equity Investment in Subsidiary Bank $ 0 $12,358,878(3,2) $12,358,878
----------------- -----------
Total Assets $25,857 $12,608,878 $ 0 $12,634,735
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LIABILITIES
Bridge Loan $ 250,000(1) $ 250,000
Legal Expenses Payable $15,871 $ 15,871
---------------- -----------
Total Liabilities $15,871 $ 265,871
STOCKHOLDER'S EQUITY
Common Stock $10,000 $ 4,051,645(2,3) $ 4,061,645
Surplus $ 0 $ 4,748,665(2,3) $ 4,748,665
Retained (Deficit) Earnings $ (14) $ 3,558,568(3) $ 3,558,554
---------------- -----------
Total Equity $ 9,986 $12,368,864
---------------- -----------
TOTAL LIABILITY AND SHAREHOLDER'S EQUITY $25,857 $0 $12,608,878 $12,634,735
================ ===========
$0 $(12,608,878) $12,608,878 $0
Entry (1)
Cash $ 250,000
Bridge Loan $ 250,000
(To record the holding company borrowing $250,000
from Pacific Coast Bankers Bank)
Entry (2)
Investment in Subsidiary Bank $ 240,000
Common Stock $ 200,000
Surplus $ 40,000
(To record the holding company funding
Goleta Interim Bank)
Entry (3)
Investment in Subsidiary Bank $ 12,118,878
Common Stock $ 3,851,645
Surplus $ 4,708,665
Retained Earnings $ 3,558,568
(To record the merger of Goleta National Bank
with Goleta Interim Bank)
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GNB CWBC DR CR Consolidated
---------- ---------- ---------- ---------- ------------
Cash 3,662,513 254,986 254,986 3,662,513
Fed Funds Sold 8,440,000 8,440,000
Time Certificate of Deposits 2,477,000 2,477,000
Investments 4,051,054 272,716 3,778,338
Loans, Net 70,891,986 272,716 71,164,702
Fixed Assets 2,725,465 2,725,465
Other Assets 3,043,556 20,871 3,064,427
Equity in Subsidiary 12,358,878 12,358,878 0
---------- ---------- -------- ---------- ----------
Total Assets 95,291,574 12,634,735 272,716 12,886,580 95,312,445
Non-interest demand 15,387,816 254,986 15,132,830
Interest Bearing Checking 13,607,852 13,607,852
Savings 12,982,741 12,982,741
TCD>100 16,832,753 16,832,753
TCD<100 21,696,263 21,696,263
Other Liabilities 2,665,221 265,871 2,931,092
Common Stock 3,851,645 4,061,645 4,051,645 4,708,665 8,570,310
Surplus 4,708,665 4,748,665 9,457,330 0
Retained Earnings 3,558,618 3,558,554 3,558,568 3,558,604
---------- ---------- --------- ---------- ----------
Total Liabilities 95,291,574 12,634,735 17,322,529 4,708,665 95,312,445
========== ========== ========== ========== ==========
Interest Income
Loans 7,292,195 7,292,195
Time Deposits 120,588 120,588
Fed Funds Sold 423,666 423,666
Investment Securities 115,253 115,253
Other Assets 0 0
Interest Expense 2,910,450 2,910,450
---------- --------- ---------- ----------- ----------
Net Interest Income 5,041,252 0 0 0 5,041,252
Provision 260,000 260,000
Other Income
Premiums 4,101,222 4,101,222
Service Charges 5,392,625 5,392,625
Other Expenses
Salaries and Employee Benefits 7,315,447 7,315,447
Occupancy Expenses 1,508,435 1,508,435
Other Operating Expenses 2,703,912 14 2,703,926
---------- -------- ---------- ----------- ----------
Net Income before taxes 2,747,305 (14) 0 0 2,747,291
---------- -------- ---------- ----------- ----------
Taxes 1,158,351 1,158,351
---------- -------- ---------- ----------- ----------
Net Income 1,588,954 (14) 0 0 1,588,940
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