CalWest Bancorp (OTCBB:CALW), the holding company for South County Bank N.A., today announced the consolidated financial results as of the second quarter 2012. The Company’s year-to-date net income was $169,000. This represents an $863,000 improvement over the net loss of ($694,000) for the same period prior year.
Significant items for the period ending June 30, 2012 include:
- The Company's year-to-date net income of $169,000 compares to a net loss of ($694,000) for the same six months ended June 30, 2011, representing an $863,000 improvement over the prior year results
- Total assets reached $150.7 million, an increase of 3.5% since FYE 12/31/11
- Non-performing loans continue to decline to $5.9 million, or 3.9% of total assets. This compares to $11.4 million, or 6.8% of total assets a year ago; an improvement of 48.3%
- Loans past due declined to .04%, an improvement of 2.1% over last year
- No additional loan loss provision has been required thus far this year, and the ALLL reserve remains at a healthy 4.8% of total loans
- Other Real Estate Owned Assets decreased to $700,000, down from $1.0 million as of June 30, 2011; representing a 31% reduction in OREO assets
- The Bank’s Texas Ratio decreased to 47.9%, compared to 90.3% at June 30 2011
- Non-interest bearing deposits , which represent 36% of total deposits, increased by 7.7% to $50.5 million from $46.9 million as of June 30, 2011. The Bank’s current and contingent liquidity continues to be strong
- The cost of deposits continued to decline, reaching 0.52%, down from 0.72% a year ago, resulting from an increase in core deposits and less reliance on wholesale funding
- Non-interest income increased by 31.4% to $913,000 up from $695,000 as of June 30, 2011
- Operating expenses decreased 15%, from the same period a year ago
- The risk-based capital ratio and the leverage capital ratio both improved to 12.94% and 6.25% respectively, up from 10.57% and 5.54 respectively as of June 30, 2011
CalWest Bancorp is the parent company of South County Bank, a community bank recognized for its exemplary service to entrepreneurs, high net worth individuals and non-profit organizations located throughout Southern California. The Bank serves the business community through its four branches located in Rancho Santa Margarita, Irvine, Huntington Beach and Redlands.