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CalWest Bancorp Announces Financial Results As Of June 30, 2012

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.

Stock quotes in this article: CALW 

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