This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs