- Quarterly net loss of $1.5 million and full year net loss of $2.1 million.
- Non-performing loans reduced 22.0% since last year, from $9.1 million to $6.9 million; however, given the reduction in total loans, non-performing loans represented 10.6% of total loans at year end.
- A loan loss provision of $1.1 million, substantially relating to the impairment of the non-performing loan noted last quarter, was recorded in December 2012; the full year loan loss provision was $1.9 million.
- Allowance for credit losses ended the quarter at 5.5% of total loans.
- Within the performing loan portfolio, only 0.1% was delinquent, an improvement from 0.8% last year.
- Other Real Estate Owned Assets was reduced from $700,000 at September 30, 2012 to $549,000 as of December 31, 2012, representing a 21.6% reduction in OREO assets.
- Total assets were $150.6 million, an increase of 3.4% since FYE 12/31/11.
- Total deposits increased $7.7 million or 5.7% year-over-year to $141.4 million at December 31, 2012, with non-interest bearing deposits continuing to represent 33% of total deposits.
- The cost of deposits continued to decline, reaching 0.45%, resulting from an increase in core deposits and less reliance on wholesale funding.
- Non-interest income decreased quarter-over-quarter by 60% and year-over-year by 12% as less reliance was placed on gains from the sale of SBA loans and securities.
- Operating expenses decreased 5%, from the same period a year ago.
- The Risk-Based Capital Ratio and the Leverage Capital Ratio ended the year at 11.57% and 5.11% respectively, down from 12.43% and 6.30% respectively as of December 31, 2011.
CalWest Bancorp Announces Financial Results As Of December 31, 2012
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