CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank N.A., today announced the consolidated financial results for the three months and year ended December 31, 2012. Significant items for the periods then ending include:
- 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.
Commenting on the Bank’s results, Glenn Gray, the Bank’s president and chief executive officer, stated, “While disappointed with the results in the second half of the year, it was a period requiring difficult and unpleasant decisions that we believe ultimately improves the Bank’s position going forward. Although it is challenging to predict the exact performance of a loan portfolio, at this time management believes the allowance for loan losses is adequate. During this coming year we will continue to focus on reducing non-performing loans while adding to our staff to generate organic loan and deposit growth. Additionally, our parent company is exploring strategic alternatives aimed at restoring the Bank’s capital.”
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