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CalWest Bancorp Announces Financial Results As Of December 31, 2012

CalWest Bancorp is the parent company of South County Bank, a community bank founded in October 1999. The Bank is 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.

Forward Looking Comments: The statements contained in this release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Bank. There can be no assurance that future developments affecting the Bank will be those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties.

CalWest Bancorp Financial Summary
      UNAUDITED     UNAUDITED
At or For the Three Months At or For the Twelve Months
Ended December 31, Ended December 31,
2012     2011 2012     2011
Summary of Operations: (In thousands $)
Interest income $ 1,214 $ 1,359 $ 5,199 $ 5,894
Interest expense   198     248     862     1,195  
Net interest income 1,016 1,111 4,337 4,699
Provision for loan losses   1,131     -     1,981     189  
Net interest income (loss) after provision for loan losses (115 ) 1,111 2,356 4,510
Non-interest income 244 559 1,772 2,024
Non-interest expense   1,631     1,716     6,216     6,972  
Income before income taxes (1,502 ) (46 ) (2,088 ) (438 )
Income taxes   -     -     2     2  
Net Income (Loss) $ (1,502 ) $ (46 ) $ (2,090 ) $ (440 )
 
Per Share Data: (Not in thousands $)
Income (Loss) per share - basic $ (0.62 ) $ (0.02 ) $ (0.87 ) $ (0.18 )
Average shares outstanding - basic 2,415,530 2,413,730 2,415,530 2,413,730
 
Balance Sheet Summary: (In thousands $)
Total assets $ 150,596 $ 145,615 $ 150,596 $ 145,615
Cash and Due From $ 5,303 $ 4,403 $ 5,303 $ 4,403
Investment securities $ 63,249 $ 50,678 $ 63,249 $ 50,678
Fed Funds Sold $ 12,740 $ 5,365 $ 12,740 $ 5,365
Loans, net of deferred fees $ 64,843 $ 79,862 $ 64,843 $ 79,862
Allowance for loan losses ("ALL") $ 3,550 $ 3,897 $ 3,550 $ 3,897
Other Real Estate Owned $ 549 $ 1,015 $ 549 $ 1,015
Non-Interest Bearing Deposits $ 47,283 $ 50,142 $ 47,283 $ 50,142
Interest Bearing Deposits $ 94,153 $ 83,603 $ 94,153 $ 83,603
Total deposits $ 141,436 $ 133,745 $ 141,436 $ 133,745
Other Borrowings $ - $ 1,000 $ - $ 1,000
Subordinated Debentures and Notes $ 3,723 $ 3,723 $ 3,723 $ 3,723
Total shareholders' equity $ 4,257 $ 6,298 $ 4,257 $ 6,298
 
Selected Data (In thousands $) and Ratios:
Non-performing Loans $ 6,888 $ 8,819 $ 6,888 $ 8,819
30 - 120 Days Delinquent Loans $ 45 $ 588 $ 45 $ 588
Texas Ratio 63.83 % 71.47 % 63.83 % 71.47 %
Return on average assets -4.02 % -0.12 % -1.40 % -0.58 %
Return on average shareholders equity -141.13 % -2.92 % -49.10 % -6.99 %
Net interest margin 2.86 % 3.86 % 2.86 % 3.86 %
Cost of Deposits 0.45 % 0.47 % 0.45 % 0.47 %
ALLL to loans ratios 5.47 % 4.88 % 5.47 % 4.88 %
Net loans to deposits ratio 43.34 % 56.80 % 43.34 % 56.80 %
Bank leverage capital ratio 5.11 % 6.30 % 5.11 % 6.30 %
Bank total risk based capital ratio 11.57 % 12.43 % 11.57 % 12.43 %
Employees (full time equivalent) (Not in thousands) 34 37 34 37
 




Stock quotes in this article: CALW 

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