This Day On The Street
Continue to site
ADVERTISEMENT
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

CalWest Bancorp Announces Financial Results As Of June 30, 2013

CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank N.A., today announced the consolidated financial results for the six months ended June 30, 2013. Significant items for the period ending June 30, 2013 include:
  • Quarterly net income of $50,000, compared to the previous quarter profit of $12,000
  • No additional loan loss provision required; resulting in the allowance for loan loss (ALL) ratio decreasing slightly from 6.20% to 5.95%
  • Total assets were flat at $144 million, with new business offsetting run-off
  • Non-performing loans reduced significantly in 2013 by 41% quarter-over-quarter; and are down $1.9 million from a year ago
  • Non-interest bearing deposits maintained at 35% of total deposits, helping reduce the Bank’s cost-of-deposits to 0.40% from 0.48% a year ago
  • The increase in Net Interest Income offset the reduction in Non-Interest Income as increased focus is placed on core earnings
  • Non-interest expenses continue to improve, decreasing 2% quarter-over-quarter

“Our efforts as it relates to reducing non-performing assets and operating expenses, while improving core earnings began to reflect more positively in our results this past quarter,” noted Glenn Gray, CEO and President of CalWest Bancorp and South County Bank. “The single problem loan that interrupted our progress during the second half of last year has transitioned to other real estate owned where it can be dealt with more effectively, and many classified loans, which have been consistently paying-as-agreed, are starting to demonstrate sustained earnings. With a full complement of Relationship Managers and a re-staffed Credit Administration team, the Bank is focusing on expanding its Balance Sheet while continuing to actively manage its shrinking non-performing loan portfolio.”

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs