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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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.

Stock quotes in this article: CALW 

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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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