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CalWest Bancorp Announces Financial Results As Of September 30, 2013

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 Nine Months
Ended September 30, Ended September 30
2013     2012 2013     2012
Summary of Operations: (In thousands $)
Interest income $ 1,082 $ 1,190 $ 3,239 $ 3,985
Interest expense   171     207     530     664  
Net interest income 911 983 2,709 3,321
Provision for loan losses   -     850     -     850  
Net interest income (loss) after provision for loan losses 911 133 2,709 2,471
Non-interest income 209 615 996 1,528
Non-interest expense   1,269     1,505     3,911     4,585  
Income before income taxes (149 ) (757 ) (206 ) (586 )
Income taxes   -     -     2     2  
Net Income (Loss) $ (149 ) $ (757 ) $ (208 ) $ (588 )
 
Per Share Data: (Not in thousands $)
Income (Loss) per share - basic $ (0.06 ) $ (0.31 ) $ (0.08 ) $ (0.24 )
Shares outstanding - basic 2,521,488 2,415,530 2,521,488 2,415,530
 
Balance Sheet Summary: (In thousands $)
Total assets $ 146,958 $ 151,591 $ 146,958 $ 151,591
Cash and Due From $ 6,412 $ 6,339 $ 6,412 $ 6,339
Investment securities $ 61,067 $ 52,242 $ 61,067 $ 52,242
Fed Funds Sold $ 12,030 $ 17,740 $ 12,030 $ 17,740
Loans, net of deferred fees $ 62,058 $ 70,288 $ 62,058 $ 70,288
Allowance for loan losses ("ALL") $ 3,440 $ 4,470 $ 3,440 $ 4,470
Other Real Estate Owned $ 990 $ 700 $ 990 $ 700
Non-Interest Bearing Deposits $ 48,927 $ 48,694 $ 48,927 $ 48,694
Interest Bearing Deposits $ 90,460 $ 92,289 $ 90,460 $ 92,289
Total deposits $ 139,387 $ 140,983 $ 139,387 $ 140,983
Subordinated Debentures and Notes $ 3,698 $ 3,723 $ 3,698 $ 3,723
Total shareholders' equity $ 2,979 $ 5,666 $ 2,979 $ 5,666
 
Selected Data (In thousands $) and Ratios:
Non-performing Loans $ 3,862 $ 9,062 $ 3,862 $ 9,062
30 - 120 Days Delinquent Loans $ 199 $ 69 $ 199 $ 69
Bank Texas Ratio 45.13 % 70.03 % 45.13 % 70.03 %
Return on average assets -0.42 % -2.00 % -0.19 % -0.52 %
Return on average shareholders equity -20.01 % -53.44 % -9.31 % -13.84 %
Net interest margin 2.77 % 2.98 % 2.77 % 2.98 %
Cost of Deposits 0.40 % 0.46 % 0.40 % 0.46 %
ALL to loans ratios 5.54 % 6.36 % 5.54 % 6.36 %
Net loans to deposits ratio 42.05 % 46.69 % 42.05 % 46.69 %
Bank leverage capital ratio 5.29 % 6.00 % 5.29 % 6.00 %
Bank total risk based capital ratio 12.00 % 12.84 % 12.00 % 12.84 %
Employees (full time equivalent) (Not in thousands) 38 34 38 34

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