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CalWest Bancorp Announces Financial Results As Of December 31, 2013

Stocks in this article: CALW

CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank N.A., today announced the consolidated financial results for the twelve-months ended December 31, 2013. Significant items for the period ending include:

  • Full year net income of $229,167 compared to a loss of ($2.1 million) for FY 2012
  • Non-performing loans reduced 55.3% quarter-over-quarter, and are down $5.2 million or 74.9% from a year ago
  • After a negative loan loss provision of $500,000 in the 4Q 2013, the allowance for loan and lease losses (ALLL) ratio remains high at 4.8%
  • Total assets decreased 2.5% to $143 million; new loan volume was offset by the sale of non-performing loans and principal reductions at year-end
  • Non-interest bearing deposits were 35% of total deposits, helping keep the cost-of-deposits at 0.39%, down from 0.45% a year ago
  • Net Interest Income for the quarter improved 12.7% from the previous quarter as organic loan growth continues and non-accrual loans decrease
  • Non-interest expenses decreased 13.9% year-over-year
  • Bank Tier 1 Leverage Capital ratio ended the year at 5.53% up from 5.11% last year
  • Bank Total Risk Based Capital ratio ended the year at 12.35% up from 11.57% last year

“The significant reduction in non-performing assets came from a combination of selling some non-performing loans and upgrading several loans to performing status,” noted Glenn Gray, CEO and President of CalWest Bancorp and South County Bank. “As we head into 2014, I am encouraged by the improvements in our asset quality and our focus on organic loan growth. An event subsequent to year-end worth noting has been the positive resolution of our $984,000 OREO, which was sold during January 2014.”

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.

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