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
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 Six Months | |||||||||||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
| Summary of Operations: (In thousands $) | ||||||||||||||||||||||||||
| Interest income | $ | 1,183 | $ | 1,355 | $ | 2,278 | $ | 2,795 | ||||||||||||||||||
| Interest expense | 174 | 218 | 359 | 457 | ||||||||||||||||||||||
| Net interest income | 1,009 | 1,137 | 1,919 | 2,338 | ||||||||||||||||||||||
| Provision for loan losses | - | - | - | - | ||||||||||||||||||||||
| Net interest income (loss) after provision for loan losses | 1,009 | 1,137 | 1,919 | 2,338 | ||||||||||||||||||||||
| Non-interest income | 348 | 494 | 787 | 913 | ||||||||||||||||||||||
| Non-interest expense | 1,305 | 1,593 | 2,642 | 3,080 | ||||||||||||||||||||||
| Income before income taxes | 52 | 38 | 64 | 171 | ||||||||||||||||||||||
| Income taxes | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
| Net Income (Loss) | $ | 50 | $ | 36 | $ | 62 | $ | 169 | ||||||||||||||||||
| Per Share Data: (Not in thousands $) | ||||||||||||||||||||||||||
| Income (Loss) per share - basic | $ | 0.02 | $ | 0.01 | $ | 0.02 | $ | 0.07 | ||||||||||||||||||
| Shares outstanding - basic | 2,521,488 | 2,415,530 | 2,521,488 | 2,415,530 | ||||||||||||||||||||||
| Balance Sheet Summary: (In thousands $) | ||||||||||||||||||||||||||
| Total assets | $ | 144,320 | $ | 150,763 | $ | 144,320 | $ | 150,763 | ||||||||||||||||||
| Cash and Due From | $ | 5,357 | $ | 3,620 | $ | 5,357 | $ | 3,620 | ||||||||||||||||||
| Investment securities | $ | 62,863 | $ | 62,824 | $ | 62,863 | $ | 62,824 | ||||||||||||||||||
| Fed Funds Sold | $ | 11,450 | $ | 3,960 | $ | 11,450 | $ | 3,960 | ||||||||||||||||||
| Loans, net of deferred fees | $ | 56,970 | $ | 74,391 | $ | 56,970 | $ | 74,391 | ||||||||||||||||||
| Allowance for loan losses ("ALL") | $ | 3,390 | $ | 3,591 | $ | 3,390 | $ | 3,591 | ||||||||||||||||||
| Other Real Estate Owned | $ | 1,256 | $ | 700 | $ | 1,256 | $ | 700 | ||||||||||||||||||
| Non-Interest Bearing Deposits | $ | 47,595 | $ | 50,459 | $ | 47,595 | $ | 50,459 | ||||||||||||||||||
| Interest Bearing Deposits | $ | 88,638 | $ | 89,036 | $ | 88,638 | $ | 89,036 | ||||||||||||||||||
| Total deposits | $ | 136,233 | $ | 139,495 | $ | 136,233 | $ | 139,495 | ||||||||||||||||||
| Subordinated Debentures and Notes | $ | 3,698 | $ | 3,723 | $ | 3,698 | $ | 3,723 | ||||||||||||||||||
| Total shareholders' equity | $ | 3,519 | $ | 6,026 | $ | 3,519 | $ | 6,026 | ||||||||||||||||||
| Selected Data (In thousands $) and Ratios: | ||||||||||||||||||||||||||
| Non-performing Loans | $ | 3,967 | $ | 5,892 | $ | 3,967 | $ | 5,892 | ||||||||||||||||||
| 30 - 120 Days Delinquent Loans | $ | 40 | $ | 13 | $ | 40 | $ | 13 | ||||||||||||||||||
| Bank Texas Ratio | 48.34 | % | 47.94 | % | 48.34 | % | 47.94 | % | ||||||||||||||||||
| Return on average assets | 0.14 | % | 0.09 | % | 0.09 | % | 0.11 | % | ||||||||||||||||||
| Return on average shareholders equity | 5.68 | % | 2.39 | % | 3.52 | % | 2.80 | % | ||||||||||||||||||
| Net interest margin | 2.90 | % | 3.02 | % | 2.90 | % | 3.02 | % | ||||||||||||||||||
| Cost of Deposits | 0.40 | % | 0.48 | % | 0.40 | % | 0.48 | % | ||||||||||||||||||
| ALL to loans ratios | 5.95 | % | 4.83 | % | 5.95 | % | 4.83 | % | ||||||||||||||||||
| Net loans to deposits ratio | 39.33 | % | 50.75 | % | 39.33 | % | 50.75 | % | ||||||||||||||||||
| Bank leverage capital ratio | 5.42 | % | 6.25 | % | 5.42 | % | 6.25 | % | ||||||||||||||||||
| Bank total risk based capital ratio | 12.55 | % | 12.96 | % | 12.55 | % | 12.96 | % | ||||||||||||||||||
| Employees (full time equivalent) (Not in thousands) | 39 | 36 | 39 | 36 | ||||||||||||||||||||||