CalWest Bancorp Announces Financial Results As Of September 30, 2013

CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank N.A., today announced the consolidated financial results for the nine-months ended September 30, 2013. Significant items for the period ending include:
  • Quarterly net loss of ($149,000) compared to a net loss of ($757,000) for the same period last year
  • Reversing a year-long trend, loans increased over the previous quarter by 8.9% or $5.1 million
  • No additional loan loss provision was required; resulting in the ALLL ratio decreasing from 5.95% to 5.54% due to the increase in new loans
  • Total assets increased 1.8% to $147 million from $144 million at the previous quarter-end
  • Non-performing loans reduced 2.6% quarter-over-quarter, and are down $5.2 million or 57% from a year ago
  • Non-interest bearing deposits maintained at 35% of total deposits, helping keep the cost-of-deposits at 0.40%, down from 0.46% a year ago
  • Net Interest Income for the quarter improved 2.5% from the previous quarter as organic loan growth is beginning to build
  • Non-interest expenses continue to improve, decreasing 2.7% quarter-over-quarter
  • Leverage Capital and Total Risk Based Capital Ratios at 5.3% and 12.0%

“Our strategy of reducing non-performing assets and operating expenses while focusing on organic loan growth more than gain-on-sale is beginning to have a positive impact on our core earnings,” noted Glenn Gray, CEO and President of CalWest Bancorp and South County Bank. “We expect some additional reduction in our non-performing assets by year-end and our new loan pipeline looks encouraging as we conclude Q4 and head into 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.