CalWest Bancorp Announces Financial Results as of March 31, 2014
April 14 2014 - 8:00AM
Business Wire
First Quarter Net Profit of $258,000
Non-Performing Loans decrease 43%
quarter-over-quarter and 85% year-over-year
Non-Performing Assets as a percentage of
Total Assets down to 0.69%
OREO Assets reduced to $-0-
Tier 1 and Tier 2 Capital Ratios at 5.96%
and 12.33%
CalWest Bancorp (OTCBB: CALW), the holding company for South
County Bank N.A., today announced the consolidated financial
results for the three months ended March 31,2014.
Significant items for the periods ending include:
- Quarterly net income was $258,000,
compared to a year ago net income of $12,000
- Loans increased 10%
quarter-over-quarter, while ALLL ratio remained strong at 4.5%
- Non-performing loans reduced 43%
quarter-over-quarter, with 58% of the non-performing loans
paying-as-agreed
- Total deposits remained steady at $135
million, with 35% non-interest bearing, keeping the Bank’s
cost-of-deposits low at 0.39%
- Non-interest income increased to
$337,000 quarter-over-quarter primarily from the positive
resolution of the Bank’s only OREO asset
- The increase in no-interest expenses
were associated with resolving the OREO and commissions paid on new
business
“Results for the first quarter of FY 2014 were positive on
virtually every level,” noted Glenn Gray, President and CEO of
CalWest Bancorp and South County Bank. “Our Non-Performing Assets /
Total Assets ratio of only 0.69%, down from a high of 7.4%, is a
testament to the commitment and efforts put forth by our Credit
Administration and Portfolio Management employees. Although the
competitive landscape is challenging, our Relationship Managers
were able to increase loans by 10% quarter-over-quarter.”
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.
This release may contain certain forward-looking statements that
are based on management's current expectations regarding economic,
legislative, and regulatory issues that may impact Bancorp's
earnings in future periods. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include the words
“believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, general economic conditions, the economic
uncertainty in the United States and abroad, changes in interest
rates, deposit flows, real estate values, expected future cash
flows on acquired loans, and competition; changes in accounting
principles, policies or guidelines; changes in legislation or
regulation; and other economic, competitive, governmental,
regulatory and technological factors affecting Bancorp's
operations, pricing, products and services. Bancorp undertakes no
obligation to release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events.
CalWest Bancorp Financial Summary
UNAUDITED
UNAUDITED At or For the Three Months At or For the
Twelve Months Ended March 31, Ended December
31 2014
2013 % Change 2013
2012 Summary of
Operations: (In thousands $) Interest income $
1,223 $ 1,095 11.7 % $
4,446 $ 5,213 Interest expense
164 185 -11.4 %
703 862 Net interest
income 1,059 910 16.4 %
3,743 4,351 Provision for loan losses
- - 0.0 %
(500 ) 1,981 Net interest
income (loss) after provision for loan losses 1,059
910 16.4 % 4,243 2,370
Non-interest income 689 439 56.9
% 1,323 1,400 Non-interest expense
1,490 1,337 11.4
% 5,335 5,858
Income before income taxes 258 12
2050.0 % 231 (2,088 ) Income
taxes - - 0.0
% 2 2 Net
Income (Loss) $ 258 $ 12
2050.0 % $ 229 $
(2,090 ) Per Share Data: (Not in thousands
$) Income (Loss) per share - basic $ 0.10
$ 0.00 $ 0.09 $ (0.87
) Shares outstanding - basic 2,521,488
2,415,530 2,521,488 2,415,530
UNAUDITED UNAUDITED At or For the Three Months
At or For the Twelve Months Ended March 31,
Ended December 31 2014
2013 % Change 2013
2012 Balance Sheet Summary: (In
thousands $) Cash and Due From $ 7,008
$ 4,691 49.4 % $ 4,721
$ 5,300 Interest Bearing Deposits in other
banks 3,581 3,130 14.4 %
3,381 1,980 Investment securities
48,028 48,663 -1.3 % 49,845
60,012 Fed Funds Sold 11,440 23,770
-51.9 % 16,515 12,740 Loans, net of
deferred fees 67,922 59,087 15.0 %
61,817 64,843 Allowance for loan losses
("ALL") (3,063 ) (3,666
) -16.4 % (2,949 )
(3,550 ) Net Loans 64,859 55,421
17.0 % 58,868 61,293 Other Real
Estate Owned - 472 -100.0 %
984 549 Company Owned Life Insurance
6,220 6,040 3.0 % 6,176
5,994 Federal Reserve Bank and Federal Home Loan Bank
Stock 1,067 1,044 2.2 %
1,067 1,104 Other Assets 1,297
1,773 -26.8 %
1,365 1,624 Total assets
$ 143,500 $ 145,004
-1.0 % $ 142,922 $
150,596 Non-Interest Bearing Deposits
$ 47,526 $ 47,593 -0.1 %
$ 47,503 $ 47,283 Interest Bearing
Deposits 88,068 88,614
-0.6 % 87,956
94,153 Total deposits 135,594
136,207 -0.5 % 135,459 141,436
Subordinated Debentures and Notes 3,698 3,723
-0.7 % 3,698 3,723 Accrued Interest
and other Liabilities 948 1,084 -12.5
% 1,117 1,180 Total shareholders'
equity 3,260 3,990
-18.3 % 2,648
4,257 Total Liabilities and Shareholders
Equity $ 143,500 $ 145,004
-1.0 % $ 142,922 $
150,596 Selected Data (In thousands $) and
Ratios: Non-performing Loans $ 990
$ 6,766 -85.4 % $ 1,728
$ 6,888 30 - 120 Days Delinquent Loans
$ 55 $ 95 -42.1 %
$ - $ 45 Texas Ratio 9.58
% 62.71 % -84.7 % 26.71
% 63.83 % Return on average assets
0.74 % 0.03 % 2132.9 %
0.16 % -1.40 % Return on average
shareholders equity 31.66 % 1.20 %
2531.4 % 8.65 % -49.10 %
Net interest margin 3.09 % 2.81
% 10.0 % 2.79 % 2.86
% Cost of Deposits 0.39 % 0.42
% -7.1 % 0.39 % 0.45
% ALL to loans ratios 4.51 %
6.20 % -27.3 % 4.77 %
5.47 % Net loans to deposits ratio
52.35 % 46.07 % 13.6 %
47.81 % 48.36 % Bank leverage
capital ratio 5.96 % 5.30 %
12.5 % 5.53 % 5.11 %
Bank total risk based capital ratio 12.33 %
12.21 % 1.0 % 12.35 %
11.57 % Employees (full time equivalent) (Not in
thousands) 38 36 5.6 % 38
34
CalWest BancorpNajam SaiduddinEVP / Chief Financial
Officer949-766-3006nsaiduddin@southcountybank.com