CalWest Bancorp Announces Financial Results as of September 30, 2014
October 27 2014 - 06:44PM
Business Wire
Third Quarter Net Profit of $108,000; YTD
Net Income of $321,000
Non-Performing Loans decrease 53%
quarter-over-quarter and 91% year-over-year
Non-Performing Assets as a percentage of
Total Assets down to 0.31%
One OREO Asset at $79,000
Tier 1 Leverage Capital and Total Risk Based
Capital Ratios at 5.65% and 12.94%
CalWest Bancorp (OTCBB:CALW), the holding company for South
County Bank N.A., today announced the consolidated financial
results as of September 30, 2014.
Significant items for the period ending include:
- Quarterly net income was $108,000,
compared to a year ago net loss of ($149,000)
- Non-performing loans continued their
steady decline to 0.31% of Total Assets, resulting in a Texas Ratio
of 4.1%
- 100% of the non-performing loans are
paying-as-agreed
- Loans have increased 2.4% year-to-date
despite a high level of CRE refinancing activity
- The ALLL ratio remains strong at
4.25%
- Total deposits remained steady at $133
million, with 35% non-interest bearing, keeping the Bank’s
cost-of-deposits low at 0.38%
- Net interest income, year-to-date, was
$2.98 million, a 10% increase compared to the same period last
year
“With asset quality under control and a surplus in our ALLL,
good quality loan growth at an acceptable net interest margin is
our primary focus,” noted Glenn Gray, President and CEO of CalWest
Bancorp and South County Bank. “Our low cost of funds and ample
liquidity provide us the ability to grow our loan portfolio, and we
must now capitalize on those competitive advantages.”
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 Nine Months Ended
September 30, Ended September
30 2014 2013 % Change
2014 2013 Summary of Operations: (In thousands
$) Interest income $ 1,130 $
1,082 4.4 % $ 3,495 $
3,239 Interest expense 161
171 -5.8 %
512 530 Net interest
income 969 911 6.4 % 2,983
2,709 Provision for loan losses (333
) -
0.0
%
(333 ) - Net interest
income (loss) after provision for loan losses 1,302
911 42.9 % 3,316 2,709
Non-interest income 216 209 3.3
% 1,220 996 Non-interest expense
1,410 1,269
11.1 % 4,213 3,911
Income before income taxes 108 (149
) 172.5 % 323 (206 )
Income taxes - -
0.0 % 2
2 Net Income (Loss) $ 108
$ (149 )
172.5 % $ 321 $
(208 ) Per Share Data: (Not in thousands
$) Income (Loss) per share - basic $ 0.04
$ (0.06 ) $ 0.13 $
(0.08 ) Shares outstanding - basic
2,521,488 2,521,488 2,521,488 2,521,488
UNAUDITED Ended September 30,
2014 2013
% Change Balance Sheet Summary: (In thousands
$) Cash and Due From $ 4,242 $
6,412 -33.8 % Interest Bearing Deposits in
other banks 14,680 3,630 304.4 %
Investment securities 44,464 57,687
-22.9 % Fed Funds Sold 9,440
12,030 -21.5 % Loans, net of deferred
fees 63,331 62,058 2.1 %
Allowance for loan losses ("ALL") (2,689
) (3,440 )
-21.8 % Net Loans 60,642 58,618
3.5 % Other Real Estate Owned 79
990 -92.0 % Company Owned Life
Insurance 6,312 6,132 2.9 %
Federal Reserve Bank and Federal Home Loan Bank Stock
1,067 1,128 -5.4 % Other Assets
528 331
59.5 % Total assets $
141,454 $ 146,958
-3.7 % Non-Interest Bearing
Deposits $ 46,041 $ 48,927
-5.9 % Interest Bearing Deposits
86,858 90,460
-4.0 % Total deposits 132,899
139,387 -4.7 % Subordinated Debentures and
Notes 3,698 3,698 0.0 % Accrued
Interest and other Liabilities 1,096 894
22.6 % Total shareholders' equity
3,761 2,979
26.3 % Total Liabilities and Shareholders
Equity $ 141,454 $ 146,958
-3.7 % Selected
Data (In thousands $) and Ratios: Non-performing Loans
$ 354 $ 3,682 -90.4 %
30-120 Days Delinquent Loans
$ 8 $ 199 -96.0 %
Texas Ratio 4.10 % 45.13 %
-90.9 % Return on average assets 0.29
% -0.19 % -246.8 % Return on
average shareholders equity 11.38 % -9.31
% -222.2 % Net interest margin
3.17 % 2.77 % 14.4 %
Cost of Deposits 0.38 % 0.40 %
-5.0 % ALL to loans ratios 4.25
% 5.54 % -23.4 % Net loans to
deposits ratio 45.63 % 42.05 %
8.5 % Bank leverage capital ratio 5.65
% 5.29 % 6.8 % Bank total
risk based capital ratio 12.94 % 12.00
% 7.8 % Employees (full time equivalent)
(Not in thousands) 37 38 -2.6 %
CalWest BancorpNajam SaiduddinEVP / Chief Financial
Officer949.766.3006nsaiduddin@southcountybank.com