CalWest Bancorp Announces Financial Results as of December 31, 2014
January 29 2015 - 8:00AM
Business Wire
Full Year Net Income of $369,000
Non-Performing Loans decrease 61%
year-over-year
Non-Performing Assets as a percentage of
Total Assets down to 0.51%
Tier 1 Leverage Capital and Total Risk Based
Capital Ratios at 6.18% and 13.05%
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, 2014.
Significant items for the period ending include:
- Full-year net income was $369,000,
compared to net income a year ago of $229,000
- Net interest income for the year was
$3.94 million, a 5.2% increase compared to last year
- Total deposits were $124 million, with
34% non-interest bearing, keeping cost-of-deposits at 0.38%
- Non-performing loans reduced 61%
year-over-year, and ended the year at 0.51% of Total Assets
- The ALLL ratio remains strong at
4.29%
- Bank Tier 1 Leverage Capital ratio
ended the year at 6.18%, up from 5.53% last year
- Bank Total Risk Based Capital ratio
ended the year at 13.05%, up from 12.35% last year
“We have come a long way from the days when our Texas Ratio
approached 98% to ending the year with a Texas Ratio of 6.1%, no
OREO assets, all performing loans current, and all but one of our
non-accruing loans paying-as-agreed,” noted Glenn Gray, President
and CEO of CalWest Bancorp and South County Bank. “Despite a good
year regarding new loan generation, our net loan growth was low due
to the very active refinance market for commercial real estate. As
we head into 2015 we are encouraged by the prospects of exiting our
Consent Order and taking advantage of our low cost of funds and
ample liquidity to organically increase our loan portfolio.”
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 December 31,
Ended December 31,
2014 2013 % Change 2014
2013 % Change Summary of Operations:
(In thousands $) Interest income $ 1,107
$ 1,200 -7.8 % $ 4,602
$ 4,446 3.5 % Interest expense
153 173
-11.6 % 665
703 -5.4 % Net interest
income 954 1,027 -7.1 %
3,937 3,743 5.2 % Provision for loan
losses (72 ) (500
) -85.6 % (405 )
(500 ) -19.0 %
Net interest income (loss) after provision for loan losses
1,026 1,527 -32.8 % 4,342
4,243 2.3 % Non-interest income
355 352 0.9 % 1,575 1,323
19.0 % Non-interest expense
1,333 1,442
-7.6 % 5,546
5,335 4.0 % Income before
income taxes 48 437 -89.0 %
371 231 60.6 % Income taxes
- -
0.0 % 2 2
0.0 % Net Income (Loss) $
48 $ 437
-89.0 % $ 369 $
229 61.1 % Per Share
Data: (Not in thousands $) 4Q 2014 4Q 2013
% Change YTD 2014 YTD 2013
% Change Income (Loss) per share - basic
$ 0.02 $ 0.17 -89.0 %
$ 0.15 $ 0.09 61.1 %
Shares outstanding - basic 2,521,488 2,521,488
0.0 % 2,521,488 2,521,488 0.0
% UNAUDITED Ended December 31,
2014 2013 % Change
Balance Sheet Summary: (In thousands $) Cash and Due
From $ 3,502 $ 4,721 -25.8
% Interest Bearing Deposits in other banks
13,440 3,381 297.5 % Investment
securities 42,676 49,845 -14.4 %
Fed Funds Sold 4,660 16,515 -71.8
% Loans held for sale 372 429
-13.3 % Loans, net of deferred fees
62,164 61,388 1.3 % Allowance for
loan losses ("ALL") (2,680 )
(2,949 ) -9.1 %
Net Loans
59,484 58,439 1.8 % Other Real
Estate Owned - 984 -100.0 %
Company Owned Life Insurance 6,358 6,176
2.9 % Federal Reserve Bank and Federal Home Loan
Bank Stock 1,067 1,067 0.0 %
Other Assets 1,020
1,365 -25.3 % Total
assets $ 132,579 $
142,922 -7.2 %
Non-Interest Bearing Deposits $ 41,764
$ 47,503 -12.1 % Interest Bearing
Deposits 81,854
87,956 -6.9 % Total
deposits 123,618 135,459 -8.7 %
Subordinated Debentures and Notes 3,698 3,698
0.0 % Accrued Interest and other Liabilities
1,104 1,117 -1.2 % Total
shareholders' equity 4,159
2,648 57.1 % Total
Liabilities and Shareholders Equity $ 132,579
$ 142,922 -7.2
% Selected Data (In thousands $) and Ratios:
Non-performing Loans $ 675 $
1,728 -60.9 % 30 - 120 Days Delinquent
Loans $ - $ - 0.0 %
Texas Ratio 6.15 % 26.72 %
-77.0 % Return on average assets 0.26
% 0.16 % 67.3 % Return on
average shareholders equity 9.94 % 7.04
% 41.2 % Net interest margin
3.19 % 2.85 % 12.2 %
Cost of Deposits 0.38 % 0.39 %
-2.6 % ALL to loans ratios 4.29
% 4.77 % -10.2 % Net loans to
deposits ratio 48.12 % 43.14 %
11.5 % Bank leverage capital ratio 6.18
% 5.53 % 11.8 % Bank total
risk based capital ratio 13.05 % 12.35
% 5.7 % Employees (full time equivalent)
(Not in thousands) 36 38 -5.3 %
CalWest BancorpNajam Saiduddin, 949-766-3006EVP / Chief
Financial Officernsaiduddin@southcountybank.com