Business & Finance
Business and Finance
Business and Finance
Mon, October 17, 2011
Sun, October 16, 2011
Sat, October 15, 2011
Fri, October 14, 2011 CalWest Bancorp Announces Financial Results as of September 30, 2011
IRVINE, Calif.--([ BUSINESS WIRE ])--CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank N.A., has reported third quarter results for 2011. Trends show improved net interest income after loan loss provisions, increased net income, reduced operating expenses, improved loan loss reserves, lower cost of funds and increased core deposits. The Company's year-to-date net loss was $394,000 for the nine months ended September 30, 2011, compared to net loss of $5.0 million for the same nine months ended September 30, 2010. This represents a $4.6 million improvement over the prior year results for the same period. For the third quarter ended September 30, 2011, CalWest Bancorp reported a profit of $300 thousand compared to a loss of $1.3 million for the third quarter in 2010.
CalWest Bancorp has been able to accomplish the following:
- Increase Core Funds. Non-interest bearing deposits grew from $39 million for the period ending September 2010 to $48.8 million for the same period for 2011. (25.1% positive increase).
- Net Interest IncomeIncreased. Net interest income increased after loan loss provisions from a nine month total of ($176,000) in 2010 to $3.4 million for a nine month period of 2011.
- Maintained overall Non-interest Operating Expenses. Non-interest operating expenses were maintained at $5.2 million as of September 30, 2011 compared to the same period in 2010.
- Liquidity continues at Historically High Levels. Liquidity is represented by cash and cash equivalents, marketable securities, and the availability of alternative funding sources. The Banka™s current and contingent liquidity continues to be strong.
- Decreased Loan Loss Provisions. Loan loss provisionsfor the nine months ended September 30, 2011 decreased to $189,000 from $4.7 million in 2010 for the same period. (96% decrease in loan loss provision expense).
- Allowance for Loan and Lease (ALLL) Reserves. ALLL reserves were $3.9 million, or 4.9% of total loans as of September 2011, compared to $3.8 million, or 3.6% of total loans at the end of September 2010.
- Cost of Funds decrease. Cost of Funds for September 2010 was 1.11% compared to 0.71% as of September 2011. (36.0% reduction in overall cost of funds).
Forward Looking Comments:The statements contained in this release that are not historical facts are forward-looking statements based on managementa™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 | ||||||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| (UNAUDITED) | ||||||||
SEPTEMBER 30, 2011 | SEPTEMBER 30, 2010 | |||||||
| CASH AND DUE FROM | $ | 5,334,000 | $ | 5,357,000 | ||||
| FEDERAL FUNDS SOLD | 21,410,000 | 6,740,000 | ||||||
| INVESTMENTS | 42,748,000 | 56,703,000 | ||||||
| LOANS AVAILABLE FOR SALE | 295,000 | 1,347,000 | ||||||
| LOANS NET OF DISCOUNT | 78,901,000 | 106,946,000 | ||||||
| LESS: ALLOWANCE FOR LOAN LOSSES | 3,916,000 | 3,798,000 | ||||||
| FIXED ASSETS | 147,000 | 348,000 | ||||||
| OTHER ASSETS | 9,462,000 | 11,965,000 | ||||||
| TOTAL ASSETS | $ | 154,381,000 | $ | 185,608,000 | ||||
| NONINTEREST BEARING DEPOSITS | $ | 48,840,000 | $ | 39,056,000 | ||||
| INTEREST BEARING DEPOSITS | 93,815,000 | 125,936,000 | ||||||
| TOTAL DEPOSITS | 142,655,000 | 164,992,000 | ||||||
| OTHER BORROWINGS | 1,000,000 | 7,347,000 | ||||||
| TRUST PREFERRED SECURITIES | 3,093,000 | 3,093,000 | ||||||
| SUBORDINATED DEBT | 630,000 | 630,000 | ||||||
| OTHER LIABILITIES | 678,000 | 654,000 | ||||||
| TOTAL LIABILITIES | $ | 148,056,000 | $ | 176,716,000 | ||||
| COMMON STOCK | $ | 12,068,000 | $ | 12,068,000 | ||||
| PREFERRED STOCK | 4,744,000 | 4,697,000 | ||||||
| SURPLUS AND PAID IN CAPITAL | 16,242,000 | 16,191,000 | ||||||
| UNDIVIDED PROFITS | (27,172,000 | ) | (25,066,000 | ) | ||||
| OTHER COMPREHENSIVE INCOME | 443,000 | 1,002,000 | ||||||
| TOTAL SHAREHOLDERS' EQUITY | $ | 6,325,000 | $ | 8,892,000 | ||||
| TOTAL LIABILITIES AND EQUITY | $ | 154,381,000 | $ | 185,608,000 | ||||
| TIER 1 LEVERAGE RATIO | 5.98 | % | 5.78 | % | ||||
| TIER 1 RISK BASED CAPITAL RATIO | 10.87 | % | 9.11 | % | ||||
| TOTAL RISK BASED CAPITAL RATIO | 12.16 | % | 10.38 | % | ||||
| CALWEST BANCORP | ||||||||
| CONSOLIDATED STATEMENT OF EARNINGS | ||||||||
| (UNAUDITED) | ||||||||
| FOR THE THREE MONTHS ENDED | ||||||||
| SEPT 30, 2011 | SEPT 30, 2010 | |||||||
| INTEREST INCOME | $ | 1,455,000 | $ | 1,953,000 | ||||
| INTEREST EXPENSE | 289,000 | 526,000 | ||||||
| NET INTEREST INCOME | 1,166,000 | 1,427,000 | ||||||
| PROVISION FOR LOAN LOSSES | - | 1,605,000 | ||||||
| NONINTEREST INCOME | 770,000 | 617,000 | ||||||
| NONINTEREST EXPENSE | 1,636,000 | 1,754,000 | ||||||
| PRE TAX INCOME | 300,000 | (1,315,000 | ) | |||||
| INCOME TAXES | - | - | ||||||
| NET INCOME | $ | 300,000 | $ | (1,315,000 | ) | |||
| EARNINGS PER SHARE BASIC | $ | 0.12 | $ | (0.56 | ) | |||
| AVERAGE SHARES OUTSTANDING | 2,413,730 | 2,350,289 | ||||||
| FOR THE NINE MONTHS ENDED | ||||||||
| SEPT 30, 2011 | SEPT 30, 2010 | |||||||
| INTEREST INCOME | $ | 4,535,000 | $ | 6,160,000 | ||||
| INTEREST EXPENSE | 947,000 | 1,631,000 | ||||||
| NET INTEREST INCOME | 3,588,000 | 4,529,000 | ||||||
| PROVISION FOR LOAN LOSSES | 189,000 | 4,705,000 | ||||||
| NONINTEREST INCOME | 1,465,000 | 415,000 | ||||||
| NONINTEREST EXPENSE | 5,256,000 | 5,247,000 | ||||||
| PRE TAX INCOME | (392,000 | ) | (5,008,000 | ) | ||||
| INCOME TAXES | 2,000 | - | ||||||
| NET INCOME | $ | (394,000 | ) | $ | (5,008,000 | ) | ||
| EARNINGS PER SHARE BASIC | $ | (0.16 | ) | $ | (2.13 | ) | ||
| AVERAGE SHARES OUTSTANDING | 2,413,730 | 2,350,289 | ||||||
