CalWest Bancorp Announces Financial Results as of June 30, 2018
IRVINE, Calif.--(BUSINESS WIRE)--Jul 30, 2018--CalWest Bancorp (OTCBB: CALW), the holding company for CalWest Bank (formerly known as South County Bank), today announced the consolidated financial results for the second quarter ended June 30, 2018.
Significant items for the period include:Net Income was $499,000 for the quarter, a sequential 15% increase; YTD Net Income was $933,000, a 37% year-over-year increase Net Interest Income was $1.72 million for the quarter, a sequential 12% improvement; YTD Net Interest Income was $3.26 million, a 26% year-over-year increase Total Deposits decreased $9.3 million during the quarter, however YTD Deposits have increased $7.3 million and year-over-year Deposits have increased $3.1 million 42% of Deposits are non-interest bearingCost-of Funds steady at 0.50% Total Loans increased $5.0 million during the quarter and $20.9 million year-over-year Non-performing Assets fell to $29,398 and all are paying-as-agreedAllowance for Loan Losses to Gross Loans ratio at 1.86%
“Although loan growth picked up in May and June, loan pay-offs, predominantly of non-performing loans, resulted in a YTD increase of only 1.2%,” noted Glenn Gray, President and CEO of CalWest Bancorp and CalWest Bank. “With recent additions to our front-line staff, and fewer projected pay-offs, we expect net loan growth for the second half of the year to put us back on-track.”
“The composition of our Deposits has purposely been in transition. Year-over-year, ‘core’ deposits have increased by $15 million while institutional and brokered deposits have been reduced by $12 million. This improved composition has allowed us to maintain our cost-of deposits at 0.50%. We anticipate the new staff we recently added, and the relocation of our Irvine Branch, will generate incremental core deposits.”
CalWest Bancorp is the parent company of CalWest Bank, a community bank recognized for its exemplary service to entrepreneurs and high net worth individuals 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.
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