[February 04, 2019] |
|
CalWest Bancorp Announces Financial Results as of December 31, 2018
CalWest Bancorp (OTCBB: CALW), the holding company for CalWest Bank,
today announced the consolidated financial results for the fourth
quarter and year ending December 31, 2018.
Significant items for the period include:
-
Net Interest Income improved 22% year-over-year
-
Non-Interest Expenses increased 17% year-over-year, reflecting
increased staffing and locations
-
Net Income improved 5% year-over-year
-
The year-over-year increase in deposits was centered in DDA and MMA,
helping to control our cost-of-deposits
-
Allowance for Loan Losses to Gross Loans was 1.56%
"While Non-Interest Expenses increased during the second half of the
year due to expanding our staff and improving our branch locations,
these strategic initiatives are helping drive our growth in loans and
deposits," noted Glenn Gray, President and CEO of CalWest Bancorp and
CalWest Bank.
"During FY 2018 we expanded our lending activity to include construction
loans and loans to Homeowners Associations. These loans, as well as C&I
loan commitments have helped increase our unfunded commitments
year-over-year by $4 million (15%) to $29.5 million. We expect usage
under those commitments to be one of the catalysts for loan growth in FY
2019."
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, and loan production
offices in Laguna Niguel and Vista.
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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STATEMENT OF CONDITION
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(UNAUDITED)
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ASSETS
|
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End of Period
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Annual
|
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|
12/31/2018
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|
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|
12/31/2017
|
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|
Change %
|
Cash & Due from Banks
|
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|
$
|
3,875,735
|
|
|
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|
$
|
3,874,886
|
|
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0
|
%
|
Federal Funds Sold and Interest Bearing Balances
|
|
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|
10,042,298
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|
10,071,813
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0
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%
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Total Cash and Cash Equivalent
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13,918,033
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13,946,699
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0
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%
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Investment Securities
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14,769,912
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15,796,291
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-6
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%
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Real Estate Loans
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126,483,461
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105,093,933
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20
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%
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Commercial and Industrial Loans
|
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31,742,685
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24,318,403
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|
31
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%
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Consumer Loans
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1,100,178
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3,507,148
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-69
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%
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Gross Loans
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159,326,324
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132,919,484
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20
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%
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Deferred Loan Fees and Discounts
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22,520
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115,599
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-81
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%
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Loans Net of Def Fees and Discounts
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159,348,844
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133,035,083
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20
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%
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Allowance for Loan Losses
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(2,480,232
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)
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(2,536,356
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)
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-2
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%
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Net Loans
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156,868,612
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130,498,727
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20
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%
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Federal Reserve Bank, Federal Home Loan Bank, and Correspondent
Bank Stocks - at cost
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1,537,260
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1,322,650
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16
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%
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Bank Premises and Equipment
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646,144
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162,977
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296
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%
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Bank Owned Life Insurance
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6,293,436
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6,140,315
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2
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%
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Other Assets
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1,219,748
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997,628
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22
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%
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Total Assets
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$
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195,253,145
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$
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168,865,287
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16
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%
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LIABILITIES AND CAPITAL
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End of Period
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12/31/2018
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12/31/2017
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Non-Interest Bearing Demand Deposits
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$
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74,172,924
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$
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59,854,482
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24
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%
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Int-Bearing Transaction Accounts
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9,031,714
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12,345,743
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-27
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%
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Savings Deposits
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24,407,659
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27,099,672
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-10
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%
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Money Market Deposits
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48,389,723
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30,661,385
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58
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%
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Certificate of Deposits
|
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9,992,842
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16,795,275
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-41
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%
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Wholesale Brokered Deposits
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4,007,887
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3,501,202
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14
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%
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Total Deposits
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|
170,002,749
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150,257,759
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13
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%
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FHLB Borrowings
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5,000,000
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Subordinated debentures
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3,093,000
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3,093,000
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0
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%
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Total Deposits and Int-Bearing liabilities
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178,095,749
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153,350,759
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16
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%
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Other Liabilities
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610,784
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552,136
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11
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%
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Total Capital
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16,546,612
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14,962,392
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11
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%
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Total Liabilities and Capital
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$
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195,253,145
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$
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168,865,287
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16
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%
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CREDIT QUALITY DATA
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End of Period
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Annual
|
(UNAUDITED)
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|
12/31/2018
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12/31/2017
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Change %
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|
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Non-Accruing Loans
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$
|
1,921
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$
|
115,552
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|
|
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|
-98
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%
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Foreclosed Assets
|
|
|
|
$
|
-
|
|
|
|
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$
|
-
|
|
|
|
|
0
|
%
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Total Nonperforming Assets
|
|
|
|
$
|
1,921
|
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|
$
|
115,552
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Nonperforming Loans to Gross Loans
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0.00
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%
|
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|
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0.09
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%
|
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Nonperforming assets to Loans
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0.00
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%
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|
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|
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0.09
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%
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Allowance for Loan Losses to Gross Loans
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|
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|
|
1.56
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%
|
|
|
|
|
1.91
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%
|
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CAPITAL RATIOS (CALWEST BANK)
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|
End of Period
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|
12/31/2018
|
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|
12/31/2017
|
|
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Tier 1 Leverage Ratio
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|
|
10.08
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%
|
|
|
|
|
10.15
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%
|
|
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|
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Tier 1 Risk Based Capital Ratio
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|
|
11.53
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%
|
|
|
|
|
12.48
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%
|
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Total Risk Based Capital Ratio
|
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|
|
12.78
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%
|
|
|
|
|
13.74
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%
|
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|
CalWest Bancorp - Financial Results
|
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CONSOLIDATED INCOME STATEMENT
|
|
|
|
3-Month Period Ended
|
|
|
|
12-Month Period Ended
|
(IN $000, UNAUDITED)
|
|
|
|
12/31/2018
|
|
|
|
12/31/2017
|
|
|
|
% Change
|
|
|
|
12/31/2018
|
|
|
|
12/31/2017
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
$
|
2,159
|
|
|
|
|
$
|
1,787
|
|
|
|
|
21
|
%
|
|
|
|
$
|
7,854
|
|
|
|
|
$
|
6,486
|
|
|
|
|
21
|
%
|
Interest Expense
|
|
|
|
|
299
|
|
|
|
|
|
208
|
|
|
|
|
44
|
%
|
|
|
|
|
1,018
|
|
|
|
|
|
871
|
|
|
|
|
17
|
%
|
Net Interest Income
|
|
|
|
|
1,860
|
|
|
|
|
|
1,579
|
|
|
|
|
18
|
%
|
|
|
|
|
6,836
|
|
|
|
|
|
5,615
|
|
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for Loan & Lease Losses
|
|
|
|
|
(36
|
)
|
|
|
|
|
(71
|
)
|
|
|
|
-49
|
%
|
|
|
|
|
(165
|
)
|
|
|
|
|
(394
|
)
|
|
|
|
-58
|
%
|
Net Interest after Loan Loss Provisions
|
|
|
|
|
1,896
|
|
|
|
|
|
1,650
|
|
|
|
|
15
|
%
|
|
|
|
|
7,001
|
|
|
|
|
|
6,009
|
|
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Charges
|
|
|
|
|
102
|
|
|
|
|
|
141
|
|
|
|
|
-28
|
%
|
|
|
|
|
510
|
|
|
|
|
|
578
|
|
|
|
|
-12
|
%
|
Bank-Owned Life Insurance Income
|
|
|
|
|
39
|
|
|
|
|
|
39
|
|
|
|
|
0
|
%
|
|
|
|
|
153
|
|
|
|
|
|
166
|
|
|
|
|
-8
|
%
|
Gain (Loss) on Investments
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
0
|
%
|
|
|
|
|
-
|
|
|
|
|
|
53
|
|
|
|
|
-100
|
%
|
Other Non-Interest Income
|
|
|
|
|
37
|
|
|
|
|
|
29
|
|
|
|
|
28
|
%
|
|
|
|
|
245
|
|
|
|
|
|
118
|
|
|
|
|
108
|
%
|
Total Non-Interest Income
|
|
|
|
|
178
|
|
|
|
|
|
209
|
|
|
|
|
-15
|
%
|
|
|
|
|
908
|
|
|
|
|
|
915
|
|
|
|
|
-1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries & Benefits
|
|
|
|
|
1,044
|
|
|
|
|
|
904
|
|
|
|
|
15
|
%
|
|
|
|
|
4,065
|
|
|
|
|
|
3,315
|
|
|
|
|
23
|
%
|
Occupancy Expense
|
|
|
|
|
144
|
|
|
|
|
|
101
|
|
|
|
|
43
|
%
|
|
|
|
|
510
|
|
|
|
|
|
401
|
|
|
|
|
27
|
%
|
Other Non-Interest Expenses
|
|
|
|
|
496
|
|
|
|
|
|
409
|
|
|
|
|
21
|
%
|
|
|
|
|
1,709
|
|
|
|
|
|
1,638
|
|
|
|
|
4
|
%
|
Total Non-Interest Expense
|
|
|
|
|
1,684
|
|
|
|
|
|
1,414
|
|
|
|
|
19
|
%
|
|
|
|
|
6,284
|
|
|
|
|
|
5,354
|
|
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Taxes
|
|
|
|
|
390
|
|
|
|
|
|
445
|
|
|
|
|
-12
|
%
|
|
|
|
|
1,625
|
|
|
|
|
|
1,570
|
|
|
|
|
4
|
%
|
Provision for Income Taxes
|
|
|
|
|
(18
|
)
|
|
|
|
|
7
|
|
|
|
|
100
|
%
|
|
|
|
|
2
|
|
|
|
|
|
19
|
|
|
|
|
-89
|
%
|
Net Income
|
|
|
|
$
|
408
|
|
|
|
|
$
|
438
|
|
|
|
|
-7
|
%
|
|
|
|
$
|
1,623
|
|
|
|
|
$
|
1,551
|
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
3-Month Period Ended
|
|
|
|
12-Month Period Ended
|
(UNAUDITED)
|
|
|
|
12/31/2018
|
|
|
|
12/31/2017
|
|
|
|
% Change
|
|
|
|
12/31/2018
|
|
|
|
12/31/2017
|
|
|
|
% Change
|
Basic Earnings per Share
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
0.01
|
|
|
|
|
7
|
%
|
|
|
|
$
|
0.02
|
|
|
|
|
$
|
0.02
|
|
|
|
|
-3
|
%
|
Diluted Earnings per Share
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
0.01
|
|
|
|
|
7
|
%
|
|
|
|
$
|
0.02
|
|
|
|
|
$
|
0.02
|
|
|
|
|
-3
|
%
|
Common Dividends
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
|
0
|
%
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
74,036,505
|
|
|
|
|
|
74,036,125
|
|
|
|
|
0
|
%
|
|
|
|
|
74,036,505
|
|
|
|
|
|
73,031,601
|
|
|
|
|
1
|
%
|
Weighted Average Diluted Shares
|
|
|
|
|
74,036,505
|
|
|
|
|
|
74,036,125
|
|
|
|
|
0
|
%
|
|
|
|
|
74,036,505
|
|
|
|
|
|
73,031,601
|
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Basic Share (EOP)
|
|
|
|
$
|
0.22
|
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
$
|
0.22
|
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding (EOP)
|
|
|
|
|
74,036,505
|
|
|
|
|
|
74,036,505
|
|
|
|
|
0
|
%
|
|
|
|
|
74,036,505
|
|
|
|
|
|
74,036,505
|
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3-Month Period Ended
|
|
|
|
|
|
|
|
12-Month Period Ended
|
|
|
|
|
|
|
|
|
12/31/2018
|
|
|
|
12/31/2017
|
|
|
|
|
|
|
|
12/31/2018
|
|
|
|
12/31/2017
|
|
|
|
|
KEY FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Equity (annualized)
|
|
|
|
|
10.00
|
%
|
|
|
|
|
11.84
|
%
|
|
|
|
|
|
|
|
|
10.29
|
%
|
|
|
|
|
11.06
|
%
|
|
|
|
|
Return on Average Assets (annualized)
|
|
|
|
|
0.83
|
%
|
|
|
|
|
1.01
|
%
|
|
|
|
|
|
|
|
|
0.87
|
%
|
|
|
|
|
0.91
|
%
|
|
|
|
|
Net Interest Margin (Tax-Equivalent)
|
|
|
|
|
3.80
|
%
|
|
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
3.53
|
%
|
|
|
|
|
Efficiency Ratio
|
|
|
|
|
82.63
|
%
|
|
|
|
|
79.08
|
%
|
|
|
|
|
|
|
|
|
81.15
|
%
|
|
|
|
|
81.99
|
%
|
|
|
|
|
Net Charge-offs to Gross Loans
|
|
|
|
|
-0.01
|
%
|
|
|
|
|
-0.05
|
%
|
|
|
|
|
|
|
|
|
-0.07
|
%
|
|
|
|
|
-0.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190204005849/en/
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