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CalWest Bancorp Announces Financial Results as of December 31, 2018
[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.





                 
STATEMENT OF CONDITION
(UNAUDITED)
 
ASSETS End of Period Annual
12/31/2018 12/31/2017 Change %
Cash & Due from Banks $ 3,875,735 $ 3,874,886 0 %
Federal Funds Sold and Interest Bearing Balances   10,042,298           10,071,813         0 %
Total Cash and Cash Equivalent 13,918,033 13,946,699 0 %
 
Investment Securities 14,769,912 15,796,291 -6 %
 
Real Estate Loans 126,483,461 105,093,933 20 %
Commercial and Industrial Loans 31,742,685 24,318,403 31 %
Consumer Loans   1,100,178           3,507,148         -69 %
Gross Loans 159,326,324 132,919,484 20 %
Deferred Loan Fees and Discounts 22,520 115,599 -81 %
Loans Net of Def Fees and Discounts 159,348,844 133,035,083 20 %
Allowance for Loan Losses   (2,480,232 )         (2,536,356 )       -2 %
Net Loans 156,868,612 130,498,727 20 %
 

Federal Reserve Bank, Federal Home Loan Bank, and Correspondent Bank Stocks - at cost

1,537,260 1,322,650 16 %
Bank Premises and Equipment 646,144 162,977 296 %
Bank Owned Life Insurance 6,293,436 6,140,315 2 %
Other Assets   1,219,748           997,628         22 %
Total Assets $ 195,253,145        

$

168,865,287

        16 %
 
LIABILITIES AND CAPITAL End of Period
12/31/2018 12/31/2017
Non-Interest Bearing Demand Deposits $ 74,172,924 $ 59,854,482 24 %
Int-Bearing Transaction Accounts 9,031,714 12,345,743 -27 %
Savings Deposits 24,407,659 27,099,672 -10 %
Money Market Deposits 48,389,723 30,661,385 58 %
Certificate of Deposits 9,992,842 16,795,275 -41 %
Wholesale Brokered Deposits   4,007,887           3,501,202         14 %
Total Deposits 170,002,749 150,257,759 13 %
 
FHLB Borrowings 5,000,000
Subordinated debentures   3,093,000           3,093,000         0 %
Total Deposits and Int-Bearing liabilities 178,095,749 153,350,759 16 %
 
Other Liabilities 610,784 552,136 11 %
Total Capital   16,546,612           14,962,392         11 %
Total Liabilities and Capital $ 195,253,145        

$

168,865,287

        16 %
 
 
CREDIT QUALITY DATA End of Period Annual
(UNAUDITED) 12/31/2018 12/31/2017 Change %
 
Non-Accruing Loans $ 1,921 $ 115,552 -98 %
Foreclosed Assets $ -         $ -   0 %
Total Nonperforming Assets $ 1,921 $ 115,552
 
Nonperforming Loans to Gross Loans 0.00 % 0.09 %

Nonperforming assets to Loans

0.00 % 0.09 %
Allowance for Loan Losses to Gross Loans 1.56 % 1.91 %
 
CAPITAL RATIOS (CALWEST BANK) End of Period
12/31/2018 12/31/2017
Tier 1 Leverage Ratio 10.08 % 10.15 %
Tier 1 Risk Based Capital Ratio 11.53 % 12.48 %
Total Risk Based Capital Ratio 12.78 % 13.74 %
 
 

                                   
CalWest Bancorp - Financial Results
 
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 %
 


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