CalWest Bancorp Announces Financial Results as of June 30, 2019

CalWest Bancorp (OTCBB: CALW), the holding company for CalWest Bank, today announced the consolidated financial results for the second quarter ending June 30, 2019.

Significant items for the period include:

• Net Interest Income improved 20% year-over-year
• Non-Interest Expenses increased 27% year-over-year reflecting increased staffing and locations
• Net Income for Q2/2019 was $158k less than Q2/2018
• The year-over-year increase in deposits centered in DDA and MMA, with purposeful reductions in CDs; DDA deposits increased 32% year-over-year
• Nonperforming Loans of only $523 and ALLL-to-Gross Loans of 1.47%

"Loan demand rebounding during the second quarter along with our deposit growth in core deposits drove the improvement in our Net Interest Income. Non-Interest Income is improving as we focus on several cash management initiatives. The year-over-year increase in Non-Interest Expenses reflects the strategic decisions to expand our staff, improve our branch locations, and relocate our administrative office, all of which is having a positive effect on deposit growth,” noted Glenn Gray, President and CEO of CalWest Bancorp and CalWest Bank.

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 a loan production office in Laguna Niguel.

Source: CalWest Bancorp

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190802005493/en/