CalWest Bancorp Announces Financial Results as of March 31, 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 first quarter ended March 31, 2018.

Significant items for the period include:

• Net income was $434,000 for the quarter, compared to $173,000 in Q1-2017
• Net interest income was $1.5 million for the quarter, a 29% improvement year-over-year
• Total deposits increased $16.6 million during the quarter, reaching $167 million
  • 11% increase year-over-year
  • 40% of deposits are non-interest bearing
• Total loans decreased $3.2 million during the quarter, reaching $129.8 million
  • 27% increase year-over-year
  • Allowance for Loan Losses to Gross Loans at 1.9%

"With an increased focus on deposits, we were very pleased to experience deposits growth of 11%,” noted Glenn Gray, President and CEO of CalWest Bancorp and CalWest Bank. "Although loans decreased at quarter-end due to several pay-offs, the higher average loan balance during the quarter contributed to our increases in Net Interest Income and Net Income. The increase in non-performing loans at quarter-end was short-lived, as there was a 95% reduction in early April.”

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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