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27.10.2017 00:59:00
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CalWest Bancorp Announces Financial Results as of September 30, 2017
CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank N.A., today announced the consolidated financial results for the third quarter and year-to-date period ended September 30, 2017.
Significant items for the period include:
-
Total loans increased $7 million during the quarter, reaching $122.5
million
- $32.9 million or 37% increase year-over-year
- Allowance for Loan Losses to Gross Loans at 2.07%
-
Total deposits increased $3.5 million during the quarter, reaching
$157.9 million
- $17.3 million or 12% increase year-over-year
- 42% of deposits are non-interest bearing
-
Net interest income was $1.4 million for the quarter
- 29% improvement year-over-year
-
Net income was $432,000 for the quarter, and $1.1 million year-to-date
- 95% improvement year-over-year
"This year’s efforts in reallocating our investment securities into loan production is generating a steady improvement in our Net Interest Income and Net Interest Margin,” noted Glenn Gray, President and CEO of CalWest Bancorp and South County Bank. "With Assets up 12% year-over-year and non-interest expenses down slightly, we are experiencing an improvement in our Core Earnings.”
CalWest Bancorp is the parent company of South County 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.
|
STATEMENT OF CONDITION |
||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| ASSETS | End of Period | Annual | ||||||||||||||
| 9/30/2017 | 12/31/2016 | 9/30/2016 |
Change % |
|||||||||||||
| Cash & Due from Banks | $ | 4,868,613 | $ | 4,662,975 | $ | 4,656,848 | 5 | % | ||||||||
| Federal Funds Sold and Interest Bearing Balances |
26,616,607 |
19,589,000 | 18,004,000 | 48 | % | |||||||||||
| Total Cash and Cash Equivalent | 31,485,220 | 24,251,975 | 22,660,848 | 39 | % | |||||||||||
| Investment Securities | 17,455,683 | 36,686,040 | 38,869,757 | -55 | % | |||||||||||
| Loans held for sale | - | - | 1,154,036 | -100 | % | |||||||||||
| Real Estate Loans | 94,846,061 | 75,720,645 | 73,346,823 | 29 | % | |||||||||||
| Commercial and Industrial Loans | 24,048,200 | 15,620,223 | 15,597,110 | 54 | % | |||||||||||
| Consumer Loans | 3,467,427 | 438,198 | 464,617 | 646 | % | |||||||||||
| Gross Loans | 122,361,688 | 91,779,066 | 89,408,550 | 37 | % | |||||||||||
| Deferred Loan Fees and Discounts | 106,068 | 104,937 | 49,556 | 114 | % | |||||||||||
| Loans Net of Def Fees and Discounts | 122,467,756 | 91,884,003 | 89,458,106 | 37 | % | |||||||||||
| Allowance for Loan Losses | (2,536,356 | ) | (2,653,860 | ) | (2,653,861 | ) | -4 | % | ||||||||
| Net Loans | 119,931,400 | 89,230,143 | 86,804,245 | 38 | % | |||||||||||
| Bank Premises and Equipment | 167,259 | 158,831 | 168,942 | -1 | % | |||||||||||
| Bank Owned Life Insurance | 6,100,865 | 5,982,386 | 6,692,222 | -9 | % | |||||||||||
| Other Assets | 871,879 | 1,605,610 | 809,798 | 8 | % | |||||||||||
| Total Assets | $ | 176,012,306 | $ | 157,914,985 | $ | 157,159,848 | 12 | % | ||||||||
| LIABILITIES AND CAPITAL | End of Period | Annual | ||||||||||||||
| 9/30/2017 | 12/31/2016 | 9/30/2016 |
Change % |
|||||||||||||
| Non-Interest Bearing Demand Deposits | $ | 65,742,369 | $ | 51,576,857 | $ | 55,173,446 | 19 | % | ||||||||
| Int-Bearing Transaction Accounts | 8,733,094 | 8,446,645 | 8,645,505 | 1 | % | |||||||||||
| Savings Deposits | 28,307,343 | 21,021,824 | 20,667,363 | 37 | % | |||||||||||
| Money Market Deposits | 32,162,389 | 22,700,574 | 26,774,496 | 20 | % | |||||||||||
| Certificate of Deposits | 19,503,414 | 30,705,393 | 24,393,075 | -20 | % | |||||||||||
| Wholesale Brokered Deposits | 3,505,640 | 7,010,806 | 5,003,000 | 100 | % | |||||||||||
| Total Deposits | 157,954,249 | 141,462,099 | 140,656,885 | 12 | % | |||||||||||
| Subordinated debentures | 3,093,000 | 3,093,000 | 3,093,000 | 0 | % | |||||||||||
| Subordinated notes | - | - | - | -100 | % | |||||||||||
| Total Deposits and Int-Bearing liabilities | 161,047,249 | 144,555,099 | 143,749,885 | 12 | % | |||||||||||
| Other Liabilities | 426,867 | 388,477 | 313,892 | 36 | % | |||||||||||
| Total Capital | 14,538,190 | 12,971,409 | 13,096,071 | 11 | % | |||||||||||
| Total Liabilities and Capital | $ | 176,012,306 | $ | 157,914,985 | $ | 157,159,848 | 12 | % | ||||||||
| CREDIT QUALITY DATA | End of Period | Annual | ||||||||||||||
| (UNAUDITED) | 9/30/2017 | 12/31/2016 | 9/30/2016 |
Change % |
||||||||||||
| Non-Accruing Loans | $ | 118,548 | $ | 194,224 | $ | 41,561 | 185 | % | ||||||||
| Foreclosed Assets | $ | - | $ | - | $ | - | 0 | % | ||||||||
| Total Nonperforming Assets | $ | 118,548 | $ | 194,224 | $ | 41,561 | ||||||||||
| Nonperforming Loans to Gross Loans | 0.10 | % | 0.21 | % | 0.05 | % | ||||||||||
|
Nonperforming assets to Loans |
0.10 | % | 0.21 | % | 0.05 | % | ||||||||||
| Allowance for Loan Losses to Gross Loans | 2.07 | % | 2.89 | % | 2.97 | % | ||||||||||
| CAPITAL RATIOS (SOUTH COUNTY BANK) | End of Period | |||||||||||||||
| 9/30/2017 | 12/31/2016 | 9/30/2016 | ||||||||||||||
| Tier 1 Leverage Ratio | 9.93 | % | 10.27 | % | 10.07 | % | ||||||||||
| Tier 1 Risk Based Capital Ratio | 12.90 | % | 15.00 | % | 14.70 | % | ||||||||||
| Total Risk Based Capital Ratio | 14.16 | % | 16.27 | % | 15.96 | % | ||||||||||
| CalWest Bancorp - Financial Results | |||||||||||||||||||
| CONSOLIDATED INCOME STATEMENT | 3-Month Period Ended | 9-Month Period Ended | |||||||||||||||||
| (IN $000, UNAUDITED) | 9/30/2017 | 9/30/2016 | % Change | 9/30/2017 | 9/30/2016 | % Change | |||||||||||||
| Interest Income | $ | 1,675 | $ | 1,267 | 32 | % | $ | 4,700 | $ | 3,585 | 31 | % | |||||||
| Interest Expense | 233 | 158 | 47 | % | 663 | 461 | 44 | % | |||||||||||
| Net Interest Income | 1,442 | 1,109 | 30 | % | 4,037 | 3,124 | 29 | % | |||||||||||
| Provisions for Loan & Lease Losses | (146 | ) | (155 | ) | -6 | % | (323 | ) | (342 | ) | -6 | % | |||||||
| Net Interest after Loan Loss Provisions | 1,588 | 1,264 | 26 | % | 4,360 | 3,466 | 26 | % | |||||||||||
| Service Charges | 146 | 124 | 18 | % | 437 | 384 | 14 | % | |||||||||||
| Bank-Owned Life Insurance Income | 39 | 48 | -19 | % | 127 | 144 | -12 | % | |||||||||||
| Gain (Loss) on Investments | (81 | ) | 123 | 100 | % | (160 | ) | 124 | -229 | % | |||||||||
| Other Non-Interest Income | 28 | 33 | -15 | % | 89 | 224 | -60 | % | |||||||||||
| Total Non-Interest Income | 132 | 328 | -60 | % | 493 | 876 | -44 | % | |||||||||||
| Salaries & Benefits | 838 | 726 | 15 | % | 2,411 | 2,139 | 13 | % | |||||||||||
| Occupancy Expense | 99 | 100 | -1 | % | 300 | 293 | 2 | % | |||||||||||
| Other Non-Interest Expenses | 341 | 396 | -14 | % | 1,017 | 1,336 | -24 | % | |||||||||||
| Total Non-Interest Expense | 1,278 | 1,222 | 5 | % | 3,728 | 3,768 | -1 | % | |||||||||||
| Income Before Taxes | 442 | 370 | 19 | % | 1,125 | 574 | 96 | % | |||||||||||
|
Provision for Income Taxes |
10 | - | 0 | % | 12 | 2 | 0 | % | |||||||||||
| Net Income | $ | 432 | $ | 370 | 17 | % | $ | 1,113 | $ | 572 | 95 | % | |||||||
| PER SHARE DATA | 3-Month Period Ended | 9-Month Period Ended | |||||||||||||||||
| (UNAUDITED) | 9/30/2017 | 9/30/2016 | % Change | 9/30/2017 | 9/30/2016 | % Change | |||||||||||||
| Basic Earnings per Share | $ | 0.01 | $ | 0.01 | 15 | % | $ | 0.02 | $ | 0.01 | 91 | % | |||||||
| Diluted Earnings per Share | $ | 0.01 | $ | 0.01 | 15 | % | $ | 0.02 | $ | 0.01 | 91 | % | |||||||
| Common Dividends | $ | - | $ | - | 0 | % | $ | - | $ | - | 0 | % | |||||||
| Weighted Average Shares Outstanding | 74,036,505 | 73,036,215 | 1 | % | 74,036,505 | 72,694,316 | 2 | % | |||||||||||
| Weighted Average Diluted Shares | 74,036,505 | 73,036,215 | 1 | % | 74,036,505 | 72,694,316 | 2 | % | |||||||||||
| Book Value per Basic Share (EOP) | $ | 0.20 | $ | 0.18 | $ | 0.20 | $ | 0.18 | |||||||||||
| Common Shares Outstanding (EOP) | 74,036,505 | 74,019,021 | 0 | % | 74,036,505 | 74,019,021 | 0 | % | |||||||||||
| 3-Month Period Ended | 9-Month Period Ended | ||||||||||||||||||
| 9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||||||||||
| KEY FINANCIAL RATIOS | |||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||
| Return on Average Equity (annualized) | 12.03 | % | 11.60 | % | 10.78 | % | 6.23 | % | |||||||||||
| Return on Average Assets (annualized) | 0.99 | % | 0.96 | % | 0.88 | % | 0.53 | % | |||||||||||
| Net Interest Margin (Tax-Equivalent) | 3.49 | % | 3.08 | % | 3.37 | % | 3.09 | % | |||||||||||
| Efficiency Ratio | 81.19 | % | 85.04 | % | 82.30 | % | 94.20 | % | |||||||||||
| Net Charge-offs to Gross Loans | -0.05 | % | -0.17 | % | -0.17 | % | -0.38 | % | |||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026006730/en/
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