CalWest Bancorp Announces Financial Results as of December 31, 2014
Full Year Net Income of
Non-Performing Loans decrease 61% year-over-year
Non-Performing Assets as a percentage of Total Assets down to 0.51%
Tier 1
Significant items for the period ending include:
- Full-year net income was
$369,000 , compared to net income a year ago of$229,000 - Net interest income for the year was
$3.94 million , a 5.2% increase compared to last year - Total deposits were
$124 million , with 34% non-interest bearing, keeping cost-of-deposits at 0.38% - Non-performing loans reduced 61% year-over-year, and ended the year at 0.51% of Total Assets
- The ALLL ratio remains strong at 4.29%
- Bank Tier 1
Leverage Capital ratio ended the year at 6.18%, up from 5.53% last year Bank Total Risk Based Capital ratio ended the year at 13.05%, up from 12.35% last year
“We have come a long way from the days when our Texas Ratio approached 98% to ending the year with a Texas Ratio of 6.1%, no OREO assets, all performing loans current, and all but one of our non-accruing loans paying-as-agreed,” noted
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
CalWest Bancorp Financial Summary | ||||||||||||||||||||||||
UNAUDITED | UNAUDITED | |||||||||||||||||||||||
At or For the Three Months | At or For the Twelve Months | |||||||||||||||||||||||
Ended |
Ended |
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2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||
Summary of Operations: (In thousands $) | ||||||||||||||||||||||||
Interest income | $ | 1,107 | $ | 1,200 | -7.8 | % | $ | 4,602 | $ | 4,446 | 3.5 | % | ||||||||||||
Interest expense | 153 | 173 | -11.6 | % | 665 | 703 | -5.4 | % | ||||||||||||||||
Net interest income | 954 | 1,027 | -7.1 | % | 3,937 | 3,743 | 5.2 | % | ||||||||||||||||
Provision for loan losses | (72 | ) | (500 | ) | -85.6 | % | (405 | ) | (500 | ) | -19.0 | % | ||||||||||||
Net interest income (loss) after provision for loan losses | 1,026 | 1,527 | -32.8 | % | 4,342 | 4,243 | 2.3 | % | ||||||||||||||||
Non-interest income | 355 | 352 | 0.9 | % | 1,575 | 1,323 | 19.0 | % | ||||||||||||||||
Non-interest expense | 1,333 | 1,442 | -7.6 | % | 5,546 | 5,335 | 4.0 | % | ||||||||||||||||
Income before income taxes | 48 | 437 | -89.0 | % | 371 | 231 | 60.6 | % | ||||||||||||||||
Income taxes | - | - | 0.0 | % | 2 | 2 | 0.0 | % | ||||||||||||||||
Net Income (Loss) | $ | 48 | $ | 437 | -89.0 | % | $ | 369 | $ | 229 | 61.1 | % | ||||||||||||
Per Share Data: (Not in thousands $) | 4Q 2014 | 4Q 2013 | % Change | YTD 2014 | YTD 2013 | % Change | ||||||||||||||||||
Income (Loss) per share - basic | $ | 0.02 | $ | 0.17 | -89.0 | % | $ | 0.15 | $ | 0.09 | 61.1 | % | ||||||||||||
Shares outstanding - basic</td> | 2,521,488 | 2,521,488 | 0.0 | % | 2,521,488 | 2,521,488 | 0.0 | % | ||||||||||||||||
UNAUDITED | ||||||||||||||||||||||||
Ended |
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2014 | 2013 | % Change | ||||||||||||||||||||||
Balance Sheet Summary: (In thousands $) | ||||||||||||||||||||||||
Cash and Due From | $ | 3,502 | $ | 4,721 | -25.8 | % | ||||||||||||||||||
Interest Bearing Deposits in other banks | 13,440 | 3,381 | 297.5 | % | ||||||||||||||||||||
Investment securities | 42,676 | 49,845 | -14.4 | % | ||||||||||||||||||||
Fed Funds Sold | 4,660 | 16,515 | -71.8 | % | ||||||||||||||||||||
Loans held for sale | 372 | 429 | -13.3 | % | ||||||||||||||||||||
Loans, net of deferred fees | 62,164 | 61,388 | 1.3 | % | ||||||||||||||||||||
Allowance for loan losses ("ALL") | (2,680 | ) | (2,949 | ) | -9.1 | % | ||||||||||||||||||
Net Loans |
59,484 | 58,439 | 1.8 | % | ||||||||||||||||||||
Other Real Estate Owned | - | 984 | -100.0 | % | ||||||||||||||||||||
6,358 | 6,176 | 2.9 | % | |||||||||||||||||||||
1,067 | 1,067 | 0.0 | % | |||||||||||||||||||||
Other Assets | 1,020 | 1,365 | -25.3 | % | ||||||||||||||||||||
Total assets | $ | 132,579 | $ | 142,922 | -7.2 | % | ||||||||||||||||||
Non-Interest Bearing Deposits | $ | 41,764 | $ | 47,503 | -12.1 | % | ||||||||||||||||||
Interest Bearing Deposits | 81,854 | 87,956 | -6.9 | % | ||||||||||||||||||||
Total deposits | 123,618 | 135,459 | -8.7 | % | ||||||||||||||||||||
Subordinated Debentures and Notes | 3,698 | 3,698 | 0.0 | % | ||||||||||||||||||||
Accrued Interest and other Liabilities | 1,104 | 1,117 | -1.2 | % | ||||||||||||||||||||
Total shareholders' equity | 4,159 | 2,648 | 57.1 | % | ||||||||||||||||||||
Total Liabilities and Shareholders Equity | $ | 132,579 | $ | 142,922 | -7.2 | % | ||||||||||||||||||
Selected Data (In thousands $) and Ratios: | ||||||||||||||||||||||||
Non-performing Loans | $ | 675 | $ | 1,728 | -60.9 | % | ||||||||||||||||||
30 - 120 Days Delinquent Loans | $ | - | $ | - | 0.0 | % | ||||||||||||||||||
Texas Ratio | 6.15 | % | 26.72 | % | -77.0 | % | ||||||||||||||||||
Return on average assets | 0.26 | % | 0.16 | % | 67.3 | % | ||||||||||||||||||
Return on average shareholders equity | 9.94 | % | 7.04 | % | 41.2 | % | ||||||||||||||||||
Net interest margin | 3.19 | % | 2.85 | % | 12.2 | % | ||||||||||||||||||
Cost of Deposits | 0.38 | % | 0.39 | % | -2.6 | % | ||||||||||||||||||
ALL to loans ratios | 4.29 | % | 4.77 | % | -10.2 | % | ||||||||||||||||||
Net loans to deposits ratio | 48.12 | % | 43.14 | % | 11.5 | % | ||||||||||||||||||
Bank leverage capital ratio | 6.18 | % | 5.53 | % | 11.8 | % | ||||||||||||||||||
Bank total risk based capital ratio | 13.05 | % | 12.35 | % | 5.7 | % | ||||||||||||||||||
Employees (full time equivalent) (Not in thousands) | 36 | 38 | -5.3 | % | ||||||||||||||||||||
EVP / Chief Financial Officer
[email protected]
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