CalWest Bancorp Announces Financial Results as of December 31, 2006.IRVINE, Calif. -- CalWest Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CALW) announced its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. South County Bank reported $1.0 million net income after-tax for the twelve months ended December 31, 2006, compared to $887,000 after-tax income for the same period 2005, a 12.7% increase. CalWest Bancorp reported consolidated financial results for the twelve months ended December 31, 2006 net income after-tax increased by 13.7% as of December 31, 2006, compared to the same period in 2005. As of December 31, 2006, the Bancorp posted $832,000 after-tax income, which incorporates the debt servicing of previously issued Trust Preferred securities. This compares to $732,000 after-tax income as of December 31, 2005, said Thomas E. Yott, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "CalWest Bancorp net interest income increased by 18.9% to $7.9 million as of December 31, 2006 from $6.6 million for the same period 2005. This increase is due to an increase in the loan volume during 2006 by 22.5% from December 2005 accompanied by recent rate increases. The non-interest income increased significantly by 86.3% to $2.7 million as of December 31, 2006 compared to $1.5 million as of December 31, 2005. The SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government Division originated $25 million in loans and sold over $18 million into the secondary market. Non-interest expenses increased by 38.2% to $9.0 million as of December 31, 2006 compared to $6.5 million as of December 31, 2005," said Thomas E. Yott, CEO. "During 2006, South County Bank established two new branch locations in Irvine and Moreno Valley, California Moreno Valley is a city located in Riverside County, California. As of January 1, 2006, the population of Moreno Valley was 174,565.[1] A relatively young city, its rapid growth in the 1980s and the 2000s propelled it to its status as second-largest city in Riverside , and relocated its corporate loan and administrative offices to Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). . With the addition of new locations, South County Bank upgraded its computer network, phone systems and processing systems. Also, during the fourth quarter, the groundwork was laid to establish two new locations in Redlands and Huntington Beach, California Huntington Beach is a seaside city in Orange County in southern California. As of the 2000 census, the city population was 189,594. It is bordered by the Pacific Ocean on the west, by Seal Beach on the north, by Costa Mesa on the south, by Westminster on the northeast, and by that are expected to open during the first quarter 2007. The increase in non-interest cost was mainly attributed to higher occupancy cost Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal , increased compensation affiliated with the staffing of these operations, the relocation of the corporate and loan administrative offices, and investment in technology and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . We have focused on building our franchise locations in target rich environments for business development and have made this investment over the past 15 months and look forward to leveraging these opportunities as we move forward," added CEO Yott. "Competitive pressures in our market areas continue to increase for both loans and deposits. Not only other community banks are in direct competition with us, the large and regional banks are also competing for the same customer base. Despite the increased competition, we continue to grow in a safe and sound manner. As we continue to expand in new markets, we are excited about capturing new loan and core deposit relationships," said Thomas E. Yott, CEO. Forward-Looking Comments: The statements contained in this release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on management's current expectations and beliefs concerning future developments and their potential effects on the Bank. There can be no assurance that future developments affecting the Bank will be those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. [TABLE OMITTED] [TABLE OMITTED] |
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