CalWest Bancorp Announces Financial Results as of September 30, 2006.IRVINE, Calif. -- CalWest Bancorp and 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 (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CALW) reported consolidated financial results for the nine months ended September 30, 2006. "Our net income increased by 34.4% as of September 30, 2006, compared to the same period in 2005. As of September 30, 2006, the Bancorp posted $695,000 after-tax income compared to $517,000 after-tax income as of September 30, 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 22.2% to $5.9 million as of September 30, 2006 from $4.8 million for the same period 2005 due to the increase in the loan volume by 17% and recent rate increases. 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 continues to contribute non-interest income, which increased significantly by 133.5% to $2.2 million for the nine months ended 2006 compared to $956,000 as of September 30, 2005. Non-interest expenses increased by 44.7% to $6.8 million as of September 30, 2006 compared to $4.7 million as of September 30, 2005. This is mainly attributed to higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. due to the start up of the Irvine and Moreno Valley Moreno Valley (mərē`nō), city (1990 pop. 118,779), Riverside co., S Calif., inc. 1984. In 1990, Moreno Valley was California's fastest-growing city, with a population increase of more than 300% between 1980 and 1990, but major reductions branches, 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 due to the staffing of these operations, the expansion of the SBA and construction loan divisions," added President Yott. "The market continues to be saturated with start up banks and other existing banks moving into our market. Despite the increased competition and the typical 'run off' of seasoned loans and some deposit relationships, we continue to grow in a safe and sound manner. We had a concentration of depository relationships that we knew were going to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. those deposits into outside interests, and those events occurred in the 3rd quarter. This decrease in deposits equated to an overall 10% decline in deposits for September 2006 compared to the same period 2005. The drop in deposits means a drop in total assets and it was attributed to approximately 5 separate relationships representing over $25 million in deposits. Since those funds left the bank to alternative investments, we have had success in steadily replacing those deposits by developing new stable core deposits. The new branch locations will fuel that growth in the next 6 months," said President Yott. Forward-Looking Comments: The statements contained in this release that are not historical facts are forward-looking statements 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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