CalWest Bancorp (OTCBB: CALW), the holding company for South County Bank
N.A., today announced the restated consolidated financial results for
the six months ended June 30, 2013. During second quarter, 2013, the
Bank upgraded four loans to performing from non-performing status. As a
result of this change, the Bank recognized the lost interest of $121,000
on non-performing loans to income in the second quarter. Subsequently,
it was determined the more conservative industry practice is to accrete
that lost interest into income over the remaining term of the loans.
“This revision should not overshadow the fact that four loans
aggregating $502,000 have returned to accrual status and our
non-performing loans have been reduced by 36% to $3.9 million from $6.2
million as of December 2012 year-end,” noted Glenn Gray, CEO and
President of CalWest Bancorp and South County Bank.
CalWest Bancorp is the parent company of South County Bank, a community
bank recognized for its exemplary service to entrepreneurs, high net
worth individuals and non-profit organizations located throughout
Southern California. The Bank serves the business community through its
four branches located in Rancho Santa Margarita, Irvine, Huntington
Beach and Redlands.
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
Copyright Business Wire 2013