CalWest Bancorp , holding company for South County Bank N.A. , announced the consolidated financial results for the twelve-months ended December 31, 2013 . In a release on February 3 , the company noted earnings details: Full year net income of $229,167 compared to a loss of ( $2.1 million ) for FY 2012 Non-performing loans reduced 55.3 percent quarter-over-quarter, and are down $5.2 million or 74.9 percent from a year ago After a negative loan loss provision of $500,000 in the 4Q 2013, the allowance for loan and lease losses (ALLL) ratio remains high at 4.8 percent Total assets decreased 2.5 percent to $143 million ; new loan volume was offset by the sale of non-performing loans and principal reductions at year-end Non-interest bearing deposits were 35 percent of total deposits, helping keep the cost-of-deposits at 0.39 percent, down from 0.45 percent a year ago Net Interest Income for the quarter improved 12.7 percent from the previous quarter as organic loan growth continues and non- accrual loans decrease Non-interest expenses decreased 13.9 percent year-over-year Bank Tier 1 Leverage Capital ratio ended the year at 5.53 percent up from 5.11 percent last year Bank Total Risk Based Capital ratio ended the year at 12.35 percent up from 11.57 percent last year "The significant reduction in non-performing assets came from a combination of selling some non-performing loans and upgrading several loans to performing status," noted Glenn Gray , CEO and President of CalWest Bancorp and South County Bank . "As we head into 2014, I am encouraged by the improvements in our asset quality and our focus on organic loan growth. An event subsequent to year-end worth noting has been the positive resolution of our $984,000 OREO, which was sold during January 2014." ((Comments on this story may be sent to email@example.com ))
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