CalWest Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter of 2016
For the year, the company reported net interest income of $4,399,000 compared to $3,640,000 a year ago. Income before taxes was $1,207,000 compared to loss of $722,000 a year ago. Net income was $1,205,000 or $0.02 per basic and diluted share compared to loss of $724,000 or $0.17 per basic and diluted share a year ago. Return on average equity (annualized) was 8.07% compared to negative return on average equity (annualized) of 8.51% a year ago. Return on average assets (annualized) was 0.83% compared to negative return on average assets (annualized) of 0.54% a year ago. Book value per basic share was $0.18 compared to $0.16 a year ago.
For the fourth quarter of 2016, the company reported net charge offs of $89,654,000 against $119,697,000 a year ago.