CalWest Bancorp Announces Financial Results as of Sept. 30, 2005

CalWest Bancorp and its wholly owned subsidiary South County Bank (OTCBB:CALW) reported consolidated financial results for the nine months ended Sept. 30, 2005. "As of September 30, 2005, the Bancorp posted $881,000 pre-tax income and $517,000 after-tax income compared to $503,000 after-tax income as of September 30, 2004," said Thomas E. Yott, president and CEO of South County Bank. "The pre-tax income for nine months in 2005 was $881,000 compared to $633,000, an increase of 39.2% over the same period of 2004. Total assets increased by 33.9% to $177.1 million as of September 30, 2005, compared to $132.2 million as of September 30, 2004. Total Core Deposits increased to $150.7 million as of September 30, 2005, compared to $115.1 million, an increase of 30.9% as of September 30, 2004. In July 2005, CalWest Bancorp completed its private placement of common stock offering for $9.28 million. As a result, the shareholders' equity increased to $19.1 million as of September 30, 2005, compared to $8.9 million as of September 30, 2004, an increase of 113.8%."

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. -0- CALWEST BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEET (UNAUDITED) SEPT. 30, SEPT. 30, % CHANGE 2005 2004 CASH AND DUE FROM $9,692,000 $6,726,000 44.10% FEDERAL FUNDS SOLD 41,135,000 21,525,000 91.10% INTEREST BEARING DEPOSITS AT OTHER BANKS 5,797,000 - 100.00% INVESTMENTS 44,565,000 20,042,000 122.36% LOANS AVAILABLE FOR SALE - 1,442,000 -100.00% LOANS NET OF DISCOUNT 74,186,000 81,325,000 -8.78% LESS: ALLOWANCE FOR LOAN LOSSES 1,054,000 990,000 6.46% OTHER ASSETS 2,796,000 2,162,000 29.32% TOTAL ASSETS $177,117,000 $132,232,000 33.94% NONINTEREST BEARING DEPOSITS $67,516,000 $49,805,000 35.56% INTEREST BEARING DEPOSITS 83,209,000 65,302,000 27.42% TOTAL DEPOSITS 150,725,000 115,107,000 30.94% OTHER BORROWINGS 3,264,000 4,632,000 -29.53% TRUST PREFERRED SECURITIES 3,093,000 3,093,000 0.00% OTHER LIABILITIES 932,000 466,000 100.00% TOTAL LIABILITIES $158,014,000 $123,298,000 28.16% COMMON STOCK $9,626,000 $5,464,000 76.17% SURPLUS $11,152,000 $4,143,000 169.18% UNDIVIDED PROFITS (1,666,000) (672,000) 147.92% OTHER COMPREHENSIVE INCOME (9,000) (1,000) 800.00% TOTAL SHAREHOLDERS' EQUITY $19,103,000 $8,934,000 113.82% TOTAL LIABILITIES AND EQUITY $177,117,000 $132,232,000 33.94% TIER 1 LEVERAGE RATIO 13.11% 9.77% TIER 1 RISK BASED CAPITAL RATIO 22.48% 12.31% TOTAL RISK BASED CAPITAL RATIO 23.62% 13.46% CALWEST BANCORP CONDENSED STATEMENT OF EARNINGS (UNAUDITED) FOR THE THREE MONTHS ENDED SEPT. 30, SEPT. 30, % CHANGE 2005 2004 INTEREST INCOME $2,253,000 $1,737,000 29.71% INTEREST EXPENSE $499,000 $245,000 103.67% NET INTEREST INCOME 1,754,000 1,492,000 17.56% PROVISION FOR LOAN LOSSES $75,000 $80,000 -6.25% NONINTEREST INCOME $222,000 $277,000 -19.86% NONINTEREST EXPENSE $1,532,000 $1,414,000 8.35% PRE TAX INCOME 369,000 275,000 34.18% INCOME TAXES $153,000 $130,000 17.69% NET INCOME $216,000 $145,000 48.97% EARNINGS PER SHARE BASIC $0.14 $0.13 AVERAGE SHARES OUTSTANDING 1,563,347 1,092,720 FOR THE NINE MONTHS ENDED SEPT. 30, SEPT. 30, % CHANGE 2005 2004 INTEREST INCOME $6,078,000 $4,565,000 33.14% INTEREST EXPENSE 1,239,000 655,000 89.16% NET INTEREST INCOME 4,839,000 3,910,000 23.76% PROVISION FOR LOAN LOSSES 215,000 190,000 13.16% NONINTEREST INCOME 956,000 1,098,000 -12.93% NONINTEREST EXPENSE 4,699,000 4,185,000 12.28% PRE TAX INCOME 881,000 633,000 39.18% INCOME TAXES 364,000 130,000 180.00% NET INCOME $517,000 $503,000 2.78% EARNINGS PER SHARE BASIC $0.40 $0.46 AVERAGE SHARES OUTSTANDING 1,290,132 1,092,720