8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event report ) January 26, 2004

CalWest Bancorp

(Exact name of Registrant as specified in its charter)

California	333-14288	56-2380639
(State or other jurisdiction Of incorporation)	(File number)	(I.R.S. Employer Identification No.)
22342 Avenida Empresa, Rancho Santa Margarita, CA		92688
(Address of principal executive office)		(Zip Code)
Registrant’s telephone number, including area code: (949) 766-3000

Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)  Exhibits

99.1 Press Release dated January 26, 2004

Item 12.RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 26, 2004 the Company issued a press release announcing earnings for the year ended December 31, 2003 and made publicly available certain supplemental information.  The press release is attached to this current report as Exhibit 99.1 and is incorporated by reference to this report.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CalWest Bancorp
March 16, 2004	By:	/s/ Thomas E. Yott
		Thomas E. Yott
		President

2

EX-99.1

Exhibit 99.1

PRESS RELEASE

SOUTH COUNTY BANK REPORTS 2003 RESULTS

January 26, 2004 – South County Bank, a wholly owned subsidiary of CalWest Bancorp (OCTBB – CALW) reported financial results for the twelve months ended December 31, 2003. The Bank’s net income decreased by 83.5% to $165,000 compared to net income of $997,000 as of December 31, 2002.  Due to high loan growth of 51.8% from December 31, 2002, the Bank increased its allowance for loan loss by 59.5% from December 31, 2002, by adding $868,000 in loan loss provisions.  As a result of increase in the loan portfolio, the Bank’s interest income increased by 22.2% to $4.87 million for twelve months ended December 31, 2003, from $3.98 million for the same period as of December 31, 2002.  Also, the non-interest income increased by 6.9% to $1.90 million for the twelve months ended December 31, 2003, from $1.77 million for the same period ended December 31, 2002.

South County Bank’s total assets increased 22.2% to $109.7 million as of December 31, 2003 from $89.8 million as of December 31, 2002.  Total deposits increased 22.0% to $98.7 million as of December 31, 2003 compared to $80.9 million as of December 31, 2002.  Total loans not including loans held for sale increased 51.8% to $68.3 million as of December 31, 2003 from $44.9 million as of December 31, 2002.

Total shareholders’ equity increased 28.6% to $10.6 million as of December 31, 2003 from $8.3 million as of December 31, 2002.  In September 2003, CalWest Bancorp closed a Trust Preferred transaction for $3 million and it transferred $2.2 million to South County Bank as tier 1 capital.

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.

SOUTH COUNTY BANK

CONDENSED BALANCE SHEET

(UNAUDITED)

	DECEMBER 31 2003			DECEMBER 31, 2002			% CHANGE
CASH AND DUE FROM	$	4,844,000		$	11,461,000		-57.73	%
FEDERAL FUNDS SOLD	21,160,000			6,335,000			234.02	%
INVESTMENTS	11,188,000			13,430,000			-16.69	%
LOANS AVAILABLE FOR SALE	3,144,000			11,866,000			-73.50	%
LOANS NET OF DISCOUNT	68,283,000			44,992,000			51.77	%
LESS: ALLOWANCE FOR LOAN LOSSES	815,000			511,000			59.49	%
OTHER ASSETS	1,911,000			2,180,000			-12.34	%
TOTAL ASSETS	$	109,715,000		$	89,753,000		22.24	%
NONINTEREST BEARING DEPOSITS	$	45,504,000		$	24,632,000		84.74	%
INTEREST BEARING DEPOSITS	53,161,000			56,229,000			-5.46	%
TOTAL DEPOSITS	98,665,000			80,861,000			22.02	%
SUBORDINATED DEBT	114,000			114,000			100.00	%
OTHER LIABILITIES	308,000			515,000			-40.19	%
TOTAL LIABILITIES	$	99,087,000		$	81,490,000		21.59	%
COMMON STOCK	$	11,706,000		$	9,506,000		23.14	%
UNDIVIDED PROFITS	(1,077,000		)	(1,242,000		)	-13.29	%
OTHER COMPREHENSIVE INCOME	(1,000		)	(1,000		)	0.00	%
TOTAL SHAREHOLDERS’ EQUITY	$	10,628,000		$	8,263,000		28.62	%
TOTAL LIABILITIES AND EQUITY	$	109,715,000		$	89,753,000		22.24	%

TIER 1 LEVERAGE RATIO	9.92	%	9.84	%
TIER 1 RISK BASED CAPITAL RATIO	12.78	%	13.16	%
TOTAL RISK BASED CAPITAL RATIO	13.87	%	14.15	%

SOUTH COUNTY BANK

CONDENSED STATEMENT OF EARNINGS

(UNAUDITED)

	FOR THE TWELVE MONTHS ENDED					% INCREASE
	DECEMBER 31 2003		DECEMBER 31 2002
INTEREST INCOME	$	4,874,000	$	3,988,000		22.2	%
INTEREST EXPENSE	1,027,000		1,318,000			-22.1	%
NET INTEREST INCOME	3,847,000		2,670,000			44.1	%
PROVISION FOR LOAN LOSSES	868,000		163,000			432.5	%
NONINTEREST INCOME	1,895,000		1,773,000			6.9	%
NONINTEREST EXPENSE	4,709,000		3,622,000			30.0	%
PRE TAX INCOME	165,000		658,000			-74.9	%
INCOME TAXES	—		(339,000		)	-100.0	%
NET INCOME	$	165,000	$	997,000		-83.5	%
EARNINGS PER SHARE BASIC	$	0.15	$	1.22
EARNINGS PER SHARE DILUTED	$	0.15	$	1.22
YTD WTD AVG SHARES OUTSTANDING	1,083,553		820,158

Contact:

South County Bank, Santa Margarita

Najam Saiduddin, 949/766-3000

Source: South County Bank