EX-99 2 wcbex99041707.htm EXHIBIT 99.1

Exhibit 99.1

 

For more information, contact:

Robert D. Sznewajs

President & CEO

(503) 598-3243

 

Anders Giltvedt

Executive Vice President & CFO

(503) 598-3250

WEST COAST BANCORP REPORTS SOLID START TO 2007

 

•

DILUTED QUARTERLY EARNINGS PER SHARE OF $.49 INCREASED 11% OVER THE FIRST QUARTER 2006.

•

RETURN ON AVERAGE EQUITY, TANGIBLE* OF 17.1% IN THE FIRST QUARTER OF 2007.

•

ROBUST CONSTRUCTION LOAN GROWTH CONTINUED IN FIRST QUARTER 2007.

 

Lake Oswego, OR – April 17, 2007 – West Coast Bancorp (NASDAQ: WCBO) today announced quarterly earnings of $7.9 million or $.49 per diluted share for the first quarter of 2007, compared to first quarter 2006 earnings of $6.7 million or $.44 per diluted share.

 

 

Three months ended March 31,

(Dollars in millions, except per share data)

 

2007

 

2006

 

% Change

Diluted Earnings Per Share

 

$

0.49

 

 

$

0.44

 

 

11

%

Return On Average Equity

 

 

15.7

%

 

 

17.2

%

 

 

 

Return On Average Equity, Tangible*

 

 

17.1

%

 

 

17.3

%

 

 

 

Total Period End Loans

 

$

2,021

 

 

$

1,613

 

 

25

%

Total Period End Deposits

 

$

2,029

 

 

$

1,675

 

 

21

%

 

*Return on Average Equity, Tangible is a non-GAAP measure that we define and calculate as net income excluding intangible asset amortization, net of tax, divided by average equity less average intangible assets. See financial tables for details.

 

“In the first quarter of 2007, the Company experienced solid loan growth from the fourth quarter of 2006,” said Robert D. Sznewajs, President & CEO. “The loan growth combined with a better than expected net interest margin of 4.99% in the quarter contributed to strong net interest income growth. This offset the substantial increase in the provision for loan losses compared to prior quarters.”

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 2 of 10

 

Financial Results:

The 20% growth in net interest income from the first quarter of 2006 was generated by the very strong loan and deposit growth of 25% and 21% over the same time period. Due to the rising costs of interest-bearing deposits, the first quarter net interest spread fell 26 basis points from the same quarter in 2006. The net interest margin compressed less at 9 basis points mainly due to the growth in and higher value of non-interest-bearing deposit balances. The first quarter 2007 net interest margin of 4.99% exceeded our projections as construction loan balances and fees, along with loan pre-payment fees surpassed our expectations.

 

As a result of broad-based revenue growth in fee income categories, total non-interest income grew $2.0 million or 33% from the first quarter in 2006. Successful product introductions along with heavy marketing efforts supported the continued increase in the number of transaction deposit accounts and related products penetration, including debit cards, and caused deposit service charges and payment systems-related revenues to expand to 17% year over year. Additionally, first quarter 2007 revenues from gains on sales of loans nearly doubled from the first quarter of 2006, with excellent growth in both SBA and single-family residential mortgage areas. First quarter 2006 non-interest income was negatively affected by a $.5 million loss on sales of investment securities.

 

Compared to first quarter 2006, total non-interest expense increased $2.5 million or 13%, with slightly less than half the growth caused by new personnel, branches and the Mid-Valley acquisition in June 2006. The higher personnel expense in the most recent quarter from the prior year first quarter was primarily due to annual merit salary, additional commercial lending personnel and increased performance-based pay. The year over year first quarter 23% increase in equipment expense reflects investments in technology to support our products and delivery platforms. Occupancy expense increased 27% from the same quarter in 2006, with the majority of the growth caused by new locations acquired or opened over the past 12 months.

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 3 of 10

 

The 2007 first quarter provision for loan losses increased substantially to $2.8 million from $.4 million in the same quarter in 2006. In addition to strong loan growth in first quarter 2007, the net charge-offs were $1.4 million or annualized 0.28% of average loans, an increase from first quarter 2006 net charge-offs of $.2 million or 0.06%, respectively. One commercial relationship represented $1.2 million of the net charge offs in the first quarter of 2007. Non-performing assets increased from $1.0 million or .05% of total assets at March 31, 2006, to $3.8 million at quarter end 2007, while still remaining at a historically low level of .15% of total assets.

 

In light of the strong risk-weighted asset growth in the quarter, the Company issued $12.5 million additional trust preferred securities on March 29, 2007, and repurchased only 15,000 of its shares at an average cost of $31.58 per share during the quarter. At March 31, 2007, approximately 242,000 shares remained available for repurchase under the Company’s share repurchase program.

 

Other:

The Company will hold a Webcast conference call Wednesday, April 18 , at 8:30 a.m. Pacific Time, during which the Company will discuss first quarter 2007 results, review its strategic progress, and provide management’s current expectations for 2007.

 

To access the conference call via a live Webcast, go to www.wcb.com and click on Investor Relations and the 1st Quarter 2007 Earnings Conference Call” tab. The conference call may also be accessed by dialing 877.604.2072, ID # 1885364 a few minutes prior to 8:30 a.m. PDT. The call will be available for replay by accessing the Company’s website at www.wcb.com and following the same instructions.

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 4 of 10

 

West Coast Bancorp, one of Oregon Business Magazine’s 100 Best Companies to Work For, is a Northwest bank holding company with $2.5 billion in assets, operating 60 offices in Oregon and Washington. The company combines the sophisticated products and expertise of larger banks with the local decision making, market knowledge and customer service of a community bank. For more information, visit the Company web site at www.wcb.com.

 

Forward Looking Statements:

Statements in this release regarding future events, performance or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA") and are made pursuant to the safe harbors of the PSLRA. Actual results could be quite different from those expressed or implied by the forward-looking statements. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

 

A number of factors could cause results to differ significantly from our expectations, including, among others, factors identified in our Annual Report on Form 10-K for the year ended December 31, 2006, including under the heading "Forward Looking Statement Disclosure" and in Item 1A. Risk Factors.

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 5 of 10

 

 

 

 

West Coast Bancorp

 

 

Consolidated Income Statements

(Unaudited)

 

Three months ended

 

 

 

Twelve months ended

(Dollars and shares in thousands)

 

March 31,

 

Dec. 31,

 

 

 

December 31,

 

 

2007

 

2006

 

2006

 

 

 

2006

 

2005

Net interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

39,911

 

$

29,099

 

$

38,137

 

 

 

$

136,193

 

$

101,419

 

Interest on investment securities

 

 

3,742

 

 

3,176

 

 

3,815

 

 

 

 

13,737

 

 

10,920

 

Other interest income

 

 

119

 

 

73

 

 

349

 

 

 

 

868

 

 

652

 

Total interest income

 

 

43,772

 

 

32,348

 

 

42,301

 

 

 

 

150,798

 

 

112,991

 

Interest expense on deposit accounts

 

 

12,988

 

 

7,156

 

 

13,486

 

 

 

 

40,927

 

 

20,497

 

Interest on borrowings and subordinated debentures

 

 

2,900

 

 

2,005

 

 

1,975

 

 

 

 

8,999

 

 

5,933

 

Total interest expense

 

 

15,888

 

 

9,161

 

 

15,461

 

 

 

 

49,926

 

 

26,430

 

Net interest income

 

 

27,884

 

 

23,187

 

 

26,840

 

 

 

 

100,872

 

 

86,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

2,800

 

 

408

 

 

1,200

 

 

 

 

2,733

 

 

2,175

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

2,885

 

 

2,536

 

 

2,833

 

 

 

 

11,096

 

 

8,686

 

Payment systems related revenue

 

 

1,678

 

 

1,359

 

 

1,738

 

 

 

 

6,738

 

 

4,900

 

Trust and investment services revenues

 

 

1,492

 

 

1,267

 

 

1,484

 

 

 

 

5,480

 

 

5,151

 

Gains on sales of loans

 

 

1,304

 

 

701

 

 

821

 

 

 

 

2,962

 

 

3,046

 

Other

 

 

674

 

 

648

 

 

631

 

 

 

 

2,506

 

 

3,348

 

Loss on impairment of securities

 

 

—

 

 

—

 

 

—

 

 

 

 

—

 

 

(1,316

)

Losses on sales of securities

 

 

—

 

 

(479

)

 

—

 

 

 

 

(686

)

 

(716

)

Total non-interest income

 

 

8,033

 

 

6,032

 

 

7,507

 

 

 

 

28,096

 

 

23,099

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,513

 

 

11,107

 

 

12,017

 

 

 

 

47,240

 

 

40,606

 

Equipment

 

 

1,525

 

 

1,242

 

 

1,455

 

 

 

 

5,477

 

 

4,837

 

Occupancy

 

 

2,049

 

 

1,612

 

 

1,921

 

 

 

 

7,048

 

 

6,267

 

Payment systems related expense

 

 

665

 

 

528

 

 

625

 

 

 

 

2,378

 

 

1,739

 

Professional fees

 

 

421

 

 

548

 

 

646

 

 

 

 

2,484

 

 

2,984

 

Postage, printing and office supplies

 

 

875

 

 

762

 

 

919

 

 

 

 

3,558

 

 

2,833

 

Marketing

 

 

1,123

 

 

1,021

 

 

1,260

 

 

 

 

4,967

 

 

3,830

 

Communications

 

 

434

 

 

316

 

 

388

 

 

 

 

1,370

 

 

1,210

 

Other non-interest expense

 

 

1,432

 

 

1,441

 

 

2,149

 

 

 

 

7,143

 

 

8,328

 

Total non-interest expense

 

 

21,037

 

 

18,577

 

 

21,380

 

 

 

 

81,665

 

 

72,634

 

Income before income taxes

 

 

12,080

 

 

10,234

 

 

11,767

 

 

 

 

44,570

 

 

34,851

 

Provision for income taxes

 

 

4,216

 

 

3,487

 

 

4,068

 

 

 

 

15,310

 

 

11,011

 

Net income

 

$

7,864

 

$

6,747

 

$

7,699

 

 

 

$

29,260

 

$

23,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.51

 

$

0.46

 

$

0.50

 

 

 

$

1.95

 

$

1.63

 

Diluted earnings per share

 

$

0.49

 

$

0.44

 

$

0.48

 

 

 

$

1.86

 

$

1.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

 

15,482

 

 

14,582

 

 

15,432

 

 

 

 

15,038

 

 

14,658

 

Weighted average diluted shares

 

 

16,127

 

 

15,284

 

 

16,130

 

 

 

 

15,730

 

 

15,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent net interest income

 

$

28,283

 

$

23,561

 

$

27,246

 

 

 

$

102,432

 

$

88,026

 

 

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 6 of 10

 

 

 

West Coast Bancorp

 

 

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

 

 

March 31,

 

 

 

 

Dec. 31,

 

(Dollars and shares in thousands, unaudited)

 

2007

 

 

 

 

2006

 

 

 

 

2006

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

89,578

 

 

 

$

78,972

 

 

 

$

93,800

 

Investments

 

 

288,005

 

 

 

 

277,999

 

 

 

 

328,652

 

Total loans

 

 

2,020,788

 

 

 

 

1,612,562

 

 

 

 

1,947,690

 

Allowance for loan losses

 

 

(24,464

)

 

 

 

(20,642

)

 

 

 

(23,017

)

Loans, net

 

 

1,996,324

 

 

 

 

1,591,920

 

 

 

 

1,924,673

 

Goodwill and other intangibles

 

 

14,881

 

 

 

 

96

 

 

 

 

15,032

 

Other assets

 

 

97,176

 

 

 

 

81,195

 

 

 

 

103,215

 

Total assets

 

$

2,485,964

 

 

 

$

2,030,182

 

 

 

$

2,465,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand

 

$

471,767

 

 

 

$

439,441

 

 

 

$

496,676

 

Savings and interest-bearing demand

 

 

1,009,880

 

 

 

 

844,085

 

 

 

 

986,196

 

Certificates of deposits

 

 

547,719

 

 

 

 

391,558

 

 

 

 

523,480

 

Total deposits

 

 

2,029,366

 

 

 

 

1,675,084

 

 

 

 

2,006,352

 

Borrowings and subordinated debentures

 

 

211,500

 

 

 

 

173,148

 

 

 

 

229,409

 

Other liabilities

 

 

37,037

 

 

 

 

19,909

 

 

 

 

28,729

 

Total liabilities

 

 

2,277,903

 

 

 

 

1,868,141

 

 

 

 

2,264,490

 

Stockholders’ equity

 

 

208,061

 

 

 

 

162,041

 

 

 

 

200,882

 

Total liabilities and stockholders’ equity

 

$

2,485,964

 

 

 

$

2,030,182

 

 

 

$

2,465,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding period end

 

 

15,630

 

 

 

 

14,726

 

 

 

 

15,586

 

Book value per common share

 

$

13.31

 

 

 

$

11.00

 

 

 

$

12.89

 

Tangible book value per common share

 

$

12.36

 

 

 

$

11.00

 

 

 

$

11.92

 

 

 

 

 

West Coast Bancorp

 

 

Period End Loan Portfolio By Category

 

 

March 31,

 

 

 

March 31,

 

 

 

Change

 

 

Dec. 31,

 

(Dollars in thousands, unaudited)

 

2007

 

 

 

2006

 

 

 

Amount

 

%

 

 

2006

Commercial loans

 

$

482,730

 

 

 

$

395,464

 

 

 

$

87,266

 

22

%

 

 

$

463,188

 

Real estate construction loans

 

 

440,391

 

 

 

 

238,480

 

 

 

 

201,911

 

85

%

 

 

 

365,954

 

Real estate mortgage loans

 

 

282,827

 

 

 

 

249,521

 

 

 

 

33,306

 

13

%

 

 

 

287,495

 

Real estate commercial loans

 

 

788,964

 

 

 

 

702,409

 

 

 

 

86,555

 

12

%

 

 

 

804,865

 

Installment and other consumer loans

 

 

25,876

 

 

 

 

26,688

 

 

 

 

(812

)

-3

%

 

 

 

26,188

 

Total loans

 

$

2,020,788

 

 

 

$

1,612,562

 

 

 

$

408,226

 

25

%

 

 

$

1,947,690

 

 

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 7 of 10

 

 

 

 

West Coast Bancorp

 

 

Loans and deposits acquired

 

 

 

 

 

March 31,

 

 

 

March 31,

 

 

 

Change

(Dollars in millions, unaudited)

 

2007

 

 

 

2006

 

 

 

Amount

 

%

Total period end loans

 

$

2,021

 

 

 

$

1,613

 

 

 

$

408

 

25

%

Loans acquired in acquisition

 

$

73

 

 

 

$

—

 

 

 

$

73

 

—

 

Total period end organic* loans

 

$

1,948

 

 

 

$

1,613

 

 

 

$

335

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total period end deposits

 

$

2,029

 

 

 

$

1,675

 

 

 

$

354

 

21

%

Deposits acquired in acquisition

 

$

86

 

 

 

$

—

 

 

 

$

86

 

—

 

Total period end organic* deposits

 

$

1,943

 

 

 

$

1,675

 

 

 

$

268

 

16

%

 

* Total loans and deposits less loans and deposits acquired in Mid-Valley Bank acquisition, respectively.

 

 

 

 

West Coast Bancorp

 

 

Return on average equity, tangible reconciliation*

 

 

 

(Dollars in thousands)

 

For the period ended March 31,

 

 

For the years ended December 31,

 

 

2007

 

 

2006

 

 

2006

 

 

2005

Net income

 

$

7,864

 

 

 

$

6,747

 

 

 

$

29,260

 

 

 

$

23,840

 

Less: intangible asset amortization, net of tax

 

 

98

 

 

 

 

54

 

 

 

 

283

 

 

 

 

220

 

Net income, tangible

 

$

7,962

 

 

 

$

6,801

 

 

 

$

29,543

 

 

 

$

24,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shareholders’ equity

 

$

203,391

 

 

 

$

159,274

 

 

 

$

177,648

 

 

 

$

151,263

 

Less: average intangibles

 

 

(14,955

)

 

 

 

(136

)

 

 

 

(8,039

)

 

 

 

(346

)

Average shareholders’ equity, tangible

 

$

188,436

 

 

 

$

159,138

 

 

 

$

169,609

 

 

 

$

150,917

 

(1) Federal income tax provision applied at 35%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity

 

 

15.7

%

 

 

 

17.2

%

 

 

 

16.5

%

 

 

 

15.8

%

Return on average equity, tangible

 

 

17.1

%

 

 

 

17.3

%

 

 

 

17.4

%

 

 

 

15.9

%

 

*Management uses return on equity, tangible internally and has disclosed it to investors based on its belief that the figure makes it easier to compare the Company’s performance to other financial institutions that do not have merger-related intangible assets and is commonly used in the industry.

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 8 of 10

 

 

 

West Coast Bancorp

 

 

Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

First

 

Fourth

 

 

 

 

(Dollars in thousands except for per share data, unaudited)

 

Quarter

 

Quarter

 

Quarter

 

Year to date

 

Year to date

(all rates have been annualized where appropriate)

 

2007

 

2006

 

2006

 

2006

 

2005

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

- Return on average assets

 

 

1.31

%

 

 

1.37

%

 

 

1.29

%

 

 

1.33

%

 

 

1.28

%

- Return on average common equity

 

 

15.68

%

 

 

17.18

%

 

 

15.54

%

 

 

16.47

%

 

 

15.76

%

- Return on average tangible equity

 

 

17.13

%

 

 

17.33

%

 

 

17.04

%

 

 

17.42

%

 

 

15.94

%

- Non-interest income to average assets

 

 

1.33

%

 

 

1.23

%

 

 

1.26

%

 

 

1.28

%

 

 

1.24

%

- Non-interest expense to average assets

 

 

3.49

%

 

 

3.78

%

 

 

3.58

%

 

 

3.72

%

 

 

3.88

%

- Efficiency ratio, tax equivalent

 

 

57.9

%

 

 

61.8

%

 

 

61.5

%

 

 

62.2

%

 

 

64.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST MARGIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Yield on interest-earning assets

 

 

7.79

%

 

 

7.05

%

 

 

7.59

%

 

 

7.37

%

 

 

6.49

%

- Rate on interest-bearing liabilities

 

 

3.68

%

 

 

2.68

%

 

 

3.71

%

 

 

3.27

%

 

 

2.06

%

- Net interest spread

 

 

4.11

%

 

 

4.37

%

 

 

3.88

%

 

 

4.10

%

 

 

4.43

%

- Net interest margin

 

 

4.99

%

 

 

5.08

%

 

 

4.84

%

 

 

4.96

%

 

 

4.99

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Investment securities

 

$

312,780

 

 

$

289,096

 

 

$

321,942

 

 

$

298,758

 

 

$

262,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Commercial loans

 

$

467,578

 

 

$

379,027

 

 

$

442,512

 

 

$

418,955

 

 

$

360,898

 

- Real estate construction loans

 

 

399,119

 

 

 

225,525

 

 

 

328,625

 

 

 

274,856

 

 

 

157,785

 

- Real estate mortgage loans

 

 

282,628

 

 

 

245,096

 

 

 

279,526

 

 

 

265,217

 

 

 

219,422

 

- Real estate commercial loans

 

 

799,576

 

 

 

705,250

 

 

 

802,230

 

 

 

759,023

 

 

 

710,119

 

- Installment and other consumer loans

 

 

25,772

 

 

 

27,353

 

 

 

27,066

 

 

 

27,726

 

 

 

31,708

 

- Total loans

 

$

1,974,673

 

 

$

1,582,251

 

 

$

1,879,959

 

 

$

1,745,777

 

 

$

1,479,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Total interest earning assets

 

$

2,300,764

 

 

$

1,881,206

 

 

$

2,233,725

 

 

$

2,066,217

 

 

$

1,764,209

 

- Other assets

 

 

142,069

 

 

 

112,421

 

 

 

138,218

 

 

 

127,412

 

 

 

105,551

 

- Total assets

 

$

2,442,833

 

 

$

1,993,627

 

 

$

2,371,943

 

 

$

2,193,629

 

 

$

1,869,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE LIABILITIES & EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Demand deposits

 

$

463,226

 

 

$

431,060

 

 

$

496,870

 

 

$

466,282

 

 

$

421,766

 

- Interest bearing demand,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

savings, and money market

 

 

991,908

 

 

 

827,166

 

 

 

984,227

 

 

 

897,817

 

 

 

789,054

 

- Certificates of deposits

 

 

538,304

 

 

 

385,011

 

 

 

534,000

 

 

 

457,077

 

 

 

362,035

 

- Total deposits

 

$

1,993,438

 

 

$

1,643,237

 

 

$

2,015,097

 

 

$

1,821,176

 

 

$

1,572,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Borrowings and subordinated debentures

 

$

220,534

 

 

$

173,960

 

 

$

137,326

 

 

$

170,790

 

 

$

130,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Total interest bearing liabilities

 

$

1,750,746

 

 

$

1,386,137

 

 

$

1,655,553

 

 

$

1,525,683

 

 

$

1,281,441

 

- Other liabilities

 

 

488,696

 

 

 

448,216

 

 

 

519,771

 

 

 

490,298

 

 

 

437,056

 

- Total liabilities

 

$

2,239,442

 

 

$

1,834,353

 

 

$

2,175,324

 

 

$

2,015,981

 

 

$

1,718,497

 

- Average common equity

 

 

203,391

 

 

 

159,274

 

 

 

196,619

 

 

 

177,648

 

 

 

151,263

 

- Total average liabilities and common equity

 

$

2,442,833

 

 

$

1,993,627

 

 

$

2,371,943

 

 

$

2,193,629

 

 

$

1,869,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE ASSET/LIABILITY RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Average stockholders’ equity to average assets

 

 

8.33

%

 

 

7.99

%

 

 

8.29

%

 

 

8.10

%

 

 

8.09

%

- Average int. earning assets to int. bearing liabilities

 

 

131.4

%

 

 

135.7

%

 

 

134.9

%

 

 

135.4

%

 

 

137.7

%

- Average loans to average assets

 

 

80.8

%

 

 

79.4

%

 

 

79.3

%

 

 

79.6

%

 

 

79.2

%

- Interest bearing deposits to assets

 

 

62.6

%

 

 

60.8

%

 

 

64.0

%

 

 

61.8

%

 

 

61.6

%

 

 

WEST COAST BANCORP REPORTS FIRST QUARTER 2007 EARNINGS

April 17, 2007

Page 9 of 10

 

 

 

West Coast Bancorp

 

 

Allowance For Loan Losses and Net Charge-offs

 

 

Quarter ended

 

 

Quarter ended

 

 

Quarter ended

 

 

March 31,

 

 

March 31,

 

 

Dec. 31,

(Dollars in thousands, unaudited)

 

2007

 

 

2006

 

 

2006

Allowance for loan losses, beginning of period

 

$

23,017

 

 

 

$

20,469

 

 

 

$

22,404

 

Provision for loan losses

 

 

2,800

 

 

 

 

408

 

 

 

 

1,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs

 

 

1,520

 

 

 

 

505

 

 

 

 

774

 

Recoveries

 

 

167

 

 

 

 

270

 

 

 

 

187

 

Net charge-offs

 

 

1,353

 

 

 

 

235

 

 

 

 

587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses, from acquisition

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total allowance for loan losses

 

$

24,464

 

 

 

$

20,642

 

 

 

$

23,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs to average loans (annualized)

 

 

0.28

%

 

 

 

0.06

%

 

 

 

0.12

%

 

 

 

Year to date

 

 

Year to date

 

 

December 31,

 

 

December 31,

(Dollars in thousands, unaudited)

 

2006

 

 

2005

Allowance for loan losses, beginning of period

 

$

20,469

 

 

 

$

18,971

 

Provision for loan losses

 

 

2,733

 

 

 

 

2,175

 

 

 

 

 

 

 

 

 

 

 

Charge-offs

 

 

1,921

 

 

 

 

1,624

 

Recoveries

 

 

849

 

 

 

 

947

 

Net Charge-offs

 

 

1,072

 

 

 

 

677

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses, from acquisition

 

 

887

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

Total allowance for loan losses

 

$

23,017

 

 

 

$

20,469

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs to average loans

 

 

0.06

%

 

 

 

0.05

%

 

 

 

West Coast Bancorp

 

 

Non-performing Assets

 

 

March 31,

 

 

March 31,

 

 

Dec. 31,

(Dollars in thousands, unaudited)

 

2007

 

 

2006

 

 

2006

Non-accruing loans

 

$

3,800

 

 

 

$

996

 

 

 

$

1,468

 

90 day delinquencies

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Total non-performing loans

 

 

3,800

 

 

 

 

996

 

 

 

 

1,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Total non-performing assets

 

$

3,800

 

 

 

$

996

 

 

 

$

1,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

 

1.21

%

 

 

 

1.28

%

 

 

 

1.18

%

Non-performing loans to total loans

 

 

0.19

%

 

 

 

0.06

%

 

 

 

0.08

%

Allowance for loan losses to non-performing loans

 

 

644

%

 

 

 

2073

%

 

 

 

1568

%

Non-performing assets to total assets

 

 

0.15

%

 

 

 

0.05

%

 

 

 

0.06

%

Allowance for loan losses to non-performing assets

 

 

644

%

 

 

 

2073

%

 

 

 

1568

%