EX-99 2 wcbex99071707.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 SECOND QUARTER EARNINGS

 

-

DILUTED QUARTERLY EARNINGS PER SHARE OF $.50 INCREASED 11% OVER THE SECOND QUARTER 2006.

-

IN THE SECOND QUARTER OF 2007, THE RETURN ON AVERAGE EQUITY, TANGIBLE*, WAS 16.9%.

-

ROBUST COMMERCIAL AND CONSTRUCTION LOAN GROWTH CONTINUED IN SECOND QUARTER 2007.

 

Lake Oswego, OR – July 17, 2007 – West Coast Bancorp (NASDAQ: WCBO) today announced quarterly earnings of $8.1 million or $.50 per diluted share for the second quarter of 2007, compared to second quarter 2006 earnings of $6.9 million or $.45 per diluted share. Year to date earnings per diluted share growth and return on average equity, tangible, were 11% and 17%, respectively.

 

 

 

 

Three months ended June 30,

(Dollars in millions, except per share data)

 

2007

2006

% Change

Diluted Earnings Per Share

 

$

0.50

 

$

0.45

 

11

%

Return On Average Equity

 

 

15.5

%

 

16.8

%

 

 

Return On Average Equity, Tangible*

 

 

16.9

%

 

17.0

%

 

 

Total Period End Loans

 

$

2,141

 

$

1,802

 

19

%

Total Period End Deposits

 

$

2,045

 

$

1,851

 

10

%

 

*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.

 

“The second quarter 2007 operating results were very strong despite a difficult operating environment due to the continued effect of the flat interest rate yield curve and the higher provisioning for loan losses in the quarter,” said President & CEO Robert D. Sznewajs. “However, continued strong growth in both net interest income and non-interest income combined with modest growth in total non-interest expenses contributed favorably to the Company’s performance for both the quarter and the year to date 2007.”

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

 

Financial Results:

In the second quarter of 2007, total net interest income increased $4.2 million or 17% year over year largely due to the 19% loan growth from June 31, 2006. The continued rising costs of interest-bearing deposits and borrowings caused the second quarter net interest spread and net interest margin to compress 27 and 16 basis points, respectively, from the second quarter in 2006. Nonetheless, the second quarter 2007 net interest margin of 4.90% met our projections as stronger than anticipated construction loan balances and fees helped offset the higher than expected interest bearing liability costs.

 

Total non-interest revenue rose $1.6 million or 23% year over year second quarter. Similar to recent quarterly trends, we experienced broad-based fee income growth. Successful product introductions helped produce double-digit revenue growth in all major fee income categories compared to the second quarter of 2006. Deposit service charges and payment systems-related revenues grew 18% in the second quarter reflecting a higher base of transaction deposit accounts and improved penetration of related products. Due to a strong equity market, as well as growth in the number of client relationships and investment product sales, trust and investment services revenue grew 17% from the same quarter of 2006. Additionally, second quarter 2007 gains on sales of loans revenue jumped 40% or $.3 million from the second quarter of 2006, due to strong SBA production in the most recent quarter compared to the same period a year ago.

 

Compared to second quarter 2006, total non-interest expense increased a relatively modest $.9 million or 5%. The slower growth was partly explained by planned lower second quarter marketing expenses, which declined $.7 million from the same quarter last year. Higher personnel expense in the most recent quarter compared to second quarter 2006 was primarily attributed to additional relationship managers and branch personnel. The second quarter 15% increase in equipment expense from second quarter of 2006 reflects investments in technology to support our products and

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

delivery capabilities, including those in the payment systems area. Occupancy expense increased 30% from the same quarter in 2006, with the majority of the growth caused by rent and depreciation on new or relocated branch locations. The 47% increase in year over year second quarter payment system expense was largely due to significantly higher transaction volumes across our payment systems product offerings.

 

The $3.5 million 2007 second quarter provision for loan losses represents a substantial increase from $.5 million in the same quarter in 2006. The higher provision was primarily a result of a combination of strong loan growth in second quarter 2007 and net charge-offs increasing to $1.5 million or an annualized 0.28% of average loans from net charge-offs of $.2 million or 0.03% in the same period in 2006. Further deterioration in a commercial credit relationship for which we charged off $1.2 million in the first quarter of 2007 resulted in an additional charge-off of $1.2 million in the second quarter. The remaining balance for this relationship is approximately $.5 million. Non-performing assets increased from $1.8 million or .08% of total assets on June 30, 2006, to $6.1 million on June 30, 2007. Non-performing assets remain at a relatively low level of .24% of total assets.

 

In light of strong risk-weighted asset growth, the Company did not repurchase any of its shares during the second quarter of 2007. As of June 30, 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, July 18 , at 8:30 a.m. Pacific Time, during which the Company will discuss results for second quarter 2007, 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

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

and the “2nd Quarter 2007 Earnings Conference Call” tab. The conference call may also be accessed by dialing 877.604.2072, ID # 3365891 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, one of Oregon Business Magazine’s 100 Best Companies to Work For, is a Northwest bank holding company with $2.6 billion in assets, and 61 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’s 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 SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

 

 

West Coast Bancorp
Consolidated Income Statements

 

 

Three months ended

Six months ended

 

 

June 30,

March 31,

June 30,

 

 

2007

2006

2007

2007

2006

Net interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

42,637

 

$

32,208

 

$

39,911

 

$

82,548

 

$

61,307

 

Interest on investment securities

 

 

3,397

 

 

3,261

 

 

3,742

 

 

7,139

 

 

6,437

 

Other interest income

 

 

114

 

 

130

 

 

119

 

 

233

 

 

204

 

Total interest income

 

 

46,148

 

 

35,599

 

 

43,772

 

 

89,920

 

 

67,948

 

Interest expense on deposit accounts

 

 

13,524

 

 

8,425

 

 

12,988

 

 

26,511

 

 

15,581

 

Interest on borrowings and subordinated debentures

 

 

3,900

 

 

2,625

 

 

2,900

 

 

6,800

 

 

4,630

 

Total interest expense

 

 

17,424

 

 

11,050

 

 

15,888

 

 

33,311

 

 

20,211

 

Net interest income

 

 

28,724

 

 

24,549

 

 

27,884

 

 

56,609

 

 

47,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

3,500

 

 

500

 

 

2,800

 

 

6,300

 

 

908

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

3,136

 

 

2,830

 

 

2,885

 

 

6,021

 

 

5,365

 

Payment systems related revenue

 

 

2,012

 

 

1,525

 

 

1,678

 

 

3,690

 

 

2,884

 

Trust and investment services revenues

 

 

1,649

 

 

1,408

 

 

1,492

 

 

3,141

 

 

2,675

 

Gains on sales of loans

 

 

967

 

 

692

 

 

1,304

 

 

2,271

 

 

1,393

 

Other

 

 

845

 

 

635

 

 

674

 

 

1,519

 

 

1,284

 

Gains (losses) on sales of securities

 

 

96

 

 

—

 

 

—

 

 

96

 

 

(479

)

Total non-interest income

 

 

8,705

 

 

7,090

 

 

8,033

 

 

16,738

 

 

13,122

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,544

 

 

11,907

 

 

12,513

 

 

25,057

 

 

23,014

 

Equipment

 

 

1,574

 

 

1,367

 

 

1,525

 

 

3,100

 

 

2,609

 

Occupancy

 

 

2,158

 

 

1,660

 

 

2,049

 

 

4,207

 

 

3,273

 

Payment systems related expense

 

 

825

 

 

560

 

 

665

 

 

1,490

 

 

1,088

 

Professional fees

 

 

545

 

 

609

 

 

421

 

 

966

 

 

1,157

 

Postage, printing and office supplies

 

 

969

 

 

881

 

 

875

 

 

1,845

 

 

1,643

 

Marketing

 

 

870

 

 

1,585

 

 

1,123

 

 

1,994

 

 

2,605

 

Communications

 

 

354

 

 

293

 

 

434

 

 

787

 

 

610

 

Other non-interest expense

 

 

1,661

 

 

1,709

 

 

1,432

 

 

3,093

 

 

3,149

 

Total non-interest expense

 

 

21,500

 

 

20,571

 

 

21,037

 

 

42,539

 

 

39,148

 

Income before income taxes

 

 

12,429

 

 

10,568

 

 

12,080

 

 

24,508

 

 

20,803

 

Provision for income taxes

 

 

4,294

 

 

3,624

 

 

4,216

 

 

8,509

 

 

7,111

 

Net income

 

$

8,135

 

$

6,944

 

$

7,864

 

$

15,999

 

$

13,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.52

 

$

0.47

 

$

0.51

 

$

1.03

 

$

0.93

 

Diluted earnings per share

 

$

0.50

 

$

0.45

 

$

0.49

 

$

0.99

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

 

15,567

 

 

14,737

 

 

15,482

 

 

15,525

 

 

14,660

 

Weighted average diluted shares

 

 

16,143

 

 

15,395

 

 

16,127

 

 

16,136

 

 

15,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent net interest income

 

$

29,121

 

$

24,926

 

$

28,283

 

$

57,404

 

$

48,487

 

 

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

 

 

West Coast Bancorp
Consolidated Balance Sheets

 

 

June 30,

 

 

June 30,

 

 

March 31,

(Dollars and shares in thousands, unaudited)

 

2007

 

 

2006

 

 

2007

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

82,414

 

 

 

$

106,810

 

 

 

$

89,578

 

Investments

 

 

267,614

 

 

 

 

300,679

 

 

 

 

288,005

 

Total loans

 

 

2,140,942

 

 

 

 

1,801,794

 

 

 

 

2,020,788

 

Allowance for loan losses

 

 

(26,496

)

 

 

 

(21,883

)

 

 

 

(24,464

)

Loans, net

 

 

2,114,446

 

 

 

 

1,779,911

 

 

 

 

1,996,324

 

Goodwill and other intangibles

 

 

14,730

 

 

 

 

15,334

 

 

 

 

14,881

 

Other assets

 

 

105,195

 

 

 

 

92,676

 

 

 

 

97,176

 

Total assets

 

$

2,584,399

 

 

 

$

2,295,410

 

 

 

$

2,485,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand

 

$

482,698

 

 

 

$

488,328

 

 

 

$

471,767

 

Savings and interest-bearing demand

 

 

347,028

 

 

 

 

340,735

 

 

 

 

369,350

 

Money market

 

 

668,373

 

 

 

 

543,848

 

 

 

 

640,530

 

Certificates of deposits

 

 

547,054

 

 

 

 

477,826

 

 

 

 

547,719

 

Total deposits

 

 

2,045,153

 

 

 

 

1,850,737

 

 

 

 

2,029,366

 

Borrowings and subordinated debentures

 

 

296,727

 

 

 

 

242,619

 

 

 

 

211,500

 

Other liabilities

 

 

28,656

 

 

 

 

17,773

 

 

 

 

37,037

 

Total liabilities

 

 

2,370,536

 

 

 

 

2,111,129

 

 

 

 

2,277,903

 

Stockholders’ equity

 

 

213,863

 

 

 

 

184,281

 

 

 

 

208,061

 

Total liabilities and stockholders’ equity

 

$

2,584,399

 

 

 

$

2,295,410

 

 

 

$

2,485,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding period end

 

 

15,748

 

 

 

 

15,470

 

 

 

 

15,630

 

Book value per common share

 

$

13.58

 

 

 

$

11.91

 

 

 

$

13.31

 

Tangible book value per common share

 

$

12.65

 

 

 

$

10.92

 

 

 

$

12.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Coast Bancorp
Period End Loan Portfolio By Category

 

 

June 30,

 

June 30,

 

Change

 

March 31,

(Dollars in thousands, unaudited)

 

2007

 

2006

 

Amount

 

%

 

2007

Commercial loans

 

$

515,590

 

$

437,397

 

$

78,193

 

18

%

 

$

482,730

Real estate construction loans

 

 

503,414

 

 

271,160

 

 

232,254

 

86

%

 

 

440,391

Real estate mortgage loans

 

 

294,447

 

 

274,245

 

 

20,202

 

7

%

 

 

282,827

Real estate commercial loans

 

 

803,155

 

 

790,590

 

 

12,565

 

2

%

 

 

788,964

Installment and other consumer loans

 

 

24,336

 

 

28,402

 

 

(4,066

)

-14

%

 

 

25,876

Total loans

 

$

2,140,942

 

$

1,801,794

 

$

339,148

 

19

%

 

$

2,020,788

 

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

 

West Coast Bancorp
Return on average equity tangible reconciliation*

(Dollars in thousands)

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2007

 

 

2006

 

 

2007

 

 

2006

 

Net income

 

$

8,135

 

 

$

6,944

 

 

$

15,999

 

 

$

13,692

 

Less: intangible asset amortization, net of tax

 

 

98

 

 

 

32

 

 

 

196

 

 

 

86

 

Net income, tangible

 

$

8,233

 

 

$

6,976

 

 

$

16,195

 

 

$

13,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shareholders’ equity

 

$

210,349

 

 

$

165,671

 

 

$

206,889

 

 

$

162,491

 

Less: average intangibles

 

 

(14,803

)

 

 

(1,404

)

 

 

(14,878

)

 

 

(774

)

Average shareholders’ equity, tangible

 

$

195,546

 

 

$

164,267

 

 

$

192,011

 

 

$

161,717

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity

 

 

15.5

%

 

 

16.8

%

 

 

15.6

%

 

 

17.0

%

Return on average equity, tangible

 

 

16.9

%

 

 

17.0

%

 

 

17.0

%

 

 

17.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*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. Ratios have been annualized where appropriate.

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

 

 

 

 

West Coast Bancorp

 

 

 

 

Financial Information

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

 

 

 

Second
Quarter

 

 

Second
Quarter

 

 

First
Quarter

 

 

Year to date

 

 

Year to date

(all rates have been annualized where appropriate)

 

 

 

2007

 

 

2006

 

 

2007

 

 

2007

 

 

2006

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Return on average assets

 

 

 

 

1.29

%

 

 

 

1.33

%

 

 

 

1.31

%

 

 

 

1.30

%

 

 

 

1.35

%

- Return on average common equity

 

 

 

 

15.51

%

 

 

 

16.81

%

 

 

 

15.68

%

 

 

 

15.59

%

 

 

 

16.99

%

- Return on average tangible equity

 

 

 

 

16.89

%

 

 

 

17.03

%

 

 

 

17.13

%

 

 

 

17.01

%

 

 

 

17.18

%

- Non-interest income to average assets

 

 

 

 

1.38

%

 

 

 

1.36

%

 

 

 

1.33

%

 

 

 

1.36

%

 

 

 

1.29

%

- Non-interest expense to average assets

 

 

 

 

3.41

%

 

 

 

3.94

%

 

 

 

3.49

%

 

 

 

3.45

%

 

 

 

3.86

%

- Efficiency ratio, tax equivalent

 

 

 

 

57.0

%

 

 

 

64.3

%

 

 

 

57.9

%

 

 

 

57.5

%

 

 

 

63.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST MARGIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Yield on interest-earning assets

 

 

 

 

7.84

%

 

 

 

7.30

%

 

 

 

7.79

%

 

 

 

7.81

%

 

 

 

7.17

%

- Rate on interest-bearing liabilities

 

 

 

 

3.84

%

 

 

 

3.03

%

 

 

 

3.68

%

 

 

 

3.76

%

 

 

 

2.86

%

- Net interest spread

 

 

 

 

4.00

%

 

 

 

4.27

%

 

 

 

4.11

%

 

 

 

4.05

%

 

 

 

4.31

%

- Net interest margin

 

 

 

 

4.90

%

 

 

 

5.06

%

 

 

 

4.99

%

 

 

 

4.94

%

 

 

 

5.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Investment securities

 

 

 

$

285,156

 

 

 

$

284,659

 

 

 

$

312,780

 

 

 

$

298,891

 

 

 

$

288,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Commercial loans

 

 

 

$

502,749

 

 

 

$

404,119

 

 

 

$

467,578

 

 

 

$

485,261

 

 

 

$

391,642

 

- Real estate construction loans

 

 

 

 

474,660

 

 

 

 

256,444

 

 

 

 

399,119

 

 

 

 

437,098

 

 

 

 

241,070

 

- Real estate mortgage loans

 

 

 

 

289,812

 

 

 

 

264,288

 

 

 

 

282,628

 

 

 

 

286,240

 

 

 

 

254,745

 

- Real estate commercial loans

 

 

 

 

790,372

 

 

 

 

725,756

 

 

 

 

799,576

 

 

 

 

794,948

 

 

 

 

715,560

 

- Installment and other consumer loans

 

 

 

 

25,967

 

 

 

 

27,909

 

 

 

 

25,772

 

 

 

 

25,871

 

 

 

 

27,633

 

- Total loans

 

 

 

$

2,083,560

 

 

 

$

1,678,516

 

 

 

$

1,974,673

 

 

 

$

2,029,418

 

 

 

$

1,630,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Total interest earning assets

 

 

 

$

2,381,652

 

 

 

$

1,977,717

 

 

 

$

2,300,764

 

 

 

$

2,341,431

 

 

 

$

1,930,875

 

- Other assets

 

 

 

 

144,857

 

 

 

 

114,692

 

 

 

 

142,069

 

 

 

 

143,472

 

 

 

 

113,562

 

- Total assets

 

 

 

$

2,526,509

 

 

 

$

2,092,409

 

 

 

$

2,442,833

 

 

 

$

2,484,903

 

 

 

$

2,044,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE LIABILITIES & EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Demand deposits

 

 

 

$

470,622

 

 

 

$

446,421

 

 

 

$

463,226

 

 

 

$

466,945

 

 

 

$

438,783

 

- Savings and Interest bearing demand

 

 

 

 

348,086

 

 

 

 

340,183

 

 

 

 

349,050

 

 

 

 

348,566

 

 

 

 

336,847

 

- Money market

 

 

 

 

659,817

 

 

 

 

511,841

 

 

 

 

642,858

 

 

 

 

651,384

 

 

 

 

502,817

 

- Certificates of deposits

 

 

 

 

538,713

 

 

 

 

402,239

 

 

 

 

538,304

 

 

 

 

538,510

 

 

 

 

393,673

 

- Total deposits

 

 

 

$

2,017,238

 

 

 

$

1,700,684

 

 

 

$

1,993,438

 

 

 

$

2,005,405

 

 

 

$

1,672,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Borrowings and subordinated debentures

 

 

 

$

274,093

 

 

 

$

207,988

 

 

 

$

220,534

 

 

 

$

247,461

 

 

 

$

191,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Total interest bearing liabilities

 

 

 

$

1,820,709

 

 

 

$

1,462,251

 

 

 

$

1,750,746

 

 

 

$

1,785,921

 

 

 

$

1,424,980

 

- Other liabilities

 

 

 

 

495,451

 

 

 

 

464,487

 

 

 

 

488,696

 

 

 

 

492,093

 

 

 

 

456,966

 

- Total liabilities

 

 

 

$

2,316,160

 

 

 

$

1,926,738

 

 

 

$

2,239,442

 

 

 

$

2,278,014

 

 

 

$

1,881,946

 

- Average common equity

 

 

 

 

210,349

 

 

 

 

165,671

 

 

 

 

203,391

 

 

 

 

206,889

 

 

 

 

162,491

 

- Total average liabilities and common equity

 

 

 

$

2,526,509

 

 

 

$

2,092,409

 

 

 

$

2,442,833

 

 

 

$

2,484,903

 

 

 

$

2,044,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE ASSET/LIABILITY RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Average stockholders’ equity to average assets

 

 

 

 

8.33

%

 

 

 

7.92

%

 

 

 

8.33

%

 

 

 

8.33

%

 

 

 

7.95

%

- Average int. earning assets to int. bearing liabilities

 

 

 

 

130.8

%

 

 

 

135.3

%

 

 

 

131.4

%

 

 

 

131.1

%

 

 

 

135.5

%

- Average loans to average assets

 

 

 

 

82.5

%

 

 

 

80.2

%

 

 

 

80.8

%

 

 

 

81.7

%

 

 

 

79.8

%

- Interest bearing deposits to assets

 

 

 

 

61.2

%

 

 

 

59.9

%

 

 

 

62.6

%

 

 

 

61.9

%

 

 

 

60.3

%

 

 

WEST COAST BANCORP REPORTS SECOND QUARTER 2007 EARNINGS

July 17, 2007

 

 

 

West Coast Bancorp

 

 

Allowance For Loan Losses and Net Charge-offs

 

 

Quarter ended

 

Quarter ended

 

Quarter ended

 

 

June 30,

 

June 30,

 

March 31,

(Dollars in thousands, unaudited)

 

2007

 

2006

 

2007

Allowance for loan losses, beginning of period

 

$

24,464

 

 

$

20,642

 

 

$

23,017

 

Provision for loan losses

 

 

3,500

 

 

 

500

 

 

 

2,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs

 

 

1,567

 

 

 

312

 

 

 

1,520

 

Recoveries

 

 

99

 

 

 

166

 

 

 

167

 

Net charge-offs

 

 

1,468

 

 

 

146

 

 

 

1,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses, from acquisition

 

 

—

 

 

 

887

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total allowance for loan losses

 

$

26,496

 

 

$

21,883

 

 

$

24,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs to average loans (annualized)

 

 

0.28

%

 

 

0.03

%

 

 

0.28

%

 

 

 

Year to date

 

 

Year to date

 

 

June 30,

 

 

June 30,

(Dollars in thousands, unaudited)

 

2007

 

 

2006

Allowance for loan losses, beginning of period

 

$

23,017

 

 

 

$

20,469

 

Provision for loan losses

 

 

6,300

 

 

 

 

908

 

 

 

 

 

 

 

 

 

 

 

Charge-offs

 

 

3,087

 

 

 

 

817

 

Recoveries

 

 

266

 

 

 

 

436

 

Net Charge-offs

 

 

2,821

 

 

 

 

381

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses, from acquisition

 

 

—

 

 

 

 

887

 

 

 

 

 

 

 

 

 

 

 

Total allowance for loan losses

 

$

26,496

 

 

 

$

21,883

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs to average loans

 

 

0.28

%

 

 

 

0.05

%

 

 

 

West Coast Bancorp
Non-performing Assets

 

 

June 30,

 

 

June 30,

 

 

March 31,

(Dollars in thousands, unaudited)

 

2007

 

 

2006

 

 

2007

Non-accruing loans

 

$

6,116

 

 

 

$

1,835

 

 

 

$

3,800

 

90 day delinquencies

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Total non-performing loans

 

 

6,116

 

 

 

 

1,835

 

 

 

 

3,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Total non-performing assets

 

$

6,116

 

 

 

$

1,835

 

 

 

$

3,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

 

1.24

%

 

 

 

1.21

%

 

 

 

1.21

%

Non-performing loans to total loans

 

 

0.29

%

 

 

 

0.10

%

 

 

 

0.19

%

Allowance for loan losses to non-performing loans

 

 

433

%

 

 

 

1193

%

 

 

 

644

%

Non-performing assets to total assets

 

 

0.24

%

 

 

 

0.08

%

 

 

 

0.15

%

Allowance for loan losses to non-performing assets

 

 

433

%

 

 

 

1193

%

 

 

 

644

%