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West Coast Bancorp Net Income of $4.6 Million in Second Quarter 2011 - A Significant Increase From Same Quarter in 2010

- SECOND QUARTER 2011 NET INCOME INCREASED BY $8.4 MILLION OVER THE SAME QUARTER A YEAR AGO WHILE YEAR-TO-DATE NET INCOME INCREASED BY $14.4 MILLION OVER THE SAME PERIOD IN 2010.

- RETURN ON AVERAGE ASSETS, ANNUALIZED, WAS .76% IN THE SECOND QUARTER AND .80% YEAR-TO-DATE 2011, COMPARED TO NET LOSSES FOR THE SAME PERIODS IN 2010.

- NONPERFORMING ASSETS OF $86.0 MILLION, OR 3.5% OF TOTAL ASSETS AT JUNE 30, 2011, CONTINUED THEIR DECLINE FROM PRIOR PERIODS.


News provided by

West Coast Bancorp

Jul 29, 2011, 08:00 ET

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LAKE OSWEGO, Ore., July 29, 2011 /PRNewswire/ -- WEST COAST BANCORP (NASDAQ: WCBO) ("Bancorp" or "Company"), the parent company of West Coast Bank ("Bank") and West Coast Trust Company, Inc., today announced net income of $4.6 million or $.22 per diluted share for the second quarter of 2011 compared to a net loss for the second quarter of 2010 of $3.8 million or $.20 per diluted share. The Company also reported an annualized return on average assets of .76% in the most recent quarter.

Net income for the first six months of 2011 was $9.7 million or $.45 per diluted share compared to a net loss of $4.7 million or $.30 per diluted share in the same period of 2010.

"The net income of $9.7 million for the first half of 2011, representing an annualized return on average assets of .80% compared to a net loss of $ 4.7 million for the same period in 2010, is indicative of the significant improvement of the operating results of the Company from the same period a year ago," said Robert D. Sznewajs, President and Chief Executive Officer. "While the economic environment continues to be very difficult, growth in new loan originations is beginning to stabilize total average loan balances outstanding."

Table 1 below shows summary financial information for the quarters ended June 30, 2011 and 2010, and year to date ended June 30, 2011 and 2010.

Table 1









SUMMARY FINANCIAL INFORMATION











Quarter ended

Quarter ended



Year to date

Year to date




June 30,

June 30,



June 30,

June 30,



(Dollars and shares in thousands)

2011

2010

Change


2011

2010

Change


Net income (loss)

$              4,634

$            (3,849)

$     8,483


$              9,739

$            (4,737)

$   14,476











Selective quarterly performance ratios









Return on average assets, annualized

0.76%

-0.58%

1.34


0.80%

-0.36%

1.16


Return on average equity, annualized

6.58%

-5.92%

12.50


7.06%

-3.71%

10.77


Efficiency ratio for the quarter to date

76.05%

80.83%

(4.78)


75.09%

79.65%

(4.56)











Share and Per Share Figures-Actual









Common shares outstanding at period end

19,316

19,284

32


19,316

19,284

32


Weighted average diluted shares

20,025

18,425

1,600


19,982

15,939

4,043


Income (loss) per diluted share

$                0.22

$              (0.20)

$       0.42


$                0.45

$              (0.30)

$       0.75


Book value per common share

$              13.69

$              12.77

$       0.92


$              13.69

$              12.77

$       0.92











Please see Table 20 for additional information regarding outstanding shares and the possible dilutive effects of presently outstanding securities.











Balance Sheet Overview

Second quarter 2011 average total loan balances of $1.52 billion declined $122 million or 7% from the same quarter last year. The reduction in loan balances over the past year was centered in residential real estate construction, real estate mortgage, and commercial loan categories. Second quarter average total real estate construction loan balances contracted $43 million or 55% from the same period in 2010 due to current market and economic conditions. At June 30, 2011, total residential real estate construction loans represented $15 million or 1% of total loans compared to 3% a year ago. Also affected by market conditions, the second quarter 2011 average commercial loan and real estate mortgage portfolios contracted $33 million and $27 million, respectively, from the second quarter 2010.

However, average total loan balances were virtually unchanged from the first quarter of 2011. This is attributed to the growing volume of new loan originations in the first half of 2011 and fewer loans moving from nonaccrual status to other real estate owned ("OREO").

Table 2











AVERAGE LOANS FOR THE QUARTER


(Dollars in thousands)

June 30,

% of

June 30,

% of

Change


Mar. 31,

% of



2011

Total

2010

total

Amount

%


2011

Total


Commercial loans

$        301,436

20%

$        334,889

20%

$        (33,453)

-10%


$        304,704

20%


 Commercial real estate construction

19,029

1%

23,750

2%

(4,721)

-20%


21,269

1%


 Residential real estate construction

17,223

1%

55,947

3%

(38,724)

-69%


18,938

1%


Total real estate construction loans

36,252

2%

79,697

5%

(43,445)

-55%


40,207

2%


   Mortgage

62,778

4%

74,855

5%

(12,077)

-16%


64,485

4%


   Nonstandard mortgage

10,525

1%

14,677

1%

(4,152)

-28%


11,254

1%


   Home equity

266,221

17%

277,406

17%

(11,185)

-4%


269,473

18%


Total real estate mortgage

339,524

22%

366,938

23%

(27,414)

-7%


345,212

23%


Commercial real estate loans

831,738

55%

847,192

51%

(15,454)

-2%


823,818

54%


Installment and other consumer loans

14,220

1%

16,473

1%

(2,253)

-14%


15,349

1%


Total loans

$     1,523,170


$     1,645,189


$      (122,019)

-7%


$     1,529,290














Yield on loans

5.33%


5.46%


(0.13)



5.38%














Reflecting the Company's strong liquidity position, the Company's combined cash equivalents and investment securities balance was $797 million or 34% of earning assets at June 30, 2011. In an effort to support its net interest income and margin in an environment of declining loan balances, the Company reduced its cash equivalents balance by $88 million while increasing its investment securities portfolio by $117 million during the second quarter of 2011. The U.S. government agency and government guaranteed mortgage-backed securities portfolios expanded by $69 million and $48 million, respectively, during the most recent quarter. The purchases were primarily of U.S. government agency securities with 3 to 5 year maturities and 10 and 15 year fully amortizing U.S. agency mortgage-backed securities, for which we expect to have limited extension risk. The expected duration of the investment portfolio was 3.0 years at June 30, 2011, compared to 1.8 years at June 30, 2010, and 3.1 years at March 31, 2011.

Table 3











PERIOD END CASH EQUIVALENTS AND INVESTMENT SECURITIES


(Dollars in thousands)

June 30,

% of

June 30,

% of

Change


Mar. 31,

% of



2011

Total

2010

total

Amount

%


2011

Total


Cash equivalents:











 Federal funds sold

$         2,367

0%

$       13,431

2%

$      (11,064)

-82%


$         1,966

0%


 Interest-bearing deposits in other banks

33,583

4%

109,781

14%

(76,198)

-69%


122,224

16%


Total cash equivalents

35,950

4%

123,212

16%

(87,262)

-71%


124,190

16%













Investment securities:











 U.S. Treasury securities

4,237

1%

14,688

2%

(10,451)

-71%


4,282

1%


 U.S. Government Agency securities

221,958

28%

250,848

32%

(28,890)

-12%


153,017

19%


 Corporate securities

9,506

1%

9,674

1%

(168)

-2%


9,850

1%


 Mortgage-backed securities

454,029

57%

300,485

39%

153,544

51%


405,740

53%


 Obligations of state and political sub.

59,122

7%

58,564

8%

558

1%


59,136

8%


 Equity investments and other securities

11,852

2%

11,972

2%

(120)

-1%


11,680

2%


Total investment securities

760,704

96%

646,231

84%

114,473

18%


643,705

84%













Total cash equivalents and investment securities

$     796,654

100%

$     769,443

100%

$       27,211

4%


$     767,895

100%













Tax equivalent yield on cash equivalents and investment securities

2.60%


2.27%


0.33



2.52%














Second quarter 2011 average total deposits of $1.93 billion declined 6% or $115 million from the same quarter in 2010. With excess balance sheet liquidity, in large part caused by the year-over-year decline in loan balances, we elected to continue to reduce higher cost time deposit balances. As a result, average time deposit balances declined $207 million or 48% year-over-year in the second quarter. Time deposits represented a modest 12% of the Company's average total deposits in the most recent quarter compared to 21% during second quarter 2010.

Table 4











QUARTERLY AVERAGE DEPOSITS BY CATEGORY


(Dollars in thousands)

Q2

% of

Q2

% of

Change


Q1

% of



2011

Total

2010

Total

Amount

%


2011

Total


Demand deposits

$         578,562

29%

$         523,298

26%

$           55,264

11%


$         552,229

28%


Interest bearing demand

365,407

19%

332,850

16%

32,557

10%


344,090

18%


 Total checking deposits

943,969

48%

856,148

42%

87,821

10%


896,319

46%


Savings

110,683

6%

104,052

5%

6,631

6%


106,309

6%


Money market

654,668

34%

657,454

32%

(2,786)

0%


660,672

34%


 Total non-time deposits

1,709,320

88%

1,617,654

79%

91,666

6%


1,663,300

86%


Time deposits

224,674

12%

431,669

21%

(206,995)

-48%


269,038

14%


 Total deposits

$      1,933,994

100%

$      2,049,323

100%

$       (115,329)

-6%


$      1,932,338

100%













Average rate on total deposits

0.31%


0.64%


(0.33)



0.38%














Second quarter average checking account balances of $944 million grew $88 million or 10% year-over-year. The continuing shift in the mix of deposit balances from time deposits to non-time deposits together with our deposit pricing strategies, helped reduce the rate paid on total deposits to .31% in the most recent quarter, a decline of 33 basis points from .64% in the second quarter last year and down 7 basis points on a linked quarter basis.

Capital Position

The combination of a return to profitability and a reduction in total assets continued to strengthen the Company's capital position. As shown in Table 5 below, at June 30, 2011, the Company's tier 1 and total risk-based capital ratios measured 17.99% and 19.25%, respectively, while its leverage ratio was 13.55%.

Table 5








CAPITAL RATIOS










June 30,

June 30,



March 31,




2011

2010

Change


2011

Change


West Coast Bancorp








Tier 1 risk based capital ratio

17.99%

16.50%

1.49


17.72%

0.27


Total risk based capital ratio

19.25%

17.76%

1.49


18.98%

0.27


Leverage ratio

13.55%

11.90%

1.65


13.40%

0.15










West Coast Bank








Tier 1 risk based capital ratio

17.30%

15.84%

1.46


17.02%

0.28


Total risk based capital ratio

18.56%

17.10%

1.46


18.28%

0.28


Leverage ratio

13.04%

11.43%

1.61


12.87%

0.17










Operating Results Improved from the Second Quarter of 2010

As shown in Table 6 below, second quarter 2011 net income of $4.6 million increased $8.4 million compared to a net loss of $3.8 million in the same quarter of 2010. The year-over-year second quarter improvement in results was primarily reflective of a $4.3 million decline in provision for credit losses, a 3.1 million increase in net interest income, and a benefit for income taxes of $1.0 million compared to a tax provision of $1.7 million in the same quarter last year.

Second quarter 2011 net interest income of $22.0 million increased $3.1 million from the same quarter in 2010, and grew $.8 million or 3% adjusting for the $2.3 million FHLB prepayment expense in second quarter last year. As shown in Table 7 below, the net interest margin of 3.85% in the most recent quarter expanded 74 basis points from 3.11% in the second quarter 2010. Adjusting for the above-mentioned FHLB prepayment penalty, the net interest margin increased 37 basis points over the same period. The growth in both net interest income and net interest margin were attributable to a reduction in interest expense on deposits and borrowings, which more than offset a continued unfavorable earning assets mix shift from loans to investment securities and a reduced value of noninterest-bearing deposits compared to the second quarter 2010.

Table 6










SUMMARY INCOME STATEMENT


(Dollars in thousands)

Q2

Q2

Change


Q1

Change



2011

2010

$

%


2011

$

%












Net interest income (1)

$        21,961

$        18,910

$          3,051

16%


$        21,512

$             449

2%


Provision for credit losses

3,426

7,758

(4,332)

-56%


2,076

1,350

65%


Noninterest income

8,070

9,625

(1,555)

-16%


8,916

(846)

-9%


Noninterest expense

22,958

22,909

49

0%


22,553

405

2%


Income (loss) before income taxes

3,647

(2,132)

5,779

271%


5,799

(2,152)

-37%


Provision (benefit) for income taxes (2)

(987)

1,717

(2,704)

-157%


694

(1,681)

-242%


  Net income (loss)

$          4,634

$         (3,849)

$          8,483

220%


$          5,105

$            (471)

-9%












(1)  Second quarter 2010 net interest income includes a $2.3 million expense associated with the prepayment of $99 million in FHLB borrowings.


(2)   For more information on income taxes see table 10.



















Table 7








NET INTEREST SPREAD AND MARGIN


(Annualized, tax-equivalent basis)

Q2

Q2



Q1




2011

2010

Change


2011

Change


Yield on average interest-earning assets

4.39%

4.39%

-


4.41%

(0.02)


Rate on average interest-bearing liabilities (1)

0.80%

1.72%

(0.92)


0.86%

(0.06)


Net interest spread

3.59%

2.67%

0.92


3.55%

0.04


Net interest margin

3.85%

3.11%

0.74


3.81%

0.04










(1)  Second quarter 2010 rate on average interest-bearing liabilities includes 37 basis points of expense associated with the


      prepayment of $99 million in FHLB borrowings.










As shown in Table 8 below, second quarter 2011 total noninterest income of $8.1 million decreased $1.5 million from the same quarter last year. Net loss on OREO was $.9 million in the most recent quarter and up from $.2 million in the second quarter of last year. Excluding the net loss on OREO, the Company's noninterest income decreased $.9 million or 9%. This decrease was primarily a result of a $.6 million or 15% decline in service charges on deposit accounts, a $.4 million decline in gains on sales of investment securities, and a $.2 million credit related to an other-than-temporary-impairment ("OTTI") loss on a trust preferred security in the investment portfolio. The year-over-year second quarter decline in deposit service charges was due to phasing in the Federal Deposit Insurance Corporation's ("FDIC") new guidance on overdraft programs, which became effective July 1, 2011. The final phase of our initiatives to comply with the new overdraft guidance will be implemented in the third quarter of 2011. Payment systems-related revenues increased $.3 million over the second quarter in 2010 as a result of higher transaction volumes.

Table 8










NONINTEREST INCOME


(Dollars in thousands)

Q2

Q2

Change


Q1

Change



2011

2010

$

%


2011

$

%


Noninterest income










  Service charges on deposit accounts

$           3,575

$           4,213

$      (638)

-15%


$           3,644

$        (69)

-2%


  Payment systems related revenue

3,169

2,875

294

10%


2,930

239

8%


  Trust and investment services revenues

1,208

1,167

41

4%


1,148

60

5%


  Gains on sales of loans

300

306

(6)

-2%


513

(213)

-42%


  Gains (losses) on sales of securities

130

488

(358)

-73%


267

(137)

-51%


  Other-than-temporary impairment losses

(179)

-

(179)

-


-

(179)

-


  Other  

777

785

(8)

-1%


748

29

4%


Total

8,980

9,834

(854)

-9%


9,250

(270)

-3%












  OREO gains (losses) on sale

645

1,048

(403)

-38%


323

322

100%


  OREO valuation adjustments  

(1,555)

(1,257)

(298)

-24%


(657)

(898)

-137%


Total net loss on OREO

(910)

(209)

(701)

-335%


(334)

(576)

-172%












Total noninterest income

$           8,070

$           9,625

$   (1,555)

-16%


$           8,916

$      (846)

-9%












As shown in Table 9 below, second quarter 2011 total noninterest expense of $23.0 million remained virtually unchanged from the second quarter of 2010. Salaries and employee benefits expense grew $.8 million in the second quarter of 2011 when compared to the same quarter a year ago. The continued increase in payment system expense was related to continued growth in customer transaction volumes. These increases were substantially offset by the $.9 million decline in other noninterest expenses, which was primarily due to a reduction in the Company's FDIC insurance premium expense from the second quarter 2010.

Table 9










NONINTEREST EXPENSE


(Dollars in thousands)

Q2

Q2

Change


Q1

Change



2011

2010

$

%


2011

$

%


Noninterest expense










  Salaries and employee benefits

$           12,119

$           11,322

$        797

7%


$           11,877

$        242

2%


  Equipment

1,564

1,606

(42)

-3%


1,528

36

2%


  Occupancy

2,232

2,249

(17)

-1%


2,165

67

3%


  Payment systems related expense

1,350

1,212

138

11%


1,247

103

8%


  Professional fees

976

1,161

(185)

-16%


982

(6)

-1%


  Postage, printing and office supplies

862

737

125

17%


810

52

6%


  Marketing

831

738

93

13%


651

180

28%


  Communications

389

381

8

2%


378

11

3%


  Other noninterest expense

2,635

3,503

(868)

-25%


2,915

(280)

-10%


Total noninterest expense

$           22,958

22,909

$          49

0%


$           22,553

$        405

2%












Income Taxes and Deferred Tax Asset Valuation Allowance

Second quarter 2011 benefit for income taxes was $1.0 million, compared to a provision for income taxes in the same quarter of 2010 of $1.7 million. The benefit for income taxes in the most recent quarter was the result of an increase in the estimated gross unrealized gains on the investment securities portfolio for the full year. The provision for income taxes for the second quarter 2010 was primarily the result of adjustments made to the Company's 2009 tax estimates in conjunction with finalizing its 2009 income tax return, which increased the deferred tax asset valuation allowance by $3.5 million, partly offset by the effect of the change in gross unrealized gain on its investment security portfolio during that quarter.

At June 30, 2011, the Company maintained a valuation allowance of $18.0 million against the deferred tax asset balance of $24.1 million for a net deferred tax asset of $6.1 million. A future reversal of the deferred tax asset valuation allowance would decrease the Company's income tax expense and increase net income.

Table 10







PROVISION (BENEFIT) FOR INCOME TAXES


(Dollars in thousands)

Q2

Q2



Q1



2011

2010

Change


2011









Benefit for income taxes net of initial  







  establishment of deferred tax asset valuation allowance

$              -

$              -

$             -


$              -


Provision (benefit) for income taxes from deferred







  tax asset valuation allowance:







   From estimated change in gross (gain) loss on securities

(987)

(1,798)

811


694


   Change in deferred tax assets-tax return adjustments

-

3,515

(3,515)


-


Total provision (benefit) for income taxes

$          (987)

$         1,717

$      (2,704)


$            694









Credit Quality

The Company recorded a second quarter 2011 provision for credit losses of $3.4 million, a decline from $7.8 million in the same quarter of 2010. The second quarter 2011 net charge-offs of $4.6 million or 1.22% of average loans on an annualized basis were relatively unchanged from net charge-offs of $4.7 million or 1.15% of average loans in the corresponding quarter a year ago, but higher than $2.7 million and .72%, respectively, in the first quarter of 2011. The $1.4 million year-over-year second quarter decline in commercial loan net charge-offs and a $.6 million reduction in nonstandard mortgage loan net charge-offs was offset by a $1.7 million increase in home equity net charge-offs and more moderate increases in commercial real estate construction and term loans. The Company's future provisioning will continue to be heavily dependent on the local real estate market, level of market interest rates, and general economic conditions nationally and in areas where the Company does business.

Table 11







ALLOWANCE FOR CREDIT LOSSES AND NET CHARGE-OFFS


(Dollars in thousands)

Q2

Q1

Q4

Q3

Q2



2011

2011

2010

2010

2010


Allowance for credit losses, beginning of period

$           40,429

$           41,067

$           42,618

$           44,347

$           41,299


Total provision for credit losses

3,426

2,076

1,693

1,567

7,758


Loan net charge-offs:







 Commercial

321

263

1,109

524

1,684


   Commercial real estate construction

648

65

76

-

248


   Residential real estate construction

213

311

89

813

432


 Total real estate construction

861

376

165

813

680


   Mortgage

139

205

347

449

478


   Nonstandard mortgage

83

315

76

5

641


   Home equity

2,291

853

570

568

627


 Total real estate mortgage

2,513

1,373

993

1,022

1,746


 Commercial real estate

561

326

584

339

275


 Installment and consumer

185

168

59

272

146


 Overdraft

183

208

334

326

179


 Total loan net charge-offs

4,624

2,714

3,244

3,296

4,710









Total allowance for credit losses

$           39,231

$           40,429

$           41,067

$           42,618

$           44,347


Components of allowance for credit losses:







 Allowance for loan losses

$           38,422

$           39,692

$           40,217

$           41,753

$           43,329


 Reserve for unfunded commitments

809

737

850

865

1,018


Total allowance for credit losses

$           39,231

$           40,429

$           41,067

$           42,618

$           44,347









Net loan charge-offs to average loans (annualized)

1.22%

0.72%

0.83%

0.82%

1.15%


Allowance for loan losses to total loans

2.53%

2.58%

2.62%

2.65%

2.70%


Allowance for credit losses to total loans

2.58%

2.63%

2.67%

2.71%

2.77%


Allowance for loan losses to nonperforming loans

76%

74%

66%

61%

55%


Allowance for credit losses to nonperforming loans

78%

75%

67%

62%

56%









The allowance for credit losses was $39.2 million or 2.58% of total loans at June 30, 2011, compared to an allowance for credit losses of $44.3 million or 2.77% of total loans a year ago as the overall risk in the loan portfolio has decreased over the past year. Also, the allowance for credit losses relative to nonperforming loans increased from 56% a year ago to 78% at June 30, 2011, and increased modestly from March 31, 2011, as well. The decrease in the required allowance for credit losses over the past twelve months was mostly due to a reduction in higher risk-rated outstanding loans, lower loan volume migrating to higher risk classifications, and more impaired loans moved from being included in the general valuation allowance to being individually measured for impairment during the quarter. The unallocated portion of the reserve was also reduced as a result of the declining overall risk profile of the loan portfolio. During second quarter 2011, net charge-offs exceeded the provision for credit losses by $1.2 million. A lower provision amount relative to net charge-offs in the most recent quarter was largely due to the same factors resulting in the reduction in the required allowance from a year ago. The June 30, 2011, allowance for credit losses at 2.58% of total loans declined from 2.63% at March 31, 2011. The Company's estimate of an appropriate allowance for credit losses will continue to be closely related to the loan portfolio's credit quality performance trends and the region's economic conditions.

Total nonperforming assets were $86.0 million or 3.5% of total assets as of June 30, 2011, compared to $116.2 million and 4.6% of total assets a year ago and 3.8% of total assets at March 31, 2011. The decline in total nonperforming assets from $93.3 million at March 31, 2011, represents the ninth consecutive quarterly decline.

Table 12







NONPERFORMING ASSETS


(Dollars in thousands)

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,



2011

2011

2010

2010

2010


Loans on nonaccrual status:







Commercial

$            9,280

$          12,803

$          13,377

$          13,319

$          15,317


Real estate construction:







 Commercial real estate construction

4,357

4,032

4,077

3,391

3,391


 Residential real estate construction

3,439

4,093

6,615

13,316

19,465


Total real estate construction

7,796

8,125

10,692

16,707

22,856


Real estate mortgage:







 Mortgage

5,734

5,714

9,318

13,040

14,535


 Nonstandard mortgage

5,793

6,451

5,223

5,150

6,121


 Home equity

2,755

1,426

950

1,538

2,198


Total real estate mortgage

14,282

13,591

15,491

19,728

22,854


Commercial real estate

19,263

19,424

21,671

18,792

17,542


Installment and consumer

1

-

-

-

74


Total nonaccrual loans

50,622

53,943

61,231

68,546

78,643


90 days past due not on nonaccrual

-

-

-

-

-


 Total nonperforming loans

50,622

53,943

61,231

68,546

78,643









Other real estate owned

35,374

39,329

39,459

35,814

37,578


Total nonperforming assets

$          85,996

$          93,272

$        100,690

$        104,360

$        116,221









Nonperforming loans to total loans

3.33%

3.51%

3.99%

4.35%

4.91%


Nonperforming assets to total assets

3.49%

3.80%

4.09%

4.20%

4.64%









Over the past year, total nonaccrual loans declined $28.0 million or 36% to $50.6 million at June 30, 2011. Nonaccrual loans declined significantly in the commercial, residential real estate construction, and mortgage loan categories, while increasing modestly in commercial real estate construction, commercial real estate, and home equity loan categories.

As indicated in Table 13 below, the Company's OREO property disposition activities continue. During the second quarter 2011, the Company disposed of 51 OREO properties with a book value of $6.7 million while acquiring 18 properties with a book value of $4.3 million. The Company continued to take ownership of additional real property related to loans which previously were on nonaccrual status, and this partly offset the Company's OREO sales activities in the most recent quarter. At June 30, 2011, the OREO portfolio consisted of 366 properties with a book value of $35.4 million. The OREO balance at June 30, 2011, reflected write-downs totaling 50% from original loan principal compared to 52% twelve months earlier. The largest balances in the OREO portfolio at June 30, 2011, were attributable to homes followed by income-producing properties and residential site development projects, all of which are located within our footprint.

Table 13












OTHER REAL ESTATE OWNED ACTIVITY


(Dollars in thousands)

Q2 2011

Q1 2011

Q4 2010


Q3 2010


Q2 2010




Amount

#

Amount

#

Amount

#

Amount

#

Amount

#


Beginning balance

$      39,329

        399

$      39,459

        402

$      35,814

     448

$     37,578

      446

$     45,238

     596


 Additions to OREO

          4,270

          18

          6,479

          25

        11,053

       35

         5,119

        53

         7,209

       20


 Dispositions of OREO

        (6,670)

        (51)

        (5,952)

        (28)

        (5,886)

      (81)

       (5,372)

      (51)

     (13,612)

    (170)


 OREO valuation adj.

        (1,555)

          -  

           (657)

          -  

        (1,522)

        -  

       (1,511)

         -  

       (1,257)

        -  


Ending balance

$      35,374

        366

$      39,329

        399

$      39,459

     402

$     35,814

      448

$     37,578

     446


























Table 14








OTHER REAL ESTATE OWNED BY PROPERTY TYPE


(Dollars in thousands)

June 30,

# of

June 30,

# of

Mar. 31,

# of



2011

properties

2010

properties

2011

properties


Homes

$               10,108

43

$               17,254

75

$               15,093

64


Income producing properties

9,237

14

2,996

6

6,613

9


Residential site developments

5,912

215

7,296

265

6,973

236


Land

4,052

11

3,474

10

4,427

11


Lots

3,126

52

4,750

67

3,758

56


Condominiums

1,900

14

1,111

12

1,792

12


Multifamily

673

11

697

11

673

11


Commercial site developments

366

6

-

-

-

-


 Total

$               35,374

366

$               37,578

446

$               39,329

399










Other:    

The Company will hold a Webcast conference call Friday, July 29, 2011, at 11:00 a.m. Pacific Time, during which the Company will discuss second quarter 2011 results and key activities. To access the conference call via a live Webcast, go to www.wcb.com and click on Investor Relations and the "2nd Quarter 2011 Earnings Conference Call" tab. The conference call may also be accessed by dialing (877) 247-4281 Conference ID#: 77019985 a few minutes prior to 11:00 a.m. Pacific Time. 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 is a Northwest bank holding company with $2.5 billion in assets and 65 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. These statements can often be identified by words such as "expects," "believes," "anticipates," or "will," or other words of similar meaning. Actual results could be quite different from those expressed or implied by the forward-looking statements, which give our current 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, the effects of (i) market conditions in our service areas on our efforts to continue to reduce our levels of nonperforming assets and increase loan originations as well as (ii) all risk factors identified in our Annual Report on Form 10-K for the year ended December 31, 2010, including under the headings "Forward Looking Statement Disclosure" and in the section "Risk Factors," and in our most recent Quarterly Report on Form 10-Q.

Table 15











INCOME STATEMENT


(Dollars in thousands)

Q2

Q2

Change

Q1


Year to date

Year to date



2011

2010

$

%

2011


2011

2010


Net interest income










  Interest and fees on loans

$        20,231

$        22,416

$        (2,185)

-10%

$      20,299


$      40,530

$       45,259


  Interest on investment securities

4,811

4,237

574

14%

4,548


9,359

8,444


  Other interest income

62

163

(101)

-62%

71


133

311


Total interest income

25,104

26,816

(1,712)

-6%

24,918


50,022

54,014


Interest expense on deposit accounts

1,476

3,275

(1,799)

-55%

1,809


3,285

7,568


Interest on borrowings and subordinated debentures

1,667

4,631

(2,964)

-64%

1,597


3,264

6,903


Total interest expense

3,143

7,906

(4,763)

-60%

3,406


6,549

14,471


  Net interest income

21,961

18,910

3,051

16%

21,512


43,473

39,543












Provision for credit losses

3,426

7,758

(4,332)

-56%

2,076


5,502

15,392












Noninterest income










  Service charges on deposit accounts

3,575

4,213

(638)

-15%

3,644


7,219

7,809


  Payment systems related revenue

3,169

2,875

294

10%

2,930


6,099

5,411


  Trust and investment services revenues

1,208

1,167

41

4%

1,148


2,356

2,146


  Gains on sales of loans

300

306

(6)

-2%

513


813

447


  Net OREO valuation adjustments










     and gains (losses) on sales

(910)

(209)

(701)

-335%

(334)


(1,244)

(2,267)


  Other-than-temporary impairment losses

(179)

-

(179)

-

-


(179)

-


  Gain on sales of securities

130

488

(358)

-73%

267


397

945


  Other  

777

785

(8)

-1%

748


1,525

1,542


Total noninterest income

8,070

9,625

(1,555)

-16%

8,916


16,986

16,033


Noninterest expense










  Salaries and employee benefits

12,119

11,322

797

7%

11,877


23,996

22,497


  Equipment

1,564

1,606

(42)

-3%

1,528


3,092

3,182


  Occupancy

2,232

2,249

(17)

-1%

2,165


4,397

4,433


  Payment systems related expense

1,350

1,212

138

11%

1,247


2,597

2,216


  Professional fees

976

1,161

(185)

-16%

982


1,958

2,022


  Postage, printing and office supplies

862

737

125

17%

810


1,672

1,541


  Marketing

831

738

93

13%

651


1,482

1,425


  Communications

389

381

8

2%

378


767

763


  Other noninterest expense

2,635

3,503

(868)

-25%

2,915


5,550

5,925


Total noninterest expense

22,958

22,909

49

0%

22,553


45,511

44,004


Income (loss) before income taxes

3,647

(2,132)

5,779

271%

5,799


9,446

(3,820)


Provision (benefit) for income taxes

(987)

1,717

(2,704)

-157%

694


(293)

917


Net income (loss)

$          4,634

$        (3,849)

$          8,483

220%

$        5,105


$        9,739

$        (4,737)












Net income (loss) per share:










    Basic

$            0.23

$          (0.20)

$            0.43


$          0.25


$          0.48

$          (0.30)


    Diluted

$            0.22

$          (0.20)

$            0.42


$          0.25


$          0.45

$          (0.30)












Weighted average common shares

19,006

18,425

581


18,960


18,983

15,939


Weighted average diluted shares

20,025

18,425

1,600


19,939


19,982

15,939












Tax equivalent net interest income

$        22,249

$        19,205

$          3,044


$      21,770


$      44,019

$       40,159












Table 16







BALANCE SHEETS


(Dollars in thousands)

June 30,

June 30,

Change

Mar. 31,



2011

2010

$

%

2011


Assets:







Cash and due from banks

$                54,296

$                45,685

$               8,611

19%

$                50,865


Federal funds sold

2,367

13,431

(11,064)

-82%

1,966


Interest-bearing deposits in other banks

33,583

109,781

(76,198)

-69%

122,224


 Total cash and cash equivalents

90,246

168,897

(78,651)

-47%

175,055


Investment securities

760,704

646,231

114,473

18%

643,705


Total loans

1,521,147

1,602,032

(80,885)

-5%

1,535,700


Allowance for loan losses

(38,422)

(43,329)

4,907

11%

(39,692)


Loans, net

1,482,725

1,558,703

(75,978)

-5%

1,496,008


Total interest earning assets

2,319,332

2,374,787

(55,455)

-2%

2,305,780


OREO, net

35,374

37,578

(2,204)

-6%

39,329


Goodwill and other intangibles

239

477

(238)

-50%

298


Other assets

93,268

93,600

(332)

0%

97,462


    Total assets

$           2,462,556

$           2,505,486

$           (42,930)

-2%

$           2,451,857









Liabilities and Stockholders' Equity:







Demand

$              599,020

$              533,865

$             65,155

12%

$              561,995


Savings and interest-bearing demand

465,779

433,001

32,778

8%

461,542


Money market

658,185

661,913

(3,728)

-1%

661,327


Time deposits

208,013

375,321

(167,308)

-45%

243,567


Total deposits

1,930,997

2,004,100

(73,103)

-4%

1,928,431


Borrowings and subordinated debentures

219,599

215,199

4,400

2%

219,599


Reserve for unfunded commitments

809

1,018

(209)

-21%

737


Other liabilities

25,582

17,757

7,825

44%

26,102


    Total liabilities

2,176,987

2,238,074

(61,087)

-3%

2,174,869


Stockholders' equity

285,569

267,412

18,157

7%

276,988


    Total liabilities and stockholders' equity

$           2,462,556

$           2,505,486

$           (42,930)

-2%

$           2,451,857









Table 17











PERIOD END LOANS


(Dollars in thousands)

June 30,

% of

June 30,

% of

Change


Mar. 31,

% of



2011

Total

2010

total

Amount

%


2011

Total


Commercial loans

$     297,817

20%

$     312,170

19%

$     (14,353)

-5%


$     306,864

20%


 Commercial real estate construction

         17,024

1%

         22,096

2%

         (5,072)

-23%


         17,711

1%


 Residential real estate construction

         15,410

1%

         52,062

3%

       (36,652)

-70%


         19,896

1%


Total real estate construction loans

         32,434

2%

         74,158

5%

       (41,724)

-56%


         37,607

2%


   Mortgage

         62,244

4%

         73,867

5%

       (11,623)

-16%


         63,780

4%


   Nonstandard mortgage

         10,464

1%

         14,348

1%

         (3,884)

-27%


         11,140

1%


   Home equity

       264,016

17%

       274,072

17%

       (10,056)

-4%


       266,606

17%


Total real estate mortgage

       336,724

22%

       362,287

23%

       (25,563)

-7%


       341,526

22%


Commercial real estate loans

       839,665

55%

       837,033

52%

           2,632

0%


       834,880

55%


Installment and other consumer loans

         14,507

1%

         16,384

1%

         (1,877)

-11%


         14,823

1%


Total loans

$  1,521,147


$  1,602,032


$     (80,885)

-5%


$  1,535,700














Table 18







AVERAGE BALANCE SHEETS


(Dollars in thousands)

Q2

Q2

Q1

Year to date

Year to date



2011

2010

2011

2011

2010


Cash and due from banks

$             52,273

$             48,232

$             48,698

$              50,495

$            47,361


Federal funds sold

4,790

3,605

3,947

4,371

8,233


Interest-bearing deposits in other banks

93,225

249,007

106,794

99,972

238,203


 Total cash and cash equivalents

150,288

300,844

159,439

154,838

293,797


Investment securities

698,116

578,669

673,449

685,850

568,082


Total loans

1,523,170

1,645,189

1,529,290

1,526,213

1,673,816


Allowance for loan losses

(38,944)

(42,895)

(40,296)

(39,616)

(41,434)


Loans, net

1,484,226

1,602,294

1,488,994

1,486,597

1,632,382


Total interest earning assets

2,319,980

2,477,349

2,314,612

2,317,311

2,489,191


Other assets

127,895

158,604

128,986

128,438

164,279


    Total assets

$        2,460,525

2,640,411

$        2,450,868

$         2,455,723

2,658,540









Demand

$           578,562

$           523,298

$           552,229

$            565,468

$          521,405


Savings and interest-bearing demand

476,090

436,902

450,399

463,316

428,073


Money market

654,668

657,454

660,672

657,653

650,065


Time deposits

224,674

431,669

269,038

246,733

469,477


Total deposits

1,933,994

2,049,323

1,932,338

1,933,170

2,069,020


Borrowings and subordinated debentures

219,599

313,210

219,599

219,599

313,752


Total interest bearing liabilities

1,575,031

1,839,235

1,599,708

1,587,301

1,861,367


Other liabilities

24,331

17,118

24,983

24,656

18,182


Stockholders' equity

282,601

260,760

273,948

278,298

257,586


    Total liabilities and stockholders' equity

$        2,460,525

$        2,640,411

$        2,450,868

$         2,455,723

$       2,658,540









The following table presents information about the Company's total performing delinquent loans.

Table 19





DELINQUENT LOANS 30-89 DAYS PAST DUE AS A % OF LOAN CATEGORY


(Dollars in thousands)

June 30,

June 30,

Mar. 31,



2011

2010

2011


Commercial loans

0.64%

0.14%

0.26%


Real estate construction loans

0.00%

1.48%

0.00%


Real estate mortgage loans

0.38%

0.18%

0.28%


Commercial real estate loans

0.80%

0.04%

0.36%


Installment and other consumer loans

0.05%

1.27%

1.06%







Total delinquent loans 30-89 days past due

$                           9,961

$                           2,742

$                           4,901


Delinquent loans to total loans

0.65%

0.17%

0.32%







The following table presents information regarding common shares outstanding at June 30, 2011 on an actual and diluted basis.

Table 20



COMMON SHARE AND DILUTIVE SHARE INFORMATION

(Shares in thousands, restated for reverse stock split)







Number






of shares





Common shares outstanding at June 30, 2011

19,316











Common shares issuable on conversion of series B preferred stock (1)

1,213





Dilutive impact of warrants (2)(3)

995





Dilutive impact of stock options and restricted stock  (3)

112





 Total potential dilutive shares (4)

21,636











(1)  121,328 shares of series B preferred stock outstanding at June 30, 2011.

(2)   Warrants to purchase 240,000 common shares at a price of $100 per series B preferred share outstanding at June 30, 2011. 

(3)  The estimated dilutive impact of warrants, options, and restricted stock is shown. These figures are calculated under the treasury method utilizing an average stock price of $16.85 for the period and do not reflect the number of common shares that would be issued if securities were exercised in full.  

(4)  Potential dilutive shares is a non-GAAP figure and not the weighted average diluted shares calculated in accordance with GAAP. 


SOURCE West Coast Bancorp

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