{"id":31111,"date":"2012-07-23T11:00:00","date_gmt":"2012-07-23T11:00:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/west-coast-bancorp-wcbo-reports-q2-2012-net-income-of-6-0-million-up-30\/31111\/"},"modified":"2012-07-23T11:00:00","modified_gmt":"2012-07-23T11:00:00","slug":"west-coast-bancorp-wcbo-reports-q2-2012-net-income-of-6-0-million-up-30","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/west-coast-bancorp-wcbo-reports-q2-2012-net-income-of-6-0-million-up-30\/31111\/","title":{"rendered":"West Coast Bancorp &#8211; WCBO &#8211; Reports Q2 2012 Net Income of $6.0 Million up 30%"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>West Coast Bancorp (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=WCBO\">Nasdaq:WCBO<\/a>)<\/strong> , the parent company of West Coast Bank and West Coast Trust Company, Inc., announced second quarter 2012 net income of $6.0 million or $.28 per diluted share compared to net income of $4.6 million or $.22 per diluted share in the same quarter of 2011. Net income for the first six months of 2012 was $11.8 million or $.55 per diluted share compared to net income of $9.7 million or $.45 per diluted share in the same period of 2011.<\/p>\n<ul>\n<li>Return on Average Assets Was 1.01% in the Second Quarter 2012, an Improvement From .76% in the Same Quarter Last Year.<\/li>\n<li>Net Income for the Six Month Period Ended, June 30, 2012 Was $11.8 Million, an Increase of 21% From the Same Period in 2011.<\/li>\n<li>The Written Agreement Between the Holding Company and Certain Regulators Was Terminated on June 27, 2012.<\/li>\n<li>Second Quarter 2012 Total Noninterest Expense Declined 6%, or $1.5 Million, From the Same Period in 2011.<\/li>\n<li>The Efficiency Ratio Improved to 70.3% in First Half of 2012 From 75.1% in the Same Period in 2011.<\/li>\n<\/ul>\n<p>&#8220;Net income reached $11.8 million for the first half of 2012 and grew 21% or $2.1 million from the same period a year ago,&#8221; said Robert D. Sznewajs, President and Chief Executive Officer. &#8220;The continued reduction in credit-related costs and ongoing improvements in expense management were the primary contributors to the improved operating results. The Company&#8217;s return on average assets for the first half of 2012 reached 1.00% compared to .80% in the same period in 2011.&#8221;<\/p>\n<p><strong>WCBO &#8211; Operating Results<\/strong><\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Pre-tax income in the second quarter of 2012 was $9.3 million, an increase of $5.6 million or 155% from the corresponding quarter in 2011, and a $.4 million or 4% improvement from the first quarter of 2012. The improvement was principally the result of declines in the provision for credit losses and total noninterest expense. Net income of $6.0 million in the second quarter of 2012 increased $1.4 million or 30% from the corresponding quarter last year, and $.2 million or 4% from the first quarter of 2012.<\/p>\n<p><strong>WCBO &#8211; Credit Quality<\/strong><\/p>\n<p>The Company recorded a benefit for credit losses of $.5 million in the second quarter of 2012, a significant improvement compared to a provision for credit losses of $3.4 million in the second quarter of 2011 and $.1 million in the previous quarter of 2012. Second quarter 2012 net charge-offs of $.2 million, or .07% of average loans on an annualized basis, declined from 1.22% in the corresponding quarter in 2011 and .39% on a linked-quarter basis. The net charge off and benefit for credit losses in the second quarter of 2012 were heavily influenced by a recovery of $1.1 million related to a commercial real estate loan. As shown in the table below, net charge-offs declined in every loan category from the second quarter last year.<\/p>\n<p><strong>About West Coast Bancorp &#8211; WCBO<\/strong><\/p>\n<p>West Coast Bancorp (WCBO ) is a publicly held, Northwest bank holding company headquartered in Oregon with $2.4 billion in assets, and the parent company of West Coast Bank and West Coast Trust Company, Inc.\u00a0West Coast Bank operates 58 branches in Oregon and Washington. WCBO serves clients who seek the resources, sophisticated products and expertise of larger financial institutions, along with the local decision-making, market knowledge, and customer service orientation of a community bank. The Company offers a broad range of <a href=\"http:\/\/www.knowfinance.com\/category\/banking\/\" target=\"_blank\" rel=\"noopener\">banking<\/a>, investment, fiduciary and trust services.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120724222330\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fthestockmarketwatch.com%2Fstock-market-news%2Fwest-coast-bancorp-wcbo-reports-q2-2012-net-income-of-6-0-million-up-30%2F31111&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-end-lower-for-a-third-consecutive-day\/31203\">\nStocks End Lower for a Third Consecutive Day<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-silver-prices-also-edge-lower\/31202\">\nGold Prices Settle Lower; Silver Prices also Edge Lower<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-continue-to-tumble\/31200\">\nStocks Continue to Tumble<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/u-s-stocks-edge-lower-after-gloomy-manufacturing-data\/31195\">\nU.S. Stocks Edge Lower After Gloomy Manufacturing Data<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/cybex-international-cybi-progress-in-profit-margins-is-anticipated-in-q4\/31181\">\nCybex International &#8211; CYBI &#8211; Progress in profit margins is anticipated in Q4<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/carlisle-companies-csl-another-quarter-of-outstanding-performance\/31180\">\nCarlisle Companies &#8211; CSL &#8211; Another quarter of outstanding performance<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/icon-iclr-reports-second-quarter-2012-revenue-up-19-to-277-million\/31179\">\nICON &#8211; ICLR &#8211; Reports second quarter 2012 revenue up 19% to $277 million<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>West Coast Bancorp (Nasdaq:WCBO) , the parent company of West Coast Bank and West Coast Trust Company, Inc., announced second 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