Exhibit 99
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 14% Increase in Third Quarter 2005 Core Earnings Per Diluted Share
THIRD QUARTER 2005 HIGHLIGHTS
| • | | CORE EARNINGS PER DILUTED SHARE AND RETURN ON AVERAGE EQUITY* REACHES $.42 AND 16.7%, RESPECTIVELY |
| • | | INCLUDING A $.02 NON-CORE ITEM, EARNINGS PER DILUTED SHARE AND RETURN ON AVERAGE EQUITY WERE $.44 AND 17.4%, RESPECTIVELY |
| • | | AVERAGE COMMERCIAL AND CONSTRUCTION LOAN GROWTH INCREASES 34% SINCE SAME QUARTER 2004 |
| • | | AVERAGE NON-INTEREST DEMAND DEPOSITS INCREASE 19% OVER THIRD QUARTER 2004 |
Lake Oswego, OR – October 18, 2005– West Coast Bancorp (NASDAQ: WCBO) today announced quarterly core earnings of $6.44 million or $0.42 per diluted share for the third quarter of 2005, compared to third quarter 2004 earnings of $5.71 million or $.37 per diluted share, representing a 14% increase in core earnings per diluted share.* Including a State corporate income tax credit, earnings were $6.71 million or $0.44 per diluted share for the third quarter of 2005, compared to earnings of $5.71 million or $0.37 per diluted share in the third quarter of 2004.
Three months ended September 30th
| GAAP
| Core*
|
|---|
($'s in 000's except per share data)
| 2005
| 2004
| 2005
| 2004
|
|---|
| Diluted Earnings Per Share* | | | $ | .44 | | $ | .37 | | $ | .42 | | $ | .37 | |
| Return On Average Equity* | | | | 17.4 | % | | 16.0 | % | | 16.7 | % | | 16.0 | % |
| Book Value per Share | | | $ | 10.50 | | $ | 9.75 | |
| Total Period End Loans | | | $ | 1,516,740 | | $ | 1,319,696 | | | | | | | |
| Total Period End Deposits | | | $ | 1,644,122 | | $ | 1,469,927 | | | | | | | |
*Core earnings, core earnings per diluted share, and core return on average equity are non-GAAP (Generally Accepted Accounting Principles)financial measures derived by adjusting the Company’s GAAP earnings (I) for the third quarter 2005 to exclude the beneficial impact of the State corporate income tax credit in the third quarter 2005 of approximately $.3 million or $.02 per diluted share and (II) for the first nine months of 2005, to exclude the positive effects of the tax credit, as well as the negative impact of a first quarter impairment charge of approximately $.8 million or $.05 per diluted share. Management uses this non-GAAP information internally and has disclosed it to investors based on its belief that the information provides additional, valuable information relating to its core earnings as compared to prior periods.
“Excellent revenue growth in both net interest income and targeted fee income areas from third quarter a year ago significantly contributed to our solid third quarter 2005 performance,” said Robert D. Sznewajs, President & CEO. “With core return on average equity of nearly 17% in the quarter and a 14% increase in core earnings per diluted share from the same quarter a year ago, the Company continues to generate strong return for its shareholders.”
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 2 of 8
West Coast Bancorp also announced core earnings of $17.9 million or $1.17per diluted share for the nine months ended September 30, 2005, compared to earnings of $16.2 million or $1.04 per diluted share for the same period in 2004. * Earnings for the first nine months of 2005 were $17.4 million or $1.13 per diluted share, up from earnings of $16.2 million or $1.04 share per diluted share for the same period of 2004.
The following table reconciles GAAP earnings income to core earnings, including per-share figures:
(Dollars in thousands, except per share data)
| Three months ended Sept. 30,
| Nine months ended Sept. 30,
|
|---|
| 2005
| 2004
| 2005
| 2004
|
|---|
| Net income | | | $ | 6,713 | | $ | 5,712 | | $ | 17,379 | | $ | 16,165 | |
| Add back: Impairment charge on securities, | | |
| net of tax | | | | -- | | | -- | | | 803 | | | -- | |
| Subtract: Impact of State corporate income tax credit | | | | (274 | ) | | -- | | | (274 | ) | | -- | |
|
| |
| |
| |
| |
| Core earnings | | | $ | 6,439 | | $ | 5,712 | | $ | 17,908 | | $ | 16,165 | |
|
| |
| |
| |
| |
| Diluted Earnings per Share | | |
| Net income | | | $ | 0.44 | | $ | 0.37 | | $ | 1.13 | | $ | 1.04 | |
| Core earnings | | | $ | 0.42 | | $ | 0.37 | | $ | 1.17 | | $ | 1.04 | |
Financial Results:
For the quarter ended September 30, 2005, net interest income was $22.3 million, up $3.4 million or 18% from the same quarter in 2004. The year over year growth in third quarter average loan and deposit balances was 14% and 11%, respectively. Average non-interest bearing deposits increased $71 million or 19% from the same period a year ago and now represents 28% of total average deposits. This increase in demand deposits along with the shift towards loans, particularly variable rate loans, in the earning asset mix during this rising interest rate environment lifted the net interest margin by 35 basis points to 5.05% from 4.70% in the third quarter of 2004.
The provision for loan losses was $.4 million in the third quarter 2005, an increase of $.2 million over the same quarter last year.
Third quarter 2005 total non-interest income of $6.1 million increased 8% or $.4 million from the third quarter 2004. The Company generated strong growth of $.3 million or 30% from payment system revenues (primarily from debit card, interchange income and merchant revenues) compared to third quarter 2004. Trust and investment revenues along with deposit service charge revenues also showed solid growth at nearly 20% each or $.6 million in total. Partly offsetting these improvements, losses on the investment portfolio were $.3 million in the most recent quarter while gains on sales of loans were down 23% or $.2 million compared to third quarter 2004.
Total non-interest expense increased $2.3 million or 14% in the third quarter of 2005 from the same quarter in 2004. Personnel expense grew $1.3 million and consistent with past quarters, with the majority of the increase resulting from new lending and branch team members in late 2004 and increased variable compensation. The remaining expense growth compared to the same quarter a year ago mainly came from higher marketing costs associated with the free checking product in the Oregon market in 2005 and higher transaction processing expenses.
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 3 of 8
Annualized net charge-offs were 0.15% of average loans in the third quarter 2005, compared to net recoveries of 0.02% in the same quarter a year ago. Non-performing assets at September 30, 2005, were $1.7 million or 0.09% of total assets, down from $4.9 million or 0.28% a year ago.
During the third quarter of 2005, consistent with its capital plan, the Company repurchased approximately 128,000 shares at an average cost of $25.76 per share. At September 30, 2005, approximately 455,000 shares remained available for future repurchases under the Company’s share repurchase program.
Other:
The Company will hold a webcast conference call Wednesday, October 19, 2005, at 8:30 a.m. Pacific Time, during which the Company will discuss third quarter 2005 results, review its strategic progress, and provide management’s current expectations for the remainder of 2005.
To access the conference call via a live webcast, go towww.wcb.comand click on Investor Relations/Conference Call/West Coast Bancorp Webcast. The conference call may also be accessed by dialing 877-604-2074 a few minutes prior to 8:30 a.m. PDT. The call will be available for replay by accessing the Company’s website atwww.wcb.comand clicking on Investor Relations/Conference Call/Archived Conference Call (Replay).
West Coast Bancorp is a Northwest bank holding company with $1.9 billion in assets, operating 52 offices in Oregon and Washington. West Coast Bancorp, the parent company of West Coast Bank and West Coast Trust, is headquartered in Oregon. West Coast Bank 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 banking, investment, fiduciary and trust services. For more information, please visit the Company web site atwww.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. Factors that could cause results to differ from forward-looking statements include, among others: general economic and banking business conditions; evolving banking industry standards; competitive factors, including pricing pressures on Bancorp’s yields on loans and rates paid on deposits; changing customer investment, deposit and borrowing behaviors; changing interest rate environments, including the shape and the level of the yield curve, all of which could decrease net interest income and fee income, including reducing gains on sales of loans; vendor service quality; changes in laws and other legal developments; changes in government funding of Small Business Administration (“SBA”) loans; and changes in technology or required investments in technology.
Furthermore, the forward-looking statements are subject to risks related to the Company’s ability to: attract and retain lending officers and other key personnel; close loans in the pipeline; generate loan and deposit balances at projected spreads; maintain asset quality; control the level of net charge-offs; sustain fee income generation; retain customers of greatest value; create revenue growth from investments in new team members and branches, control expenses; monitor and manage the Company’s internal control environments, including disclosure and financial reporting controls, and other matters.
Readers are cautioned not to place undue reliance on the forward-looking statements which reflect management’s analysis only as of the date of the statements. Readers should carefully review the disclosures
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 4 of 8
we file from time to time with the Securities and Exchange Commission. Bancorp undertakes no obligation to publicly review or update forward-looking statements to reflect events or circumstances that arise after the date of this report.
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 5 of 8
| West Coast Bancorp
Consolidated Income Statements
|
|---|
(Unaudited)
(Dollars and shares in thousands)
| Three months ended
| Nine months ended
|
|---|
| September 30, | June 30, | September 30, |
|---|
| 2005
| 2004
| 2005
| 2005
| 2004
|
|---|
| Net interest income | | | | | | | | | | | | | | | | | |
| Interest and fees on loans | | | $ | 26,264 | | $ | 20,086 | | $ | 24,666 | | $ | 73,401 | | $ | 58,193 | |
| Interest on investment securities | | | | 2,596 | | | 3,198 | | | 2,603 | | | 7,891 | | | 9,963 | |
| Other interest income | | | | 298 | | | 89 | | | 52 | | | 389 | | | 121 | |
|
| |
| |
| |
| |
| |
| Total interest income | | | | 29,158 | | | 23,373 | | | 27,321 | | | 81,681 | | | 68,277 | |
| Interest expense on deposit accounts | | | | 5,574 | | | 2,734 | | | 4,596 | | | 13,931 | | | 8,122 | |
| Interest on borrowings including subordinated debentures | | | | 1,312 | | | 1,776 | | | 1,697 | | | 4,576 | | | 4,764 | |
|
| |
| |
| |
| |
| |
| Total interest expense | | | | 6,886 | | | 4,510 | | | 6,293 | | | 18,507 | | | 12,886 | |
|
| |
| |
| |
| |
| |
| Net interest income | | | | 22,272 | | | 18,863 | | | 21,028 | | | 63,174 | | | 55,391 | |
Provision for loan loss | | | | 400 | | | 225 | | | 825 | | | 1,225 | | | 2,125 | |
| Non-interest income | | |
| Service charges on deposit accounts | | | | 2,316 | | | 1,934 | | | 2,020 | | | 6,227 | | | 5,613 | |
| Payment systems related revenue | | | | 1,282 | | | 983 | | | 1,189 | | | 3,548 | | | 2,848 | |
| Trust and investment services revenues | | | | 1,359 | | | 1,154 | | | 1,244 | | | 3,727 | | | 3,360 | |
| Gains on sales of loans | | | | 741 | | | 962 | | | 901 | | | 2,417 | | | 2,993 | |
| Other | | | | 764 | | | 645 | | | 1,158 | | | 2,642 | | | 2,072 | |
| Loss on impairment of securities | | | | -- | | | -- | | | -- | | | (1,316 | ) | | -- | |
| Gains (losses) on sales of securities | | | | (343 | ) | | -- | | | (373 | ) | | (716 | ) | | 75 | |
|
| |
| |
| |
| |
| |
| Total non-interest income | | | | 6,119 | | | 5,678 | | | 6,139 | | | 16,529 | | | 16,961 | |
| Non-interest expense | | |
| Salaries and employee benefits | | | | 10,703 | | | 9,444 | | | 9,982 | | | 30,359 | | | 26,945 | |
| Equipment | | | | 1,226 | | | 1,226 | | | 1,168 | | | 3,520 | | | 3,603 | |
| Occupancy | | | | 1,530 | | | 1,467 | | | 1,531 | | | 4,600 | | | 4,354 | |
| Payment systems related expense | | | | 428 | | | 369 | | | 371 | | | 1,224 | | | 1,051 | |
| Professional fees | | | | 523 | | | 513 | | | 561 | | | 2,183 | | | 1,431 | |
| Postage, printing and office supplies | | | | 713 | | | 646 | | | 707 | | | 2,048 | | | 1,950 | |
| Marketing | | | | 998 | | | 633 | | | 1,029 | | | 2,628 | | | 1,763 | |
| Communications | | | | 300 | | | 301 | | | 328 | | | 900 | | | 868 | |
| Litigation settlement charge | | | | -- | | | -- | | | -- | | | 800 | | | -- | |
| Other non-interest expense | | | | 2,013 | | | 1,543 | | | 1,488 | | | 4,810 | | | 4,666 | |
|
| |
| |
| |
| |
| |
| Total non-interest expense | | | | 18,434 | | | 16,142 | | | 17,165 | | | 53,072 | | | 46,631 | |
|
| |
| |
| |
| |
| |
| Income before income taxes | | | | 9,557 | | | 8,174 | | | 9,177 | | | 25,406 | | | 23,596 | |
| Provision for income taxes | | | | 2,844 | | | 2,462 | | | 3,031 | | | 8,027 | | | 7,431 | |
|
| |
| |
| |
| |
| |
| Net income | | | $ | 6,713 | | $ | 5,712 | | $ | 6,146 | | $ | 17,379 | | $ | 16,165 | |
|
| |
| |
| |
| |
| |
| Basic earnings per share | | | $ | 0.46 | | $ | 0.39 | | $ | 0.42 | | $ | 1.18 | | $ | 1.09 | |
| Diluted earnings per share | | | $ | 0.44 | | $ | 0.37 | | $ | 0.40 | | $ | 1.13 | | $ | 1.04 | |
Weighted average common shares | | | | 14,660 | | | 14,798 | | | 14,642 | | | 14,675 | | | 14,877 | |
| Weighted average diluted shares | | | | 15,370 | | | 15,382 | | | 15,246 | | | 15,355 | | | 15,531 | |
Tax equivalent net interest income | | | $ | 22,634 | | $ | 19,276 | | $ | 21,395 | | $ | 64,267 | | $ | 56,640 | |
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 6 of 8
| West Coast Bancorp
Consolidated Balance Sheets
|
|---|
(Dollars and shares in thousands, unaudited)
| Sept. 30,
2005
| Sept. 30,
2004
| June 30,
2005
|
|---|
| Assets: | | | | | | | | | | | |
| Cash and cash equivalents | | | $ | 78,539 | | $ | 67,184 | | $ | 78,299 | |
| Investments | | | | 274,344 | | | 302,602 | | | 231,499 | |
| Total loans | | | | 1,516,740 | | | 1,319,696 | | | 1,478,331 | |
| Allowance for loan losses | | | | (19,728 | ) | | (19,421 | ) | | (19,897 | ) |
|
| |
| |
| |
| Loans, net | | | | 1,497,012 | | | 1,300,275 | | | 1,458,434 | |
| Other assets | | | | 83,550 | | | 74,174 | | | 79,095 | |
|
| |
| |
| |
| Total assets | | | $ | 1,933,445 | | $ | 1,744,235 | | $ | 1,847,327 | |
|
| |
| |
| |
| Liabilities and Stockholders' Equity: | | |
| Demand | | | $ | 459,831 | | $ | 395,833 | | $ | 428,825 | |
| Savings and interest bearing demand | | | | 821,042 | | | 736,699 | | | 761,587 | |
| Certificates of deposits | | | | 363,249 | | | 337,395 | | | 373,455 | |
|
| |
| |
| |
| Total deposits | | | | 1,644,122 | | | 1,469,927 | | | 1,563,867 | |
| Borrowings and subordinated debentures | | | | 114,300 | | | 114,000 | | | 119,326 | |
| Other liabilities | | | | 20,066 | | | 15,460 | | | 12,667 | |
|
| |
| |
| |
| Total liabilities | | | | 1,778,488 | | | 1,599,387 | | | 1,695,860 | |
| Stockholders' equity | | | | 154,957 | | | 144,848 | | | 151,467 | |
|
| |
| |
| |
| Total liabilities and stockholders' equity | | | $ | 1,933,445 | | $ | 1,744,235 | | $ | 1,847,327 | |
|
| |
| |
| |
| Common shares outstanding period end | | | | 14,761 | | | 14,857 | | | 14,737 | |
| Book value per common share | | | $ | 10.50 | | $ | 9.75 | | $ | 10.28 | |
| Tangible book value per common share | | | $ | 10.48 | | $ | 9.71 | | $ | 10.25 | |
| West Coast Bancorp
Period End Loan Portfolio By Category
|
|---|
(Dollars in thousands, unaudited)
| Sept. 30,
2005
| Sept. 30,
2004
| Change
Amount
| %
| June 30,
2005
|
|---|
| Commercial loans | | | $ | 374,054 | | $ | 288,667 | | $ | 85,387 | | | 30 | % | $ | 360,872 | |
| Real estate construction loans | | | | 187,779 | | | 111,299 | | | 76,480 | | | 69 | % | | 148,487 | |
| Real estate mortgage loans | | | | 218,511 | | | 206,739 | | | 11,772 | | | 6 | % | | 221,735 | |
| Real estate commercial loans | | | | 707,032 | | | 677,275 | | | 29,757 | | | 4 | % | | 714,291 | |
| Installment and other consumer loans | | | | 29,364 | | | 35,716 | | | (6,352 | ) | | -18 | % | | 32,946 | |
|
| |
| |
| |
| |
| |
| Total loans | | | $ | 1,516,740 | | $ | 1,319,696 | | $ | 197,044 | | | 15 | % | $ | 1,478,331 | |
|
| |
| |
| | | |
| | | | | |
| (Reconciliation to GAAP financial measures)* | | |
| Total loans excluding real estate commercial loans | | | $ | 809,708 | | $ | 642,421 | | $ | 167,287 | | | 26 | % | $ | 764,040 | |
| Real estate commercial loans | | | | 707,032 | | | 677,275 | | | 29,757 | | | 4 | % | | 714,291 | |
|
| |
| |
| |
| |
| |
| Total loans | | | $ | 1,516,740 | | $ | 1,319,696 | | $ | 197,044 | | | 15 | % | $ | 1,478,331 | |
|
| |
| |
| | | |
| | | | | |
*Management uses this non-GAAP information internally, and has disclosed it to investors, based on its belief that the information provides additional, valuable information relating to its operating results in light of its business strategies.
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 7 of 8
| West Coast Bancorp
Financial Information
|
|---|
(Dollars in thousands except for per share data, unaudited)
(all rates have been annualized where appropriate)
| Third
Quarter
2005
| Third
Quarter
2004
| Second
Quarter
2005
| Year
to date
2005
| Year
to date
2004
|
|---|
| PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | |
| --Return on average assets | | | | 1.41 | % | | 1.31 | % | | 1.34 | % | | 1.26 | % | | 1.27 | % |
| --Return on average common equity | | | | 17.40 | % | | 16.04 | % | | 16.61 | % | | 15.50 | % | | 15.30 | % |
| --Non-interest income to average assets | | | | 1.29 | % | | 1.31 | % | | 1.33 | % | | 1.20 | % | | 1.33 | % |
| --Non-interest expense to average assets | | | | 3.88 | % | | 3.71 | % | | 3.73 | % | | 3.85 | % | | 3.67 | % |
| --Efficiency ratio, tax equivalent | | | | 63.4 | % | | 64.7 | % | | 61.5 | % | | 64.1 | % | | 63.4 | % |
NET INTEREST MARGIN | | |
| --Yield on interest-earning assets | | | | 6.59 | % | | 5.80 | % | | 6.38 | % | | 6.37 | % | | 5.80 | % |
| --Rate on interest-bearing liabilities | | | | 2.14 | % | | 1.49 | % | | 1.98 | % | | 1.95 | % | | 1.43 | % |
| --Net interest spread | | | | 4.45 | % | | 4.31 | % | | 4.40 | % | | 4.42 | % | | 4.37 | % |
| --Net interest margin | | | | 5.05 | % | | 4.70 | % | | 4.93 | % | | 4.94 | % | | 4.72 | % |
AVERAGE ASSETS | | |
| --Investment securities | | | $ | 247,101 | | $ | 297,544 | | $ | 257,743 | | $ | 256,240 | | $ | 308,395 | |
| --Commercial loans | | | $ | 361,771 | | $ | 278,362 | | $ | 368,485 | | $ | 360,810 | | $ | 263,353 | |
| --Real estate construction loans | | | | 169,914 | | | 117,341 | | | 139,947 | | | 142,875 | | | 119,153 | |
| --Real estate mortgage loans | | | | 220,372 | | | 202,999 | | | 217,670 | | | 217,360 | | | 192,207 | |
| --Real estate commercial loans | | | | 709,822 | | | 669,679 | | | 714,201 | | | 708,935 | | | 664,562 | |
| --Installment and other consumer loans | | | | 29,854 | | | 35,976 | | | 33,162 | | | 32,771 | | | 37,335 | |
|
| |
| |
| |
| |
| |
| --Total loans | | | $ | 1,491,733 | | $ | 1,304,357 | | $ | 1,473,465 | | $ | 1,462,751 | | $ | 1,276,610 | |
| --Total interest earning assets | | | $ | 1,777,423 | | $ | 1,631,183 | | $ | 1,741,618 | | $ | 1,738,352 | | $ | 1,602,264 | |
| --Other assets | | | | 108,797 | | | 98,420 | | | 103,255 | | | 103,818 | | | 95,178 | |
|
| |
| |
| |
| |
| |
| --Total assets | | | $ | 1,886,220 | | $ | 1,729,603 | | $ | 1,844,873 | | $ | 1,842,170 | | $ | 1,697,442 | |
AVERAGE LIABILITIES & EQUITY | | |
| --Demand deposits | | | $ | 442,922 | | $ | 372,280 | | $ | 405,760 | | $ | 409,150 | | $ | 336,434 | |
| --Interest bearing demand, | | |
| savings, and money market | | | | 790,375 | | | 736,897 | | | 766,658 | | | 770,988 | | | 734,624 | |
| --Certificates of deposits | | | | 373,197 | | | 341,330 | | | 366,109 | | | 362,479 | | | 334,458 | |
|
| |
| |
| |
| |
| |
| --Total deposits | | | $ | 1,606,494 | | $ | 1,450,507 | | $ | 1,538,527 | | $ | 1,542,617 | | $ | 1,405,516 | |
| --Borrowings and subordinated debentures | | | $ | 112,777 | | $ | 124,728 | | $ | 145,039 | | $ | 135,182 | | $ | 133,973 | |
| --Total interest bearing liabilities | | | $ | 1,276,349 | | $ | 1,202,955 | | $ | 1,277,806 | | $ | 1,268,649 | | $ | 1,203,055 | |
| --Other liabilities | | | | 456,816 | | | 385,014 | | | 418,635 | | | 423,660 | | | 353,241 | |
|
| |
| |
| |
| |
| |
| --Total liabilities | | | $ | 1,733,165 | | $ | 1,587,969 | | $ | 1,696,441 | | $ | 1,692,309 | | $ | 1,556,296 | |
| --Average common equity | | | | 153,055 | | | 141,634 | | | 148,432 | | | 149,861 | | | 141,146 | |
|
| |
| |
| |
| |
| |
| --Total average liabilities and common equity | | | $ | 1,886,220 | | $ | 1,729,603 | | $ | 1,844,873 | | $ | 1,842,170 | | $ | 1,697,442 | |
AVERAGE ASSET/LIABILITY RATIOS | | |
| --Average stockholders' equity to average assets | | | | 8.11 | % | | 8.19 | % | | 8.05 | % | | 8.14 | % | | 8.32 | % |
| --Average int. earning assets to int. bearing liabilities | | | | 139.3 | % | | 135.6 | % | | 136.3 | % | | 137.0 | % | | 133.2 | % |
| --Average loans to average assets | | | | 79.1 | % | | 75.4 | % | | 79.9 | % | | 79.4 | % | | 75.2 | % |
| --Interest bearing deposits to assets | | | | 61.7 | % | | 62.3 | % | | 61.4 | % | | 61.5 | % | | 63.0 | % |
WEST COAST BANCORP REPORTS THIRD QUARTER 2005 EARNINGS
October 19, 2005
Page 8 of 8
| West Coast Bancorp
Allowance For Loan Losses and Net Charge-offs
|
|---|
(Dollars in thousands, unaudited)
| Quarter ended
Sept. 30,
2005
| Quarter ended
Sept. 30,
2004
| Quarter ended
June 30,
2005
|
|---|
| Allowance for loan losses, beginning of period | | | $ | 19,897 | | $ | 19,123 | | $ | 18,997 | |
| Provision for loan loss | | | | 400 | | | 225 | | | 825 | |
| Charge-offs | | | | 823 | | | 276 | | | 195 | |
| Recoveries | | | | 254 | | | 349 | | | 270 | |
|
| |
| |
| |
| Net (recoveries) charge-offs | | | | 569 | | | (73 | ) | | (75 | ) |
|
| |
| |
| |
| Total allowance for loan losses | | | $ | 19,728 | | $ | 19,421 | | $ | 19,897 | |
|
| |
| |
| |
| Net loan charge-offs to average loans (annualized) | | | | 0.15 | % | | -0.02 | % | | -0.02 | % |
(Dollars in thousands, unaudited)
| Full year
Sept. 30,
2005
| Full year
Sept. 30,
2004
|
|---|
| Allowance for loan losses, beginning of period | | | $ | 18,971 | | $ | 18,131 | |
| Provision for loan loss | | | | 1,225 | | | 2,125 | |
| Charge-offs | | | | 1,212 | | | 1,590 | |
| Recoveries | | | | 744 | | | 755 | |
|
| |
| |
| Net Charge-offs | | | | 468 | | | 835 | |
|
| |
| |
| Total allowance for loan losses | | | $ | 19,728 | | $ | 19,421 | |
|
| |
| |
| Net loan charge-offs to average loans (annualized) | | | | 0.04 | % | | 0.09 | % |
| West Coast Bancorp
Non-performing Assets
|
|---|
(Dollars in thousands, unaudited)
| Sept. 30,
2005
| Sept. 30,
2004
| June 30,
2005
|
|---|
| Non-accruing loans | | | $ | 1,568 | | $ | 3,679 | | $ | 1,556 | |
| 90 day delinquencies | | | | -- | | | -- | | | -- | |
|
| |
| |
| |
| Total non-performing loans | | | | 1,568 | | | 3,679 | | | 1,556 | |
| Other real estate owned | | | | 98 | | | 1,182 | | | 198 | |
|
| |
| |
| |
| Total non-performing assets | | | $ | 1,666 | | $ | 4,861 | | $ | 1,754 | |
|
| |
| |
| |
| Allowance for loan losses to total loans | | | | 1.30 | % | | 1.47 | % | | 1.35 | % |
| Non-performing loans to total loans | | | | 0.10 | % | | 0.28 | % | | 0.11 | % |
| Allowance for loan losses to non-performing loans | | | | 1258 | % | | 528 | % | | 1279 | % |
| Non-performing assets to total assets | | | | 0.09 | % | | 0.28 | % | | 0.09 | % |
| Allowance for loan losses to non-performing assets | | | | 1184 | % | | 400 | % | | 1134 | % |
