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 STRONG FIRST QUARTER 2006 EARNINGS
| • | DILUTED EARNINGS PER SHARE OF $.44 INCREASED 26% OVER CORE EARNINGS PER DILUTED SHARE OF $.35 FOR THE FIRST QUARTER 2005 |
| • | RETURN ON AVERAGE EQUITY OF 17.2% IN THE FIRST QUARTER OF 2006 |
| | » | AVERAGE TOTAL LOANS AND DEPOSITS INCREASED 11% EACH |
| | » | 14% GROWTH IN AVERAGE NON-INTEREST BEARING DEMAND DEPOSITS |
| | » | NON-INTEREST INCOME GROWTH STRONG IN TARGET CATEGORIES |
| • | MID-VALLEY BANK ACQUISITION IS EXPECTED TO CLOSE BY JUNE 2006 |
Lake Oswego, OR – April 18, 2006– West Coast Bancorp (NASDAQ: WCBO) today announced quarterly earnings of $6.7 million or $.44 per diluted share for the first quarter of 2006, compared to first quarter 2005 earnings of $4.5 million or $.29 per diluted share. Core earnings and earnings per diluted share were $5.3 million and $.35, respectively, in the first quarter of 2005.
| Three months ended
March 31,
|
|---|
| GAAP
| Core*
|
|---|
($'s in 000's except per share data)
| 2006
| 2005
| 2005
|
|---|
| Diluted Earnings Per Share | | | $ | .44 | | $ | .29 | | $ | .35 | |
| Return On Average Equity | | | | 17.2 | % | | 12.4 | % | | 14.6 | % |
| Total Period End Loans | | | $ | 1,612,562 | | $ | 1,432,446 | | | 5555 | |
| Total Period End Deposits | | | $ | 1,675,084 | | $ | 1,509,288 | | | 5555 | |
*Core earnings for the quarter ended March 31, 2005, and numbers derived using core earnings for the quarter, including 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 for the negative impact of a first quarter impairment charge of approximately $.8 million or $.06 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 operating performance as compared to prior periods.
“I am extremely pleased with our first quarter results as the earnings performance of the Company continues to be very strong. Both average total loans and deposits increased by 11% in the first quarter of 2006 from the same quarter a year ago,” said Robert D. Sznewajs, President and Chief Executive Officer. “The continued solid growth in the balance sheet and non-interest income improved the return on average equity to 17% for the first quarter of 2006.”
The following table reconciles GAAP net income to core earnings, including per-share figures:
WEST COAST BANCORP REPORTS FIRST QUARTER 2006 EARNINGS
April 18, 2006
Page 2 of 7
| (Dollars in thousands, except per share data) | Three months ended March 31,
| |
|---|
| 2006
| 2005
| Change %
|
|---|
| Net income | | | $ | 6,747 | | $ | 4,519 | | | 49 | % |
| Add back: Impairment charge on securities, | | |
| net of tax | | | | — | | | 803 | |
|
| |
| | | |
| Core earnings | | | $ | 6,747 | | $ | 5,322 | | | 27 | % |
|
| |
| | | |
| Diluted Earnings per Share | | |
| GAAP earnings | | | $ | 0.44 | | $ | 0.29 | | | 52 | % |
| Core earnings | | | $ | 0.44 | | $ | 0.35 | | | 26 | % |
Financial Results:
For the quarter ended March 31, 2006, net interest income was $23.2 million, increasing $3.3 million or 17% from the same quarter in 2005. Average non-interest bearing demand deposits constituted approximately 26% of total average deposits in the first quarter of 2006. While the net interest spread has remained substantially flat since first quarter 2005, the net interest margin improved 24 basis points over the same period due to the rising value of non-interest bearing deposits in the higher interest rate environment.
First quarter 2006 total non-interest income of $6.0 million grew 41% or $1.8 million from the first quarter 2005. The first quarter 2005 non-interest income included a $1.3 million pre-tax, other than temporary impairment charge for a security, and excluding this charge, total non-interest income increased nearly 8%. As a result of a continued strategic focus and emphasis, deposit service charges and payment systems revenues experienced increases of 34% and 26%, respectively, or $.9 million combined for the first quarter of 2006. Consistent with the improving stock market, trust and investment revenue was up 13% or $.1 million, while gain on sales of loans declined by $.1 million. The Company realized $.5 million in losses on investment securities in the quarter compared to no investment security losses in the same quarter of 2005.
Total non-interest expense increased $1.1 million or 6% in the first three months of 2006 from the same quarter in 2005. Personnel expense grew nearly 15% or $1.4 million primarily as a function of higher performance-based variable compensation and the addition of new team members over the past year. In addition, the Company recorded pre-tax stock option expense of $.1 million from implementation of Statement of Financial Accounting Standards No. 123 (Revised), “Share- Based Payment,” in the first quarter of 2006, compared to no stock option expense for the same period in 2005. Marketing expense grew $.4 million in the first quarter of 2006 due to increased direct mailing activity and print advertising. Due to a $.8 million litigation settlement in the first quarter of 2005, other non-interest expense decreased $.7 million in the first quarter of 2006, while professional fees declined $.5 million from lower legal fees in the most recent quarter.
Because of significantly higher loan growth during the first quarter this year compared to same quarter in 2005, the provision for loan losses was $.4 million, up from no provision in the first quarter in 2005.
Annualized loan net charge-offs continued to remain low at 0.06% of average loans in the first quarter 2006, compared to net recoveries of 0.01% in the same quarter a year ago. Non-performing assets at March 31, 2006, declined to a very modest $1.0 million or 0.05% of total assets from $4.4 million or 0.24% a year ago.
WEST COAST BANCORP REPORTS FIRST QUARTER 2006 EARNINGS
April 18, 2006
Page 3 of 7
During the first quarter of 2006, consistent with its capital plan and an anticipated slower pace of stock repurchases in 2006, the Company repurchased approximately 25,000 shares at an average cost of $26.67 per share. At March 31, 2006, approximately 327,000 shares remained available for future repurchases under the Company’s share repurchase program.
West Coast Bancorp also announces that it issued $15 million in trust preferred securities on April 17, 2006. The proceeds will be used in part to fund the cash portion of the acquisition of Mid-Valley Bank announced in February 2006. The securities will qualify as Tier 1 capital for the Company and will reprice quarterly at a competitive spread over LIBOR.
Other:
The Company will hold a ebcast conference call Wednesday, April 19th, at 8:30 a.m. Pacific Time, during which the Company will discuss first quarter 2006 results, review its strategic progress, and provide management’s current expectations for 2006.
To access the conference call via a live webcast, go towww.wcb.com and 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.com and clicking on Investor Relations/Conference Call/Archived Conference Call (Replay).
West Coast Bancorp is a Northwest bank holding company with $2 billion in assets, operating 53 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. 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, 2005, including under the heading “Forward Looking Statement Disclosure” and in Item 1A. Risk Factors.
WEST COAST BANCORP REPORTS FIRST QUARTER 2006 EARNINGS
April 18, 2006
Page 4 of 7
| West Coast Bancorp
Consolidated Income Statements
|
|---|
| Three months ended
| Twelve months ended
|
|---|
| March 31,
| Dec. 31,
| December 31,
|
|---|
(Unaudited)
(Dollars and shares in thousands)
| 2006
| 2005
| 2005
| 2005
| 2004
|
|---|
| Net interest income | | | | | | | | | | | | | | | | | |
| Interest and fees on loans | | | $ | 29,099 | | $ | 22,471 | | $ | 28,018 | | $ | 101,419 | | $ | 79,903 | |
| Interest on investment securities | | | | 3,176 | | | 2,692 | | | 3,029 | | | 10,920 | | | 12,889 | |
| Other interest income | | | | 73 | | | 39 | | | 263 | | | 652 | | | 196 | |
|
| |
| |
| |
| |
| |
| Total interest income | | | | 32,348 | | | 25,202 | | | 31,310 | | | 112,991 | | | 92,988 | |
| Interest expense on deposit accounts | | | | 7,156 | | | 3,761 | | | 6,566 | | | 20,497 | | | 11,214 | |
| Interest on borrowings including subordinated debentures | | | | 2,005 | | | 1,567 | | | 1,357 | | | 5,933 | | | 6,901 | |
|
| |
| |
| |
| |
| |
| Total interest expense | | | | 9,161 | | | 5,328 | | | 7,923 | | | 26,430 | | | 18,115 | |
|
| |
| |
| |
| |
| |
| Net interest income | | | | 23,187 | | | 19,874 | | | 23,387 | | | 86,561 | | | 74,873 | |
| Provision for loan losses | | | | 408 | | | — | | | 950 | | | 2,175 | | | 2,260 | |
| Non-interest income | | |
| Service charges on deposit accounts | | | | 2,536 | | | 1,891 | | | 2,459 | | | 8,686 | | | 7,474 | |
| Payment systems related revenue | | | | 1,359 | | | 1,076 | | | 1,352 | | | 4,900 | | | 3,878 | |
| Trust and investment services revenues | | | | 1,267 | | | 1,125 | | | 1,424 | | | 5,151 | | | 4,558 | |
| Gains on sales of loans | | | | 701 | | | 775 | | | 628 | | | 3,046 | | | 3,906 | |
| Other | | | | 648 | | | 721 | | | 706 | | | 3,348 | | | 2,667 | |
| Loss on impairment of securities | | | | — | | | (1,316 | ) | | — | | | (1,316 | ) | | — | |
| Losses on sales of securities | | | | (479 | ) | | — | | | — | | | (716 | ) | | (20 | ) |
|
| |
| |
| |
| |
| |
| Total non-interest income | | | | 6,032 | | | 4,272 | | | 6,569 | | | 23,099 | | | 22,463 | |
| Non-interest expense | | |
| Salaries and employee benefits | | | | 11,107 | | | 9,674 | | | 10,247 | | | 40,606 | | | 36,297 | |
| Equipment | | | | 1,242 | | | 1,135 | | | 1,317 | | | 4,837 | | | 4,917 | |
| Occupancy | | | | 1,612 | | | 1,539 | | | 1,667 | | | 6,267 | | | 5,722 | |
| Payment systems related expense | | | | 528 | | | 379 | | | 515 | | | 1,739 | | | 1,449 | |
| Professional fees | | | | 548 | | | 1,099 | | | 801 | | | 2,984 | | | 2,314 | |
| Postage, printing and office supplies | | | | 762 | | | 629 | | | 785 | | | 2,833 | | | 2,616 | |
| Marketing | | | | 1,021 | | | 601 | | | 1,202 | | | 3,830 | | | 2,402 | |
| Communications | | | | 316 | | | 272 | | | 310 | | | 1,210 | | | 1,182 | |
| Other non-interest expense | | | | 1,441 | | | 2,146 | | | 2,717 | | | 8,328 | | | 6,472 | |
|
| |
| |
| |
| |
| |
| Total non-interest expense | | | | 18,577 | | | 17,474 | | | 19,561 | | | 72,634 | | | 63,371 | |
|
| |
| |
| |
| |
| |
| Income before income taxes | | | | 10,234 | | | 6,672 | | | 9,445 | | | 34,851 | | | 31,705 | |
| Provision for income taxes | | | | 3,487 | | | 2,153 | | | 2,983 | | | 11,011 | | | 9,697 | |
|
| |
| |
| |
| |
| |
| Net income | | | $ | 6,747 | | $ | 4,519 | | $ | 6,462 | | $ | 23,840 | | $ | 22,008 | |
|
| |
| |
| |
| |
| |
| Basic earnings per share | | | $ | 0.46 | | $ | 0.31 | | $ | 0.44 | | $ | 1.63 | | $ | 1.48 | |
| Diluted earnings per share | | | $ | 0.44 | | $ | 0.29 | | $ | 0.42 | | $ | 1.55 | | $ | 1.42 | |
| Weighted average common shares | | | | 14,582 | | | 14,726 | | | 14,607 | | | 14,658 | | | 14,849 | |
| Weighted average diluted shares | | | | 15,284 | | | 15,422 | | | 15,299 | | | 15,344 | | | 15,526 | |
| Tax equivalent net interest income | | | $ | 23,561 | | $ | 20,238 | | $ | 23,758 | | $ | 88,026 | | $ | 76,526 | |
WEST COAST BANCORP REPORTS FIRST QUARTER 2006 EARNINGS
April 18, 2006
Page 5 of 7
| West Coast Bancorp
Consolidated Balance Sheets
|
|---|
(Dollars and shares in thousands, unaudited)
| March 31,
2006
| March 31,
2005
| Dec. 31,
2005
|
|---|
| Assets: | | | | | | | | | | | |
| Cash and cash equivalents | | | $ | 78,972 | | $ | 58,968 | | $ | 88,369 | |
| Investments | | | | 277,999 | | | 258,181 | | | 292,664 | |
| Total loans | | | | 1,612,562 | | | 1,432,446 | | | 1,554,454 | |
| Allowance for loan losses | | | | (20,642 | ) | | (18,997 | ) | | (20,469 | ) |
|
| |
| |
| |
| Loans, net | | | | 1,591,920 | | | 1,413,449 | | | 1,533,985 | |
| Other assets | | | | 81,291 | | | 75,704 | | | 82,120 | |
|
| |
| |
| |
| Total assets | | | $ | 2,030,182 | | $ | 1,806,302 | | $ | 1,997,138 | |
|
| |
| |
| |
| Liabilities and Stockholders' Equity: | | |
| Demand | | | $ | 439,441 | | $ | 395,323 | | $ | 456,760 | |
| Savings and interest-bearing demand | | | | 844,085 | | | 758,783 | | | 827,909 | |
| Certificates of deposits | | | | 391,558 | | | 355,182 | | | 364,793 | |
|
| |
| |
| |
| Total deposits | | | | 1,675,084 | | | 1,509,288 | | | 1,649,462 | |
| Borrowings and subordinated debentures | | | | 173,148 | | | 135,142 | | | 170,450 | |
| Other liabilities | | | | 19,909 | | | 15,038 | | | 20,103 | |
|
| |
| |
| |
| Total liabilities | | | | 1,868,141 | | | 1,659,468 | | | 1,840,015 | |
| Stockholders' equity | | | | 162,041 | | | 146,834 | | | 157,123 | |
|
| |
| |
| |
| Total liabilities and stockholders' equity | | | $ | 2,030,182 | | $ | 1,806,302 | | $ | 1,997,138 | |
|
| |
| |
| |
| Common shares outstanding period end | | | | 14,726 | | | 14,775 | | | 14,692 | |
| Book value per common share | | | $ | 11.00 | | $ | 9.94 | | $ | 10.69 | |
| Tangible book value per common share | | | $ | 11.00 | | $ | 9.91 | | $ | 10.68 | |
| West Coast Bancorp
Period End Loan Portfolio By Category
| | |
|---|
(Dollars in thousands, unaudited)
| March 31,
2006
| March 31,
2005
| Change
Amount
| %
| Dec. 31,
2005
|
|---|
| Commercial loans | | | $ | 395,464 | | $ | 357,505 | | $ | 37,959 | | | 11 | % | $ | 364,604 | |
| Real estate construction loans | | | | 238,480 | | | 125,959 | | | 112,521 | | | 89 | % | | 210,828 | |
| Real estate mortgage loans | | | | 249,521 | | | 215,580 | | | 33,941 | | | 16 | % | | 242,015 | |
| Real estate commercial loans | | | | 702,409 | | | 698,864 | | | 3,545 | | | 1 | % | | 709,176 | |
| Installment and other consumer loans | | | | 26,688 | | | 34,538 | | | (7,850 | ) | | -23 | % | | 27,831 | |
|
| |
| |
| |
| |
| |
| Total loans | | | $ | 1,612,562 | | $ | 1,432,446 | | $ | 180,116 | | | 13 | % | $ | 1,554,454 | |
|
| |
| |
| | | |
| |
| (Reconciliation to GAAP financial measures)* | | |
| Total loans excluding real estate commercial loans | | | $ | 910,153 | | $ | 733,582 | | $ | 176,571 | | | 24 | % | $ | 845,278 | |
| Real estate commercial loans | | | | 702,409 | | | 698,864 | | | 3,545 | | | 1 | % | | 709,176 | |
|
| |
| |
| |
| |
| |
| Total loans | | | $ | 1,612,562 | | $ | 1,432,446 | | $ | 180,116 | | | 13 | % | $ | 1,554,454 | |
|
| |
| |
| | | |
| |
| | | | | |
*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 FIRST QUARTER 2006 EARNINGS
April 18, 2006
Page 6 of 7
| West Coast Bancorp
Financial Information
|
|---|
(Dollars in thousands except for per share data, unaudited
(all rates have been annualized where appropriate)
| First
Quarter
2006
| First
Quarter
2005
| Fourth
Quarter
2005
| Full year
2005
| Full year
2004
|
|---|
| PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | |
| - Return on average assets | | | | 1.37 | % | | 1.02 | % | | 1.31 | % | | 1.28 | % | | 1.28 | % |
| - Return on average common equity | | | | 17.18 | % | | 12.38 | % | | 16.49 | % | | 15.76 | % | | 15.45 | % |
| - Non-interest income to average assets | | | | 1.23 | % | | 0.97 | % | | 1.34 | % | | 1.24 | % | | 1.31 | % |
| - Non-interest expense to average assets | | | | 3.78 | % | | 3.95 | % | | 3.98 | % | | 3.88 | % | | 3.69 | % |
| - Efficiency ratio, tax equivalent | | | | 61.8 | % | | 67.7 | % | | 64.5 | % | | 64.2 | % | | 64.0 | % |
NET INTEREST MARGIN | | |
| - Yield on interest-earning assets | | | | 7.05 | % | | 6.12 | % | | 6.83 | % | | 6.49 | % | | 5.84 | % |
| - Rate on interest-bearing liabilities | | | | 2.68 | % | | 1.73 | % | | 2.38 | % | | 2.06 | % | | 1.50 | % |
| - Net interest spread | | | | 4.37 | % | | 4.39 | % | | 4.45 | % | | 4.43 | % | | 4.34 | % |
| - Net interest margin | | | | 5.08 | % | | 4.84 | % | | 5.12 | % | | 4.99 | % | | 4.72 | % |
AVERAGE ASSETS | | |
| - Investment securities | | | $ | 289,096 | | $ | 264,062 | | $ | 279,625 | | $ | 262,134 | | $ | 302,200 | |
| - Commercial loans | | | $ | 379,027 | | $ | 352,067 | | $ | 361,158 | | $ | 360,898 | | $ | 277,882 | |
| - Real estate construction loans | | | | 225,525 | | | 118,194 | | | 202,030 | | | 157,785 | | | 117,413 | |
| - Real estate mortgage loans | | | | 245,096 | | | 213,969 | | | 225,543 | | | 219,422 | | | 196,698 | |
| - Real estate commercial loans | | | | 705,250 | | | 702,705 | | | 713,634 | | | 710,119 | | | 672,295 | |
| - Installment and other consumer loans | | | | 27,353 | | | 35,359 | | | 28,551 | | | 31,708 | | | 37,159 | |
|
| |
| |
| |
| |
| |
| - Total loans | | | $ | 1,582,251 | | $ | 1,422,294 | | $ | 1,530,916 | | $ | 1,479,932 | | $ | 1,301,447 | |
| - Total interest earning assets | | | $ | 1,881,206 | | $ | 1,695,109 | | $ | 1,840,939 | | $ | 1,764,209 | | $ | 1,621,683 | |
| - Other assets | | | | 112,421 | | | 99,299 | | | 110,692 | | | 105,551 | | | 95,999 | |
|
| |
| |
| |
| |
| |
| - Total assets | | | $ | 1,993,627 | | $ | 1,794,408 | | $ | 1,951,631 | | $ | 1,869,760 | | $ | 1,717,682 | |
AVERAGE LIABILITIES & EQUITY | | |
| - Demand deposits | | | $ | 431,060 | | $ | 378,054 | | $ | 459,201 | | $ | 421,766 | | $ | 351,432 | |
| - Interest bearing demand, | | |
| savings, and money market | | | | 827,166 | | | 755,550 | | | 842,663 | | | 789,054 | | | 737,409 | |
| - Certificates of deposits | | | | 385,011 | | | 347,852 | | | 360,717 | | | 362,035 | | | 336,623 | |
|
| |
| |
| |
| |
| |
| - Total deposits | | | $ | 1,643,237 | | $ | 1,481,456 | | $ | 1,662,581 | | $ | 1,572,855 | | $ | 1,425,464 | |
| - Borrowings and subordinated debentures | | | $ | 173,960 | | $ | 148,118 | | $ | 116,020 | | $ | 130,352 | | $ | 136,259 | |
| - Total interest bearing liabilities | | | $ | 1,386,137 | | $ | 1,251,519 | | $ | 1,319,400 | | $ | 1,281,441 | | $ | 1,210,290 | |
| - Other liabilities | | | | 448,216 | | | 394,847 | | | 476,809 | | | 437,056 | | | 364,965 | |
|
| |
| |
| |
| |
| |
| - Total liabilities | | | $ | 1,834,353 | | $ | 1,646,366 | | $ | 1,796,209 | | $ | 1,718,497 | | $ | 1,575,255 | |
| - Average common equity | | | | 159,274 | | | 148,042 | | | 155,422 | | | 151,263 | | | 142,427 | |
|
| |
| |
| |
| |
| |
| - Total average liabilities and common equity | | | $ | 1,993,627 | | $ | 1,794,408 | | $ | 1,951,631 | | $ | 1,869,760 | | $ | 1,717,682 | |
AVERAGE ASSET/LIABILITY RATIOS | | |
| - Average stockholders' equity to average assets | | | | 7.99 | % | | 8.25 | % | | 7.96 | % | | 8.09 | % | | 8.29 | % |
| - Average int. earning assets to int. bearing liabilities | | | | 135.7 | % | | 135.4 | % | | 139.5 | % | | 137.7 | % | | 134.0 | % |
| - Average loans to average assets | | | | 79.4 | % | | 79.3 | % | | 78.4 | % | | 79.2 | % | | 75.8 | % |
| - Interest bearing deposits to assets | | | | 60.8 | % | | 61.5 | % | | 61.7 | % | | 61.6 | % | | 62.5 | % |
WEST COAST BANCORP REPORTS FIRST QUARTER 2006 EARNINGS
April 18, 2006
Page 7 of 7
| West Coast Bancorp
Allowance For Loan Losses and Net Charge-offs
|
|---|
(Dollars in thousands, unaudited)
| Quarter ended
March 31,
2006
| Quarter ended
March 31,
2005
| Quarter ended
Dec. 31,
2005
|
|---|
| Allowance for loan losses, beginning of period | | | $ | 20,469 | | $ | 18,971 | | $ | 19,728 | |
| Provision for loan losses | | | | 408 | | | — | | | 950 | |
| Charge-offs | | | | 505 | | | 195 | | | 412 | |
| Recoveries | | | | 270 | | | 221 | | | 203 | |
|
| |
| |
| |
| Net (recoveries) charge-offs | | | | 235 | | | (26 | ) | | 209 | |
|
| |
| |
| |
| Total allowance for loan losses | | | $ | 20,642 | | $ | 18,997 | | $ | 20,469 | |
|
| |
| |
| |
| Net loan charge-offs to average loans (annualized) | | | | 0.06 | % | | -0.01 | % | | 0.05 | % |
(Dollars in thousands, unaudited)
| Full year
Dec. 31,
2005
| Full year
Dec. 31,
2004
|
|---|
| Allowance for loan losses, beginning of period | | | $ | 18,971 | | $ | 18,131 | |
| Provision for loan losses | | | | 2,175 | | | 2,260 | |
| Charge-offs | | | | 1,624 | | | 2,374 | |
| Recoveries | | | | 947 | | | 954 | |
|
| |
| |
| Net Charge-offs | | | | 677 | | | 1,420 | |
|
| |
| |
| Total allowance for loan losses | | | $ | 20,469 | | $ | 18,971 | |
|
| |
| |
| Net loan charge-offs to average loans | | | | 0.05 | % | | 0.11 | % |
| West Coast Bancorp
Non-performing Assets
|
|---|
(Dollars in thousands, unaudited)
| March 31,
2006
| March 31,
2005
| Dec. 31,
2005
|
|---|
| Non-accruing loans | | | $ | 996 | | $ | 3,695 | | $ | 1,088 | |
| 90 day delinquencies | | | | — | | | 301 | | | — | |
|
| |
| |
| |
| Total non-performing loans | | | | 996 | | | 3,996 | | | 1,088 | |
| Other real estate owned | | | | — | | | 384 | | | — | |
|
| |
| |
| |
| Total non-performing assets | | | $ | 996 | | $ | 4,380 | | $ | 1,088 | |
|
| |
| |
| |
| Allowance for loan losses to total loans | | | | 1.28 | % | | 1.33 | % | | 1.32 | % |
| Non-performing loans to total loans | | | | 0.06 | % | | 0.28 | % | | 0.07 | % |
| Allowance for loan losses to non-performing loans | | | | 2073 | % | | 475 | % | | 1882 | % |
| Non-performing assets to total assets | | | | 0.05 | % | | 0.24 | % | | 0.05 | % |
| Allowance for loan losses to non-performing assets | | | | 2073 | % | | 434 | % | | 1882 | % |
