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 2008 SECOND QUARTER EARNINGS
• | DILUTED EARNINGS PER SHARE OF $.17 INCREASED BY $.04 FROM FIRST QUARTER 2008 AND DECLINED FROM $.50 IN THE SECOND QUARTER OF 2007. |
• | PROVISION FOR CREDIT LOSSES OF $6.0 MILLION DECLINED $2.7 MILLION FROM FIRST QUARTER 2008 AND INCREASED $2.5 MILLION FROM SECOND QUARTER 2007. |
• | PAYMENT SYSTEM AND DEPOSIT SERVICE CHARGE REVENUES EXPANDED 8% OVER FIRST QUARTER 2008 AND 20% OVER SECOND QUARTER 2007. |
Lake Oswego, OR – July 21, 2008 – West Coast Bancorp (NASDAQ: WCBO) today announced quarterly earnings of $2.7 million or $.17 per diluted share for the second quarter of 2008, compared to second quarter 2007 earnings of $8.1 million or $.50 per diluted share.
| | Three months ended | | | Three months ended |
(Dollars in thousands, except per share data) | | June 30, | | | March 31, |
| | 2008 | 2007 | Change | | 2008 | Change |
Net income | | $ | 2,684 | | $ | 8,135 | | -67 | % | | $ | 2,000 | | 34 | % |
Diluted Earnings Per Share | | $ | 0.17 | | $ | 0.50 | | -66 | % | | $ | 0.13 | | 31 | % |
| | | | | | | | | | | | | | | |
Return On Average Equity | | | 5.2 | % | | 15.5 | % | -10.3 | % | | | 3.8 | % | 1.4 | % |
Return On Average Equity, Tangible* | | | 5.7 | % | | 16.9 | % | -11.2 | % | | | 4.3 | % | 1.5 | % |
| | | | | | | | | | | | | | | |
Tier 1 capital ratio | | | 9.45 | % | | 9.57 | % | -0.12 | % | | | 9.32 | % | 0.13 | % |
Total capital ratio | | | 10.71 | % | | 10.65 | % | 0.06 | % | | | 10.57 | % | 0.14 | % |
Leverage ratio | | | 8.90 | % | | 9.35 | % | -0.45 | % | | | 8.84 | % | 0.06 | % |
| | | | | | | | | | | | | | | |
Total Period End Loans | | $ | 2,153,716 | | $ | 2,140,942 | | 1 | % | | $ | 2,194,311 | | -2 | % |
Total Period End Deposits | | $ | 2,078,250 | | $ | 2,045,153 | | 2 | % | | $ | 2,061,847 | | 1 | % |
*Return on Average Equity, Tangible is a non-GAAP measure that we define and calculate as net income excluding intangible asset amortization, net of tax, divided by average equity less average intangible assets. See financial tables for a reconciliation to the GAAP measure.
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
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“The financial markets continue to create uncertainty for our economy and the financial services industry,” said Robert D. Sznewajs, President and Chief Executive Officer. “Consistent with industry trends, the residential construction portfolio and our borrowers with significant ties to the residential housing sector are experiencing the most difficulty at this time. Positively, our term commercial real estate, commercial and industrial, home equity, and commercial construction portfolios have been relatively unaffected up to this point. The Company is very focused on managing through the challenges created in this environment while remaining committed to our core businesses that have been less affected by the current economic conditions. We have also consistently maintained our capital position in ‘well capitalized’ status under regulatory guidelines," said Sznewajs.
Financial Results:
Total loan balances increased to $2.154 billion at June 30, 2008, a modest 1% increase over the balance at June 30, 2007. Excluding two-step loan balances, year-over-year loan growth was $123 million, or nearly 7%, with growth concentrated in the commercial real estate and residential mortgage loan categories. Outstanding two-step loan balances at June 30, 2008, were $146 million, a decline of $111 million or 43% since June 30, 2007, and at quarter end represented less than 7% of total loans down from approximately 12% a year ago. Total credit remaining available on two-step commitments has fallen to less than $13 million. Second quarter 2008 average total deposits of $2.046 billion grew 1% or $29 million from the second quarter of 2007, with the majority of the increase in interest bearing demand deposit and certificate of deposit categories.
The second quarter 2008 net interest income of $23.7 million declined $5.0 million or 17% from the same quarter last year due to the substantial 96 basis point compression in the net interest margin. The net interest margin declined as a result of the lower value of non-interest bearing demand deposits and a 61 basis point contraction in the net interest spread. The combination of interest reversals on two-step loans and cost of carrying the nonaccrual two-step loan balances reduced the
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 3 of 18
spread by approximately 37 basis points. The remaining 24 basis point contraction in the spread resulted from competitive pressures for interest bearing deposits, lower construction loan fees and the aggressive decrease in the Federal Funds Rate in early 2008, which negatively affected our loan yields.
As shown in the following table, interest reversals related to two-step loans have had a significant adverse effect on the net interest margin in 2008. Excluding the effects of two-step loan interest reversals, the net interest margin would have been approximately 4.19% and 4.61% in the two most recent quarters, respectively. Compared to first quarter 2008, the net interest margin after adjustments for interest reversals relating to the two-step program contracted 42 basis points with approximately equal impact from lower value of non-interest bearing demand deposits and deposit rate lagging the decline in the market interest rates and loan yields.
The following table reconciles the net interest margin for the periods shown to the net interest margin excluding the effect of interest reversals relating to two-step loans.
Net interest margin reconciliations1
| For the three months ended | | | | | |
(Unaudited) | June 30, 2008 | June 30, 2007 | Change | | March 31, 2008 | | Change |
Net interest margin | 3.94% | 4.90% | -0.96% | | 3.92% | | 0.02% |
Add: impact of two-step loan interest reversals | 0.25% | 0.00% | 0.25% | | 0.69% | | -0.44% |
Net interest margin excluding impact of loan interest reversals | 4.19% | 4.90% | -0.71% | | 4.61% | | -0.42% |
| | | | | | | |
1 Management uses this net interest margin data internally and has disclosed it to investors based on its belief it makes it easier to compare the Company’s performance across the periods shown by highlighting the impact from material factors.
Second quarter 2008 non-interest income of $9.0 million increased $.3 million or 4% from the same period in 2007. Both payment system and deposit service charge revenues showed excellent growth. Payment systems revenues increased $.3 million or 16% over the second quarter of 2007, with particularly solid growth in card-related revenues. Total deposit service charge revenues grew $.7
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
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million or 24% over the same period, primarily attributable to the 8% combined growth in consumer and business transaction accounts, higher transaction volumes, and lower earnings credit rates on business analysis accounts. Gain on sales of loans declined 20% or $.2 million in the current quarter as a result of reduced activity in the residential mortgage market. The uncertainty surrounding the economy generally and equity markets in particular negatively affected trust and investment revenues, which declined $.1 million or 7% from the same quarter 2007. Additionally, in the most recent quarter we recognized a $.2 million gain on sales of investment securities and recorded a negative valuation adjustment of $.3 million related to our other real estate owned (“OREO”) properties. Compared to the first quarter of 2008, total non-interest income declined $1.2 million in the current quarter due to the first quarter VISA IPO gain of $.7 million and $.4 million higher gain on sale of securities.
Second quarter 2008 total non-interest expense of $23.3 million increased $1.8 million or 9% from the same period of 2007. Our personnel expense increased slightly; lower performance-related pay nearly offset annual merit increases, additional team members, and materially lower deferred construction loan origination costs. Other significant variances from the second quarter of 2007 included a $.5 million increase in legal expense, the majority of which relates to the two-step program, an increase in FDIC insurance premium expense of $.5 million, and $.5 million growth in expenses associated with the portfolio of OREO properties related to the two-step program. Compared to first quarter 2008, our total non-interest expense grew $1.1 million due to higher legal, FDIC insurance premium, and OREO expenses together with increased personnel and marketing expenses.
As a result of materially lower pre-tax income, the second quarter 2008 provision for income taxes as a percentage of pre-tax net income was 21.2%, down from 34.5% during the same quarter in 2007.
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
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Credit Quality:
The Company recorded a second quarter 2008 provision for credit losses of $6.0 million, up $2.5 million from the same quarter in 2007, and a decline of $2.7 million from the first quarter 2008. The provision related to the two-step portfolio was $1.9 million in the most recent second quarter. The Company continues to believe that the assumptions made in establishing the allowance for credit losses for the two-step portfolio at December 31, 2007, have generally proven sound to date based on information currently available to it, including data acquired from 10 pending sales and 27 sales that had been completed as of June 30, 2008. The provision associated with loans other than two-step loans was $4.1 million. In the second quarter, the combination of risk rating changes, net charge-offs, and increases in our general valuation percentages in our allowance model contributed to this provision expense.
Total net charge-offs in the second quarter of 2008 were $11.4 million, of which $8.5 million related to the two-step portfolio. The charge-offs associated with the two-step portfolio in the second quarter were substantially applied against the allowance for credit losses for the portfolio established at year end 2007. The second quarter 2008 net charge-offs for loans other than two-step loans were $2.9 million, or .54% (annualized) of average total loans, up from $1.5 million and .28%, respectively, in the second quarter of 2007.
At June 30, 2008, the total allowance for credit losses was $37.1 million, including $5.3 million associated with the two-step loan portfolio and $31.8 million related to the remainder of the loan portfolio. The allowance for credit losses in the two-step portfolio at June 30, 2008, was 8.9% of total two-step commitments associated with two-step loans on accruing status as of June 30, 2008, as compared to 9.7% at year-end 2007 and 7.5% at March 31, 2008. The following table provides additional two-step loan and allowance for credit losses information.
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
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Additional information regarding the two-step loan portfolio
(Dollars in thousands, unaudited)
Period ended | Total two-step loans | Nonperforming two-step loans | Accruing two-step loans | Total accruing two-step loan commitments | Allowance for credit losses on two-step loans | Allowance for credit losses on two-step loans as a % of accruing two-step loans | Allowance for credit losses on two-step loans as a % of total accruing two-step loan commitments |
12/31/2007 | $ 262,952 | $ 20,545 | $ 242,407 | $ 320,991 | $ 31,065 | 12.8% | 9.7% |
3/31/2008 | 211,406 | 88,784 | 122,622 | 156,823 | 11,812 | 9.6% | 7.5% |
6/30/2008 | 145,703 | 98,728 | 46,975 | 59,603 | 5,280 | 11.2% | 8.9% |
The allowance for credit losses associated with loans other than two-step loans was 1.58% of such outstanding loan balances at June 30, 2008, up from 1.25% at December 31, 2007 and 1.55% at March 31, 2008.
Total non-performing assets were $147 million or 5.6% of total assets at June 30, 2008, up from $30 million and 1.1%, respectively, as of December 31, 2007 and $105 million and 4.0% as of March 31, 2008. Non-performing assets related to the two-step loan portfolio were $125 million or 4.8% of total assets, up from $24 million and .9% at year-end 2007 and $94 million and 3.6% at March 31, 2008. As of June 30, 2008, $21 million in charge-offs had been taken against the nonaccrual two-step loans. The current two-step nonaccrual balance of $98.7 million reflects these charge-offs. Within the nonaccrual two-step loan balance, $9.1 million in loans were current on loan payments and $27.8 million were 30-89 days past due, and the remainder were over 90 days past due. At June 30, 2008, there were $22.2 million of non-performing assets other than in the two-step portfolio or .84% of total assets, up from $5.9 million and .22% at December 31, 2007 and $10.3 million and .39% at March 31, 2008. The nonaccrual balances in the residential builder construction and non-standard mortgage segments each grew $4 million during the second quarter. These additional nonaccruals were measured for impairment and written down to estimated fair value net of selling costs. Total delinquent loans were $14.9 million or .69% of total loans at end of the second quarter 2008, down
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July 21, 2008
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from $44.5 million and 2.05% at year end 2007, and $27.1 million and 1.23% at March 31, 2008. The decrease was primarily due to lower delinquencies within the two-step, residential builder construction, and commercial portfolios. For more detailed credit quality information, see tables 4 through 9.
Capital:
The Company remains well capitalized. At June 30, 2008, the total capital ratio for West Coast Bank was approximately 10.71%, up from 10.57% at March 31, 2008, and 10.65% at June 30, 2007. West Coast Bank’s tier 1 capital ratio at 9.45% and leverage ratio of 8.90% are above the well capitalized regulatory threshold by a significant level. The following table shows the Company’s risk-based capital ratios for the indicated periods.
Risk based capital ratios
(Unaudited) | 06/30/08 | | 06/30/07 | | 03/31/08 |
West Coast Bancorp | Ratio | Well capitalized minimum | Excess over well capitalized minimum | | Ratio | | Ratio |
Tier 1 capital ratio | 9.99% | 6.00% | 3.99% | | 10.25% | | 9.96% |
Total capital ratio | 11.24% | 10.00% | 1.24% | | 11.33% | | 11.22% |
Leverage ratio | 9.46% | 5.00% | 4.46% | | 10.03% | | 9.49% |
| | | | | | | |
West Coast Bank | | | | | | | |
Tier 1 capital ratio | 9.45% | 6.00% | 3.45% | | 9.57% | | 9.32% |
Total capital ratio | 10.71% | 10.00% | 0.71% | | 10.65% | | 10.57% |
Leverage ratio | 8.90% | 5.00% | 3.90% | | 9.35% | | 8.84% |
Other:
The Company will hold a Webcast conference call Monday, July 21, 2008, at 11:00 a.m. Pacific Time, during which the Company will discuss second quarter 2008 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 2008 Earnings Conference Call” tab. The conference call may also be accessed by dialing (877) 604-2074. Conference ID#: 51095353 a few minutes prior to 11:00 a.m. PDT. The call will be
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
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available for replay by accessing the Company’s website at www.wcb.com and following the same instructions.
West Coast Bancorp, one of Oregon Business Magazine’s 100 Best Companies to Work For, is a Northwest bank holding company with $2.6 billion in assets, and 64 offices in Oregon and Washington. The Company combines the sophisticated products and expertise of larger banks with the local decision making, market knowledge and customer service of a community bank. For more information, visit the Company’s web site at www.wcb.com.
Forward Looking Statements:
Statements in this release regarding future events, performance or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA") and are made pursuant to the safe harbors of the PSLRA. Actual results could be quite different from those expressed or implied by the forward-looking statements. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.
A number of factors could cause results to differ significantly from our expectations, including, among others, factors identified in our Annual Report on Form 10-K for the year ended December 31, 2007, including under the heading "Forward Looking Statement Disclosure" and in Item 1A, all as updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
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| | West Coast Bancorp | |
| | Consolidated Statements of Income | |
(Unaudited) | | Three months ended | | | | Six months ended | |
(Dollars and shares in thousands, except per share data) | | June 30, | | March 31, | | | | June 30, | |
| | 2008 | | 2007 | | 2008 | | | | 2008 | | 2007 | |
Net interest income | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | $ | 32,826 | | $ | 42,637 | | $ | 35,073 | | | | $ | 67,899 | | $ | 82,548 | |
Interest on investment securities | | | 2,779 | | | 3,397 | | | 3,098 | | | | | 5,877 | | | 7,139 | |
Other interest income | | | 140 | | | 114 | | | 141 | | | | | 281 | | | 233 | |
Total interest income | | | 35,745 | | | 46,148 | | | 38,312 | | | | | 74,057 | | | 89,920 | |
Interest expense on deposit accounts | | | 9,064 | | | 13,524 | | | 11,613 | | | | | 20,677 | | | 26,511 | |
Interest on borrowings and subordinated debentures | | | 2,968 | | | 3,900 | | | 3,122 | | | | | 6,090 | | | 6,800 | |
Total interest expense | | | 12,032 | | | 17,424 | | | 14,735 | | | | | 26,767 | | | 33,311 | |
Net interest income | | | 23,713 | | | 28,724 | | | 23,577 | | | | | 47,290 | | | 56,609 | |
| | | | | | | | | | | | | | | | | | |
Provision for credit losses | | | 6,000 | | | 3,500 | | | 8,725 | | | | | 14,725 | | | 6,300 | |
| | | | | | | | | | | | | | | | | | |
Non-interest income | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | 3,883 | | | 3,136 | | | 3,635 | | | | | 7,518 | | | 6,021 | |
Payment systems related revenue | | | 2,340 | | | 2,012 | | | 2,131 | | | | | 4,471 | | | 3,690 | |
Trust and investment services revenues | | | 1,534 | | | 1,649 | | | 1,585 | | | | | 3,119 | | | 3,141 | |
Gains on sales of loans | | | 769 | | | 967 | | | 860 | | | | | 1,629 | | | 2,271 | |
Other | | | 325 | | | 845 | | | 1,410 | | | | | 1,735 | | | 1,519 | |
Gains on sales of securities | | | 187 | | | 96 | | | 590 | | | | | 777 | | | 96 | |
Total non-interest income | | | 9,038 | | | 8,705 | | | 10,211 | | | | | 19,249 | | | 16,738 | |
Non-interest expense | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 12,645 | | | 12,544 | | | 12,355 | | | | | 25,000 | | | 25,057 | |
Equipment | | | 1,765 | | | 1,574 | | | 1,751 | | | | | 3,516 | | | 3,100 | |
Occupancy | | | 2,297 | | | 2,158 | | | 2,375 | | | | | 4,672 | | | 4,207 | |
Payment systems related expense | | | 892 | | | 825 | | | 843 | | | | | 1,735 | | | 1,490 | |
Professional fees | | | 948 | | | 545 | | | 800 | | | | | 1,748 | | | 966 | |
Postage, printing and office supplies | | | 1,000 | | | 969 | | | 966 | | | | | 1,966 | | | 1,845 | |
Marketing | | | 1,006 | | | 870 | | | 795 | | | | | 1,801 | | | 1,994 | |
Communications | | | 427 | | | 354 | | | 402 | | | | | 829 | | | 787 | |
Other non-interest expense | | | 2,366 | | | 1,661 | | | 1,934 | | | | | 4,300 | | | 3,093 | |
Total non-interest expense | | | 23,346 | | | 21,500 | | | 22,221 | | | | | 45,567 | | | 42,539 | |
Income before income taxes | | | 3,405 | | | 12,429 | | | 2,842 | | | | | 6,247 | | | 24,508 | |
Provision for income taxes | | | 721 | | | 4,294 | | | 842 | | | | | 1,563 | | | 8,509 | |
Net income | | $ | 2,684 | | $ | 8,135 | | $ | 2,000 | | | | $ | 4,684 | | $ | 15,999 | |
| | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.17 | | $ | 0.52 | | $ | 0.13 | | | | $ | 0.30 | | $ | 1.03 | |
Diluted earnings per share | | $ | 0.17 | | $ | 0.50 | | $ | 0.13 | | | | $ | 0.30 | | $ | 0.99 | |
| | | | | | | | | | | | | | | | | | |
Weighted average common shares | | | 15,467 | | | 15,567 | | | 15,445 | | | | | 15,456 | | | 15,525 | |
Weighted average diluted shares | | | 15,540 | | | 16,143 | | | 15,589 | | | | | 15,572 | | | 16,136 | |
| | | | | | | | | | | | | | | | | | |
Tax equivalent net interest income | | $ | 24,162 | | $ | 29,121 | | $ | 24,027 | | | | $ | 48,189 | | $ | 57,404 | |
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| | West Coast Bancorp |
| | Consolidated Balance Sheets |
(Dollars and shares in thousands, unaudited) | | June 30,
2008 | | | June 30,
2007 | | | March 31,
2008 |
Assets: | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 101,767 | | | | $ | 82,414 | | | | $ | 88,205 | |
Investments | | | 248,954 | | | | | 267,614 | | | | | 242,163 | |
Total loans | | | 2,153,716 | | | | | 2,140,942 | | | | | 2,194,311 | |
Allowance for loan losses | | | (35,723 | ) | | | | (26,496 | ) | | | | (39,602 | ) |
Loans, net | | | 2,117,993 | | | | | 2,114,446 | | | | | 2,154,709 | |
Goodwill and other intangibles | | | 14,253 | | | | | 14,730 | | | | | 14,372 | |
Other assets | | | 149,959 | | | | | 105,195 | | | | | 121,445 | |
Total assets | | $ | 2,632,926 | | | | $ | 2,584,399 | | | | $ | 2,620,894 | |
| | | | | | | | | | | | | | |
Liabilities and Stockholders’ Equity: | | | | | | | | | | | | | | |
Demand | | $ | 500,189 | | | | $ | 482,698 | | | | $ | 472,116 | |
Savings and interest-bearing demand | | | 349,950 | | | | | 347,028 | | | | | 366,267 | |
Money market | | | 693,801 | | | | | 668,373 | | | | | 652,559 | |
Time deposits | | | 534,310 | | | | | 547,054 | | | | | 570,905 | |
Total deposits | | | 2,078,250 | | | | | 2,045,153 | | | | | 2,061,847 | |
Borrowings and subordinated debentures | | | 322,378 | | | | | 296,727 | | | | | 306,052 | |
Reserve for unfunded commitments | | | 1,322 | | | | | | | | | | 2,852 | |
Other liabilities | | | 25,468 | | | | | 28,656 | | | | | 42,206 | |
Total liabilities | | | 2,427,418 | | | | | 2,370,536 | | | | | 2,412,957 | |
Stockholders’ equity | | | 205,508 | | | | | 213,863 | | | | | 207,937 | |
Total liabilities and stockholders’ equity | | $ | 2,632,926 | | | | $ | 2,584,399 | | | | $ | 2,620,894 | |
| | | | | | | | | | | | | | |
Common shares outstanding period end | | | 15,702 | | | | | 15,748 | | | | | 15,580 | |
Book value per common share | | $ | 13.09 | | | | $ | 13.58 | | | | $ | 13.35 | |
Tangible book value per common share | | $ | 12.18 | | | | $ | 12.65 | | | | $ | 12.42 | |
| | West Coast Bancorp | | | | | | |
| | Period End Loan Portfolio By Category | | | | | | |
| | | | | | | | | | | | |
(Dollars in thousands, unaudited)
| | June 30,
2008 | % of
total loans | | June 30,
2007 | % of
total loans | | Change Amount % | | | March 31,
2008 | Change
% |
Commercial loans | | $ | 512,689 | | 24 | % | $ | 515,590 | | 24 | % | $ | (2,901 | ) | -1 | % | | | $ | 529,519 | | -3 | % |
Real estate construction loans 1 | | | 392,724 | | 18 | % | | 503,414 | | 24 | % | | (110,690 | ) | -22 | % | | | | 464,028 | | -15 | % |
Real estate mortgage loans | | | 377,771 | | 18 | % | | 294,447 | | 14 | % | | 83,324 | | 28 | % | | | | 356,185 | | 6 | % |
Commercial real estate loans | | | 847,430 | | 39 | % | | 803,155 | | 37 | % | | 44,275 | | 6 | % | | | | 819,586 | | 3 | % |
Installment and other consumer loans | | | 23,102 | | 1 | % | | 24,336 | | 1 | % | | (1,234 | ) | -5 | % | | | | 24,993 | | -8 | % |
Total loans | | $ | 2,153,716 | | 100 | % | $ | 2,140,942 | | 100 | % | $ | 12,774 | | 1 | % | | | $ | 2,194,311 | | -2 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
1 Two-step residential construction loans | | $ | 145,703 | | 7 | % | $ | 256,332 | | 12 | % | $ | (110,629 | ) | -43 | % | | | $ | 211,406 | | -31 | % |
Total loans other than two-step loans | | | 2,008,013 | | 93 | % | | 1,884,610 | | 88 | % | | 123,403 | | 7 | % | | | | 1,982,905 | | 1 | % |
Total loans | | $ | 2,153,716 | | 100 | % | $ | 2,140,942 | | 100 | % | $ | 12,774 | | 1 | % | | | $ | 2,194,311 | | -2 | % |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
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The following table reconciles return on average equity to return on average equity, tangible.
Table 1 | | West Coast Bancorp |
| | Return on average equity tangible reconciliation1 |
| | For the three months ended June 30, | | | For the six months ended June 30, |
(Dollars in thousands, unaudited) | | 2008 | | | 2007 | | | 2008 | | | 2007 |
Net income | | $ | 2,684 | | | | $ | 8,135 | | | | $ | 4,684 | | | | $ | 15,999 | |
Add: intangible asset amortization, net of tax* | | | 77 | | | | | 98 | | | | | 154 | | | | | 196 | |
Net income, tangible | | $ | 2,761 | | | | $ | 8,233 | | | | $ | 4,838 | | | | $ | 16,195 | |
| | | | | | | | | | | | | | | | | | | |
Average shareholders’ equity | | $ | 207,871 | | | | $ | 210,349 | | | | $ | 209,540 | | | | $ | 206,889 | |
Less: average intangibles | | | (14,311 | ) | | | | (14,803 | ) | | | | (14,370 | ) | | | | (14,878 | ) |
Average shareholders’ equity, tangible | | $ | 193,560 | | | | $ | 195,546 | | | | $ | 195,170 | | | | $ | 192,011 | |
*Federal income tax provision applied at 35%. | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Return on average equity | | | 5.2 | % | | | | 15.5 | % | | | | 4.5 | % | | | | 15.6 | % |
Return on average equity, tangible | | | 5.7 | % | | | | 16.9 | % | | | | 5.0 | % | | | | 17.0 | % |
1 Management uses return on equity, tangible internally and has disclosed it to investors based on its belief that the figure makes it easier to compare the Company’s performance to other financial institutions that do not have merger-related intangible assets and is commonly used in the industry. Ratios have been annualized where appropriate.
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 12 of 18
Table 2 | | West Coast Bancorp |
| | Financial Information |
| | Second | | Second | | First | | | | |
(Dollars in thousands except for per share data, unaudited) | | Quarter | | Quarter | | Quarter | | Year to date | | Year to date |
(all rates have been annualized where appropriate) | | 2008 | | 2007 | | 2008 | | 2008 | | 2007 |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | |
- Return on average assets | | 0.41 | % | | 1.29 | % | | 0.31 | % | | 0.36 | % | | 1.30 | % |
- Return on average common equity | | 5.19 | % | | 15.51 | % | | 3.81 | % | | 4.50 | % | | 15.59 | % |
- Return on average tangible equity | | 5.69 | % | | 16.89 | % | | 4.25 | % | | 4.96 | % | | 17.01 | % |
- Non-interest income to average assets | | 1.39 | % | | 1.38 | % | | 1.58 | % | | 1.49 | % | | 1.36 | % |
- Non-interest expense to average assets | | 3.60 | % | | 3.41 | % | | 3.44 | % | | 3.52 | % | | 3.45 | % |
- Efficiency ratio, tax equivalent | | 70.7 | % | | 57.0 | % | | 66.0 | % | | 68.4 | % | | 57.5 | % |
| | | | | | | | | | | | | | | |
NET INTEREST MARGIN | | | | | | | | | | | | | | | |
- Yield on interest-earning assets | | 5.91 | % | | 7.84 | % | | 6.33 | % | | 6.12 | % | | 7.81 | % |
- Rate on interest-bearing liabilities | | 2.52 | % | | 3.84 | % | | 3.14 | % | | 2.83 | % | | 3.76 | % |
- Net interest spread | | 3.39 | % | | 4.00 | % | | 3.19 | % | | 3.29 | % | | 4.05 | % |
- Net interest margin | | 3.94 | % | | 4.90 | % | | 3.92 | % | | 3.93 | % | | 4.94 | % |
| | | | | | | | | | | | | | | |
AVERAGE ASSETS | | | | | | | | | | | | | | | |
- Investment securities | $ | 247,189 | | $ | 285,156 | | $ | 265,304 | | $ | 256,246 | | $ | 298,891 | |
| | | | | | | | | | | | | | | |
- Commercial loans | | 527,781 | | | 502,749 | | | 508,566 | | | 518,173 | | | 485,261 | |
- Real estate construction loans | | 432,398 | | | 474,660 | | | 501,459 | | | 466,929 | | | 437,098 | |
- Real estate mortgage loans | | 366,997 | | | 289,812 | | | 342,315 | | | 354,656 | | | 286,240 | |
- Commercial real estate loans | | 834,069 | | | 790,372 | | | 800,350 | | | 817,209 | | | 794,948 | |
- Installment and other consumer loans | | 24,367 | | | 25,967 | | | 24,245 | | | 24,306 | | | 25,871 | |
- Total loans | | 2,185,612 | | | 2,083,560 | | | 2,176,935 | | | 2,181,273 | | | 2,029,418 | |
| | | | | | | | | | | | | | | |
- Total interest earning assets | | 2,465,147 | | | 2,381,652 | | | 2,464,280 | | | 2,464,713 | | | 2,341,431 | |
- Other assets | | 144,807 | | | 144,857 | | | 132,456 | | | 138,633 | | | 143,472 | |
- Total assets | $ | 2,609,954 | | $ | 2,526,509 | | $ | 2,596,736 | | $ | 2,603,346 | | $ | 2,484,903 | |
| | | | | | | | | | | | | | | |
AVERAGE LIABILITIES & EQUITY | | | | | | | | | | | | | | | |
- Demand deposits | $ | 467,664 | | $ | 470,622 | | $ | 464,088 | | $ | 465,876 | | $ | 466,945 | |
- Savings and Interest bearing demand | | 357,664 | | | 348,086 | | | 358,986 | | | 358,326 | | | 348,566 | |
- Money market | | 662,962 | | | 659,817 | | | 662,508 | | | 662,735 | | | 651,384 | |
- Time deposits | | 558,087 | | | 538,713 | | | 579,157 | | | 568,622 | | | 538,510 | |
- Total deposits | | 2,046,377 | | | 2,017,238 | | | 2,064,739 | | | 2,055,559 | | | 2,005,405 | |
| | | | | | | | | | | | | | | |
- Borrowings and subordinated debentures | | 341,578 | | | 274,093 | | | 285,138 | | | 313,358 | | | 247,461 | |
| | | | | | | | | | | | | | | |
- Total interest bearing liabilities | | 1,920,292 | | | 1,820,709 | | | 1,885,789 | | | 1,903,041 | | | 1,785,921 | |
- Other liabilities | | 481,791 | | | 495,451 | | | 499,741 | | | 490,765 | | | 492,093 | |
- Total liabilities | | 2,402,083 | | | 2,316,160 | | | 2,385,530 | | | 2,393,806 | | | 2,278,014 | |
- Average common equity | | 207,871 | | | 210,349 | | | 211,206 | | | 209,540 | | | 206,889 | |
- Total average liabilities and common equity | $ | 2,609,954 | | $ | 2,526,509 | | $ | 2,596,736 | | $ | 2,603,346 | | $ | 2,484,903 | |
| | | | | | | | | | | | | | | |
AVERAGE ASSET/LIABILITY RATIOS | | | | | | | | | | | | | | | |
- Average stockholders’ equity to average assets | | 7.96 | % | | 8.33 | % | | 8.13 | % | | 8.05 | % | | 8.33 | % |
- Average int. earning assets to int. bearing liabilities | | 128.4 | % | | 130.8 | % | | 130.7 | % | | 129.5 | % | | 131.1 | % |
- Average loans to average assets | | 83.7 | % | | 82.5 | % | | 83.8 | % | | 83.8 | % | | 81.7 | % |
- Interest bearing deposits to assets | | 60.5 | % | | 61.2 | % | | 59.0 | % | | 61.1 | % | | 61.9 | % |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 13 of 18
The following table presents information with respect to the change in the Company’s total allowance for credit losses.
Table 3 | | West Coast Bancorp |
| | Total Loan Portfolio |
| | Allowance For Credit Losses and Net Charge-offs |
(Dollars in thousands, unaudited)
| | Quarter ended
June 30,
2008 | | | | Quarter ended
June 30,
2007 | | | | Quarter ended
March 31,
2008 | |
Allowance for credit losses, beginning of period | | $ | 42,454 | | | | $ | 24,464 | | | | $ | 54,903 | |
Provision for credit losses | | | 6,000 | | | | | 3,500 | | | | | 8,725 | |
Charge-offs | | | 12,753 | | | | | 1,567 | | | | | 21,393 | |
Recoveries | | | 1,344 | | | | | 99 | | | | | 219 | |
Net charge-offs | | | 11,409 | | | | | 1,468 | | | | | 21,174 | |
| | | | | | | | | | | | | | |
Total allowance for credit losses | | $ | 37,045 | | | | $ | 26,496 | | | | $ | 42,454 | |
| | | | | | | | | | | | | | |
Components of allowance for credit losses | | | | | | | | | | | | | | |
Allowance for loan losses | | $ | 35,723 | | | | $ | 26,496 | | | | $ | 39,602 | |
Reserve for unfunded commitments | | | 1,322 | | | | | — | | | | | 2,852 | |
Total allowance for credit losses | | $ | 37,045 | | | | $ | 26,496 | | | | $ | 42,454 | |
| | | | | | | | | | | | | | |
Net loan charge-offs to average loans (annualized) | | | 2.10 | % | | | | 0.28 | % | | | | 3.91 | % |
Allowance for loan losses to total loans | | | 1.66 | % | | | | 1.24 | % | | | | 1.80 | % |
Allowance for credit losses to total loans | | | 1.72 | % | | | | 1.24 | % | | | | 1.93 | % |
Allowance for loan losses to nonperforming loans | | | 30 | % | | | | 433 | % | | | | 40 | % |
Allowance for loan losses to nonperforming assets | | | 24 | % | | | | 433 | % | | | | 38 | % |
(Dollars in thousands, unaudited)
| | Year to date
June 30,
2008 | | | Year to Date
June 30,
2007 |
Allowance for credit losses, beginning of period | | $ | 54,903 | | | $ | 23,017 |
Provision for credit losses | | | 14,725 | | | | 6,300 |
Charge-offs | | | 34,146 | | | | 3,087 |
Recoveries | | | 1,563 | | | | 266 |
Net Charge-offs | | | 32,583 | | | | 2,821 |
| | | | | | | |
Total allowance for credit losses | | $ | 37,045 | | | $ | 26,496 |
| | | | | | | |
Components of allowance for credit losses | | | | | | | |
Allowance for loan losses | | $ | 35,723 | | | $ | 26,496 |
Reserve for unfunded commitments | | | 1,322 | | | | — |
Total allowance for credit losses | | $ | 37,045 | | | $ | 26,496 |
| | | | | | | |
Net loan charge-offs to average loans (annualized) | | | 3.00 | % | | | 0.28 |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 14 of 18
The following table presents information about the Company’s total non-performing assets and delinquent loans.
Table 4 | | West Coast Bancorp |
| | Total Loan Portfolio |
| | Non-performing Assets and Delinquencies |
| | June 30, | | | June 30, | | | March 31, |
(Dollars in thousands, unaudited) | | 2008 | | | 2007 | | | 2008 |
Non-accruing loans | | $ | 119,529 | | | | $ | 6,116 | | | | $ | 99,038 | |
90 day past and accruing interest | | | — | | | | | — | | | | | — | |
Total non-performing loans | | | 119,529 | | | | | 6,116 | | | | | 99,038 | |
| | | | | | | | | | | | | | |
Other real estate owned | | | 27,892 | | | | | — | | | | | 5,688 | |
Total non-performing assets | | $ | 147,421 | | | | $ | 6,116 | | | | $ | 104,726 | |
| | | | | | | | | | | | | | |
Non-performing loans to total loans | | | 5.55 | % | | | | 0.29 | % | | | | 4.51 | % |
Non-performing assets to total assets | | | 5.60 | % | | | | 0.24 | % | | | | 4.00 | % |
| | | Total Loan Portfolio |
| | | Delinquent loans 30-89 days past due as a % of loan category |
| | | June 30, | | | | June 30, | | | | March 31, |
| | | 2008 | | | | 2007 | | | | 2008 |
(Dollars in thousands, unaudited) | | | | | | | | | | | | | | |
Commercial loans | | | 0.19 | % | | | | 0.18 | % | | | | 0.47 | % |
Real estate construction loans 1 | | | 1.92 | % | | | | 2.60 | % | | | | 4.06 | % |
Real estate mortgage loans | | | 1.42 | % | | | | 0.02 | % | | | | 1.43 | % |
Commercial real estate loans | | | 0.10 | % | | | | 0.03 | % | | | | 0.07 | % |
Installment and other consumer loans | | | 0.90 | % | | | | 0.32 | % | | | | 0.39 | % |
| | | | | | | | | | | | | | |
1 Two-step residential construction loan | | | | | | | | | | | | | | |
balances | | $ | 5,462 | | | | $ | 6,931 | | | | $ | 14,269 | |
Total loans other than two-step loans | | | 9,432 | | | | | 7,409 | | | | | 12,826 | |
Total delinquent loans 30-89 days past due, not in nonaccrual status | | $ | 14,894 | | | | $ | 14,340 | | | | $ | 27,095 | |
| | | | | | | | | | | | | | |
Delinquent loans to total loans | | | 0.69 | % | | | | 0.67 | % | | | | 1.23 | % |
The following table presents information about the Company’s activity in other real estate owned.
Table 5 | | West Coast Bancorp |
| | Other real estate owned (“OREO”) activity |
| | Three months ended | | | Three months ended | | | Three months ended |
| | June 30, | | | June 30, | | | March 31, |
(Dollars in thousands, unaudited) | | 2008 | | | 2007 | | | 2008 |
Beginning balance | | $ | 5,688 | | | | $ | — | | | | $ | 3,255 | |
Additions to OREO including capitalized costs | | | 25,390 | | | | | — | | | | | 2,707 | |
Disposition of OREO | | | (2,941 | ) | | | | — | | | | | (274 | ) |
Valuation adjustments to OREO | | | (245 | ) | | | | | | | | | — | |
Ending balance | | $ | 27,892 | | | | $ | — | | | | $ | 5,688 | |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 15 of 18
The following table presents information with respect to the change in the Company’s allowance for credit losses in the two-step residential construction loan portfolio.
Table 6 | | West Coast Bancorp |
| | Two-Step Loan Portfolio |
| | Allowance For Credit Losses and Net Charge-offs Two-Step Portfolio |
| | Quarter ended | | Quarter ended | | Quarter ended |
| | June 30, | | June 30, | | March 31, |
(Dollars in thousands, unaudited) | | 2008 | | 2007 | | 2008 |
Allowance for credit losses, beginning of period | | $ | 11,812 | | | $ | 3,242 | | | $ | 31,065 | |
Provision for credit losses | | | 1,947 | | | | 729 | | | | 780 | |
Charge-offs | | | 9,718 | | | | — | | | | 20,099 | |
Recoveries | | | 1,239 | | | | — | | | | 66 | |
Net charge-offs | | | 8,479 | | | | — | | | | 20,033 | |
| | | | | | | | | | | | |
Total allowance for credit losses | | $ | 5,280 | | | $ | 3,971 | | | $ | 11,812 | |
| | | | | | | | | | | | |
Components of allowance for credit losses | | | | | | | | | | | | |
Allowance for loan losses | | $ | 4,858 | | | $ | 3,971 | | | $ | 9,991 | |
Reserve for unfunded commitments | | | 422 | | | | — | | | | 1,821 | |
Total allowance for credit losses | | $ | 5,280 | | | $ | 3,971 | | | $ | 11,812 | |
| | | | | | | | | | | | |
Net loan charge-offs to average total loans (annualized) | | | 1.56 | % | | | 0.00 | % | | | 3.70 | % |
Allowance for two-step loan losses to nonperforming two-step loans1 | | | 5 | % | | | 91 | % | | | 11 | % |
Allowance for two-step credit losses to total two-step loans | | | 3.62 | % | | | 1.55 | % | | | 5.59 | % |
Allowance for two-step loan losses to total two-step loans | | | 3.33 | % | | | 1.55 | % | | | 4.73 | % |
Allowance for two-step loan losses to nonperforming two-step assets | | | 4 | % | | | 91 | % | | | 11 | % |
1 Two-step nonaccrual loans are net of chargeoffs taken against the balance. | | | | | | | | | | | | |
| Year to date | | | | Year to date |
| June 30, | | | | June 30, |
(Dollars in thousands, unaudited) | 2008 | | | | 2007 |
Allowance for credit losses, beginning of period | $ | 31,065 | | | | $ | 2,618 |
Provision for credit losses | | 2,727 | | | | | 1,353 |
Charge-offs | | 29,817 | | | | | — |
Recoveries | | 1,305 | | | | | — |
Net Charge-offs | | 28,512 | | | | | — |
| | | | | | | |
Total allowance for credit losses | $ | 5,280 | | | | $ | 3,971 |
| | | | | | | |
Components of allowance for credit losses | | | | | | | |
Allowance for loan losses | $ | 4,858 | | | | $ | 3,971 |
Reserve for unfunded commitments | | 422 | | | | | — |
Total allowance for credit losses | $ | 5,280 | | | | $ | 3,971 |
| | | | | | | |
Net loan charge-offs to average total loans (annualized) | | 2.63 | % | | | | 0.00 |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 16 of 18
The following table presents information about the Company’s non-performing assets and delinquencies in the two-step residential construction loan portfolio.
Table 7 | | West Coast Bancorp |
| | Two-Step Residential Construction Loans |
| | Nonperforming Assets and Delinquencies |
| | June 30, | | | June 30, | | | March 31, |
| | 2008 | | | 2007 | | | 2008 |
(Dollars in thousands, unaudited) | | | | | | | | | | | | | | |
Nonaccrual two-step loans | | $ | 98,728 | | | | $ | 4,375 | | | | $ | 88,784 | |
90 day past due and accruing interest | | | — | | | | | — | | | | | — | |
Total nonperforming two-step loans | | | 98,728 | | | | | 4,375 | | | | | 88,784 | |
| | | | | | | | | | | | | | |
Other real estate owned two-step | | | 26,460 | | | | | — | | | | | 5,688 | |
Total nonperforming two-step assets | | $ | 125,188 | | | | $ | 4,375 | | | | $ | 94,472 | |
| | | | | | | | | | | | | | |
Delinquent two-step loans 30-89 days past due, not in nonaccrual status | | $ | 5,462 | | | | $ | 6,931 | | | | $ | 14,269 | |
| | | | | | | | | | | | | | |
Nonperforming two-step loans to total two-step loans | | | 67.76 | % | | | | 1.71 | % | | | | 42.00 | % |
Nonperforming two-step assets to total assets | | | 4.75 | % | | | | 0.17 | % | | | | 3.60 | % |
Delinquent two-step loans to total two-step loans | | | 3.75 | % | | | | 2.70 | % | | | | 6.75 | % |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 17 of 18
The following table presents information with respect to the change in the Company’s allowance for credit losses for the loans other than two-step residential construction loans.
Table 8 | | West Coast Bancorp |
| | Loans Other than Two-Step Loans |
| | Allowance For Credit Losses and Net Charge-offs loans other than two-step loans |
| | Quarter ended | | Quarter ended | | Quarter ended |
| | June 30, | | June 30, | | March 31, |
(Dollars in thousands, unaudited) | | 2008 | | 2007 | | 2008 |
Allowance for credit losses, beginning of period | | $ | 30,642 | | | $ | 21,222 | | | $ | 23,838 | |
Provision for credit losses | | | 4,053 | | | | 2,771 | | | | 7,945 | |
Charge-offs | | | 3,035 | | | | 1,567 | | | | 1,294 | |
Recoveries | | | 105 | | | | 99 | | | | 153 | |
Net charge-offs | | | 2,930 | | | | 1,468 | | | | 1,141 | |
| | | | | | | | | | | | |
Total allowance for credit losses | | $ | 31,765 | | | $ | 22,525 | | | $ | 30,642 | |
| | | | | | | | | | | | |
Components of allowance for credit losses | | | | | | | | | | | | |
Allowance for loan losses | | $ | 30,865 | | | $ | 22,525 | | | $ | 29,611 | |
Reserve for unfunded commitments | | | 900 | | | | — | | | | 1,031 | |
Total allowance for credit losses | | $ | 31,765 | | | $ | 22,525 | | | $ | 30,642 | |
| | | | | | | | | | | | |
Net loan charge-offs to average total loans (annualized) | | | 0.54 | % | | | 0.28 | % | | | 0.21 | % |
Allowance for non two-step loan losses to total non two-step loans | | | 1.54 | % | | | 1.20 | % | | | 1.49 | % |
Allowance for non two-step credit losses to total non two-step loans | | | 1.58 | % | | | 1.20 | % | | | 1.55 | % |
Allowance for non two-step loan losses to non-performing non two-step loans | | | 148 | % | | | 1294 | % | | | 289 | % |
Allowance for non two-step loan losses to non-performing non two-step assets | | | 139 | % | | | 1294 | % | | | 289 | % |
| Year to date | | Year to date |
| June 30, | | June 30, |
(Dollars in thousands, unaudited) | 2008 | | 2007 |
Allowance for credit losses, beginning of period | $ | 23,838 | | | $ | 20,399 | |
Provision for credit losses | | 11,998 | | | | 4,947 | |
Charge-offs | | 4,329 | | | | 3,087 | |
Recoveries | | 258 | | | | 266 | |
Net Charge-offs | | 4,071 | | | | 2,821 | |
| | | | | | | |
Total allowance for credit losses | $ | 31,765 | | | $ | 22,525 | |
| | | | | | | |
Components of allowance for credit losses | | | | | | | |
Allowance for loan losses | $ | 30,865 | | | $ | 22,525 | |
Reserve for unfunded commitments | | 900 | | | | — | |
Total allowance for credit losses | $ | 31,765 | | | $ | 22,525 | |
| | | | | | | |
Net loan charge-offs to average total loans (annualized) | | 0.38 | % | | | 0.28 | % |
WEST COAST BANCORP REPORTS SECOND QUARTER 2008 EARNINGS
July 21, 2008
Page 18 of 18
The following table presents information about the Company’s non-performing assets and delinquencies in the loan portfolio excluding two-step residential construction loans.
Table 9 | | West Coast Bancorp |
| | Loans Other than Two-Step Loans |
| | Nonperforming Assets and Delinquencies |
| | June 30, | | | June 30, | | | March 31, |
(Dollars in thousands, unaudited) | | 2008 | | | 2007 | | | 2008 |
Nonaccruing non two-step loans | | $ | 20,801 | | | | $ | 1,741 | | | | $ | 10,254 | |
90 day past and accruing interest | | | — | | | | | — | | | | | — | |
Total nonperforming non-step loans | | | 20,801 | | | | | 1,741 | | | | | 10,254 | |
| | | | | | | | | | | | | | |
Other real estate owned non two-step | | | 1,432 | | | | | — | | | | | — | |
Total nonperforming non two-step assets | | $ | 22,233 | | | | $ | 1,741 | | | | $ | 10,254 | |
| | | | | | | | | | | | | | |
Delinquent non two-step loans 30-89 days past due, not in nonaccrual status | | $ | 9,432 | | | | $ | 7,409 | | | | $ | 12,826 | |
| | | | | | | | | | | | | | |
Nonperforming non two-step loans to total non two-step loans | | | 1.04 | % | | | | 0.09 | % | | | | 0.52 | % |
Nonperforming non two-step assets to total assets | | | 0.84 | % | | | | 0.07 | % | | | | 0.39 | % |
Delinquent non two-step loans to total non two-step loans | | | 0.47 | % | | | | 0.39 | % | | | | 0.65 | % |
