West Coast Bancorp 8-K West Coast Bancorp First Quarter 2012 Net Income of $5.8 Million Increases by 13% From First Quarter of 2011

Exhibit 99.1

	For more information, contact
Final	Robert D. Sznewajs
	President & CEO
	(503) 598-3243
	Anders Giltvedt
	Executive Vice President & CFO
	(503) 598-3250

West Coast Bancorp First Quarter 2012 Net Income of $5.8 Million Increases by
13% From First Quarter of 2011

· Return on average assets was .98% in the first quarter 2012, an increase from .84% in the same quarter last year.

· Pre-tax income of $8.9 million in the first quarter 2012 increased 54% from $5.8 million in the same quarter last year.

· Efficiency ratio improved to 69.7% in first quarter of 2012 from 74.1% in the same quarter of 2011.

· Provision for credit losses of $ .1 million in the first quarter of 2012 declined from $2.1 million in the same quarter last year.

Lake Oswego, OR – April 23, 2012 – West Coast Bancorp (NASDAQ: WCBO)(“Bancorp” or “Company”), the parent company of West Coast Bank (“Bank”) and West Coast Trust Company, Inc., today announced net income of $5.8 million or $.27 per diluted share for the first quarter of 2012 compared to net income of $5.1 million or $.24 per diluted share in the same quarter of 2011.

“Net income of $5.8 million for the quarter ended March 31, 2012, represented a 13% improvement from the same period a year ago,” said Robert D. Sznewajs, President and Chief Executive Officer. The improved operating results primarily reflect the impact of cost reduction actions taken in 2011 and the reduction in the provision for credit losses in the current period compared to first quarter of 2011. The Company’s return on average assets continues to improve, reaching .98 % in the first quarter of 2012 compared to .84 % in the same period in 2011.”

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012

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Table 1 below shows summary financial information for the quarters ended March 31, 2012, and 2011, and December 31, 2011. Net income for the quarter ended December 31, 2011, reflected the benefit from the reversal of the Company’s deferred tax asset valuation allowance in the fourth quarter of 2011.

Table 1

SUMMARY FINANCIAL INFORMATION

	Qtr. ended			Qtr. ended						Qtr. ended
	March 31,			March 31,						Dec. 31,
(Dollars and shares in thousands)	2012			2011			Change			2011			Change
Net income	$	5,789		$	5,105		$	684		$	17,762		$	(11,973	)
Net income available to common stockholders1	$	5,393		$	4,740		$	653		$	16,532			(11,139	)
Selective quarterly performance ratios
Return on average assets, annualized		0.98	%		0.84	%		0.14			2.88	%		-1.90	%
Return on average equity, annualized		7.34	%		7.56	%		(0.22	)		23.68	%		-16.34	%
Efficiency ratio2		69.76	%		74.14	%		(4.38	)		93.02	%		-23.26	%
Share and Per Share Figures-Actual
Common shares outstanding at period end		19,295			19,283			12			19,298			(3	)
Weighted average diluted shares3		21,348			21,246			102			21,175			173
Weighted average diluted shares-two class method 4		20,054			19,939			115			19,911			143
Net income per diluted share	$	0.27		$	0.24		$	0.03		$	0.83		$	(0.56	)
Book value per common share	$	15.54		$	13.27		$	2.27		$	15.20		$	0.34

¹ Adjusted for the impact of allocating net income to participating instruments, restricted stock and Series B preferred stock.

² The efficiency ratio has been computed as noninterest expense divided by the sum of net interest income on a tax equivalentbasis and noninterest income excluding gains/losses on sales of securities.

³ Reflects the average dilutive impacts of Series B preferred stock (1,213), warrants (995), options (21), and restricted stock (81).

⁴ Reflects the calculation of diluted shares under the two-class method which includes average common (19,038), options (21), and warrants (995).

Balance Sheet Overview

First quarter 2012 average total loan balances of $1.48 billion declined $47 million or 3% from same quarter of 2011. The decline was principally as a result of continued loan payoffs prior to maturity, reflecting the effect of the current interest rate environment and economic conditions. Modest growth in the commercial real estate loan category was more than offset by declines in commercial, residential real estate construction and mortgage loan categories. Total average loans declined 1% or $16 million from fourth quarter 2011.

Yield on total loans of 5.20% declined 18 basis points year-over-year first quarter as higher yielding loans paid off and new loan originations were at lower yields reflecting current market interest rates. The yield on total average loans was nearly unchanged from the prior quarter.

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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Table 2

AVERAGE LOANS FOR THE QUARTER 

(Dollars in thousands)	March 31,			% of			March 31,			% of			Change						December 31,			% of
	2012			Total			2011			total			Amount			%			2011			Total
Commercial loans	$	288,395			19	%	$	304,704			20	%	$	(16,309	)		-5	%	$	293,583			20	%
Commercial real estate construction		18,547			1	%		17,509			1	%		1,038			6	%		14,730			1	%
Residential real estate construction		12,680			1	%		22,698			1	%		(10,018	)		-44	%		13,613			1	%
Total real estate construction loans		31,227			2	%		40,207			2	%		(8,980	)		-22	%		28,343			2	%
Mortgage		66,125			5	%		78,366			5	%		(12,241	)		-16	%		67,579			5	%
Home equity		254,883			17	%		266,846			18	%		(11,963	)		-4	%		260,849			17	%
Total real estate mortgage		321,008			22	%		345,212			23	%		(24,204	)		-7	%		328,428			22	%
Commercial real estate loans		828,681			56	%		823,818			54	%		4,863			1	%		834,362			55	%
Installment and other consumer loans		13,211			1	%		15,349			1	%		(2,138	)		-14	%		13,721			1	%
Total loans	$	1,482,522					$	1,529,290					$	(46,768	)		-3	%	$	1,498,437
Yield on loans		5.20	%					5.38	%					(0.18	)					5.19	%

The 2012 first quarter average balance of total cash equivalents and investment securities of $748 million declined $36 million or 5% from the first quarter of 2011; however, the Company’s liquidity position remained solid. The Company reduced its average cash equivalents balance by $73 million in the first quarter of 2012 from the same quarter of 2011 while increasing its investment securities portfolio by $37 million in an effort to improve its net interest income and margin. Over the past year, the Company has increased its investments in U.S. government agency, U.S government agency mortgage-backed, and municipal securities. The purchases consisted principally of U.S. government agency securities with 3-5-year maturities and 10- and 15-year fully amortizing U.S. government agency mortgage-backed securities. The expected duration of the investment portfolio was approximately 2.6 years at March 31, 2012, compared to approximately 3.1 years at March 31, 2011.

The 2012 first quarter yield on total cash equivalents and investment securities balance was 2.36%, a decline of 16 basis points from the same quarter of 2011. This reflected the investment securities purchases over the past twelve months at yields lower than those in the existing portfolio. The yield did increase 12 basis points from the fourth quarter of 2011 due to lower accelerated premium amortization on mortgage-backed securities during the most recent quarter, offsetting the declining yield on the remaining investment portfolio.

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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Table 3

AVERAGE CASH EQUIVALENTS AND INVESTMENT SECURITIES FOR THE QUARTER 

(Dollars in thousands)	March 31,			March 31,			Change						December 31,
	2012			2011			Amount			%			2011
Cash equivalents:
Federal funds sold	$	2,601		$	3,947		$	(1,346	)		-34	%	$	3,184
Interest-bearing deposits in other banks		35,334			106,794			(71,460	)		-67	%		20,530
Total cash equivalents		37,935			110,741			(72,806	)		-66	%		23,714
Investment securities:
U.S. Treasury securities		202			10,774			(10,572	)		-98	%		204
U.S. Government Agency securities		213,035			183,419			29,616			16	%		254,030
Corporate securities		8,507			9,397			(890	)		-9	%		8,854
Mortgage-backed securities		414,198			404,143			10,055			2	%		445,422
Obligations of state and political sub.		61,337			53,189			8,148			15	%		62,712
Equity investments and other securities		12,721			12,527			194			2	%		12,726
Total investment securities		710,000			673,449			36,551			5	%		783,948
Total cash equivalents and investment securities	$	747,935		$	784,190		$	(36,255	)		-5	%	$	807,662
Tax equivalent yield on cash equivalents and investment securities		2.36	%		2.52	%		(0.16	)					2.24	%

First quarter 2012 average total deposits of $1.87 billion declined 3% or $66 million from the same period in 2011. During the most recent quarter, the Company continued to reduce higher cost time deposit balances which declined $102 million or 38% from the corresponding quarter in 2011. Time deposits represented 9% of the Company’s average total deposits in the most recent quarter compared to 14% during the same quarter of 2011.

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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Table 4

AVERAGE DEPOSITS, BORROWINGS AND SUBORDINATED DEBENTURES FOR THE QUARTER 

(Dollars in thousands)	Q1			% of			Q1			% of			Change						Q4			% of
	2012			Total			2011			Total			Amount			%			2011			Total
Demand deposits	$	585,749			31	%	$	552,229			28	%	$	33,520			6	%	$	622,741			33	%
Interest-bearing demand		366,635			20	%		344,090			18	%		22,545			7	%		375,922			19	%
Total checking deposits		952,384			51	%		896,319			46	%		56,065			6	%		998,663			52	%
Savings		123,725			7	%		106,309			6	%		17,416			16	%		117,619			6	%
Money market		623,111			33	%		660,672			34	%		(37,561	)		-6	%		640,247			33	%
Total non-time deposits		1,699,220			91	%		1,663,300			86	%		35,920			2	%		1,756,529			91	%
Time deposits		167,418			9	%		269,038			14	%		(101,620	)		-38	%		179,288			9	%
Total deposits	$	1,866,638			100	%	$	1,932,338			100	%	$	(65,700	)		-3	%	$	1,935,817			100	%
Average rate on total deposits		0.12	%					0.38	%					(0.26	)					0.14	%
Average borrowings and subordinated debentures	$	171,505					$	219,599					$	(48,094	)		-22	%	$	189,635
Rate on borrowings and subordinated debentures 1		1.46	%					2.95	%					(1.49	)					1.94	%

¹ Excludes the impact of FHLB prepayment in Q4 2011.

Total average checking balances of $952 million in the first quarter of 2012 grew $56 million or 6% from the first quarter of 2011 and represented 51% of the Company’s average total deposits in the quarter. The continuing shift in the mix of deposit balances from time deposits to non-time deposits over the past year helped reduce the average rate paid on total deposits to .12% in the most recent quarter, a decline of 26 basis points from the same quarter in 2011 and a decline of two basis points from the fourth quarter of 2011.

In the second half of 2011, the Company elected to prepay its Federal Home Loan Bank (“FHLB”) term borrowings of $169 million and to enter into $120 million in new term borrowings with the FHLB in order to maintain its interest rate sensitivity position. The rate on the new term borrowings is 1.05%, a reduction from 3.17% on the amount prepaid. At March 31, 2012, the average duration of the new term borrowings was 2.6 years.

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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Capital Position

The Company continued to improve its capital position as a result of profitability and slightly lower total assets. As shown in Table 5 below, at March 31, 2012, the Company’s tier 1 and total risk-based capital ratios measured 20.34% and 21.60%, respectively, while its leverage ratio was 15.41%.

Table 5

CAPITAL RATIOS 

	March 31,			March 31,					December 31,
	2012			2011			Change		2011			Change
West Coast Bancorp
Tier 1 risk-based capital ratio		20.34	%		17.72	%		2.62		19.36	%		0.98
Total risk-based capital ratio		21.60	%		18.98	%		2.62		20.62	%		0.98
Leverage ratio		15.41	%		13.40	%		2.01		14.61	%		0.80
West Coast Bank
Tier 1 risk-based capital ratio		19.62	%		17.02	%		2.60		18.66	%		0.96
Total risk-based capital ratio		20.88	%		18.28	%		2.60		19.92	%		0.96
Leverage ratio		14.85	%		12.87	%		1.98		14.09	%		0.76

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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Operating Results

Pre-tax income in the first quarter of 2012 was $8.9 million, an increase of $3.1 million or 54% from the first quarter 2011. The improvement was the result of the favorable impact from the declines in provision for credit losses and noninterest expenses, which were partly offset by lower noninterest income. The Company recorded a provision for income taxes of $3.1 million in the most recent quarter, up from $.7 million in the same quarter last year, when the Company maintained a deferred tax asset valuation allowance. As shown in Table 6 below, first quarter 2012 net income of $5.8 million increased $.7 million or 13% from $5.1 million in the corresponding quarter of 2011.

Table 6

SUMMARY INCOME STATEMENT 

(Dollars in thousands)	Q1		Q1		Change						Q4			Change
	2012		2011		$			%			2011			$			%
Net interest income	$	22,133	$	21,512	$	621			3	%	$	17,940		$	4,193			23	%
Provision for credit losses		89		2,076		(1,987	)		-96	%		1,499			(1,410	)		-94	%
Noninterest income		7,887		8,916		(1,029	)		-12	%		6,419			1,468			23	%
Noninterest expense		21,025		22,553		(1,528	)		-7	%		22,744			(1,719	)		-8	%
Income before income taxes		8,906		5,799		3,107			54	%		116			8,790			7578	%
Provision (benefit) for income taxes		3,117		694		2,423			349	%		(17,646	)		20,763			118	%
Net income	$	5,789	$	5,105	$	684			13	%	$	17,762		$	(11,973	)		-67	%

First quarter 2012 net interest income of $22.1 million increased $.6 million from the same quarter in 2011. This was a result of the combined favorable effect from FHLB prepayments in 2011 and lower rates on interest-bearing deposits in the most recent quarter more than offsetting the unfavorable impact of lower loan balances and declining yield on earning assets. For the same reasons, the first quarter 2012 net interest margin of 4.04% increased 23 basis points from the corresponding quarter last year.

Table 7

NET INTEREST SPREAD AND MARGIN 

(Annualized, tax-equivalent basis)	Q1			Q1						Q41
	2012			2011			Change			2011			Change
Yield on average interest-earning assets		4.25	%		4.41	%		(0.16	)		4.16	%		0.09
Rate on average interest-bearing liabilities1		0.33	%		0.86	%		(0.53	)		1.58	%		(1.25	)
Net interest spread		3.92	%		3.55	%		0.37			2.58	%		1.34
Net interest margin		4.04	%		3.81	%		0.23			3.13	%		0.91

¹ Fourth quarter 2011 rate on average interest-bearing liabilities includes 75 basis points of expense associated with the prepayment of FHLB borrowings. 

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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As shown in Table 8 below, first quarter 2012 total noninterest income of $7.9 million declined $1.0 million from the same quarter of 2011, primarily due to the 23% or $.8 million decline in deposit service charges. This reduction in deposit service charges was principally caused by the ongoing impact related to the implementation of Federal Deposit Insurance Corporation’s (“FDIC”) guidance on overdraft protection programs. Compared to the fourth quarter of 2011, deposit service charges decreased $.2 million or 6%.

While payment systems-related revenues increased $.1 million or 5% from the first quarter of 2011, trust and investment services revenues declined $.2 million or 19% over the same period. The total net loss on OREO of $.6 million in the quarter ended March 31, 2012, increased from a $.3 million net loss in the first quarter 2011, but declined from $2.0 million in the fourth quarter of 2011. Gains on sales of loans grew $.2 million year-over-year in the first quarter as a result of increased sales of Small Business Administration loans. Excluding the total net loss on OREO, the Company’s noninterest income was substantially unchanged over the last two quarters.

Table 8

NONINTEREST INCOME 

(Dollars in thousands)	Q1			Q1			Change						Q4			Change
	2012			2011			$			%			2011			$			%
Noninterest income
Service charges on deposit accounts	$	2,818		$	3,644		$	(826	)		-23	%	$	3,005		$	(187	)		-6	%
Payment systems-related revenue		3,073			2,930			143			5	%		3,081			(8	)		0	%
Trust and investment services revenues		935			1,148			(213	)		-19	%		1,114			(179	)		-16	%
Gains on sales of loans		735			513			222			43	%		300			435			145	%
Gains on sales of securities		147			267			(120	)		-45	%		192			(45	)		-23	%
Other-than-temporary impairment losses		(49	)		-			(49	)		0	%		-			(49	)		0	%
Other		802			748			54			7	%		708			94			13	%
Total		8,461			9,250			(789	)		-9	%		8,400			61			1	%
OREO gains (losses) on sale		(53	)		323			(376	)		-116	%		(57	)		4			-7	%
OREO valuation adjustments		(521	)		(657	)		136			21	%		(1,924	)		1,403			73	%
Total net loss on OREO		(574	)		(334	)		(240	)		-72	%		(1,981	)		1,407			71	%
Total noninterest income	$	7,887		$	8,916		$	(1,029	)		-12	%	$	6,419		$	1,468			23	%

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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As shown in Table 9 below, the Company’s total noninterest expense of $21.0 million in the first quarter of 2012 declined by $1.5 million or 7% from the same quarter in 2011. The efficiency ratio declined to 69.8% from 74.1% in first quarter of 2011. As a result of cost savings initiatives implemented in 2011, salaries and employee benefits declined $.4 million or 3%. The first quarter 2012 reduction in marketing expense of $.3 million compared to the corresponding quarter in 2011 was related to the Company’s introduction of a new consumer deposit product marketing strategy in 2012. Additionally, the other noninterest expense category declined $.8 million the first quarter of 2012 compared to the same period a year ago, with $.5 million of the decline resulting from a lower FDIC deposit insurance premium assessment.

Table 9

NONINTEREST EXPENSE 

(Dollars in thousands)	Q1		Q1		Change						Q4		Change
	2012		2011		$			%			2011		$			%
Noninterest expense
Salaries and employee benefits	$	11,478	$	11,877	$	(399	)		-3	%	$	12,614	$	(1,136	)		-9	%
Equipment		1,662		1,528		134			9	%		1,560		102			7	%
Occupancy		2,075		2,165		(90	)		-4	%		2,162		(87	)		-4	%
Payment systems-related expense		1,119		1,247		(128	)		-10	%		1,265		(146	)		-12	%
Professional fees		1,111		982		129			13	%		1,122		(11	)		-1	%
Postage, printing and office supplies		819		810		9			1	%		821		(2	)		0	%
Marketing		312		651		(339	)		-52	%		659		(347	)		-53	%
Communications		380		378		2			1	%		395		(15	)		-4	%
Other noninterest expense		2,069		2,915		(846	)		-29	%		2,146		(77	)		-4	%
Total noninterest expense	$	21,025	$	22,553	$	(1,528	)		-7	%	$	22,744	$	(1,719	)		-8	%

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

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Income Taxes

First quarter 2012 provision for income taxes was $3.1 million, an increase of $2.4 million from $.7 million in the same quarter of 2011. The first quarter 2012 provision for income taxes is the result of an effective tax rate of 35% on pre-tax income. The provision for taxes in the first quarter last year reflected the impact of the Company’s deferred tax asset valuation allowance at that time, which was subsequently fully reversed in the fourth quarter of 2011.

Credit Quality

The Company recorded a first quarter 2012 provision for credit losses of $.1 million, a significant decline from $2.1 million in the first quarter 2011 and $1.5 million in the previous quarter. First quarter 2012 net charge-offs of $1.4 million, or .39% of average loans on an annualized basis, declined from the corresponding quarter in 2011 and on a linked-quarter basis. As shown in the table below, net charge-offs declined across nearly every category. Net charge-offs in dollars and as a percentage of average loans in the most recent quarter represented the lowest level of quarterly net charge-off activity since the third quarter of 2007.

Table 10

ALLOWANCE FOR CREDIT LOSSES AND NET CHARGEOFFS

				Charge-offs as						Charge-offs as						Charge-offs as
(Dollars in thousands)	Q1			a % of average			Q1			a % of average			Q4			a % of average
	2012			loan balance			2011			loan balance			2011			loan balance
Allowance for credit losses, beginning of period	$	35,983					$	41,067					$	37,016
Total provision for credit losses		89						2,076						1,499
Loan net charge-offs:
Commercial		(5	)		0.00	%		263			0.09	%		292			0.10	%
Commercial real estate construction		-			0.00	%		65			0.37	%		48			0.33	%
Residential real estate construction		1			0.00	%		311			1.37	%		140			1.03	%
Total real estate construction		1			0.00	%		376			0.94	%		188			0.66	%
Mortgage		534			0.81	%		520			0.66	%		177			0.26	%
Home equity		542			0.21	%		853			0.32	%		723			0.28	%
Total real estate mortgage		1,076			0.34	%		1,373			0.40	%		900			0.27	%
Commercial real estate		41			0.00	%		326			0.04	%		812			0.10	%
Installment and consumer		165			1.25	%		168			1.09	%		119			0.87	%
Overdraft		160			0.00	%		208			0.00	%		221			0.00	%
Total loan net charge-offs		1,438			0.10	%		2,714			0.18	%		2,532			0.17	%
Total allowance for credit losses	$	34,634					$	40,429					$	35,983
Components of allowance for credit losses:
Allowance for loan losses	$	33,854					$	39,692					$	35,212
Reserve for unfunded commitments		780						737						771
Total allowance for credit losses	$	34,634					$	40,429					$	35,983
Net loan charge-offs to average loans (annualized)		0.39	%					0.72	%					0.67	%
Allowance for loan losses to total loans		2.30	%					2.58	%					2.35	%
Allowance for credit losses to total loans		2.35	%					2.63	%					2.40	%
Allowance for loan losses to nonperforming loans		80	%					74	%					87	%
Allowance for credit losses to nonperforming loans		82	%					75	%					89	%

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

Page 11 of 16 

The allowance for credit losses was $34.6 million or 2.35% of total loans at March 31, 2012, compared to an allowance for credit losses of $40.4 million or 2.63% of total loans a year earlier and $36.0 million or 2.40% of total loans at year end 2011. The decline in the allowance for credit losses relative to total loans reflected the improving trend in the overall risk profile of the loan portfolio. The allowance for credit losses declined largely due to lower overall loan balances as well as additional impaired loans moving from the general valuation allowance to individually being measured for impairment. The allowance for credit losses relative to nonperforming loans increased from 75% a year ago to 82% at March 31, 2012. The Company’s estimate of an appropriate allowance for credit losses will continue to be closely related to the loan portfolio’s credit quality performance trends and the region’s economic conditions.

Total nonperforming assets at March 31, 2012, were $69.7 million or 2.9% of total assets compared to $93.3 million or 3.8% of total assets a year ago and $71.4 million or 2.9% at year end 2011.

Table 11

NONPERFORMING ASSETS 

(Dollars in thousands)	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2012			2011			2011			2011			2011
Loans on nonaccrual status:
Commercial	$	6,482		$	7,750		$	9,987		$	9,280		$	12,803
Real estate construction:
Commercial real estate construction		3,749			3,750			3,886			4,357			4,032
Residential real estate construction		1,981			2,073			3,311			3,439			4,093
Total real estate construction		5,730			5,823			7,197			7,796			8,125
Real estate mortgage:
Mortgage		10,744			9,624			10,877			11,527			12,165
Home equity		2,528			2,325			3,285			2,755			1,426
Total real estate mortgage		13,272			11,949			14,162			14,282			13,591
Commercial real estate		16,648			15,070			21,513			19,263			19,424
Installment and consumer		1			5			6			1			-
Total nonaccrual loans		42,133			40,597			52,865			50,622			53,943
90 days past due not on nonaccrual		-			-			-			-			-
Total nonperforming loans		42,133			40,597			52,865			50,622			53,943
Other real estate owned		27,525			30,823			30,234			35,374			39,329
Total nonperforming assets	$	69,658		$	71,420		$	83,099		$	85,996		$	93,272
Nonperforming loans to total loans		2.86	%		2.70	%		3.52	%		3.33	%		3.51	%
Nonperforming assets to total assets		2.89	%		2.94	%		3.30	%		3.49	%		3.80	%
Total delinquent loans 30-89 days past due	$	4,095		$	4,273		$	5,556		$	9,961		$	4,901
Delinquent loans to total loans		0.28	%		0.28	%		0.37	%		0.65	%		0.32	%

Over the past twelve months, total nonaccrual loans declined $11.8 million or 22% to $42.1 million at March 31, 2012, with declines centered in commercial, residential real estate construction, and commercial real estate categories. Home equity nonaccrual loans increased over the same period, reflecting the continued pressures on the residential real estate market over the past year and high level of unemployment.

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

Page 12 of 16

As indicated in Table 12 below, during the quarter the Company disposed of 27 OREO properties with a book value of $3.6 million while acquiring 9 properties with a book value of less than $1 million and recording OREO valuation adjustments totaling $.5 million. The combination of these actions resulted in a $3.3 million or 11% net reduction in total OREO in first quarter of 2012 from year end 2011. The OREO balance reflected write-downs of 54% from original loan principal, an increase from 48% a year ago. The largest balance in the OREO portfolio at March 31, 2012, was in the income-producing properties category followed by homes and land, all of which are located within the Company’s footprint.

Table 12

OTHER REAL ESTATE OWNED ACTIVITY 

(Dollars in thousands)	Q1 2012						Q1 2011						Q4 2011
	Amount			#			Amount			#			Amount			#
Beginning balance	$	30,823			264		$	39,459			402		$	30,234			308
Additions to OREO		810			9			6,479			25			9,241			15
Dispositions of OREO		(3,587	)		(27	)		(5,952	)		(28	)		(6,728	)		(59	)
OREO valuation adjustment		(521	)		-			(657	)		-			(1,924	)		-
Ending balance	$	27,525			246		$	39,329			399		$	30,823			264

Table 13

OTHER REAL ESTATE OWNED BY PROPERTY TYPE 

(Dollars in thousands)	Mar. 31,		# of		Mar. 31,		# of		Dec. 31,		# of
	2012		properties		2011		properties		2011		properties
Income-producing properties	$	9,352		15	$	6,613		9	$	10,282		15
Homes		5,228		16		15,093		64		6,008		17
Land		4,710		14		4,427		11		5,049		16
Residential site developments		3,367		136		6,973		236		3,506		146
Lots		2,453		49		3,758		56		2,932		51
Condominiums		1,641		6		1,792		12		2,252		9
Multifamily		408		4		673		11		428		4
Commercial site developments		366		6		-		-		366		6
Total	$	27,525		246	$	39,329		399	$	30,823		264

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

Page 13 of 16

Other

The Company will hold a Webcast conference call Monday, April 23, 2012, at 1:00 p.m. Pacific Time, during which the Company will discuss first quarter 2012 results and current activities. To access the conference call via a live Webcast, go towww.wcb.com and click on Investor Relations and the “1st Quarter 2012 Earnings Conference Call” tab. The conference call may also be accessed by dialing (866) 394-3464 Conference ID#: 66605108 a few minutes prior to 1:00 p.m. Pacific Time. The call will be available for replay by accessing the Company’s website atwww.wcb.com and following the same instructions.

West Coast Bancorp is a publicly held, Northwest bank holding company headquartered in Oregon with $2.4 billion in assets, and the parent company of West Coast Bank and West Coast Trust Company, Inc. West Coast Bank operates 60 branches in Oregon and Washington. The Company 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. These statements can often be identified by words such as "expects," "believes," “projects,” “anticipates,” or "will," or other words of similar meaning, and specifically include in this release all statements regarding the expected future benefits of our ongoing cost-cutting initiatives.Actual results could be quite different from those expressed or implied by the forward-looking statements, which give our current expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

A number of factors could cause results to differ significantly from our expectations, including, among others, the effects of (i) market conditions in our service areas on our efforts to continue to reduce our levels of nonperforming assets and increase loan originations, (ii) cost reduction initiatives, as well as (iii) all risk factors identified in our Annual Report on Form 10-K for the year ended December 31, 2011, including under the heading "Forward Looking Statement Disclosure" and in the section "Risk Factors”.

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

Page 14 of 16 

Table 14

INCOME STATEMENT 

(Dollars in thousands)	Q1			Q1			Change						Q4			Full year			Full year
	2012			2011			$			%			2011			2011			2010
Net interest income
Interest and fees on loans	$	19,209		$	20,299		$	(1,090	)		-5	%	$	19,647		$	80,237		$	88,409
Interest on investment securities		4,099			4,548			(449	)		-10	%		4,266			18,251			16,668
Other interest income		25			71			(46	)		-65	%		19			187			499
Total interest income		23,333			24,918			(1,585	)		-6	%		23,932			98,675			105,576
Interest expense on deposit accounts		577			1,809			(1,232	)		-68	%		702			4,973			12,130
Interest on borrowings and subordinated debentures		623			1,597			(974	)		-61	%		925			5,808			7,813
Borrowings prepayment charge		-			-			-			0	%		4,365			7,140			2,326
Total interest expense		1,200			3,406			(2,206	)		-65	%		5,992			17,921			22,269
Net interest income		22,133			21,512			621			3	%		17,940			80,754			83,307
Provision for credit losses		89			2,076			(1,987	)		-96	%		1,499			8,133			18,652
Noninterest income
Service charges on deposit accounts		2,818			3,644			(826	)		-23	%		3,005			13,353			15,690
Payment systems related revenue		3,073			2,930			143			5	%		3,081			12,381			11,393
Trust and investment services revenues		935			1,148			(213	)		-19	%		1,114			4,503			4,267
Gains on sales of loans		735			513			222			43	%		300			1,335			1,197
Net OREO valuation adjustments and gains (losses) on sales		(574	)		(334	)		(240	)		-72	%		(1,981	)		(3,236	)		(4,415	)
Other-than-temporary impairment losses		(49	)		-			(49	)		-			-			(179	)		-
Gain on sales of securities		147			267			(120	)		-45	%		192			713			1,562
Other		802			748			54			7	%		708			2,949			3,003
Total noninterest income		7,887			8,916			(1,029	)		-12	%		6,419			31,819			32,697
Noninterest expense
Salaries and employee benefits		11,478			11,877			(399	)		-3	%		12,614			48,587			45,854
Equipment		1,662			1,528			134			9	%		1,560			6,113			6,247
Occupancy		2,075			2,165			(90	)		-4	%		2,162			8,674			8,894
Payment systems related expense		1,119			1,247			(128	)		-10	%		1,265			5,141			4,727
Professional fees		1,111			982			129			13	%		1,122			4,118			3,991
Postage, printing and office supplies		819			810			9			1	%		821			3,265			3,148
Marketing		312			651			(339	)		-52	%		659			3,003			3,086
Communications		380			378			2			1	%		395			1,549			1,525
Other noninterest expense		2,069			2,915			(846	)		-29	%		2,146			10,425			12,865
Total noninterest expense		21,025			22,553			(1,528	)		-7	%		22,744			90,875			90,337
Income before income taxes		8,906			5,799			3,107			54	%		116			13,565			7,015
Provision (benefit) for income taxes		3,117			694			2,423			349	%		(17,646	)		(20,212	)		3,790
Net income	$	5,789		$	5,105		$	684			13	%	$	17,762		$	33,777		$	3,225
Net income per share:
Basic	$	0.28		$	0.25		$	0.03					$	0.87		$	1.65		$	0.16
Diluted	$	0.27		$	0.24		$	0.03					$	0.83		$	1.58		$	0.16
Weighted average common shares		19,038			18,960			78						19,032			19,007			17,460
Weighted average diluted shares		20,054			19,939			115						19,911			19,940			18,059
Tax equivalent net interest income	$	22,398		$	21,770		$	628					$	18,223		$	81,870		$	84,478

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

Page 15 of 16 

Table 15

BALANCE SHEETS 

(Dollars in thousands)	Mar. 31,			Mar. 31,			Change						Dec. 31,
	2012			2011			$			%			2011
Assets:
Cash and due from banks	$	59,146		$	50,865		$	8,281			16	%	$	59,955
Federal funds sold		1,803			1,966			(163	)		-8	%		4,758
Interest-bearing deposits in other banks		108,735			122,224			(13,489	)		-11	%		27,514
Total cash and cash equivalents		169,684			175,055			(5,371	)		-3	%		92,227
Investment securities		670,534			643,705			26,829			4	%		729,844
Loans		1,470,848			1,535,700			(64,852	)		-4	%		1,501,301
Allowance for loan losses		(33,854	)		(39,692	)		5,838			15	%		(35,212	)
Loans, net		1,436,994			1,496,008			(59,014	)		-4	%		1,466,089
Total interest earning assets		2,254,019			2,305,780			(51,761	)		-2	%		2,267,446
OREO, net		27,525			39,329			(11,804	)		-30	%		30,823
Other assets		104,550			97,760			6,790			7	%		110,904
Total assets	$	2,409,287		$	2,451,857		$	(42,570	)		-2	%	$	2,429,887
Liabilities and Stockholders' Equity:
Demand	$	620,015		$	561,995		$	58,020			10	%	$	621,962
Savings and interest-bearing demand		503,829			461,542			42,287			9	%		495,117
Money market		614,831			661,327			(46,496	)		-7	%		625,373
Time deposits		155,830			243,567			(87,737	)		-36	%		173,117
Total deposits		1,894,505			1,928,431			(33,926	)		-2	%		1,915,569
Borrowings and subordinated debentures		171,000			219,599			(48,599	)		-22	%		171,000
Reserve for unfunded commitments		780			737			43			6	%		771
Other liabilities		22,020			26,102			(4,082	)		-16	%		28,068
Total liabilities		2,088,305			2,174,869			(86,564	)		-4	%		2,115,408
Stockholders' equity		320,982			276,988			43,994			16	%		314,479
Total liabilities and stockholders' equity	$	2,409,287		$	2,451,857		$	(42,570	)		-2	%	$	2,429,887

WEST COAST BANCORP REPORTS FIRST QUARTER 2012 RESULTS 

April 23, 2012 

Page 16 of 16 

Table 16

PERIOD END LOANS 

(Dollars in thousands)	Mar. 31,		% of			Mar. 31,		% of			Change						Dec. 31,		% of
	2012		Total			2011		total			Amount			%			2011		Total
Commercial loans	$	278,195		19	%	$	306,864		20	%	$	(28,669	)		-9	%	$	299,766		20	%
Commercial real estate construction		19,839		1	%		17,711		1	%		2,128			12	%		17,438		1	%
Residential real estate construction		12,082		1	%		19,896		1	%		(7,814	)		-39	%		12,724		1	%
Total real estate construction loans		31,921		2	%		37,607		2	%		(5,686	)		-15	%		30,162		2	%
Mortgage		65,063		5	%		74,920		5	%		(9,857	)		-13	%		66,610		5	%
Home equity		252,990		17	%		266,606		17	%		(13,616	)		-5	%		258,384		17	%
Total real estate mortgage		318,053		22	%		341,526		22	%		(23,473	)		-7	%		324,994		22	%
Commercial real estate loans		830,053		56	%		834,880		55	%		(4,827	)		-1	%		832,767		55	%
Installment and other consumer loans		12,626		1	%		14,823		1	%		(2,197	)		-15	%		13,612		1	%
Total loans	$	1,470,848				$	1,535,700				$	(64,852	)		-4	%	$	1,501,301

Table 17

AVERAGE BALANCE SHEETS 

(Dollars in thousands)	Q1			Q1			Q4			Full Year			Full Year
	2012			2011			2011			2011			2010
Cash and due from banks	$	50,017		$	48,698		$	53,829		$	52,258		$	48,976
Federal funds sold		2,601			3,947			3,184			3,796			6,194
Interest-bearing deposits in other banks		35,334			106,794			20,530			67,332			188,925
Total cash and cash equivalents		87,952			159,439			77,543			123,386			244,095
Investment securities		710,000			673,449			783,948			734,893			606,099
Total loans		1,482,522			1,529,290			1,498,437			1,516,409			1,622,445
Allowance for loan losses		(35,249	)		(40,296	)		(36,101	)		(38,456	)		(42,003	)
Loans, net		1,447,273			1,488,994			1,462,336			1,477,953			1,580,442
Total interest earning assets		2,232,288			2,314,612			2,309,396			2,324,016			2,425,073
Other assets		132,951			128,986			122,493			124,562			145,235
Total assets	$	2,378,176		$	2,450,868		$	2,446,320		$	2,460,794		$	2,575,871
Demand	$	585,749		$	552,229		$	622,741		$	592,630		$	540,280
Savings and interest-bearing demand		490,361			450,399			493,541			474,719			438,665
Money market		623,111			660,672			640,247			654,329			659,542
Time deposits		167,417			269,038			179,288			217,149			388,500
Total deposits		1,866,638			1,932,338			1,935,817			1,938,827			2,026,987
Borrowings and subordinated debentures		171,505			219,599			189,635			212,237			264,589
Total interest bearing liabilities		1,452,394			1,599,708			1,502,711			1,558,434			1,751,296
Other liabilities		22,782			24,983			23,245			23,332			18,486
Stockholders' equity		317,251			273,948			297,623			286,398			265,809
Total liabilities and stockholders' equity	$	2,378,176		$	2,450,868		$	2,446,320		$	2,460,794		$	2,575,871