- On September 25, 2012, the Company Declared a Cash
Dividend of $.05 Per Common Share, Payable on October 31, 2012, to
Shareholders of Record as of October 10, 2012, With Series B
Preferred Shares Participating on an As-Converted
Basis.
- Net Income for the Third Quarter 2012 Was $5.9 Million
or $6.3 Million Adjusting for After-Tax Merger-Related
Expenses*.
- Third Quarter 2012 Return on Average Assets Was .97% or
1.03% Excluding After-Tax Merger-Related Expenses*, an Improvement
From the Same Quarter in 2011.
- Total Noninterest Expense Was $21.3 Million in Third
Quarter 2012; Excluding Merger-Related Expenses*, Noninterest
Expense of $20.7 Million Declined 8% From the Corresponding Quarter
in 2011.
- Third Quarter 2012 Efficiency Ratio, Excluding
Merger-Related Expenses*, Improved to 68.7% From 81.0% in the Same
Quarter in 2011.
- Net Income for the Nine-Month Period Ending September
30, 2012, Excluding After-Tax Merger-Related Expenses, Increased
13% From the Same Period in 2011.
- On September 26, 2012, the Company Announced an
Agreement and Plan of Merger With Columbia Banking System, Inc.,
Headquartered in Tacoma, Washington, With Assets of $4.9 Billion at
September 30, 2012. The Merger is Subject to Customary Closing
Conditions, Including Receipt of Requisite Shareholder and
Regulatory Approvals.
West Coast Bancorp (Nasdaq:WCBO) ("Bancorp" or
"Company"), the parent company of West Coast Bank ("Bank") and West
Coast Trust Company, Inc., today announced third quarter 2012 net
income of $5.9 million or $.27 per diluted share compared to net
income of $6.3 million or $.29 per diluted share in the third
quarter of 2011. Net income for the first nine months of 2012 was
$17.8 million or $.82 per diluted share compared to net income of
$16.0 million or $.75 per diluted share in the same period of
2011.
"The operating performance of the Company continued its positive
trend in the third quarter of 2012 compared to prior periods," said
Robert D. Sznewajs, President and Chief Executive Officer. "This
trend is evidenced by the Board of Director's declaration of a
shareholder cash dividend and a continuing improvement in our
return on assets, influenced by effective cost control measures and
reduced loan loss provisioning due to an improving credit
environment. Our recently announced merger with Columbia Bank will
further expand the Company's presence in Washington and create the
premier community bank in the Pacific Northwest."
Table 1 below shows the reconciliation of net income to the
non-GAAP measures of net income excluding after-tax merger-related
expenses and of noninterest expense to noninterest expense
excluding merger-related expenses for the quarters ended September
30, 2012, and 2011, and the years to date ended September 30, 2012,
and 2011.
|
Table 1 |
Reconciliation of Net
Income and Noninterest Expense to Non-GAAP financial
measures |
|
(Dollars in thousands) |
Q3 |
Q3 |
Change |
Year to date |
Year to date |
Change |
|
2012 |
2011 |
$ |
9/30/2012 |
9/30/2011 |
$ |
|
|
|
|
|
|
|
Net income |
$ 5,944 |
$ 6,276 |
$ (332) |
$ 17,767 |
$ 16,015 |
$ 1,752 |
|
|
|
|
|
|
|
Merger-related expenses |
578 |
-- |
578 |
578 |
-- |
578 |
Less: tax benefit from merger
related expenses (1) |
202 |
-- |
202 |
202 |
-- |
202 |
After-tax merger-related expenses |
376 |
-- |
376 |
376 |
-- |
376 |
|
|
|
|
|
|
|
Net income excluding after-tax merger related
expenses (2,3) |
$ 6,320 |
$ 6,276 |
$ 44 |
$ 18,143 |
$ 16,015 |
$ 2,128 |
|
|
|
|
|
|
|
Noninterest expense |
$ 21,307 |
$ 22,620 |
$ (1,313) |
$ 63,808 |
$ 68,131 |
$ (4,323) |
|
|
|
|
|
|
|
Merger-related expenses |
578 |
-- |
578 |
578 |
-- |
578 |
Noninterest expense excluding merger-related
expenses (3, 4) |
$ 20,729 |
$ 22,620 |
$ (1,891) |
$ 63,230 |
$ 68,131 |
$ (4,901) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax rate assumed to be
35%. |
(2) Net income excluding
merger-related expenses is GAAP net income adjusted for the
after-tax impact of merger-related expenses. |
(3) 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 the Company's operating
performance as compared to prior periods. |
(4) Noninterest expense
excluding merger expenses is used to calculate the efficiency ratio
excluding merger expenses. |
|
As previously announced on September 26, 2012, Bancorp entered
into an Agreement and Plan of Merger with Columbia Banking System,
Inc. ("Columbia"), providing for the acquisition of Bancorp by
Columbia for consideration consisting of a combination of cash and
Columbia common stock on the terms set forth in the merger
agreement. Consummation of the transaction remains subject to
customary closing conditions, including receipt of requisite
shareholder and regulatory approvals. Table 2 below shows
summary financial information for the quarters ended September 30,
2012, and 2011, and June 30, 2012.
|
Table 2 |
SUMMARY FINANCIAL
INFORMATION |
|
|
|
|
|
|
|
Qtr. ended |
Qtr. ended |
|
Qtr. ended |
|
|
Sept. 30, |
Sept. 30, |
|
June 30, |
|
(Dollars and shares in thousands) |
2012 |
2011 |
Change |
2012 |
Change |
|
|
|
|
|
|
Net income and performance
ratios excluding after-tax merger-related expenses
1 |
|
|
|
|
|
Net income |
$ 6,320 |
$ 6,276 |
$ 44 |
$ 6,034 |
$ 286 |
Net income per diluted share |
$ 0.29 |
$ 0.29 |
$ -- |
$ 0.28 |
$ 0.01 |
Return on average assets, annualized |
1.03% |
1.00% |
0.03 |
1.01% |
0.02 |
Return on average equity, annualized |
7.59% |
8.55% |
(0.96) |
7.50% |
0.09 |
Efficiency ratio2 |
68.75% |
81.03% |
(12.28) |
70.85% |
(2.10) |
|
|
|
|
|
|
Net income and performance
ratios |
|
|
|
|
|
Net income |
$ 5,944 |
$ 6,276 |
$ (332) |
$ 6,034 |
$ (90) |
Net income available to common stockholders
3 |
$ 5,559 |
$ 5,836 |
$ (277) |
$ 5,639 |
$ (80) |
Net income per diluted share |
$ 0.27 |
$ 0.29 |
$ (0.02) |
$ 0.28 |
$ (0.01) |
Book value per common share |
$ 16.32 |
$ 14.28 |
$ 2.04 |
$ 15.91 |
$ 0.41 |
Return on average assets, annualized |
0.97% |
1.00% |
(0.03) |
1.01% |
(0.04) |
Return on average equity, annualized |
7.14% |
8.55% |
(1.41) |
7.50% |
(0.36) |
Efficiency ratio2 |
70.66% |
81.03% |
(10.37) |
70.85% |
(0.19) |
|
|
|
|
|
|
Share and per share
figures |
|
|
|
|
|
Common shares outstanding at period end |
19,290 |
19,303 |
(13) |
19,295 |
(5) |
Weighted average diluted shares4 |
21,598 |
21,124 |
474 |
21,547 |
51 |
Weighted average diluted shares-two class
method 5 |
20,344 |
19,880 |
464 |
20,256 |
88 |
|
|
|
|
|
|
|
|
|
|
|
|
1 These measurements
exclude the after-tax impact of $.4 million of merger-related
expenses; see Table 1 for a reconciliation of net income and
noninterest expense to nongaap financial measures. |
2 The efficiency ratio has been
computed as noninterest expense divided by the sum of net interest
income on a tax equivalent basis and noninterest income excluding
gains/losses on sales of securities. |
3 Adjusted for the impact of
allocating net income to participating instruments, which include
restricted stock and Series B preferred stock. |
4 Reflects the average
dilutive impacts of Series B preferred stock (1,213), warrants
(1,208), options (26), and restricted stock (41). |
5 Reflects the calculation
of diluted shares under the two-class method which includes average
common (19,110), options (26), and warrants (1,208). |
|
|
|
|
|
|
|
Balance Sheet Overview
Third quarter 2012 total average loan balance of $1.49 billion
increased $14 million or 1% from the preceding quarter, with growth
primarily in the commercial real estate construction and commercial
real estate portfolios. Total average loans for the quarter ended
September 30, 2012, declined $22 million or 1% from the third
quarter in 2011, with declines in home equity and mortgage loans
more than offsetting the year-over-year increase in commercial real
estate construction loans. The yield on the loan portfolio of 4.98%
in the most recent quarter declined 27 basis points from the
corresponding quarter in 2011 and 10 basis points from the previous
quarter as higher yielding loans in the portfolio continued to pay
off or be refinanced while new loans were originated at lower
yields reflecting prevailing market interest rates.
|
Table 3 |
AVERAGE LOANS FOR THE
QUARTER |
(Dollars in thousands) |
Sept. 30, |
% of |
Sept. 30, |
% of |
Change |
June 30, |
% of |
|
2012 |
Total |
2011 |
total |
Amount |
% |
2012 |
Total |
Commercial loans |
$ 287,706 |
19% |
$ 297,354 |
20% |
$ (9,648) |
-3% |
$ 284,473 |
19% |
Commercial real estate
construction |
37,838 |
3% |
15,764 |
1% |
22,074 |
140% |
23,200 |
2% |
Residential real estate
construction |
9,497 |
1% |
15,146 |
1% |
(5,649) |
-37% |
11,283 |
1% |
Total real estate construction loans |
47,335 |
4% |
30,910 |
2% |
16,425 |
53% |
34,483 |
3% |
Mortgage |
58,393 |
4% |
70,143 |
5% |
(11,750) |
-17% |
62,610 |
4% |
Home equity |
246,330 |
16% |
263,873 |
17% |
(17,543) |
-7% |
252,014 |
17% |
Total real estate mortgage |
304,723 |
20% |
334,016 |
22% |
(29,293) |
-9% |
314,624 |
21% |
Commercial real estate loans |
841,098 |
56% |
838,887 |
55% |
2,211 |
0% |
832,870 |
56% |
Installment and other consumer loans |
12,592 |
1% |
13,924 |
1% |
(1,332) |
-10% |
12,776 |
1% |
Total loans |
$ 1,493,454 |
|
$ 1,515,091 |
|
$ (21,637) |
-1% |
$ 1,479,226 |
|
|
|
|
|
|
|
|
|
|
Yield on loans |
4.98% |
|
5.25% |
|
(0.27) |
|
5.08% |
|
|
|
|
|
|
|
|
|
|
|
Third quarter average investment portfolio of $761 million
remained a sizeable portion of total average earning assets and
represented 33% of earning assets as of September 30, 2012. Over
the past year, the Company has increased its investments in
municipal securities and reduced its U.S. government agency
portfolio. During this time, purchases consisted principally of
Oregon and Washington school district municipal securities with
State guarantees and 10-year and 15-year fully amortizing U.S.
government agency mortgage-backed securities. The expected duration
of the investment portfolio was approximately 2.7 years at
September 30, 2012, compared to approximately 2.3 years twelve
months ago.
The third quarter 2012 tax equivalent yield on total cash and
investment securities balances was 2.12%, a decline of 23 basis
points from the same quarter in 2011, and a decline of 17 basis
points from the preceding quarter.
|
Table 4 |
AVERAGE CASH
EQUIVALENTS AND INVESTMENT SECURITIES FOR THE QUARTER |
(Dollars in thousands) |
Sept 30, |
Sept 30, |
Change |
June 30, |
|
2012 |
2011 |
Amount |
% |
2012 |
Cash equivalents: |
|
|
|
|
|
Federal funds sold |
$ 2,558 |
$ 3,275 |
$ (717) |
-22% |
$ 2,555 |
Interest-bearing deposits in other
banks |
47,242 |
49,918 |
(2,676) |
-5% |
45,260 |
Total cash equivalents |
49,800 |
53,193 |
(3,393) |
-6% |
47,815 |
|
|
|
|
|
|
Investment securities: |
|
|
|
|
|
U.S. Treasury securities |
200 |
2,870 |
(2,670) |
-93% |
200 |
U.S. Government agency securities |
217,051 |
241,173 |
(24,122) |
-10% |
230,509 |
Corporate securities |
8,385 |
9,499 |
(1,114) |
-12% |
8,516 |
Mortgage-backed securities |
447,756 |
454,881 |
(7,125) |
-2% |
407,011 |
Obligations of state and political
sub. |
75,717 |
61,092 |
14,625 |
24% |
67,882 |
Equity investments and other
securities |
11,897 |
12,809 |
(912) |
-7% |
12,735 |
Total investment securities |
761,006 |
782,324 |
(21,318) |
-3% |
726,853 |
|
|
|
|
|
|
Total cash equivalents and investment
securities |
$ 810,806 |
$ 835,517 |
$ (24,711) |
-3% |
$ 774,668 |
|
|
|
|
|
|
Tax equivalent yield on cash equivalents and
investment securities (1) |
2.12% |
2.35% |
(0.23) |
|
2.29% |
|
|
|
|
|
|
(1) Interest earned on nontaxable
securities has been computed on a 35% tax equivalent basis. |
|
|
|
|
|
|
|
Average total deposits of $1.91 billion in the third quarter
2012 increased 2% or $36 million from the prior quarter, as average
non-interest bearing demand deposits increased $56 million and more
than offset an $11 million decline in average time deposit
balances. Time deposits represented 7% of the Company's average
total deposits in the most recent quarter compared to 10% during
the same quarter of 2011. Year-over-year third quarter average
total deposit balances declined $44 million or 2%, with average
money market and time deposit balances declining $70 million and
$57 million, respectively. Partly offsetting these declines,
non-interest bearing demand and savings deposits grew $62 million
and $18 million, respectively, over the same period.
|
Table 5 |
AVERAGE DEPOSITS,
BORROWINGS AND SUBORDINATED DEBENTURES FOR THE
QUARTER |
(Dollars in thousands) |
Q3 |
% of |
Q3 |
% of |
Change |
Q2 |
% of |
|
2012 |
Total |
2011 |
Total |
Amount |
% |
2012 |
Total |
Demand deposits |
$ 677,646 |
36% |
$ 615,956 |
31% |
$ 61,690 |
10% |
$ 621,547 |
33% |
Interest-bearing demand |
365,560 |
19% |
363,554 |
19% |
2,006 |
1% |
374,579 |
20% |
Total checking deposits |
1,043,206 |
55% |
979,510 |
50% |
63,696 |
7% |
996,126 |
53% |
Savings |
132,839 |
7% |
114,779 |
6% |
18,060 |
16% |
127,930 |
7% |
Money market |
592,363 |
31% |
661,871 |
34% |
(69,508) |
-11% |
596,949 |
32% |
Total non-time deposits |
1,768,408 |
93% |
1,756,160 |
90% |
12,248 |
1% |
1,721,005 |
92% |
Time deposits |
140,151 |
7% |
196,807 |
10% |
(56,656) |
-29% |
151,085 |
8% |
Total deposits |
$ 1,908,559 |
100% |
$ 1,952,967 |
100% |
$ (44,408) |
-2% |
$ 1,872,090 |
100% |
|
|
|
|
|
|
|
|
|
Average rate on total deposits |
0.08% |
|
0.20% |
|
(0.12) |
|
0.09% |
|
|
|
|
|
|
|
|
|
|
Average borrowings and subordinated
debentures |
$ 179,063 |
|
$ 220,354 |
|
$ (41,291) |
-19% |
$ 178,241 |
|
|
|
|
|
|
|
|
|
|
Rate on borrowings and subordinated
debentures |
1.45% |
|
7.91% |
|
(6.46) |
|
1.44% |
|
|
|
|
|
|
|
|
|
|
|
Third quarter 2012 average total checking balances of $1.04
billion grew $64 million or 7% from third quarter 2011 and
represented 55% of the Company's average total deposits in the
quarter. Lower market interest rates and a continuing shift in the
mix from time deposits to non-time deposits over the past year
reduced the average rate paid on total deposits to 8 basis points
in the most recent quarter, representing a decline of 12 basis
points from the same quarter in 2011.
Capital Position
As shown in Table 6 below, the Company improved its September
30, 2012, capital position compared to twelve months earlier. As a
result of the Company's operating performance and capital position,
the Company announced a shareholder dividend of $.05 per share on
September 25, 2012. The dividend will be payable on October 31,
2012, to shareholders of record on October 10, 2012.
|
Table 6 |
CAPITAL
RATIOS |
|
|
|
|
|
|
|
Sept. 30, |
Sept. 30, |
|
June 30, |
|
|
2012 |
2011 |
Change |
2012 |
Change |
West Coast Bancorp |
|
|
|
|
|
Tier 1 risk-based capital ratio |
20.45% |
18.43% |
2.02 |
20.33% |
0.12 |
Total risk-based capital ratio |
21.62% |
19.69% |
1.93 |
21.50% |
0.12 |
Leverage ratio |
15.48% |
13.72% |
1.76 |
15.55% |
(0.07) |
|
|
|
|
|
|
West Coast Bank |
|
|
|
|
|
Tier 1 risk-based capital ratio |
19.80% |
17.74% |
2.06 |
19.62% |
0.18 |
Total risk-based capital ratio |
21.06% |
19.00% |
2.06 |
20.88% |
0.18 |
Leverage ratio |
15.00% |
13.20% |
1.80 |
15.02% |
(0.02) |
|
|
|
|
|
|
|
Operating Results
As shown in Table 7 below, pre-tax income, excluding
merger-related expenses, in the third quarter of 2012 was $9.7
million, an increase of $5.7 million or 143% from the third quarter
last year. The increase was principally due to an increase in net
interest income, a lower provision for loan losses, and a reduction
in noninterest expense. For sequential quarters, pre-tax income
increased $.4 million or 5% mainly as a result of reductions in
noninterest expenses. Third quarter 2012 net income of $6.3
million, excluding merger-related expenses, increased modestly from
the corresponding quarter last year and $.3 million or 5% from the
prior quarter. See Table 1 for reconciliation of net income to
non-GAAP financial measure.
|
Table 7 |
SUMMARY INCOME
STATEMENT EXCLUDING MERGER-RELATED EXPENSES |
(Dollars in thousands) |
Q3 |
Q3 |
Change |
Q2 |
Change |
|
2012 |
2011 |
$ |
% |
2012 |
$ |
% |
|
|
|
|
|
|
|
|
Net interest income |
$ 21,687 |
$ 19,341 |
$ 2,346 |
12% |
$ 21,773 |
$ (86) |
0% |
Provision (benefit) for credit losses |
(593) |
1,132 |
(1,725) |
-152% |
(492) |
(101) |
21% |
Noninterest income |
8,172 |
8,414 |
(242) |
-3% |
8,494 |
(322) |
-4% |
Noninterest expense excluding merger-related
expenses |
20,729 |
22,620 |
(1,891) |
-8% |
21,476 |
(747) |
-3% |
Income before income taxes excluding
merge-related expenses |
9,723 |
4,003 |
5,720 |
143% |
9,283 |
440 |
5% |
Provision (benefit) for income taxes
excluding the tax impact of merger expenses |
3,403 |
(2,273) |
5,676 |
250% |
3,249 |
154 |
5% |
Net income excluding merger expenses |
$ 6,320 |
$ 6,276 |
$ 44 |
1% |
$ 6,034 |
$ 286 |
5% |
|
|
|
|
|
|
|
|
|
Third quarter 2012 net interest income of $21.7 million
increased $2.3 million from the same quarter in 2011. This was
primarily a result of the $2.8 million prepayment charge incurred
in third quarter 2011 in conjunction with a $88 million prepayment
of FHLB term borrowings. As shown in Table 8 below, the third
quarter 2012 net interest margin of 3.80% increased 2 basis points
from the net interest margin adjusted for the prepayment charge in
the same quarter of 2011. For the sequential quarters, the net
interest margin contracted 13 basis points principally as a result
of declining yield on investment and loan portfolios.
|
Table 8 |
NET INTEREST SPREAD AND
MARGIN |
(Annualized, tax-equivalent basis) |
Q3 |
Q3 |
|
Q2 |
|
|
2012 |
2011 |
Change |
2012 |
Change |
Yield on average interest-earning assets |
3.97% |
4.22% |
(0.25) |
4.12% |
(0.15) |
Rate on average interest-bearing liabilities
1 |
0.29% |
1.37% |
(1.08) |
0.30% |
(0.01) |
Net interest spread |
3.68% |
2.85% |
0.83 |
3.82% |
(0.14) |
Net interest margin |
3.80% |
3.31% |
0.49 |
3.93% |
(0.13) |
|
|
|
|
|
|
Impact of FHLB prepayment premium in Q3
2011 |
-- |
-0.47% |
0.47 |
-- |
-- |
Net interest margin excluding FHLB prepayment
premium |
3.80% |
3.78% |
0.02 |
3.93% |
(0.13) |
|
|
|
|
|
|
1 Third quarter 2011 rate on
average interest-bearing liabilities includes 47 basis points of
expense associated with the prepayment of $88 million in FHLB
borrowings. |
|
|
|
|
|
|
|
As shown in Table 9 below, third quarter 2012 total noninterest
income of $8.2 million decreased $.2 million or 3% from the same
quarter in 2011. The decline can be attributed to a $.7 million
decrease in gains on sales of OREO, lower service charges on
deposit accounts and payment systems-related revenues and no gains
on sales of securities in the most recent quarter. These declines
were partly offset by an increase in gains on sales of loans,
higher trust and investment services revenues, and a reduction in
OREO valuation adjustments. Total net loss on OREO was $.5 million
in the quarter ended September 30, 2012, as compared to virtually
no net OREO loss in the same quarter of 2011. Total noninterest
income in the third quarter of 2012 decreased 3% or $.3 million
from the second quarter of 2012, as a lower total net loss on OREO
did not offset declines in remaining non-interest income
categories.
Excluding the total net loss on OREO, the Company's third
quarter noninterest income grew $.2 million on a year-over-year
basis, while declining $.9 million from the prior quarter. For
sequential quarters, the Company recognized $.4 million less in
gains on sales of Small Business Administration loans and no gains
on sales of securities in the most recent quarter.
|
Table 9 |
NONINTEREST
INCOME |
(Dollars in thousands) |
Q3 |
Q3 |
Change |
Q2 |
Change |
|
2012 |
2011 |
$ |
% |
2012 |
$ |
% |
Noninterest income |
|
|
|
|
|
|
|
Service charges on deposit accounts |
$ 3,017 |
$ 3,129 |
$ (112) |
-4% |
$ 3,212 |
$ (195) |
-6% |
Payment systems-related revenue |
3,073 |
3,201 |
(128) |
-4% |
3,084 |
(11) |
0% |
Trust and investment services
revenues |
1,231 |
1,033 |
198 |
19% |
1,457 |
(226) |
-16% |
Gains on sales of loans |
492 |
222 |
270 |
122% |
722 |
(230) |
-32% |
Gains on sales of securities |
-- |
124 |
(124) |
-100% |
228 |
(228) |
-100% |
Other-than-temporary impairment
losses |
-- |
-- |
-- |
0% |
-- |
-- |
0% |
Other |
816 |
716 |
100 |
14% |
821 |
(5) |
-1% |
Total |
8,629 |
8,425 |
204 |
2% |
9,524 |
(895) |
-9% |
|
|
|
|
|
|
|
|
OREO gain on sale |
29 |
685 |
(656) |
-96% |
183 |
(154) |
84% |
OREO valuation adjustments |
(486) |
(696) |
210 |
30% |
(1,213) |
727 |
60% |
Total net loss on OREO |
(457) |
(11) |
(446) |
-4055% |
(1,030) |
573 |
56% |
|
|
|
|
|
|
|
|
Total noninterest income |
$ 8,172 |
$ 8,414 |
$ (242) |
-3% |
$ 8,494 |
$ (322) |
-4% |
|
|
|
|
|
|
|
|
|
As shown in Table 10 below, the Company's third quarter 2012
total noninterest expense of $20.7 million, excluding
merger-related expenses, declined by $1.9 million or 8% from the
same quarter in 2011. As a result of cost-savings initiatives
implemented over the past year, expenses declined in nearly all
categories from the corresponding quarter in 2011. On a linked
quarter basis, total noninterest expenses, excluding merger-related
expenses, declined $.7 million or 3%. See Table 1 for
reconciliation to GAAP measure.
|
Table 10 |
NONINTEREST
EXPENSE |
(Dollars in thousands) |
Q3 |
Q3 |
Change |
Q2 |
Change |
|
2012 |
2011 |
$ |
% |
2012 |
$ |
% |
Noninterest expense |
|
|
|
|
|
|
|
Salaries and employee benefits |
$ 11,499 |
$ 11,977 |
$ (478) |
-4% |
$ 12,081 |
$ (582) |
-5% |
Equipment |
1,480 |
1,461 |
19 |
1% |
1,584 |
(104) |
-7% |
Occupancy |
1,901 |
2,115 |
(214) |
-10% |
2,119 |
(218) |
-10% |
Payment systems-related expense |
1,148 |
1,279 |
(131) |
-10% |
1,075 |
73 |
7% |
Professional fees |
777 |
1,038 |
(261) |
-25% |
1,060 |
(283) |
-27% |
Postage, printing and office
supplies |
735 |
772 |
(37) |
-5% |
729 |
6 |
1% |
Marketing |
520 |
862 |
(342) |
-40% |
255 |
265 |
104% |
Communications |
411 |
387 |
24 |
6% |
419 |
(8) |
-2% |
Other noninterest expense |
2,258 |
2,729 |
(471) |
-17% |
2,154 |
104 |
5% |
Total noninterest expense excluding
merger-related expenses |
$ 20,729 |
$ 22,620 |
$ (1,891) |
-8% |
$ 21,476 |
$ (747) |
-3% |
|
|
|
|
|
|
|
|
Merger expenses |
578 |
-- |
578 |
0% |
-- |
578 |
0% |
Total noninterest expense |
$ 21,307 |
$ 22,620 |
$ (1,313) |
-6% |
$ 21,476 |
$ (169) |
-1% |
|
|
|
|
|
|
|
|
|
Income Taxes
The third quarter 2012 provision for income taxes was $3.2
million compared to a benefit for income taxes of $2.3 million in
the same quarter of 2011. The third quarter 2012 provision for
income taxes was the result of an effective tax rate of 35% on
pre-tax income. The provision for taxes in the third quarter last
year reflected the impact of the Company's deferred tax asset
valuation allowance at September 30, 2011, which was subsequently
fully reversed in the fourth quarter of 2011.
Credit Quality
The Company recorded a benefit for credit losses of $.6 million
in the third quarter of 2012, compared to a provision for credit
losses of $1.1 million in the third quarter of 2011 and benefit of
$.5 million in the previous quarter. Net charge-offs in the third
quarter of 2012 were $1.0 million or .27% of average loans on
an annualized basis, representing a decline from $3.3 million or
.88%, respectively, in the corresponding quarter in 2011
and an increase of $.2 million on a linked-quarter basis. As
shown in the table below, net charge-offs declined in nearly all
loan categories compared to the third quarter last year.
|
Table 11 |
ALLOWANCE FOR CREDIT
LOSSES AND NET CHARGE-OFFS |
|
|
Charge-offs as |
|
Charge-offs as |
|
Charge-offs as |
|
|
a % of average |
|
a % of average |
|
a % of average |
(Dollars in thousands) |
Q3 |
loan balance |
Q3 |
loan balance |
Q2 |
loan balance |
|
2012 |
annualized |
2011 |
annualized |
2012 |
annualized |
Allowance for credit losses, beginning of
period |
$ 33,900 |
|
$ 39,231 |
|
$ 34,634 |
|
Total provision (benefit) for credit
losses |
(593) |
|
1,132 |
|
(492) |
|
Loan net charge-offs: |
|
|
|
|
|
|
Commercial |
102 |
0.14% |
1,181 |
1.58% |
223 |
0.32% |
Commercial real estate construction |
148 |
1.56% |
472 |
11.88% |
-- |
0.00% |
Residential real estate construction |
(4) |
-0.17% |
(87) |
-2.28% |
(29) |
-1.03% |
Total real estate construction |
144 |
1.21% |
385 |
4.94% |
(29) |
-0.34% |
Mortgage |
101 |
0.69% |
246 |
1.39% |
92 |
0.59% |
Home equity |
373 |
0.60% |
516 |
0.78% |
336 |
0.54% |
Total real estate mortgage |
474 |
0.62% |
762 |
0.91% |
428 |
0.55% |
Commercial real estate |
126 |
0.06% |
779 |
0.37% |
(580) |
-0.28% |
Installment and consumer |
48 |
1.52% |
6 |
0.17% |
57 |
1.79% |
Overdraft |
125 |
0.00% |
234 |
0.00% |
143 |
0.00% |
Total loan net charge-offs |
1,019 |
0.27% |
3,347 |
0.88% |
242 |
0.07% |
|
|
|
|
|
|
|
Total allowance for credit losses |
$ 32,288 |
|
$ 37,016 |
|
$ 33,900 |
|
Components of allowance for credit
losses: |
|
|
|
|
|
|
Allowance for loan losses |
$ 31,457 |
|
$ 36,314 |
|
$ 33,132 |
|
Reserve for unfunded commitments |
831 |
|
702 |
|
768 |
|
Total allowance for credit losses |
$ 32,288 |
|
$ 37,016 |
|
$ 33,900 |
|
|
|
|
|
|
|
|
Net loan charge-offs to average loans
(annualized) |
0.27% |
|
0.88% |
|
0.07% |
|
Allowance for loan losses to total loans |
2.11% |
|
2.42% |
|
2.22% |
|
Allowance for credit losses to total
loans |
2.17% |
|
2.46% |
|
2.27% |
|
Allowance for loan losses to nonperforming
loans |
97% |
|
69% |
|
99% |
|
Allowance for credit losses to nonperforming
loans |
100% |
|
70% |
|
101% |
|
|
|
|
|
|
|
|
|
The allowance for credit losses was $32.3 million or 2.17% of
total loans at September 30, 2012, compared to an allowance for
credit losses of $37.0 million or 2.46% of total loans a year
earlier and $33.9 million or 2.27%, respectively, at June 30, 2012.
The decline in the allowance for credit losses and the allowance
relative to total loans over both periods reflected the improving
trend in the overall risk profile of the loan portfolio as
evidenced by modest charge off activity, low delinquency, and a
positive risk rating migration. The allowance for credit losses
relative to nonperforming loans increased from 70% a year ago to
100% at September 30, 2012. The Company's estimate of the allowance
for credit losses will continue to be closely correlated to the
loan portfolio's credit quality performance trends and the region's
economic conditions.
Total nonperforming assets at September 30, 2012, were $54.3
million or 2.19% of total assets, and represented a 35% reduction
from $83.1 million or 3.30% of total assets a year ago, and a
decline of 8% from $59.3 million or 2.46% of total assets as of
June 30, 2012.
Over the past twelve months, total nonaccrual loans declined
$20.5 million or 39% to $32.4 million at September 30, 2012.
|
Table 12 |
|
|
|
|
|
NONPERFORMING
ASSETS |
(Dollars in thousands) |
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
|
2012 |
2012 |
2012 |
2011 |
2011 |
Loans on nonaccrual status: |
|
|
|
|
|
Commercial |
$ 6,643 |
$ 6,199 |
$ 6,482 |
$ 7,750 |
$ 9,987 |
Real estate construction: |
|
|
|
|
|
Commercial real estate construction |
1,650 |
3,750 |
3,749 |
3,750 |
3,886 |
Residential real estate construction |
1,851 |
1,936 |
1,981 |
2,073 |
3,311 |
Total real estate construction |
3,501 |
5,686 |
5,730 |
5,823 |
7,197 |
Real estate mortgage: |
|
|
|
|
|
Mortgage |
6,170 |
7,044 |
10,744 |
9,624 |
10,877 |
Home equity |
2,845 |
2,239 |
2,528 |
2,325 |
3,285 |
Total real estate mortgage |
9,015 |
9,283 |
13,272 |
11,949 |
14,162 |
Commercial real estate |
13,248 |
12,384 |
16,648 |
15,070 |
21,513 |
Installment and consumer |
-- |
-- |
1 |
5 |
6 |
Total nonaccrual loans |
32,407 |
33,552 |
42,133 |
40,597 |
52,865 |
90 days past due not on nonaccrual |
-- |
-- |
-- |
-- |
-- |
Total nonperforming loans |
32,407 |
33,552 |
42,133 |
40,597 |
52,865 |
|
|
|
|
|
|
Other real estate owned, net |
21,939 |
25,726 |
27,525 |
30,823 |
30,234 |
Total nonperforming assets |
$ 54,346 |
$ 59,278 |
$ 69,658 |
$ 71,420 |
$ 83,099 |
|
|
|
|
|
|
Nonperforming loans to total loans |
2.17% |
2.24% |
2.86% |
2.70% |
3.52% |
Nonperforming assets to total assets |
2.19% |
2.46% |
2.89% |
2.94% |
3.30% |
|
|
|
|
|
|
Total delinquent loans 30-89 days past
due |
$ 2,963 |
$ 3,422 |
$ 4,095 |
$ 4,273 |
$ 5,556 |
Delinquent loans to total loans |
0.20% |
0.23% |
0.28% |
0.28% |
0.37% |
|
|
|
|
|
|
|
As indicated in Table 13 below, during the most recent quarter
the Company disposed of 29 OREO properties with a book value of
$3.8 million while acquiring three properties with a book value of
$.5 million. OREO valuation adjustments totaled $.5 million in the
most recent quarter, down from both third quarter last year and the
preceding quarter of 2012. The combination of these transactions
resulted in a $3.8 million or 15% net reduction in total OREO
during the quarter to $21.9 million at September 30, 2012. The OREO
balance reflected write-downs of 57% from original loan principal.
Income-producing properties represented the largest balance in the
OREO portfolio at September 30, 2012, followed by land and homes,
substantially all of which are located within the Company's
footprint.
|
Table 13 |
OTHER REAL ESTATE OWNED
ACTIVITY |
(Dollars in thousands) |
Q3 2012 |
|
Q3 2011 |
|
Q2 2012 |
|
|
Amount |
# |
Amount |
# |
Amount |
# |
Beginning balance |
$ 25,726 |
244 |
$ 35,374 |
366 |
$ 27,525 |
246 |
Additions to OREO |
487 |
3 |
1,672 |
16 |
3,304 |
28 |
Dispositions of OREO |
(3,788) |
(29) |
(6,116) |
(74) |
(3,890) |
(30) |
OREO valuation adjustment |
(486) |
-- |
(696) |
-- |
(1,213) |
-- |
Ending balance |
$ 21,939 |
218 |
$ 30,234 |
308 |
$ 25,726 |
244 |
|
|
Table 14 |
OTHER REAL ESTATE OWNED
BY PROPERTY TYPE |
(Dollars in thousands) |
Sept. 30, |
# of |
Sept. 30, |
# of |
June 30, |
# of |
|
2012 |
properties |
2011 |
properties |
2012 |
properties |
Income-producing properties |
$ 7,749 |
11 |
$ 8,139 |
14 |
$ 8,106 |
13 |
Land |
4,104 |
13 |
3,762 |
10 |
4,780 |
15 |
Homes |
3,518 |
14 |
6,329 |
27 |
5,539 |
20 |
Residential site developments |
2,736 |
114 |
4,877 |
176 |
3,104 |
126 |
Lots |
1,912 |
40 |
3,175 |
54 |
1,999 |
42 |
Multifamily |
1,570 |
20 |
455 |
4 |
1,570 |
20 |
Commercial site developments |
350 |
6 |
366 |
6 |
303 |
6 |
Condominiums |
-- |
-- |
3,131 |
17 |
325 |
2 |
Total |
$ 21,939 |
218 |
$ 30,234 |
308 |
$ 25,726 |
244 |
|
|
|
|
|
|
|
|
Other
The Company will hold a Webcast conference call Thursday,
October 25, 2012, at 11:00 a.m. Pacific Time, during which the
Company will discuss third quarter 2012 results and current
activities. To access the conference call via a live Webcast, go to
www.wcb.com and click on Investor Relations and the "3rd Quarter
2012 Earnings Conference Call" tab. The conference call may also be
accessed by dialing (866) 394-3464, Conference ID#: 37304304 a few
minutes prior to 11:00 a.m. Pacific Time. The call will be
available for replay by accessing the Company's website at
www.wcb.com and following the same instructions.
West Coast Bancorp is a publicly held, Northwest bank holding
company headquartered in Oregon with $2.5 billion in assets, and
the parent company of West Coast Bank and West Coast Trust Company,
Inc. West Coast Bank operates 58 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 at www.wcb.com.
The West Coast Bancorp logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13726
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, (iii) any failure to
satisfy the conditions to our proposed merger with Columbia Banking
System, Inc., including receipt of regulatory and shareholder
approvals, and (iv) 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," in our most recent Quarterly Report on Form 10-Q
for the quarter ended June 30, 2012, and in our Current Report on
Form 8-K dated September 25, 2012, including under the heading
"Cautionary Statements Regarding Forward Looking Information."
* This press release contains certain non-generally accepted
accounting principles in the United States of America ("GAAP")
financial measures including net income, excluding after-tax
merger-related expenses. 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 performance as compared to
prior periods. Please see Table 1 for a reconciliation of net
income to net income excluding after-tax merger-related expenses
and noninterest expense to noninterest expense excluding
merger-related expenses.
|
Table 15 |
INCOME
STATEMENT |
(Dollars and shares in thousands) |
Q3 |
Q3 |
Change |
Q2 |
Year to date |
|
2012 |
2011 |
$ |
% |
2012 |
2012 |
2011 |
Net interest income |
|
|
|
|
|
|
|
Interest and fees on loans |
$ 18,706 |
$ 20,060 |
$ (1,354) |
-7% |
$ 18,699 |
$ 56,614 |
$ 60,590 |
Interest on investment securities |
3,985 |
4,626 |
(641) |
-14% |
4,110 |
12,194 |
13,985 |
Other interest income |
35 |
35 |
-- |
0% |
32 |
92 |
168 |
Total interest income |
22,726 |
24,721 |
(1,995) |
-8% |
22,841 |
68,900 |
74,743 |
Interest expense on deposit accounts |
385 |
986 |
(601) |
-61% |
431 |
1,393 |
4,271 |
Interest on borrowings and subordinated
deb. |
654 |
1,619 |
(965) |
-60% |
637 |
1,914 |
4,883 |
Borrowings prepayment charge |
-- |
2,775 |
(2,775) |
-100% |
-- |
-- |
2,775 |
Total interest expense |
1,039 |
5,380 |
(4,341) |
-81% |
1,068 |
3,307 |
11,929 |
Net interest income |
21,687 |
19,341 |
2,346 |
12% |
21,773 |
65,593 |
62,814 |
|
|
|
|
|
|
|
|
Provision (benefit) for credit
losses |
(593) |
1,132 |
(1,725) |
-152% |
(492) |
(996) |
6,634 |
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
Service charges on deposit accounts |
3,017 |
3,129 |
(112) |
-4% |
3,212 |
9,047 |
10,348 |
Payment systems-related revenue |
3,073 |
3,201 |
(128) |
-4% |
3,084 |
9,230 |
9,300 |
Trust and investment services
revenues |
1,231 |
1,033 |
198 |
19% |
1,457 |
3,623 |
3,389 |
Gains on sales of loans |
492 |
222 |
270 |
122% |
722 |
1,949 |
1,035 |
Net OREO valuation adjustments and gains
(losses) on sales |
(457) |
(11) |
(446) |
-4055% |
(1,030) |
(2,061) |
(1,255) |
Other-than-temporary impairment
losses |
-- |
-- |
-- |
-- |
-- |
(49) |
(179) |
Gain on sales of securities |
-- |
124 |
(124) |
-100% |
228 |
375 |
521 |
Other |
816 |
716 |
100 |
14% |
821 |
2,439 |
2,241 |
Total noninterest income |
8,172 |
8,414 |
(242) |
-3% |
8,494 |
24,553 |
25,400 |
Noninterest expense |
|
|
|
|
|
|
|
Salaries and employee benefits |
11,499 |
11,977 |
(478) |
-4% |
12,081 |
35,058 |
35,973 |
Equipment |
1,480 |
1,461 |
19 |
1% |
1,584 |
4,726 |
4,553 |
Occupancy |
1,901 |
2,115 |
(214) |
-10% |
2,119 |
6,095 |
6,512 |
Payment systems-related expense |
1,148 |
1,279 |
(131) |
-10% |
1,075 |
3,342 |
3,876 |
Professional fees |
777 |
1,038 |
(261) |
-25% |
1,060 |
2,948 |
2,996 |
Postage, printing and office
supplies |
735 |
772 |
(37) |
-5% |
729 |
2,283 |
2,444 |
Marketing |
520 |
862 |
(342) |
-40% |
255 |
1,087 |
2,344 |
Communications |
411 |
387 |
24 |
6% |
419 |
1,210 |
1,154 |
Merger-related expenses |
578 |
-- |
578 |
0% |
-- |
578 |
-- |
Other noninterest expense |
2,258 |
2,729 |
(471) |
-17% |
2,154 |
6,481 |
8,279 |
Total noninterest expense |
21,307 |
22,620 |
(1,313) |
-6% |
21,476 |
63,808 |
68,131 |
Income before income taxes |
9,145 |
4,003 |
5,142 |
128% |
9,283 |
27,334 |
13,449 |
Provision (benefit) for income taxes |
3,201 |
(2,273) |
5,474 |
241% |
3,249 |
9,567 |
(2,566) |
Net income |
$ 5,944 |
$ 6,276 |
$ (332) |
-5% |
$ 6,034 |
$ 17,767 |
$ 16,015 |
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ 0.29 |
$ 0.31 |
$ (0.02) |
|
$ 0.29 |
$ 0.87 |
$ 0.78 |
Diluted |
$ 0.27 |
$ 0.29 |
$ (0.02) |
|
$ 0.28 |
$ 0.82 |
$ 0.75 |
Weighted average common shares |
19,110 |
19,029 |
81 |
|
19,082 |
19,077 |
18,999 |
Weighted average diluted shares |
20,344 |
19,880 |
464 |
|
20,256 |
20,225 |
19,951 |
|
|
|
|
|
|
|
|
Tax equivalent net interest income |
$ 21,982 |
$ 19,628 |
$ 2,354 |
|
$ 22,046 |
$ 66,427 |
$ 63,647 |
Return on average assets |
0.97% |
1.00% |
-0.03% |
|
1.01% |
0.99% |
0.87% |
Return on average equity |
7.14% |
8.55% |
-1.41% |
|
7.50% |
7.32% |
7.58% |
|
|
|
|
|
|
|
|
|
|
Table 16 |
BALANCE
SHEETS |
(Dollars in thousands) |
Sept. 30, |
Sept. 30, |
Change |
June 30, |
|
2012 |
2011 |
$ |
% |
2012 |
Assets: |
|
|
|
|
|
Cash and due from banks |
$ 53,026 |
$ 57,442 |
$ (4,416) |
-8% |
$ 55,332 |
Federal funds sold |
3,426 |
2,102 |
1,324 |
63% |
2,740 |
Interest-bearing deposits in other banks |
44,883 |
47,734 |
(2,851) |
-6% |
52,815 |
Total cash and cash equivalents |
101,335 |
107,278 |
(5,943) |
-6% |
110,887 |
Investment securities |
792,657 |
823,458 |
(30,801) |
-4% |
708,884 |
Loans |
1,490,767 |
1,503,624 |
(12,857) |
-1% |
1,495,797 |
Allowance for loan losses |
(31,457) |
(36,314) |
4,857 |
13% |
(33,132) |
Loans, net |
1,459,310 |
1,467,310 |
(8,000) |
-1% |
1,462,665 |
Total interest-earning assets |
2,331,733 |
2,379,614 |
(47,881) |
-2% |
2,261,029 |
OREO, net |
21,939 |
30,234 |
(8,295) |
-27% |
25,726 |
Other assets |
100,739 |
92,967 |
7,772 |
8% |
100,277 |
Total assets |
$ 2,475,980 |
$ 2,521,247 |
$ (45,267) |
-2% |
$ 2,408,439 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
Demand |
$ 704,810 |
$ 649,326 |
$ 55,484 |
9% |
$ 648,819 |
Savings and interest-bearing demand |
499,934 |
502,586 |
(2,652) |
-1% |
497,135 |
Money market |
588,635 |
651,904 |
(63,269) |
-10% |
585,421 |
Time deposits |
135,913 |
186,962 |
(51,049) |
-27% |
145,510 |
Total deposits |
1,929,292 |
1,990,778 |
(61,486) |
-3% |
1,876,885 |
Borrowings and subordinated debentures |
178,900 |
209,099 |
(30,199) |
-14% |
178,900 |
Reserve for unfunded commitments |
831 |
702 |
129 |
18% |
768 |
Other liabilities |
30,961 |
23,801 |
7,160 |
30% |
23,869 |
Total liabilities |
2,139,984 |
2,224,380 |
(84,396) |
-4% |
2,080,422 |
Stockholders' equity |
335,996 |
296,867 |
39,129 |
13% |
328,017 |
Total liabilities and stockholders'
equity |
$ 2,475,980 |
$ 2,521,247 |
$ (45,267) |
-2% |
$ 2,408,439 |
|
|
|
|
|
|
|
|
Table 17 |
PERIOD END
LOANS |
(Dollars in thousands) |
Sept. 30, |
% of |
Sept. 30, |
% of |
Change |
June 30, |
% of |
|
2012 |
Total |
2011 |
total |
Amount |
% |
2012 |
Total |
Commercial loans |
$ 286,134 |
19% |
$ 296,335 |
19% |
$ (10,201) |
-3% |
$ 292,643 |
19% |
Commercial real estate construction |
39,100 |
3% |
12,859 |
1% |
26,241 |
204% |
33,477 |
2% |
Residential real estate construction |
8,306 |
1% |
13,167 |
1% |
(4,861) |
-37% |
10,549 |
1% |
Total real estate construction loans |
47,406 |
4% |
26,026 |
2% |
21,380 |
82% |
44,026 |
3% |
Mortgage |
56,548 |
4% |
69,333 |
5% |
(12,785) |
-18% |
59,970 |
4% |
Home equity |
244,683 |
16% |
261,457 |
17% |
(16,774) |
-6% |
248,921 |
17% |
Total real estate mortgage |
301,231 |
20% |
330,790 |
22% |
(29,559) |
-9% |
308,891 |
21% |
Commercial real estate loans |
843,836 |
56% |
836,752 |
56% |
7,084 |
1% |
837,415 |
56% |
Installment and other consumer loans |
12,160 |
1% |
13,721 |
1% |
(1,561) |
-11% |
12,822 |
1% |
Total loans |
$ 1,490,767 |
|
$ 1,503,624 |
|
$ (12,857) |
-1% |
$ 1,495,797 |
|
|
|
|
|
|
|
|
|
|
|
|
Table 18 |
AVERAGE BALANCE
SHEETS |
(Dollars in thousands) |
Q3 |
Q3 |
Q2 |
Year to date |
|
2012 |
2011 |
2012 |
2012 |
2011 |
Cash and due from banks |
$ 51,697 |
$ 54,156 |
$ 51,903 |
$ 50,860 |
$ 51,729 |
Federal funds sold |
2,558 |
3,275 |
2,555 |
2,572 |
4,001 |
Interest-bearing deposits in other banks |
47,242 |
49,918 |
45,260 |
42,629 |
83,104 |
Total cash and cash equivalents |
101,497 |
107,349 |
99,718 |
96,061 |
138,834 |
Investment securities |
761,006 |
782,324 |
726,853 |
732,210 |
718,362 |
Total loans |
1,493,454 |
1,515,091 |
1,479,226 |
1,485,098 |
1,522,465 |
Allowance for loan losses |
(32,794) |
(38,529) |
(33,699) |
(33,910) |
(39,250) |
Loans, net |
1,460,660 |
1,476,562 |
1,445,527 |
1,451,188 |
1,483,215 |
Total interest earning assets |
2,304,261 |
2,351,828 |
2,254,192 |
2,263,216 |
2,328,943 |
Other assets |
118,879 |
120,972 |
123,179 |
125,792 |
125,734 |
Total assets |
$ 2,442,042 |
$ 2,487,207 |
$ 2,395,277 |
$ 2,405,251 |
$ 2,466,145 |
|
|
|
|
|
|
Demand |
$ 677,646 |
$ 615,956 |
$ 621,547 |
$ 628,494 |
$ 582,482 |
Savings and interest-bearing demand |
498,399 |
478,333 |
502,509 |
497,094 |
468,376 |
Money market |
592,363 |
661,871 |
596,949 |
604,098 |
659,075 |
Time deposits |
140,151 |
196,807 |
151,085 |
152,838 |
229,908 |
Total deposits |
1,908,559 |
1,952,967 |
1,872,090 |
1,882,524 |
1,939,841 |
Borrowings and subordinated debentures |
179,063 |
220,354 |
178,241 |
176,280 |
219,854 |
Total interest bearing liabilities |
1,409,976 |
1,557,365 |
1,428,784 |
1,430,310 |
1,577,213 |
Other liabilities |
23,063 |
22,779 |
21,550 |
22,419 |
23,835 |
Stockholders' equity |
331,357 |
291,107 |
323,396 |
324,028 |
282,615 |
Total liabilities and stockholders'
equity |
$ 2,442,042 |
$ 2,487,207 |
$ 2,395,277 |
$ 2,405,251 |
$ 2,466,145 |
|
|
|
|
|
|
|
CONTACT: Robert D. Sznewajs
President & CEO
(503) 598-3243
Anders Giltvedt
Executive Vice President & CFO
(503) 598-3250
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