- West Coast Bank's total capital ratio increased to 10.93% at
December 31, 2008 from 10.54% at year end 2007. West Coast Bank
continues to be well capitalized. LAKE OSWEGO, Ore., Jan. 19
/PRNewswire-FirstCall/ -- West Coast Bancorp (NASDAQ:WCBO) today
announced a quarterly loss of $8.2 million or $.53 per diluted
share for the fourth quarter of 2008, compared to a fourth quarter
2007 loss of $7.5 million or $.48 per diluted share. For the full
year 2008 the Company reported a loss of $5.8 million or $.38 per
diluted share, compared to net income of $16.8 million or $1.05 per
diluted share for the same period in 2007. (Dollars in thousands,
except per GAAP CORE* share data, December 31, December 31,
unaudited) 2008 2007 Change 2008 2007 Change For the three months
ended: Net loss $(8,197) $(7,487) -9% $(8,197) $(7,487) -9% Net
loss per diluted share ($0.53) ($0.48) -10% ($0.53) ($0.48) -10%
Return on average equity -16.3% -13.5% -2.8% -16.3% -13.5% -2.8%
For the twelve months ended: Net income (loss) $(5,829) $16,842
-135% $(1,709) $16,842 -110% Net income (loss) per diluted share
($0.38) $1.05 -136% ($0.11) $1.05 -110% West Coast Bancorp Tier 1
capital ratio 9.95% 9.88% 0.07% West Coast Bancorp Total capital
ratio 11.20% 11.15% 0.05% West Coast Bank Tier 1 capital ratio
9.68% 9.28% 0.40% West Coast Bank Total capital ratio 10.93% 10.54%
0.39% Total period end loans $2,064,796 $2,172,669 -5% Total period
end deposits $2,024,379 $2,094,832 -3% *Core net income (loss) for
the periods shown, and numbers derived using core net income
(loss), including core earnings (loss) per diluted share, and core
return on average equity, are non-GAAP (Generally Accepted
Accounting Principles) financial measures derived by adjusting the
Company's GAAP net income (loss) to remove the negative impact of
third quarter 2008 impairment charges of approximately $4.1
million, after tax, or $.27 per diluted share. Management uses this
non-GAAP information internally and has disclosed it to investors
based on its belief that the information provides additional,
valuable information relating to its operating performance as
compared to prior periods.See financial tables 1 and 2 below for a
reconciliation to the GAAP measure. "Despite a very challenging
environment, West Coast Bank improved its total capital ratio to
approximately 10.93% at December 31, 2008, and remained well
capitalized for regulatory purposes despite incurring an operating
loss in the fourth quarter of 2008," said Robert D. Sznewajs,
President and CEO. "Careful management of risk-weighted assets
during the year coupled with a fourth quarter $9.8 million capital
contribution from Bancorp to the Bank related to an inter-company
tax settlement enabled our Bank to build this important ratio
throughout 2008. In response to the current situation, many
cost-saving initiatives were put in place during the last half of
2008 to reduce the Bank's operating expenses and to offset some of
the additional expenses associated with operating in this
environment. The annual benefit associated with these cost-saving
initiatives is expected to be in excess of $10 million in 2009. The
recession has had a dramatic impact on the residential housing
market and affected our residential construction loan portfolio,
including two-step and non-standard mortgages. However, the credit
quality in the remaining $1.84 billion loan portfolio, which
represents 89% of total loans, has performed relatively well in
these difficult economic conditions. The ratio of non-performing
assets to total assets was only 1.09% in the remainder of the
portfolio at year end 2008." Financial Results: The year end 2008
total loan balance of $2.065 billion declined $108 million or 5%
from December 31, 2007. Excluding the $210 million or 80% reduction
in two-step loan balances, year-over-year loan growth was 5% or
$102 million, with expansion centered in the commercial real estate
and residential mortgage loan categories. At year end 2008, the
remaining two-step loan balance of $53 million represented less
than 3% of total loans, down from $263 million or 12%,
respectively, a year ago. Fourth quarter 2008 average total
deposits of $2.027 billion declined 4% from the final quarter of
2007, with lower average per account demand deposit and money
market balances causing the majority of the decline. The fourth
quarter average loan to average deposit ratio of 103% remained
consistent with the ratio in the same quarter of 2007. Fourth
quarter 2008 net interest income declined $7.1 million to $21.1
million from the fourth quarter last year predominantly due to the
92 basis point compression in the net interest margin to 3.70% and
from lower earning assets. The net interest margin contracted as a
result of the declining benefit from non-interest bearing demand
deposits, and a 52 basis point contraction in the net interest
spread. Lower real estate construction loan fees and higher
interest reversals negatively impacted the net interest margin by
18 and 14 basis points, respectively, in the final quarter of 2008
relative to the same quarter in 2007. The remaining net interest
margin contraction resulted from an inability to match the larger
than anticipated decline in the Federal Funds rate with a
corresponding reduction in funding costs due to market conditions.
Full year 2008 net interest income decreased $23 million, primarily
due to a 96 basis point decline in the net interest margin and also
from a lower earning asset base. Total non-interest income of $4.3
million in the fourth quarter 2008 declined $4.3 million from the
same period in 2007. OREO valuation adjustments totaling $3.7
million were recorded during the most recent quarter compared to no
such charges in the final quarter of 2007. Re-appraisal of two-step
OREO properties accounted for $3.2 million of this amount. We also
recognized a $.3 million OREO loss upon disposition of 28 two-step
OREO properties. Including 13 short sales, we disposed of a total
of 41 two-step related properties during the fourth quarter with
total proceeds of $11.9 million. During the second and third
quarters of 2008 we sold 23 and 31 properties, respectively. At
year end 2008 there were 251 properties in the two-step OREO
portfolio. (See table 8 for details.) As a result of the 6% growth
in the number of consumer and business deposit transaction accounts
over the past 12 months, fourth quarter 2008 total deposit service
charge and payment system revenues improved 4% and 1%,
respectively, from the same quarter in 2007. Likely related to the
slowing economy, the transaction volumes per account declined in
the most recent quarter. The uncertainty surrounding the economy
and equity markets contributed to a $.5 million reduction in trust
and investment revenues year- over-year fourth quarter. Gain on
sales of loans declined $.2 million in the most recent quarter
primarily from the secondary market for SBA loans effectively being
shut down. Fourth quarter 2008 total non-interest expense of $21.8
million increased $1.7 million or 8% from the same period of 2007.
Personnel expense fell 6% or $.7 million from lower salary,
incentive and benefit costs despite a $.6 million decline in
deferred construction loan origination costs. The primary negative
year-over-year fourth quarter non-interest expense variances
included a $.5 million increase in FDIC insurance premium expense
and a $1.2 million increase in two-step property collection and
disposition expenses during the most recent quarter. There were no
such two-step expenses in the final quarter of 2007. The fourth
quarter of 2007 also included a reversal of an accrued contingent
legal liability of $1.4 million, which reduced other non-interest
expense in that period. Capital: West Coast Bank continued to be
well capitalized for regulatory purposes. West Coast Bank's total
capital ratios ended 2008 at 10.93% up from 10.78% at the end of
the third quarter of 2008 and up from 10.54% at December 31, 2007.
West Coast Bank's tier 1 capital ratio at 9.68% and leverage ratio
of 9.19% also improved during 2008 and were significantly above the
well capitalized regulatory threshold at year end 2008. The
enhanced Bank capital ratios were primarily accomplished by
reducing the Bank's loan portfolio and management of risk-weighted
assets throughout 2008. In the fourth quarter of 2008, Bancorp also
made a capital contribution to the Bank of $9.8 million associated
with an inter-company tax settlement related to current and prior
periods, which also helped improve the Bank capital ratios. The
following table shows the Company's capital ratios for the
indicated periods. Risk based capital ratios Capital Ratios
(Unaudited) 12/31/08 12/31/07 09/30/08 Excess over Well well
capitalized capitalized West Coast Bancorp Ratio minimum minimum
Ratio Ratio Tier 1 capital ratio 9.95% 6.00% 3.95% 9.88% 10.16%
Total capital ratio 11.20% 10.00% 1.20% 11.15% 11.42% Leverage
ratio 9.45% 5.00% 4.45% 9.41% 9.56% Tangible common equity to
tangible assets 7.35% 7.36% West Coast Bank Tier 1 capital ratio
9.68% 6.00% 3.68% 9.28% 9.52% Total capital ratio 10.93% 10.00%
0.93% 10.54% 10.78% Leverage ratio 9.19% 5.00% 4.19% 8.83% 8.91%
Credit Quality: The Company recorded a fourth quarter 2008 total
provision for credit losses of $16.5 million, compared to $30.0
million in the same quarter of 2007, and $9.1 million in the third
quarter of 2008. The provision related to the two-step portfolio
was $4.8 million in the final quarter of 2008 compared to $27.7
million in the fourth quarter of 2007, and $2.0 million in the
third quarter of 2008. The probability of default and severity of
loss upon default for two-step loans were impacted by the current
weak economic environment and declining real estate values in our
market areas. There was only $3.1 million in accruing two-step
loans at year end 2008. The future provision requirements and OREO
valuation adjustments associated with two-step loans will be driven
by future re-appraisals of properties. Each two-step property is
re-appraised within 45 days of its expected foreclosure date. The
provision for credit losses associated with loans other than
two-step loans was $11.7 million in the fourth quarter compared to
$2.2 million in the same quarter of 2007 and $7.1 million in the
third quarter of 2008. The combination of negative risk rating
changes and higher net charge-offs during the most recent quarter
increased the quarterly provision requirement in our allowance
model. At December 31, 2008, total non two-step residential land
and construction loans measured $160 million. This portfolio
consisted of $23 million in land, $65 million in site development,
and $71 million in construction of residences (vertical
construction). Delinquent but accruing non two-step residential
land and construction loans at year end 2008 amounted to $.9
million or .54% of such loans, a decline from $7.7 million and
4.56%, respectively, at September 30, 2008. Year end 2008
nonaccrual non two-step residential land and construction loans
increased to $42.6 million or 26.7% of the related residential
construction loans from $26.3 million or 15.6% at the end of the
third quarter. Loans to borrowers involved in residential site
development exhibited the most deterioration in credit quality. At
December 31, 2008, accruing residential site development loans were
$37.2 million, representing less than 2% of our total loan
portfolio. Nonaccrual non two-step residential construction loans
are largely located in Clark County in the state of Washington, and
in Marion and Deschutes counties in the state of Oregon. Total loan
net charge-offs in fourth quarter 2008 were $21.0 million, of which
$5.9 million related to the two-step portfolio. The net charge-offs
for loans other than two-step loans were $15.1 million compared to
$1.7 million in the final quarter of 2007 and $6.0 million in the
third quarter of 2008. The higher level of net charge-off activity
for loans other than two-step loans was mainly associated with
residential construction loans, and to a lesser extent, nonstandard
residential mortgage loans and commercial loans. For the full year
2008, the provision for credit losses for other than two-step loans
measured $30.9 million and exceeded 2008 loan net charge-offs of
$25.2 million. In 2007 such provision and net charge-offs amounted
to $8.0 million and $4.5 million, respectively. The following table
summarizes key trends in the two-step loan portfolio and its
allowance for credit losses. Additional information regarding the
two-step loan portfolio (Dollars in thousands, unaudited) Total
Total Nonaccrual Accruing accruing two-step two-step two-step
two-step loan Period ended loans loans loans commitments 12/31/2007
$262,952 $20,545 $242,407 $320,991 3/31/2008 211,406 88,784 122,622
156,823 6/30/2008 145,703 98,728 46,975 59,603 9/30/2008 97,894
82,990 14,904 16,943 12/31/2008 53,084 49,960 3,124 3,276 Allowance
for credit Allowance losses on for credit two-step losses on loans
as a % Allowance two-step of total for credit loans as a % accruing
losses on of accruing two-step loan Period ended two-step loans
two-step loans commitments 12/31/2007 $31,065 12.8% 9.7% 3/31/2008
11,812 9.6% 7.5% 6/30/2008 5,280 11.2% 8.9% 9/30/2008 1,502 10.1%
8.9% 12/31/2008 421 13.5% 12.9% The allowance for credit losses
associated with loans other than two-step loans was $29.5 million
or 1.47% of such outstanding loan balances at year end 2008
compared to $32.9 million or 1.64% at September 30, 2008 and $23.8
million or 1.25% at December 31, 2007. Charge-offs during fourth
quarter 2008 of loans with a specific reserve at September 30, 2008
substantially explain the decline in the allowance percentage
during the fourth quarter. Total non-performing assets were $198
million or 7.9% of total assets at December 31, 2008, up from $183
million and 7.1%, respectively, as of September 30, 2008 and $30
million and 1.1% at year end 2007. Non-performing assets related to
the two-step loan portfolio were $110 million or 4.4% of total
assets at December 31, 2008, a decrease of $18 million from the end
of third quarter 2008. The $110 million balance of nonperforming
two-step assets at December 31, 2008 reflected prior write-downs of
approximately 23% from the original balance of these loans. During
the fourth quarter the nonaccrual two- step loan balance declined
by $33 million to $50 million while the two-step OREO balance
increased from $45 million at September 30, 2008 to $60 million at
year end 2008, in line with our expectations. Two-step
nonperforming assets are anticipated to continue to decline in
future periods. Nonperforming assets, excluding the two-step
portfolio, increased by $32 million to $88 million or 3.49% of
total assets at December 31, 2008, from $56 million and 2.16% at
September 30, 2008, and $6 million and .22% at year end 2007. The
fourth quarter 2008 $25 million increase in nonaccrual non two-step
loans was largely linked to the $20 million growth in non accrual
loans to residential builders and developers and the $3 million
increase in nonaccrual nonstandard mortgage loans. Nearly 40% of
the $15 million in nonstandard mortgage loans on nonaccrual status
were not delinquent at year end. The loan portfolio, excluding
residential construction loans (which includes all two-step loans)
and nonstandard mortgage loans, continued to perform satisfactorily
at year end 2008, considering the economic situation. This
portfolio, which includes the commercial, commercial real estate,
commercial construction, standard mortgage, home equity, and
consumer portfolios, totaled $1.84 billion and represented 89% of
total loans at December 31, 2008. The nonperforming assets to total
assets ratio for these loans measured 1.09% at year end 2008, as
compared to .86% and .16% at September 30, 2008 and December 31,
2007, respectively. At December 31, 2008, all nonaccrual loans,
including all non two-step loans, had been measured for impairment
and written down to the appraised fair value, less expected selling
costs, of the underlying collateral. At year end 2008 the total non
two-step delinquent loans were $6.9 million or .34% of total non
two-step loans, down from $10.9 million and .54% at September 30,
2008, and from $7.7 million and .40% at year end 2007. The decline
in delinquent non two-step loans in the most recent quarter was
primarily due to lower delinquencies in residential construction
loans to builders and developers and was partly offset by higher
commercial loan delinquencies. For more detailed credit quality
information, see tables 4 through 14. Other: The Company will hold
a Webcast conference call Tuesday, January 20, 2009, at 8:00 a.m.
Pacific Time, during which the Company will discuss fourth quarter
2008 results and key activities. To access the conference call via
a live Webcast, go to http://www.wcb.com/ and click on Investor
Relations and the "4th Quarter 2008 Earnings Conference Call" tab.
The conference call may also be accessed by dialing (877) 811-4715
Conference ID#: 76229771 a few minutes prior to 8:00 a.m. PDT. The
call will be available for replay by accessing the Company's
website at http://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
$2.5 billion in assets, and 65 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 http://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, "Risk Factors," all
as updated in our Quarterly Report on Form 10-Q. West Coast Bancorp
Consolidated Statements of Income (Loss) (Unaudited) (Dollars and
shares in thousands, except per Three months ended Twelve months
ended share data) December 31, Sept. 30, December 31, 2008 2007
2008 2008 2007 Net interest income Interest and fees on loans
$29,605 $42,115 $32,013 $129,517 $169,180 Interest on investment
securities 2,388 3,178 2,686 10,951 13,446 Other interest income 24
235 73 378 564 Total interest income 32,017 45,528 34,772 140,846
183,190 Interest expense on deposit accounts 8,562 14,020 8,310
37,549 55,036 Interest on borrowings and subordinated debentures
2,318 3,233 2,739 11,147 13,434 Total interest expense 10,880
17,253 11,049 48,696 68,470 Net interest income 21,137 28,275
23,723 92,150 114,720 Provision for credit losses 16,517 29,956
9,125 40,367 38,956 Non-interest income Service charges on deposit
accounts 3,853 3,698 4,176 15,547 12,932 Payment systems related
revenue 2,225 2,197 2,337 9,033 8,009 Trust and investment services
revenues 1,053 1,587 1,241 5,413 6,390 Gains on sales of loans 244
443 455 2,328 3,364 OREO valuation adjustments and gain (loss) on
sale (3,701) - (1,422) (5,386) 27 Other 633 690 621 3,252 2,843
Loss on impairment of debt and equity securities - - (6,338)
(6,338) - Gain (loss) on sales of securities 3 - - 780 (67) Total
non-interest income 4,310 8,615 1,070 24,629 33,498 Non-interest
expense Salaries and employee benefits 10,763 11,418 11,017 46,780
49,787 Equipment 1,808 1,852 1,793 7,117 6,544 Occupancy 2,414
2,242 2,354 9,440 8,548 Payment systems related expense 935 810 952
3,622 3,143 Professional fees 1,235 621 1,334 4,317 2,072 Postage,
printing and office supplies 877 1,079 991 3,834 3,896 Marketing
773 1,233 1,009 3,583 4,524 Communications 456 421 437 1,722 1,624
Other non-interest expense 2,554 484 2,334 9,188 5,161 Total
non-interest expense 21,815 20,160 22,221 89,603 85,299 Income
(loss) before income taxes (12,885) (13,226) (6,553) (13,191)
23,963 Provision (benefit) for income taxes (4,688) (5,739) (4,237)
(7,362) 7,121 Net income (loss) $(8,197) $(7,487) $(2,316) $(5,829)
$16,842 Earnings (loss) per share: Basic $(0.53) $(0.48) $(0.15)
$(0.38) $1.09 Diluted $(0.53) $(0.48) $(0.15) $(0.38) $1.05
Weighted average common shares 15,489 15,445 15,487 15,472 15,507
Weighted average diluted shares 15,489 15,445 15,487 15,472 16,045
Tax equivalent net interest income $21,558 $28,732 $24,154 $93,901
$116,361 West Coast Bancorp Consolidated Balance Sheets (Dollars
and shares in thousands, December 31, December 31, September 30,
unaudited) 2008 2007 2008 Assets: Cash and cash equivalents $64,778
$113,802 $101,614 Investments 198,515 269,425 205,987 Total loans
2,064,796 2,172,669 2,109,517 Allowance for loan losses (28,920)
(46,917) (33,498) Loans, net 2,035,876 2,125,752 2,076,019 OREO,
net 70,110 3,255 48,121 Goodwill and other intangibles 14,054
14,491 14,153 Other assets 132,571 119,889 127,152 Total assets
$2,515,904 $2,646,614 $2,573,046 Liabilities and Stockholders'
Equity: Demand $478,292 $501,506 $486,540 Savings and
interest-bearing demand 346,206 364,971 337,472 Money market
615,588 678,090 672,690 Time deposits 584,293 550,265 564,717 Total
deposits 2,024,379 2,094,832 2,061,419 Borrowings and subordinated
debentures 274,059 301,100 282,059 Reserve for unfunded commitments
1,014 7,986 946 Other liabilities 18,501 34,455 24,400 Total
liabilities 2,317,953 2,438,373 2,368,824 Stockholders' equity
197,951 208,241 204,222 Total liabilities and stockholders' equity
$2,515,904 $2,646,614 $2,573,046 Common shares outstanding period
end 15,696 15,593 15,702 Book value per common share $12.61 $13.35
$13.01 Tangible book value per common share $11.72 $12.42 $12.10
West Coast Bancorp Summary Financial Information (Dollars in
thousands except for per share data, unaudited) Fourth Fourth Third
(all rates have been annualized where Quarter Quarter Quarter
appropriate) 2008 2007 2008 PERFORMANCE RATIOS - Return on average
assets (1.30%) (1.14%) (0.36%) - Return on average common equity
(16.25%) (13.51%) (4.47%) - Return on average tangible equity
(17.34%) (14.31%) (4.66%) - Non-interest income to average assets
0.68% 1.31% 0.17% - Non-interest expense to average assets 3.46%
3.06% 3.45% - Efficiency ratio, tax equivalent 84.4% 54.0% 70.4%
NET INTEREST MARGIN - Yield on average interest-earning assets
5.57% 7.39% 5.85% - Rate on average interest-bearing liabilities
2.36% 3.66% 2.36% - Net interest spread 3.21% 3.73% 3.49% - Net
interest margin 3.70% 4.62% 4.02% AVERAGE ASSETS - Investment
securities $212,900 $273,328 $228,382 - Commercial loans 491,663
504,330 502,781 - Real estate construction loans 311,117 525,110
371,687 - Real estate mortgage loans 392,570 314,497 383,214 -
Commercial real estate loans 875,211 804,585 851,849 - Installment
and other consumer loans 22,364 23,320 23,220 - Total loans
2,092,925 2,171,842 2,132,751 - Total interest earning assets
2,318,140 2,468,863 2,393,207 - Other assets 190,705 140,963
170,466 - Total assets $2,508,845 $2,609,826 $2,563,673 AVERAGE
LIABILITIES & EQUITY - Demand deposits $467,768 $492,636
$482,780 - Savings and Interest bearing demand 338,584 367,359
348,008 - Money market 636,013 676,908 672,051 - Time deposits
584,137 573,967 543,451 - Total deposits 2,026,502 2,110,870
2,046,290 - Borrowings and subordinated debentures 276,336 251,868
300,258 - Total interest bearing liabilities 1,835,069 1,870,103
1,863,768 - Other liabilities 473,061 519,833 493,545 - Total
liabilities 2,308,130 2,389,936 2,357,313 - Common equity 200,715
219,890 206,360 - Total average liabilities and common equity
$2,508,845 $2,609,826 $2,563,673 AVERAGE ASSET/LIABILITY RATIOS -
Stockholders' equity to total assets 8.00% 8.43% 8.05% - Interest
earning assets to interest bearing liabilities 126.3% 137.4% 128.4%
- Total loans to total assets 83.4% 83.2% 83.2% - Interest bearing
deposits to total assets 62.1% 59.2% 61.0% West Coast Bancorp
Summary Financial Information (Dollars in thousands except for per
share data, unaudited) (all rates have been annualized where Year
to date Year to date appropriate) 2008 2007 PERFORMANCE RATIOS -
Return on average assets (0.23%) 0.66% - Return on average common
equity (2.82%) 7.93% - Return on average tangible equity (2.88%)
8.69% - Non-interest income to average assets 0.96% 1.32% -
Non-interest expense to average assets 3.49% 3.36% - Efficiency
ratio, tax equivalent 72.2% 56.9% NET INTEREST MARGIN - Yield on
average interest-earning assets 5.92% 7.72% - Rate on average
interest-bearing liabilities 2.60% 3.76% - Net interest spread
3.32% 3.96% - Net interest margin 3.90% 4.86% AVERAGE ASSETS -
Investment securities $229,478 $284,582 - Commercial loans 507,641
497,975 - Real estate construction loans 403,823 477,055 - Real
estate mortgage loans 371,365 296,859 - Commercial real estate
loans 840,496 798,383 - Installment and other consumer loans 23,545
24,705 - Total loans 2,146,870 2,094,977 - Total interest earning
assets 2,409,896 2,394,958 - Other assets 159,723 142,760 - Total
assets $2,569,619 $2,537,718 AVERAGE LIABILITIES & EQUITY -
Demand deposits $470,601 $479,311 - Savings and Interest bearing
demand 350,769 351,521 - Money market 658,360 665,037 - Time
deposits 566,195 554,263 - Total deposits 2,045,925 2,050,132 -
Borrowings and subordinated debentures 300,759 250,478 - Total
interest bearing liabilities 1,876,083 1,821,299 - Other
liabilities 487,010 504,070 - Total liabilities 2,363,093 2,325,369
- Common equity 206,526 212,349 - Total average liabilities and
common equity $2,569,619 $2,537,718 AVERAGE ASSET/LIABILITY RATIOS
- Stockholders' equity to total assets 8.04% 8.37% - Interest
earning assets to interest bearing liabilities 128.5% 131.5% -
Total loans to total assets 83.6% 82.6% - Interest bearing deposits
to total assets 61.3% 59.0% The following table reconciles GAAP net
income to core earnings, including per-share figures. Table 1 West
Coast Bancorp GAAP net income (loss) to core earnings
reconciliation For the three For the twelve (Dollars in thousands,
months ended Dec. 31, months ended Dec. 31, unaudited) 2008 2007
2008 2007 Net income (loss) $(8,197) $(7,487) $(5,829) $16,842 Add:
impairment charge on securities, net of tax* - - 4,120 - Core
earnings (loss) $(8,197) $(7,487) $(1,709) $16,842 *Federal income
tax provision applied at 35%. Earnings (loss) per diluted share
GAAP $(0.53) $(0.48) $(0.38) $1.05 Core $(0.53) $(0.48) $(0.11)
$1.05 The following table reconciles return on average equity to
return on average equity, tangible. Table 2 West Coast Bancorp
Return on average equity tangible reconciliation(1) For the three
months For the twelve months ended Dec. 31, ended Dec. 31, (Dollars
in thousands, unaudited) 2008 2007 2008 2007 Net income (loss)
$(8,197) $(7,487) $(5,829) $16,842 Add: intangible asset
amortization, net of tax* 64 77 284 351 Net income (loss), tangible
$(8,133) $(7,410) $(5,545) $17,193 Average shareholders' equity
$200,715 $219,890 $206,526 $212,349 Less: average intangibles
(14,102) (14,549) (14,259) (14,740) Average shareholders' equity,
tangible $186,613 $205,341 $192,267 $197,609 *Federal income tax
provision applied at 35%. Return on average equity -16.2% -13.5%
-2.8% 7.9% Return on average equity, tangible -17.3% -14.3% -2.9%
8.7% (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. The following table presents
information with respect to the Company's loan portfolio. Table 3
West Coast Bancorp Period End Loan Portfolio By Category Dec. 31, %
of Dec. 31, % of (Dollars in thousands, unaudited) 2008 loans 2007
loans Commercial loans $482,405 23% $504,101 23% Commercial real
estate construction 92,414 4% 90,671 4% Residential real estate
construction 192,735 9% 427,317 20% Total real estate construction
loans 285,149 14% 517,988 24% Standard mortgages 87,628 4% 86,901
4% Nonstandard mortgages 32,597 2% 7,495 0% Home equity 272,983 13%
236,407 11% Total real estate mortgage 393,208 19% 330,803 15%
Commercial real estate loans 882,092 43% 796,622 37% Installment
and other consumer loans 21,942 1% 23,155 1% Total loans $2,064,796
$2,172,669 Two-step residential construction loans $53,084 3%
$262,952 12% Total loans other than two-step loans 2,011,712 97%
1,909,717 88% Total loans $2,064,796 100% $2,172,669 100% Change
Sept. 30, % of (Dollars in thousands, unaudited) Amount % 2008
loans Commercial loans $(21,696) -4% $498,715 24% Commercial real
estate construction 1,743 2% 88,717 4% Residential real estate
construction (234,582) -55% 242,116 11% Total real estate
construction loans (232,839) -45% 330,833 16% Standard mortgages
727 1% 89,348 4% Nonstandard mortgages 25,102 335% 33,820 2% Home
equity 36,576 15% 266,385 13% Total real estate mortgage 62,405 19%
389,553 18% Commercial real estate loans 85,470 11% 867,902 41%
Installment and other consumer loans (1,213) -5% 22,514 1% Total
loans $(107,873) -5% $2,109,517 Two-step residential construction
loans $(209,868) -80% $97,894 5% Total loans other than two-step
loans 101,995 5% 2,011,623 95% Total loans $(107,873) -5%
$2,109,517 100% The following tables present information with
respect to the change in the Company's total allowance for credit
losses. Table 4 West Coast Bancorp Total Loan Portfolio Allowance
For Credit Losses and Net Charge-offs Quarter Quarter Quarter ended
ended ended December 31, December 31, September 30, (Dollars in
thousands, unaudited) 2008 2007 2008 Allowance for credit losses,
beginning of period $34,444 $28,506 $37,045 Provision for credit
losses 16,517 29,956 9,125 Loan charge-offs: Commercial 3,208 1,332
515 Commercial real estate construction 1,422 - - Residential real
estate construction 11,475 1,867 10,691 Total real estate
construction 12,897 1,867 10,691 Standard mortgages 1,640 - 76
Nonstandard mortgages 2,495 - 405 Home equity 121 64 100 Total real
estate mortgage 4,256 64 581 Commercial real estate 782 - 44
Installment and consumer 29 72 383 Overdraft 401 302 322 Total loan
charge-offs 21,573 3,637 12,536 Loan recoveries: Commercial 122 1
49 Commercial real estate construction - - - Residential real
estate construction 319 - 715 Total real estate construction 319 -
715 Standard mortgages - - - Nonstandard mortgages 38 - - Home
equity 2 - (22) Total real estate mortgage 40 - (22) Commercial
real estate - - - Installment and consumer 15 23 9 Overdraft 50 54
59 Total loan recoveries 546 78 810 Net charge-offs 21,027 3,559
11,726 Total allowance for credit losses $29,934 $54,903 $34,444
Components of allowance for credit losses: Allowance for loan
losses $28,920 $46,917 $33,498 Reserve for unfunded commitments
1,014 7,986 946 Total allowance for credit losses $29,934 $54,903
$34,444 Net loan charge-offs to average loans (annualized) 4.00%
0.65% 2.19% Allowance for loan losses to total loans 1.40% 2.16%
1.59% Allowance for credit losses to total loans 1.45% 2.53% 1.63%
Allowance for loan losses to nonperforming loans 23% 178% 25%
Allowance for credit losses to nonperforming loans 23% 208% 25%
Table 5 West Coast Bancorp Total Loan Portfolio Allowance For
Credit Losses and Net Charge-offs Year ended Year ended December
31, December 31, (Dollars in thousands, unaudited) 2008 2007
Allowance for credit losses, beginning of period $54,903 $23,017
Provision for credit losses 40,367 38,956 Loan charge-offs:
Commercial 6,464 3,798 Commercial real estate construction 1,422 -
Residential real estate construction 52,588 2,540 Total real estate
construction 54,010 2,540 Standard mortgages 1,811 - Nonstandard
mortgages 3,036 - Home equity 249 71 Total real estate mortgage
5,096 71 Commercial real estate 826 - Installment and consumer 531
254 Overdraft 1,328 1,050 Total loan charge-offs 68,255 7,713 Loan
recoveries: Commercial 203 269 Commercial real estate construction
- - Residential real estate construction 2,339 7 Total real estate
construction 2,339 7 Standard mortgages - - Nonstandard mortgages
38 - Home equity 32 33 Total real estate mortgage 70 33 Commercial
real estate - 2 Installment and consumer 78 112 Overdraft 229 220
Total loan recoveries 2,919 643 Net charge-offs 65,336 7,070 Total
allowance for credit losses $29,934 $54,903 Components of allowance
for credit losses: Allowance for loan losses $28,920 $46,917
Reserve for unfunded commitments 1,014 7,986 Total allowance for
credit losses $29,934 $54,903 Net loan charge-offs to average loans
3.04% 0.34% Allowance for loan losses to total loans 1.40% 2.16%
Allowance for credit losses to total loans 1.45% 2.53% Allowance
for loan losses to nonperforming loans 23% 178% Allowance for
credit losses to nonperforming loans 23% 208% The following table
presents information about the Company's total nonperforming assets
and delinquent loans. Table 6 West Coast Bancorp Total Loan
Portfolio Nonperforming Assets and Delinquencies December 31,
December 31, September 30, (Dollars in thousands, unaudited) 2008
2007 2008 Loans on nonaccrual status: Commercial $6,250 $2,401
$6,650 Real estate construction: Commercial real estate
construction 2,922 - - Residential real estate construction 90,712
22,121 104,015 Total real estate construction 93,634 22,121 104,015
Real estate mortgage: Standard mortgage 8,283 552 6,384 Nonstandard
mortgage 15,229 - 11,834 Home equity 1,043 - 644 Total real estate
mortgage 24,555 552 18,862 Commercial real estate 3,145 1,353 5,636
Installment and consumer 6 - 14 Total nonaccrual loans 127,590
26,427 135,177 90 days past due not on nonaccrual - - - Total
non-performing loans 127,590 26,427 135,177 Other real estate owned
70,110 3,255 48,121 Total non-performing assets $197,700 $29,682
$183,298 Non-performing loans to total loans 6.18% 1.22% 6.41%
Non-performing assets to total assets 7.86% 1.12% 7.12% Total Loan
Portfolio Delinquent loans 30-89 days past due as a % of loan
category December December September 31, 31, 30, (Dollars in
thousands, unaudited) 2008 2007 2008 Commercial loans 0.58% 1.21%
0.06% Real estate construction loans 0.68% 7.13% 3.69% Real estate
mortgage loans 0.49% 0.16% 0.53% Commercial real estate loans 0.15%
0.10% 0.04% Installment and other consumer loans 0.36% 0.58% 0.49%
Delinquent loans 30-89 days past due: Two-step residential
construction loans $1,242 $36,778 $4,089 Total loans other than
two-step loans 6,850 7,706 10,919 Total delinquent loans 30-89 days
past due, not in nonaccrual status $8,092 $44,484 $15,008 The
following table presents information about the Company's activity
in other real estate owned. Table 7 West Coast Bancorp Other real
estate owned ("OREO") activity Three Three Three months months
months ended Number ended Number ended Number (Dollars in
thousands, Dec. 31 of Dec. 31 of Sept. 30 of unaudited) 2008
properties 2007 properties 2008 properties Beginning balance
$48,121 189 $1,183 6 $27,892 108 Additions to OREO(1) 34,066 129
2,072 9 26,965 103 Disposition of OREO (8,655) (30) - - (5,618)
(22) Valuation adjustments to OREO (3,422) - (1,118) Ending balance
$70,110 288 $3,255 15 $48,121 189 OREO activity related to two-step
loans Three Three Three months months months ended Number ended
Number ended Number (Dollars in thousands, Dec. 31 of Dec. 31 of
Sept. 30 of unaudited) 2008 properties 2007 properties 2008
properties Beginning balance $44,675 173 $1,183 5 $26,460 101
Additions to OREO(1) 26,541 106 2,072 9 24,200 91 Disposition of
OREO (8,271) (28) - - (4,867) (19) Valuation adjustments to OREO
(2,923) - (1,118) Ending balance $60,022 251 $3,255 14 $44,675 173
OREO activity related to loans other than two-step loans Three
Three Three months months months ended Number ended Number ended
Number (Dollars in thousands, Dec. 31 of Dec. 31 of Sept. 30 of
unaudited) 2008 properties 2007 properties 2008 properties
Beginning balance $3,446 16 $- 1 $1,432 7 Additions to OREO(1)
7,525 23 - - 2,765 12 Disposition of OREO (384) (2) - - (751) (3)
Valuation adjustments to OREO (499) - - - Ending balance $10,088 37
$- 1 $3,446 16 (1) Includes capitalized cost of OREO. The following
table presents information with respect to two-step residential
construction related OREO activity and two-step short sales. Table
8 Total two-step Two-step OREO property related OREO Two-step short
sales and short (Dollars in thousands) activity sales sales
Quarterly 2008: Amount Number Amount Number Amount Number Beginning
balance January 1 $3,255 14 Additions to OREO 2,461 10 Capitalized
improvements 246 Valuation adjustments - Disposition of OREO
properties and short sales (274) (1) $(286) (1) $(560) (2) Ending
balance March 31 $5,688 23 Additions to OREO 23,546 87 Capitalized
improvements 188 Valuation adjustments (245) Disposition of OREO
properties and short sales (2,717) (9) $(4,368) (14) $(7,085) (23)
Ending balance June 30 $26,460 101 Additions to OREO 24,025 91
Capitalized improvements 175 Valuation adjustments (1,118)
Disposition of OREO properties and short sales (4,867) (19)
$(3,200) (12) $(8,067) (31) Ending balance September 30 $44,675 173
Additions to OREO 25,831 106 Capitalized improvements 710 Valuation
adjustments (2,923) Disposition of OREO properties and short sales
(8,271) (28) $(3,594) (13)$(11,865) (41) Ending balance December 31
$60,022 251 Full year 2008: Beginning balance January 1 $3,255 14
Additions to OREO 75,863 294 Capitalized improvements 1,319
Valuation adjustments (4,286) Disposition of OREO properties and
short sales (16,129) (57)$(11,448) (40)$(27,577) (97) Ending
balance December 31 $60,022 251 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 9 West Coast Bancorp Two-Step Loan Portfolio
Allowance For Credit Losses and Net Charge-offs Two-Step Portfolio
Quarter ended Quarter ended Quarter ended December 31, December 31,
September 30, (Dollars in thousands, unaudited) 2008 2007 2008
Allowance for credit losses, beginning of period $1,502 $5,196
$5,280 Provision for credit losses 4,776 27,736 1,997 Charge-offs
6,176 1,867 6,490 Recoveries 319 - 715 Net charge-offs 5,857 1,867
5,775 Total allowance for credit losses $421 $31,065 $1,502
Components of allowance for credit losses Allowance for loan losses
$420 $23,917 $1,472 Reserve for unfunded commitments 1 7,148 30
Total allowance for credit losses $421 $31,065 $1,502 Net loan
charge-offs to average total loans (annualized) 1.11% 0.34% 1.08%
Allowance for two-step loan losses to nonperforming two-step
loans(1) 0.84% 116.41% 1.77% Allowance for two-step credit losses
to total two-step loans 0.79% 11.81% 1.53% Allowance for two-step
loan losses to total two-step loans 0.79% 9.10% 1.50% (1) Two-step
nonaccrual loans are net of chargeoffs previously taken against the
balance. Year to date Year to date December 31, December 31,
(Dollars in thousands, unaudited) 2008 2007 Allowance for credit
losses, beginning of period $31,065 $2,618 Provision for credit
losses 9,500 30,980 Charge-offs 42,483 2,540 Recoveries 2,339 7 Net
Charge-offs 40,144 2,533 Total allowance for credit losses $421
$31,065 Components of allowance for credit losses Allowance for
loan losses $420 $23,917 Reserve for unfunded commitments 1 7,148
Total allowance for credit losses $421 $31,065 Net loan charge-offs
to average total loans 1.87% 0.12% The following table presents
information about the Company's nonperforming assets and
delinquencies in the two-step residential construction loan
portfolio. Table 10 West Coast Bancorp Two-Step Residential
Construction Loans Nonperforming Assets and Delinquencies December
31, December 31, September 30, (Dollars in thousands, unaudited)
2008 2007 2008 Nonaccrual two-step loans $49,960 $20,545 $82,990 90
day past due and accruing interest - - - Total nonperforming
two-step loans 49,960 20,545 82,990 Other real estate owned
two-step 60,022 3,255 44,675 Total nonperforming two-step assets
$109,982 $23,800 $127,665 Delinquent two-step loans 30-89 days past
due, not in nonaccrual status $1,242 $36,778 $4,089 Nonperforming
two-step loans to total two-step loans 94.11% 7.81% 84.78%
Nonperforming two-step assets to total assets 4.37% 0.90% 4.96%
Delinquent two-step loans to total two-step loans 2.34% 13.99%
4.18% 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 11 West
Coast Bancorp Other than two-step loan portfolio Allowance For
Credit Losses and Net Charge-offs other than two-step loans Quarter
Quarter Quarter ended ended ended December 31, December 31,
September 30, (Dollars in thousands, unaudited) 2008 2007 2008
Allowance for credit losses, beginning of period $32,942 $23,310
$31,765 Provision for credit losses 11,741 2,220 7,128 Loan
charge-offs: Commercial 3,208 1,332 515 Commercial real estate
construction 1,422 - - Residential real estate construction 5,299 -
4,201 Total real estate construction 6,721 - 4,201 Standard
mortgages 1,640 - 76 Nonstandard mortgages 2,495 - 405 Home equity
121 64 100 Total real estate mortgage 4,256 64 581 Commercial real
estate 782 - 44 Installment and consumer 29 72 383 Overdraft 401
302 322 Total loan charge-offs 15,397 1,770 6,046 Loan recoveries:
Commercial 122 1 49 Commercial real estate construction - - -
Residential real estate construction - - - Total real estate
construction - - - Standard mortgages - - - Nonstandard mortgages
38 - - Home equity 2 - (22) Total real estate mortgage 40 - (22)
Commercial real estate - - - Installment and consumer 15 23 9
Overdraft 50 54 59 Total loan recoveries 227 78 95 Net charge-offs
15,170 1,692 5,951 Total allowance for credit losses $29,513
$23,838 $32,942 Components of allowance for credit losses:
Allowance for loan losses $28,500 $23,000 $32,026 Reserve for
unfunded commitments 1,013 838 916 Total allowance for credit
losses $29,513 $23,838 $32,942 Net loan charge-offs to average
loans (annualized) 2.88% 0.31% 1.11% Allowance for loan losses to
total loans 1.42% 1.20% 1.59% Allowance for credit losses to total
loans 1.47% 1.25% 1.64% Allowance for loan losses to nonperforming
loans 37% 391% 61% Allowance for credit losses to nonperforming
loans 38% 405% 63% Table 12 West Coast Bancorp Other than two-step
loan portfolio Allowance For Credit Losses and Net Charge-offs
other than two-step loans Year ended Year ended December 31,
December 31, (Dollars in thousands, unaudited) 2008 2007 Allowance
for credit losses, beginning of period $23,838 $20,399 Provision
for credit losses 30,867 7,976 Loan charge-offs: Commercial 6,464
3,798 Commercial real estate construction 1,422 - Residential real
estate construction 10,105 - Total real estate construction 11,527
- Standard mortgages 1,811 - Nonstandard mortgages 3,036 - Home
equity 249 71 Total real estate mortgage 5,096 71 Commercial real
estate 826 - Installment and consumer 531 254 Overdraft 1,328 1,050
Total loan charge-offs 25,772 5,173 Loan recoveries: Commercial 203
269 Commercial real estate construction - - Residential real estate
construction - - Total real estate construction - - Standard
mortgages - - Nonstandard mortgages 38 - Home equity 32 33 Total
real estate mortgage 70 33 Commercial real estate - 2 Installment
and consumer 78 112 Overdraft 229 220 Total loan recoveries 580 636
Net charge-offs 25,192 4,537 Total allowance for credit losses
$29,513 $23,838 Components of allowance for credit losses:
Allowance for loan losses $28,500 $23,000 Reserve for unfunded
commitments 1,013 838 Total allowance for credit losses $29,513
$23,838 Net loan charge-offs to average loans 1.17% 0.22% Allowance
for loan losses to total loans 1.42% 1.20% Allowance for credit
losses to total loans 1.47% 1.25% Allowance for loan losses to
nonperforming loans 37% 391% Allowance for credit losses to
nonperforming loans 38% 405% The following table presents
information about the Company's nonperforming assets and
delinquencies in the loan portfolio excluding two-step residential
construction loans. Table 13 West Coast Bancorp Loans Other than
Two-Step Loans Nonperforming Assets and Delinquencies December 31,
December 31, September 30, (Dollars in thousands, unaudited) 2008
2007 2008 Loans on nonaccrual status: Commercial $6,250 $2,401
$6,650 Real estate construction: Commercial real estate
construction 2,922 - - Residential real estate construction 40,752
1,576 21,025 Total real estate construction 43,674 1,576 21,025
Real estate mortgage: Standard mortgage 8,283 552 6,384 Nonstandard
mortgage 15,229 - 11,834 Home equity 1,043 - 644 Total real estate
mortgage 24,555 552 18,862 Commercial real estate 3,145 1,353 5,636
Installment and consumer 6 - 14 Total nonaccrual loans 77,630 5,882
52,187 90 days past due not on nonaccrual - - - Total
non-performing loans 77,630 5,882 52,187 Other real estate owned
10,088 - 3,446 Total non-performing assets $87,718 $5,882 $55,633
Delinquent non two-step loans 30-89 days past due, not in
nonaccrual status $6,850 $7,706 $10,919 Nonperforming non two-step
loans to total non two-step loans 3.86% 0.31% 2.59% Nonperforming
non two-step assets to total assets 3.49% 0.22% 2.16% Delinquent
non two-step loans to total non two-step loans 0.34% 0.40% 0.54%
The following table shows the components of our construction and
land loans outside the two-step portfolio as of the dates shown:
Table 14 West Coast Bancorp Construction and land loans outside the
two-step portfolio (Dollars in thousands, December 31, December 31,
September 30, unaudited) 2008 2007 2008 Amount Percent(2) Amount
Percent(2) Amount Percent(2) Land loans(1) $46,286 17% $44,508 15%
$44,805 16% Residential construction loans other than two-step
loans 136,024 49% 165,359 55% 144,517 52% Commercial construction
loans 92,616 34% 90,671 30% 88,630 32% Total construction and land
loans other than two-step loans $274,926 100% $300,538 100%
$277,952 100% Components of residential construction and land loans
other than two-step loans: Land loans(1) $23,495 15% $23,461 12%
$24,038 14% Site development 64,728 40% 84,620 45% 71,125 42%
Vertical construction 71,296 45% 80,739 43% 73,392 44% Total
residential construction and land loans other than two-step loans
$159,519 100% 188,820 100% $168,555 100% Components of commercial
construction and land loans: Land loans(1) $22,791 20% $21,047 19%
$20,767 19% Site development 607 1% - 0% 77 0% Vertical
construction 92,009 79% 90,671 81% 88,553 81% Total commercial
construction and land loans $115,407 100% $111,718 100% $109,397
100% Components of total construction and land loans other than
two-step loans: Land loans(1) $46,286 17% $44,508 15% $44,805 16%
Site development 65,335 24% 84,620 28% 71,202 26% Vertical
construction 163,305 59% 171,410 57% 161,945 58% Total construction
and land loans other than two-step loans $274,926 100% $300,538
100% $277,952 100% (1) Land loans represent balances that are
carried in the Company's residential real estate mortgage
commercial real estate loan portfolios. (2) Calculations have been
based on more detailed information and therefore may not recompute
exactly due to rounding. The following table shows the components
of our nonaccrual construction and land loans outside the two-step
portfolio as of the dates shown. Table 15 West Coast Bancorp
Nonaccrual construction and land loans oustide the two-step
portfolio (Dollars in thousands, December 31, December 31,
September 30, unaudited) 2008 2007 2008 Percent Percent Percent of
loan of loan of loan category category category Amount (2) Amount
(2) Amount (2) Land loans(1) $5,794 2.11% $306 0.10% $5,308 1.91%
Residential construction loans other than two- step loans 36,994
13.46% 1,576 0.52% 21,025 7.56% Commercial construction loans 2,922
1.06% - 0.00% - 0.00% Total nonaccrual construction and land loans
other than two- step loans $45,710 16.63% $1,882 0.63% $26,333
9.47% Components of nonaccrual residential construction and land
loans other than two-step loans: Land loans(1) $5,608 3.52% $306
0.16% $5,308 3.15% Site development 27,291 17.11% - 0.00% 13,731
8.15% Vertical construction 9,703 6.08% 1,576 0.83% 7,294 4.33%
Total nonaccrual residential construction and land loans other than
two- step loans $42,602 26.71% $1,882 1.00% $26,333 15.63%
Components of nonaccrual commercial construction and land loans:
Land loans(1) 186 0.16% - 0.00% - 0.00% Site development - 0.00% -
0.00% - 0.00% Vertical construction 2,922 2.53% - 0.00% - 0.00%
Total nonaccrual commercial construction and land loans $3,108
2.69% $- 0.00% $- 0.00% Components of total nonaccrual construction
and land loans other than two-step loans: Land loans(1) $5,794
2.11% $306 0.10% $5,308 1.91% Site development 27,291 9.93% - 0.00%
13,731 4.94% Vertical construction 12,625 4.59% 1,576 0.52% 7,294
2.62% Total nonaccrual construction and land loans other than two-
step loans $45,710 16.63% $1,882 0.63% $26,333 9.47% (1) Land loans
represent balances that are carried in the Company's residential
real estate mortgage and commercial real estate loan portfolios.
(2) Calculations have been based on more detailed information and
therefore may not recompute exactly due to rounding. The following
table shows the components of our delinquent construction and land
loans outside the two-step portfolio as of the dates shown. Table
16 West Coast Bancorp Delinquent construction and land loans
outside the two-step loan portfolio (Dollars in thousands, December
31, December 31, September 30, unaudited) 2008 2007 2008 Percent
Percent Percent of loan of loan of loan category category category
Amount (2) Amount (2) Amount (2) Land loans(1) $638 0.23% $487
0.16% $461 0.17% Residential construction loans other than two-step
loans 698 0.50% 163 0.06% 7,241 2.61% Commercial construction loans
- 0.00% - 0.00% 807 0.29% Total 30-89 days past due construction
loans other than two-step loans $1,336 0.49% $650 0.22% $8,509
3.07% Components of 30-89 days past due residential construction
and land loans other than two- step loans: Land loans(1) $165 0.10%
$487 0.26% $461 0.27% Site development 131 0.08% - 0.00% 5,586
3.31% Vertical construction 567 0.36% 163 0.09% 1,655 0.98% Total
30-89 days past due residential construction and land loans other
than two- step loans $863 0.54% $650 0.34% $7,702 4.56% Components
of 30-89 days past due commercial construction and land loans: Land
loans(1) $473 0.41% $- 0.00% $- 0.00% Site development - 0.00% -
0.00% - 0.00% Vertical construction - 0.00% - 0.00% 807 0.74% Total
30-89 days past due commercial construction and land loans $473
0.41% $- 0.00% $807 0.74% Components of total 30-89 days past due
construction and land loans other than two-step loans: Land
loans(1) $638 0.23% $487 0.16% $461 0.17% Site development 131
0.05% - 0.00% 5,586 2.01% Vertical construction 567 0.21% 163 0.05%
2,462 0.89% Total 30-89 days past due construction and land loans
other than two-step loans $1,336 0.49% $650 0.22% $8,509 3.07% (1)
Land loans represent balances that are carried in the Company's
residential real estate mortgage and commercial real estate loan
portfolios. (2) Calculations have been based on more detailed
information and therefore may not recompute exactly due to
rounding. DATASOURCE: West Coast Bancorp CONTACT: Robert D.
Sznewajs, President & CEO, +1-503-598-3243, or Anders Giltvedt,
Executive Vice President & CFO, +1-503-598-3250, both of West
Coast Bancorp Web site: http://www.wcb.com/
Copyright
West Coast Bancorp (MM) (NASDAQ:WCBO)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
West Coast Bancorp (MM) (NASDAQ:WCBO)
Historical Stock Chart
Von Jul 2023 bis Jul 2024