West Coast Bancorp Reports Record First Quarter 2004 Earnings --
Earnings Per Diluted Share of $.33; a 10% Increase Over first
quarter 2003 LAKE OSWEGO, Ore., April 13 /PRNewswire-FirstCall/ --
West Coast Bancorp today announced quarterly earnings of $5.2
million or $0.33 per diluted share for the first quarter of 2004,
compared to earnings of $4.72 million or $0.30 per diluted share in
the first quarter of 2003. This represents a 10% net income and
earnings per diluted share growth from the same quarter in 2003.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010816/SFTH016ALOGO )
Three Months Ended March 31, (# in 000's except per share data)
2004 2003 Earnings per Diluted Share $.33 $.30 Net Income $5,171
$4,719 Return on Average Equity 14.8% 14.3% Book Value per Share
$9.52 $8.88 Total Period End Loans $1,260,771 $1,174,242 Total
Period End Deposits $1,380,120 $1,272,475 "The 10% increase in
earnings per share, to $.33 in the first quarter of 2004, from the
same quarter last year represents continued progress for the
Company," said Robert D. Sznewajs, President and CEO. "The Company
remains dedicated to its stated strategy of growing its commercial
and home equity loan portfolios. In addition, the Company was
successful in growing its real estate construction loan portfolio
by almost $10 million or 9% from the end of the first quarter a
year ago. Credit quality has also remained consistent with previous
quarterly trends. Furthermore, the Company was selected by Oregon
Business Magazine as one of their '100 Best Companies To Work For'
in Oregon." Financial Results Over the 12 months ending March 31,
2004, total loans for the Company grew by more than 7%, or $87
million. The Company experienced particularly strong growth during
this period in commercial, real estate construction, and home
equity loans. Compared to year-end 2003, total loans increased by
nearly $40 million, an annualized rate of 13%, with solid increases
in the commercial, real estate construction, and home equity loan
categories. For the quarter ended March 31, 2004, net interest
income was $18.2 million; an increase of $1.5 million or 9% from
the first quarter of 2003. Higher loan and investment balances and
an improved deposit mix contributed to the increase in net interest
income. The net interest margin at 4.78 % in the latest quarter
declined slightly from 4.82% in the same quarter last year due to
lower reinvestment yields and declining yields in the loan and
investment portfolios. However, the first quarter 2004 net interest
margin increased 18 basis points from the fourth quarter 2003. The
sequential quarter increase in the net interest margin was caused
by an improved mix in average earning assets and a wider loan to
deposit spread. Total non-interest income increased by $.5 million
or 11% in the first quarter of 2004 compared to the same period a
year ago. The quarter over quarter increase in deposit accounts and
related fees associated with overdraft protection activity,
additional related payment systems revenues, and higher investment
product sales revenue accounted for $.4 million of the increase.
These increases were partly offset by a $.3 million decline in gain
on sales from reduced residential mortgage origination volume
compared to the first quarter of 2003. Other non-interest income
increased by $.2 million due to the one-time sale of a repossessed
property. First quarter 2004 total non-interest expense increased
11% or $1.5 million compared to the first quarter 2003. Salaries
and benefits increases represented $1.1 million of the
year-over-year quarterly increase. Approximately 40% of the $1.1
million increase in salaries and benefits was associated with new
branch offices and additional commercial and residential lending
officers. The first quarter 2004 occupancy expense increased $.4
million from the first quarter of 2003, with $.3 million being a
one-time charge as a result of decreasing our book value in an
affordable housing tax credit to match our equity in the project.
Year over year first quarter marketing expenses increased $.2
million mainly due to additional direct mail cost associated with a
new product launched in the South Puget Sound Region, while other
loan expense declined $.3 million, primarily in the area of other
real estate owned costs. Declining legal costs positively affected
professional expense on a year over year first quarter basis.
Annualized net charge-offs were .11% of average loans for the first
quarter 2004, compared to .15% in the same period last year. Net
charge-offs were $.3 million in the quarter ended March 31, 2004,
virtually unchanged from the $.4 million in the first quarter of
2003. At March 31, 2004, the allowance for loan losses was 1.48% of
total loans compared to 1.47% on March 31, 2003. Non-performing
assets were $5.2 million or .31% of total assets at March 31, 2004,
down from $6.4 million or .41% at March 31, 2003. The allowance for
loan losses was 524% of total non-performing loans at March 31,
2004, compared to 358% at March 31, 2003. During the first quarter
of 2004, consistent with its capital plan and pursuant to its
corporate repurchase program, the Company repurchased approximately
132,400 shares. During the past twelve months, the Company
repurchased approximately 520,100 shares or 3.5% of its common
shares outstanding at an average cost of $19.70 per share. At March
31, 2004, approximately 188,000 shares remained available for
repurchase. Other: The Company will hold a webcast conference call
Wednesday, April 14, 2004, at 8:30 a.m. Pacific Time, during which
the Company will discuss first quarter results, review its
strategic progress, and provide management's current earnings
expectations for the full year 2004. To access the conference call
via a live webcast, go to http://www.wcb.com/ and click on Investor
Relations/Conference Call/West Coast Bancorp Webcast. The
conference call may also be accessed by dialing 877-604-2074 a few
minutes prior to 8:30 a.m. PDT. The call will be available for
replay by accessing the Company's website at http://www.wcb.com/
and clicking on Investor Relations/Conference Call/Archived
Conference Call (Replay). West Coast Bancorp is a Northwest bank
holding company with $1.7 billion in assets, operating 48 offices
in Oregon and Washington. West Coast Bancorp, the parent company of
West Coast Bank and West Coast Trust, is headquartered in Oregon.
West Coast Bank serves clients who seek the resources,
sophisticated products and expertise of larger financial
institutions, along with the local decision making, market
knowledge, and customer service orientation of a community bank.
The Company offers a broad range of banking, investment, fiduciary
and trust services. For more information, please visit the Company
web site at http://www.wcb.com/. Forward Looking Statements:
Statements in this report 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. Factors that could cause results to
differ from forward-looking statements include, among others:
general economic and banking business conditions; evolving banking
industry standards; competitive factors, including pricing
pressures on Bancorp's loan yield and rates paid on deposits;
changing customer investment, deposit and lending behaviors;
changing interest rate environments, including the shape and the
level of the yield curve, that could decrease net interest income
and fee income, including lowers gains on sales of loans; vendor
service quality; changes in laws and other legal developments;
government funding of Small Business Administration ("SBA") loans;
and changes in technology or required investments in technology.
Furthermore, the forward-looking statements are subject to risks
related to the Company's ability to: attract and retain additional
lending officers and other key personnel; close loans in the
pipeline; generate loan and deposit balances at projected spreads;
sustain fee generation; maintain asset quality; control the level
of net charge-offs; generate retail investments; retain customers
of greatest value; control expenses; monitor and manage the
Company's internal operating and disclosure control environments;
and other matters. Readers are cautioned not to place undue
reliance on the forward-looking statements which reflect
management's analysis only as of the date of the statements.
Readers should carefully review the disclosures we file from time
to time with the Securities and Exchange Commission ("SEC").
Bancorp undertakes no obligation to publicly review or update
forward-looking statements to reflect events or circumstances that
arise after the date of this report. Three months Twelve months
FINANCIAL HIGHLIGHTS ended ended (Unaudited) March 31, December 31,
(Dollars and shares in thousands) 2004 2003 2003 2002 Interest and
fees on loans $18,936 $19,494 $77,321 $82,989 Interest on
investment securities 3,482 3,042 12,148 12,785 Other interest
income 14 12 209 254 Total interest income 22,432 22,548 89,678
96,028 Interest expense on deposit accounts 2,751 4,187 15,131
21,319 Interest on borrowings including trust preferred sec. 1,444
1,663 5,508 7,213 Total interest expense 4,195 5,850 20,639 28,532
Net interest income 18,237 16,698 69,039 67,496 Provision for loan
loss 900 850 3,800 4,979 Non-interest income Service charges on
deposit accounts 1,855 1,672 6,960 6,352 Other service charges,
commissions and fees 1,706 1,392 6,577 5,099 Trust revenues 500 414
1,776 1,683 Gains on sales of loans 913 1,142 5,124 4,024 Bank
owned life insurance 224 110 827 227 Other 310 60 590 1,309 Gains
on sales of securities -- 192 192 -- Non-interest income 5,508
4,982 22,046 18,694 Non-interest expense Salaries and employee
benefits 8,920 7,830 32,487 29,499 Equipment 1,301 1,216 5,139
5,100 Occupancy 1,573 1,181 4,901 4,642 Check and other transaction
processing 629 675 2,778 2,572 Professional fees 414 501 2,314
1,834 Courier and postage 466 509 1,953 1,948 Marketing 492 290
2,047 2,018 Other loan expense 190 447 1,624 1,276 Communications
290 286 1,166 1,100 Other taxes and insurance 190 182 700 721
Printing and office supplies 176 140 637 710 Other non-interest
expense 547 427 2,404 2,598 Non-interest expense 15,188 13,684
58,150 54,018 Income before income taxes 7,657 7,146 29,135 27,193
Provision for income taxes 2,486 2,427 9,338 8,990 Net income
$5,171 $4,719 $19,797 $18,203 Basic earnings per share $0.35 $0.31
$1.31 $1.17 Diluted earnings per share $0.33 $0.30 $1.26 $1.13
Weighted average common shares 14,943 15,147 15,077 15,575 Weighted
average diluted shares 15,642 15,611 15,674 16,069 PERIOD END
BALANCES Prior Qtr-to- Quarter Quarter Year-to- Quarter Qtr
(Unaudited) ended ended year ended % change (000's except per
Mar-04 Mar-03 % change Dec-03 annualized share data) Total assets
$1,684,001 $1,557,174 8.1% $1,662,882 5.1% Total investment
securities $316,410 $265,072 19.4% $321,970 -6.9% Total loans
$1,260,771 $1,174,242 7.4% $1,220,881 13.1% Allowance for loan
losses $18,685 $17,246 8.3% $18,131 12.2% Total deposits $1,380,120
$1,272,475 8.5% $1,404,859 -7.0% Total borrowings including
including subordinated debentures $148,739 $133,832 11.1% $103,646
174.0% Stockholders' equity $143,114 $134,543 6.4% $140,053 8.7%
Non-performing assets $5,151 $6,366 -19.1% $4,410 67.2% WEST COAST
BANCORP (unaudited) First First Fourth (in thousands except for per
share data) Quarter Quarter Quarter (all rates have been annualized
where appropriate) 2004 2003 2003 CAPITAL - Stockholders' equity
$143,114 $134,543 $140,053 - Shares outstanding period end 15,025
15,154 15,076 - Average stockholders' equity to average assets
8.47% 8.74% 8.36% - Book value per common share $9.52 $8.88 $9.29 -
Tangible book value per common share $9.47 $8.80 $9.23 PERFORMANCE
RATIOS - Return on average assets 1.25% 1.25% 1.20% - Return on
average equity 14.79% 14.35% 14.39% - Non-interest income to
average assets 1.33% 1.32% 1.30% - Non-interest expense to average
assets 3.68% 3.64% 3.54% - Efficiency ratio, tax equivalent 62.86%
62.38% 62.60% RATES - Earned on interest-earning assets 5.86% 6.46%
5.77% - Paid on interest-bearing liabilities 1.40% 2.10% 1.54% -
Net interest spread 4.46% 4.36% 4.23% - Net interest margin 4.78%
4.82% 4.60% - Tax equivalent net interest income $18,655 $17,146
$18,200 AVERAGE ASSETS - Investment securities $317,741 $263,918
$323,210 - Commercial loans $246,461 $217,014 $238,575 - Real
estate construction loans $117,368 $116,236 $115,696 - Real estate
mortgage loans $182,234 $153,302 $174,889 - Real estate commercial
loans $656,030 $638,222 $645,078 - Installment and other consumer
loans $38,560 $44,194 $39,248 - Total loans $1,240,653 $1,168,968
$1,213,486 - Total interest earning assets $1,568,364 $1,443,984
$1,569,079 - Total assets $1,659,927 $1,525,676 $1,659,062 AVERAGE
LIABILITIES - Total demand deposits $300,358 $249,671 $312,837 -
Total interest bearing demand, savings, and money market $734,022
$623,798 $731,220 - Total certificates of deposits $329,418
$370,727 $356,911 - Total deposits $1,363,798 $1,244,196 $1,400,968
- Total borrowings including subordinated debentures $141,389
$137,262 $106,014 - Total interest bearing liabilities $1,204,829
$1,131,788 $1,194,144 - Total liabilities $1,519,305 $1,392,292
$1,520,295 AVERAGE ASSET/LIABILITY RATIOS - Average int. earning
assets to int. bearing liabilities 130.2% 127.6% 131.4% - Loans to
assets 74.7% 76.6% 73.1% - Interest bearing deposits to assets
64.1% 65.2% 65.6% ASSET QUALITY - Non-accruing loans $3,560 $4,815
$2,669 - 90-day delinquencies $9 -- -- - Total non-performing loans
$3,569 $4,815 $2,669 - Real estate owned $1,582 $1,551 $1,741 -
Total non-performing assets $5,151 $6,366 $4,410 ASSET QUALITY
RATIOS - Allowance for loan losses to total loans 1.48% 1.47% 1.49%
- Non-performing loans to total loans 0.28% 0.41% 0.22% - Allowance
for loan losses to Non- performing loans 523.57% 358.15% 679.30% -
Non-performing assets to total assets 0.31% 0.41% 0.27% - Allowance
for loan losses to Non- performing assets 362.76% 270.90% 411.08% -
Net loan charge-offs to average loans (annualized) 0.11% 0.15%
0.37% WEST COAST BANCORP (unaudited) (in thousands except for per
share data) Year Year (all rates have been annualized where to date
to date appropriate) 2003 2002 CAPITAL - Stockholders' equity
$140,053 $133,387 - Shares outstanding period end 15,076 15,326 -
Average stockholders' equity to average assets 8.57% 8.76% - Book
value per common share $9.29 $8.70 - Tangible book value per common
share $9.23 $8.62 PERFORMANCE RATIOS - Return on average assets
1.24% 1.22% - Return on average equity 14.52% 13.96% - Non-interest
income to average assets 1.39% 1.26% - Non-interest expense to
average assets 3.66% 3.63% - Efficiency ratio, tax equivalent
62.77% 61.32% RATES - Earned on interest-earning assets 6.08% 6.99%
- Paid on interest-bearing liabilities 1.78% 2.56% - Net interest
spread 4.29% 4.43% - Net interest margin 4.70% 4.95% - Tax
equivalent net interest income $70,793 $69,402 AVERAGE ASSETS -
Investment securities $280,028 $251,728 - Commercial loans $234,720
$201,600 - Real estate construction loans $116,820 $109,044 - Real
estate mortgage loans $163,505 $137,744 - Real estate commercial
loans $640,349 $633,066 - Installment and other consumer loans
$41,568 $46,308 - Total loans $1,196,962 $1,127,762 - Total
interest earning assets $1,504,949 $1,401,525 - Total assets
$1,590,242 $1,487,564 AVERAGE LIABILITIES - Total demand deposits
$283,504 $234,189 - Total interest bearing demand, savings, and
money market $669,689 $592,150 - Total certificates of deposits
$371,534 $395,161 - Total deposits $1,324,727 $1,221,500 - Total
borrowings including subordinated debentures $117,533 $125,997 -
Total interest bearing liabilities $1,158,755 $1,113,308 - Total
liabilities $1,453,925 $1,357,188 AVERAGE ASSET/LIABILITY RATIOS -
Average int. earning assets to int. bearing liabilities 129.9%
125.9% - Loans to assets 75.3% 75.8% - Interest bearing deposits to
assets 65.5% 66.4% ASSET QUALITY - Non-accruing loans $2,669 $5,080
- 90-day delinquencies -- $15 - Total non-performing loans $2,669
$5,095 - Real estate owned $1,741 $1,672 - Total non-performing
assets $4,410 $6,767 ASSET QUALITY RATIOS - Allowance for loan
losses to total loans 1.49% 1.45% - Non-performing loans to total
loans 0.22% 0.44% - Allowance for loan losses to Non- performing
loans 697.30% 330.45% - Non-performing assets to total assets 0.27%
0.44% - Allowance for loan losses to Non- performing assets 411.08%
248.81% - Net loan charge-offs to average loans (annualized) 0.21%
0.30% Trailing Four Quarters Financial Data and First Fourth Third
Second Trailing Ratios Quarter Quarter Quarter Quarter Four
(Unaudited) 2004 2003 2003 2003 Quarters (dollars in thousands):
Net income $5,171 $5,034 $5,045 $4,999 $20,249 Diluted earnings per
share $0.33 $0.32 $0.32 $0.32 $1.29 Return on average assets 1.25%
1.20% 1.24% 1.29% 1.24% Return on average equity 14.79% 14.39%
14.59% 14.76% 14.63% Net interest margin 4.78% 4.60% 4.63% 4.78%
4.69% Efficiency ratio, tax equivalent 62.86% 62.60% 63.00% 63.05%
62.89% Non-interest income to Avg. Assets 1.33% 1.30% 1.43% 1.50%
1.39% Non-interest expense to Avg. Assets 3.68% 3.54% 3.66% 3.81%
3.67% http://www.newscom.com/cgi-bin/prnh/20010816/SFTH016ALOGO
http://photoarchive.ap.org/ 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/
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