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West Coast Bancorp Reports Net Income Of $5.7 Million For Fourth Quarter 2012 And $23.5 Million For Full Year 2012

Stocks in this article: WCBO

  • Net income for the fourth quarter 2012 was $5.7 million or $0.26 per diluted share and $6.5 million or $0.30 per diluted share excluding after-tax merger-related expenses*.
  • Fourth quarter 2012 return on average assets was .93% or 1.05% excluding after-tax merger-related expenses*.  
  • Fourth quarter 2012 efficiency ratio, excluding merger-related expenses*, improved to 65.8% from 93.0% in the same quarter in 2011.  
  • Full year 2012 pretax income was $35.8 million or $37.5 million excluding merger-related expenses*, which represented an increase of $24.0 million from $13.6 million in 2011.  
  • On December 11, 2012, the Company declared a cash dividend of $.05 per common share, payable on January 31, 2013, to shareholders of record as of January 10, 2013, with Series B preferred shares participating on an as-converted basis.  
  • On September 26, 2012, the Company announced an Agreement and Plan of Merger with Columbia Banking System, Inc. ("Columbia'), headquartered in Tacoma, Washington, with assets of $4.9 billion at December 31, 2012. The merger, for which the consideration consists of a combination of cash and Columbia common stock, is subject to customary closing conditions, including receipt of requisite shareholder and regulatory approvals.

LAKE OSWEGO, Ore., Jan. 24, 2013 (GLOBE NEWSWIRE) -- West Coast Bancorp (Nasdaq:WCBO) ("Bancorp" or "Company"), the parent company of West Coast Bank ("Bank") and West Coast Trust Company, Inc., today announced fourth quarter 2012 net income of $5.7 million or $0.26 per diluted share compared to net income of $17.8 million or $0.83 per diluted share in the fourth quarter of 2011. Fourth quarter 2011 net income reflected the impact from a reversal of a deferred tax asset valuation allowance. Net income for the full year 2012 was $23.5 million or $1.08 per diluted share compared to net income of $33.8 million or $1.58 per diluted share for the full year 2011.

"I am very pleased with the operating performance of the Company in 2012, especially with the progress achieved in the areas of credit quality, expense management, and new loan originations," said Robert D. Sznewajs, President and Chief Executive Officer. "Over the past year our people have worked hard to attain this level of operating results which compares very favorably with our industry peers. The new organization after the merger with Columbia Bank will be well positioned to successfully compete in the Pacific Northwest for many years to come."

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