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

The yield on total average loan portfolio of 4.97% in the fourth quarter of 2012 declined 22 basis points from the corresponding quarter in 2011 and stayed substantially unchanged from the previous quarter. Past periods' trend of higher yielding loans in the portfolio paying off or being refinanced at lower yields combined with new loan originations at current market rates continues to drive the yield on the total portfolio lower as compared to the prior year.

Table 3
AVERAGE LOANS FOR THE QUARTER
(Dollars in thousands)	Dec. 31,	% of	Dec. 31,	% of	Change		Sept. 30,	% of
	2012	Total	2011	total	Amount	%	2012	Total
Commercial loans	$ 262,773	17%	$ 293,583	20%	$ (30,810)	-10%	$ 287,706	19%
Commercial real estate construction	33,534	2%	14,730	1%	18,804	128%	37,838	3%
Residential real estate construction	8,304	1%	13,613	1%	(5,309)	-39%	9,497	1%
Total real estate construction loans	41,838	3%	28,343	2%	13,495	48%	47,335	4%
Mortgage	55,980	4%	67,579	5%	(11,599)	-17%	58,393	4%
Home equity	238,462	16%	260,849	17%	(22,387)	-9%	246,330	16%
Total real estate mortgage	294,442	20%	328,428	22%	(33,986)	-10%	304,723	20%
Commercial real estate loans	872,639	59%	834,362	55%	38,277	5%	841,098	56%
Installment and other consumer loans	11,918	1%	13,721	1%	(1,803)	-13%	12,592	1%
Total loans	$ 1,483,610		$ 1,498,437		$ (14,827)	-1%	$ 1,493,454
Yield on loans	4.97%		5.19%		(0.22)		4.98%

The Company's investment portfolio continues to have an unfavorable impact on its net interest margin. During 2012, the Company increased its investments in municipal securities while reducing its U.S. government agency securities portfolio. During this time, municipal securities purchases consisted principally of Oregon and Washington school district securities with State guarantees and fully amortizing mortgage-backed securities. The expected duration of the investment portfolio was approximately 3.0 years at December 31, 2012, compared to approximately 2.5 years twelve months earlier.

« First ‹ Previous 1 2 3 4 5 6 7 8 Next › Last »