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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

The fourth quarter 2012 tax equivalent yield on total cash and investment securities balances was 1.99%, a decline of 25 basis points from the same quarter in 2011, and a decline of 13 basis points on a linked-quarter basis.

 
Table 4          
AVERAGE CASH EQUIVALENTS AND INVESTMENT SECURITIES FOR THE QUARTER
(Dollars in thousands) Dec. 31, Dec. 31, Change Sept. 30,
  2012 2011 Amount % 2012
Cash equivalents:          
 Federal funds sold  $ 2,724  $ 3,184  $ (460) -14%  $ 2,558
 Interest-bearing deposits in other banks  47,523  20,530  26,993 131%  47,242
Total cash equivalents  50,247  23,714  26,533 112%  49,800
           
Investment securities:          
 U.S. Treasury securities  200  204  (4) -2%  200
 U.S. Government agency securities  240,134  254,030  (13,896) -5%  217,051
 Corporate securities  9,020  8,854  166 2%  8,385
 Mortgage-backed securities  445,488  445,422  66 0%  447,756
 Obligations of state and political sub.  81,329  62,712  18,617 30%  75,717
 Equity investments and other securities  11,825  12,726  (901) -7%  11,897
Total investment securities  787,996  783,948  4,048 1%  761,006
           
Total cash equivalents and investment securities  $ 838,243  $ 807,662  $ 30,581 4%  $ 810,806
           
Tax equivalent yield on cash equivalents and investment securities (1) 1.99% 2.24%  (0.25)   2.12%
           
(1) Interest earned on nontaxable securities has been computed on a 35% tax equivalent basis.  
 

Average total deposits of $1.92 billion in the fourth quarter 2012 stayed essentially unchanged from the previous quarter, as the continued growth in non-interest bearing demand deposits offset declines in money market and time deposit balances. Time deposits represented 7% of the Company's average total deposits in the most recent quarter, a reduction from 9% during the final quarter of 2011. Year-over-year fourth quarter average total deposit balances declined $19 million or 1%, with average money market and time deposit balances declining $63 million and $47 million, respectively. Substantially offsetting these declines, non-interest bearing demand and savings deposits grew $81 million and $19 million, respectively, over the same period.
 
Table 5                
AVERAGE DEPOSITS, BORROWINGS AND SUBORDINATED DEBENTURES FOR THE QUARTER
(Dollars in thousands) Q4 % of Q4 % of Change Q3 % of
  2012 Total 2011 Total Amount % 2012 Total
Demand deposits  $ 703,402 37%  $ 622,741 33%  $ 80,661 13%  $ 677,646 36%
Interest-bearing demand  366,413 19%  375,922 19%  (9,509) -3%  365,560 19%
 Total checking deposits  1,069,815 56%  998,663 52%  71,152 7%  1,043,206 55%
Savings  136,866 7%  117,619 6%  19,247 16%  132,839 7%
Money market  577,358 30%  640,247 33%  (62,889) -10%  592,363 31%
 Total non-time deposits   1,784,039 93%  1,756,529 91%  27,510 2%  1,768,408 93%
Time deposits  132,447 7%  179,288 9%  (46,841) -26%  140,151 7%
 Total deposits  $ 1,916,486 100%  $ 1,935,817 100%  $ (19,331) -1%  $ 1,908,559 100%
                 
Average rate on total deposits 0.07%   0.14%    (0.07)   0.08%  
                 
Average borrowings and subordinated debentures  $ 178,900    $ 189,635    $ (10,735) -6%  $ 179,063  
                 
Rate on borrowings and subordinated debentures   1.43%   11.07%    (9.64)   1.45%  
 

Fourth quarter 2012 average total checking deposit balance of $1.07 billion grew $71 million or 7% from the corresponding quarter in 2011 and represented 56% 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 7 basis points in the most recent quarter, representing a decline of 7 basis points from the same quarter in 2011.

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