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

Total nonperforming assets at December 31, 2012, were $41.2 million or 1.66% of total assets, which represented a 42% reduction from $71.4 million or 2.94% of total assets a year ago, and a decline of 24% from $54.3 million or 2.19% of total assets at the end of the third quarter 2012.

December 31, 2012, total nonaccrual loans declined 38% to $25.1 million from $40.6 million a year earlier.

Table 12
NONPERFORMING ASSETS
(Dollars in thousands)	Dec. 31,	Sept. 30,	June 30,	Mar. 31,	Dec. 31,
	2012	2012	2012	2012	2011
Loans on nonaccrual status:
Commercial	$ 4,313	$ 6,643	$ 6,199	$ 6,482	$ 7,750
Real estate construction:
Commercial real estate construction	--	1,650	3,750	3,749	3,750
Residential real estate construction	1,336	1,851	1,936	1,981	2,073
Total real estate construction	1,336	3,501	5,686	5,730	5,823
Real estate mortgage:
Mortgage	5,994	6,170	7,044	10,744	9,624
Home equity	3,782	2,845	2,239	2,528	2,325
Total real estate mortgage	9,776	9,015	9,283	13,272	11,949
Commercial real estate	9,659	13,248	12,384	16,648	15,070
Installment and consumer	--	--	--	1	5
Total nonaccrual loans	25,084	32,407	33,552	42,133	40,597
90 days past due not on nonaccrual	--	--	--	--	--
Total nonperforming loans	25,084	32,407	33,552	42,133	40,597
Other real estate owned, net	16,112	21,939	25,726	27,525	30,823
Total nonperforming assets	$ 41,196	$ 54,346	$ 59,278	$ 69,658	$ 71,420
Nonperforming loans to total loans	1.68%	2.17%	2.24%	2.86%	2.70%
Nonperforming assets to total assets	1.66%	2.19%	2.46%	2.89%	2.94%
Total delinquent loans 30-89 days past due	$ 2,662	$ 2,963	$ 3,422	$ 4,095	$ 4,273
Delinquent loans to total loans	0.18%	0.20%	0.23%	0.28%	0.28%

As indicated in Table 13 below, during the most recent quarter the Company disposed of 27 OREO properties with a book value of $5.3 million and recorded OREO valuation adjustments totaling $0.8 million. As a result, the Company reduced its OREO balance by $5.8 million to $16.1 million at December 31, 2012, representing a 27% net reduction in total OREO during the quarter. The remaining OREO balance at quarter end reflected write-downs of 63% from original loan principal. Income-producing properties represented the largest balance in the OREO portfolio at December 31, 2012, followed by land and homes, substantially all of which are located within the Company's footprint.

Table 13
OTHER REAL ESTATE OWNED ACTIVITY
(Dollars in thousands)	Q4 2012		Q4 2011		Q3 2012
	Amount	#	Amount	#	Amount	#
Beginning balance	$ 21,939	218	$ 30,234	308	$ 25,726	244
Additions to OREO	259	1	9,241	15	487	3
Dispositions of OREO	(5,299)	(27)	(6,728)	(59)	(3,788)	(29)
OREO valuation adjustment	(787)	--	(1,924)	--	(486)	--
Ending balance	$ 16,112	192	$ 30,823	264	$ 21,939	218

Table 14
OTHER REAL ESTATE OWNED BY PROPERTY TYPE
	Dec. 31, 2012		Dec. 31, 2011		Sept. 30, 2012
(Dollars in thousands)		# of				# of
	Amount	properties	Amount	properties	Amount	properties
Income-producing properties	$ 3,821	8	$ 10,282	15	$ 7,749	11
Land	3,575	12	5,049	16	4,104	13
Homes	2,927	12	6,008	17	3,518	14
Residential site developments	2,391	103	3,506	146	2,736	114
Multifamily	1,570	20	428	4	1,570	20
Lots	1,478	31	2,932	51	1,912	40
Commercial site developments	350	6	366	6	350	6
Condominiums	--	--	2,252	9	--	--
Total	$ 16,112	192	$ 30,823	264	$ 21,939	218

Other

As announced on January 8, 2013, the Company will not hold a conference call in conjunction with today's release of fourth quarter and full-year 2012 results due to the Company's previously announced Agreement and Plan of Merger with Columbia Banking System, Inc.

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