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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

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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