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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

West Coast Bancorp is a publicly held, Northwest bank holding company headquartered in Oregon with $2.5 billion in assets, and the parent company of West Coast Bank and West Coast Trust Company, Inc. West Coast Bank operates 58 branches in Oregon and Washington. The Company serves clients who seek the resources, sophisticated products and expertise of larger financial institutions, along with the local decision-making, market knowledge, and customer service orientation of a community bank. The Company offers a broad range of banking, investment, fiduciary and trust services.  For more information, please visit the Company web site at www.wcb.com .

The West Coast Bancorp logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13726

Forward Looking Statements

Statements in this release regarding future events, performance or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA") and are made pursuant to the safe harbors of the PSLRA. These statements can often be identified by words such as "expects," "believes," "projects," "anticipates," or "will," or other words of similar meaning, and specifically include in this release all statements regarding the expected future benefits of our ongoing cost-cutting initiatives. Actual results could be quite different from those expressed or implied by the forward-looking statements, which give our current expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

A number of factors could cause results to differ significantly from our expectations, including, among others, the effects of (i) market conditions in our service areas on our efforts to continue to reduce our levels of nonperforming assets and increase loan originations, (ii) cost reduction initiatives, (iii) any failure to satisfy the conditions to our proposed merger with Columbia Banking System, Inc., including receipt of regulatory and shareholder approvals, and (iv) risk factors identified in our Annual Report on Form 10-K for the year ended December 31, 2011 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, including under the heading "Forward Looking Statement Disclosure" and in the section "Risk Factors" in each report.

 
Table 15              
INCOME STATEMENT
(Dollars and shares in thousands) Q4 Q4 Change Q3 Full Year
  2012 2011 $ % 2012 2012 2011
 Net interest income               
 Interest and fees on loans   $ 18,525  $ 19,647  $ (1,122) -6%  $ 18,706  $ 75,139  $ 80,237
 Interest on investment securities   3,867  4,266  (399) -9%  3,985  16,061  18,251
 Other interest income   32  19  13 68%  35  124  187
 Total interest income   22,424  23,932  (1,508) -6%  22,726  91,324  98,675
 Interest expense on deposit accounts   346  702  (356) -51%  385  1,739  4,973
 Interest on borrowings and subordinated deb.   643  925  (282) -30%  654  2,557  5,808
 Borrowings prepayment charge   --   4,365  (4,365) -100%  --   --   7,140
 Total interest expense   989  5,992  (5,003) -83%  1,039  4,296  17,921
 Net interest income   21,435  17,940  3,495 19%  21,687  87,028  80,754
               
 Provision (benefit) for credit losses   13  1,499  (1,486) -99%  (593)  (983)  8,133
               
 Noninterest income               
 Service charges on deposit accounts   2,769  3,005  (236) -8%  3,017  11,816  13,353
 Payment systems-related revenue   3,016  3,081  (65) -2%  3,073  12,246  12,381
 Trust and investment services revenues   1,077  1,114  (37) -3%  1,231  4,700  4,503
 Gains on sales of loans   346  300  46 15%  492  2,295  1,335
 Net OREO valuation adjustments and gains (losses) on sales  (752)  (1,981)  1,229 62%  (457)  (2,813)  (3,236)
 Other-than-temporary impairment losses   --   --   --   --   --   (49)  (179)
 Gain on sales of securities   --   192  (192) -100%  --   375  713
 Other   818  708  110 16%  816  3,257  2,949
 Total noninterest income   7,274  6,419  855 13%  8,172  31,827  31,819
 Noninterest expense               
 Salaries and employee benefits   10,685  12,614  (1,929) -15%  11,499  45,743  48,587
 Equipment   1,467  1,560  (93) -6%  1,480  6,193  6,113
 Occupancy   2,084  2,162  (78) -4%  1,901  8,179  8,674
 Payment systems-related expense   1,059  1,265  (206) -16%  1,148  4,401  5,141
 Professional fees   468  1,122  (654) -58%  777  3,416  4,118
 Postage, printing and office supplies   627  821  (194) -24%  735  2,910  3,265
 Marketing   498  659  (161) -24%  520  1,585  3,003
 Communications   394  395  (1) 0%  411  1,604  1,549
 Merger-related expenses   1,194  --   1,194 0%  578  1,772  -- 
 Other noninterest expense   1,801  2,146  (345) -16%  2,258  8,282  10,425
 Total noninterest expense   20,277  22,744  (2,467) -11%  21,307  84,085  90,875
 Income before income taxes   8,419  116  8,303 7158%  9,145  35,753  13,565
 Provision (benefit) for income taxes   2,680  (17,646)  20,326 115%  3,201  12,247  (20,212)
 Net income   $ 5,739  $ 17,762  $ (12,023) -68%  $ 5,944  $ 23,506  $ 33,777
               
 Net income per share:               
 Basic   $ 0.28  $ 0.87  $ (0.59)    $ 0.29  $ 1.15  $ 1.65
 Diluted   $ 0.26  $ 0.83  $ (0.57)    $ 0.27  $ 1.08  $ 1.58
 Weighted average common shares   19,113 19,032  81    19,110  19,086  19,007
 Weighted average diluted shares   20,450 19,911  539    20,344  20,286  19,940
               
 Tax equivalent net interest income   $ 21,739  $ 18,223  $ 3,516    $ 21,982  $ 88,165  $ 81,870
 Return on average assets  0.93% 2.88% -1.95%   0.97% 0.97% 1.37%
 Return on average equity  6.76% 23.68% -16.92%   7.14% 7.18% 11.79%
 
 
Table 16          
BALANCE SHEETS
(Dollars in thousands) Dec. 31, Dec. 31, Change Sept. 30,
  2012 2011 $ % 2012
Assets:          
Cash and due from banks  $ 70,119  $ 59,955  $ 10,164 17%  $ 53,026
Federal funds sold  4,059  4,758  (699) -15%  3,426
Interest-bearing deposits in other banks  63,433  27,514  35,919 131%  44,883
 Total cash and cash equivalents  137,611  92,227  45,384 49%  101,335
Investment securities  772,109  729,844  42,265 6%  792,657
Loans  1,494,929  1,501,301  (6,372) 0%  1,490,767
Allowance for loan losses  (29,448)  (35,212)  5,764 16%  (31,457)
Loans, net  1,465,481  1,466,089  (608) 0%  1,459,310
 Total interest-earning assets  2,334,530  2,267,446  67,084 3%  2,331,733
OREO, net  16,112  30,823  (14,711) -48%  21,939
Other assets  96,867  110,904  (14,037) -13%  100,739
 Total assets  $ 2,488,180  $ 2,429,887  $ 58,293 2%  $ 2,475,980
           
Liabilities and Stockholders' Equity:          
Demand  $ 712,285  $ 621,962  $ 90,323 15%  $ 704,810
Savings and interest-bearing demand  524,031  495,117  28,914 6%  499,934
Money market  569,043  625,373  (56,330) -9%  588,635
Time deposits  130,641  173,117  (42,476) -25%  135,913
 Total deposits  1,936,000  1,915,569  20,431 1%  1,929,292
Borrowings and subordinated debentures  178,900  171,000  7,900 5%  178,900
Reserve for unfunded commitments  869  771  98 13%  831
Other liabilities  33,191  28,068  5,123 18%  30,961
 Total liabilities  2,148,960  2,115,408  33,552 2%  2,139,984
Stockholders' equity  339,220  314,479  24,741 8%  335,996
 Total liabilities and stockholders' equity  $ 2,488,180  $ 2,429,887  $ 58,293 2%  $ 2,475,980
 
 
Table 17                
PERIOD END LOANS
(Dollars in thousands) Dec. 31, % of Dec. 31, % of Change Sept. 30, % of
  2012 Total 2011 total Amount % 2012 Total
Commercial loans  $ 259,333 17%  $ 299,766 20%  $ (40,433) -13%  $ 286,134 19%
 Commercial real estate construction  25,191 2%  17,438 1%  7,753 44%  39,100 3%
 Residential real estate construction  7,792 1%  12,724 1%  (4,932) -39%  8,306 1%
Total real estate construction loans  32,983 3%  30,162 2%  2,821 9%  47,406 4%
 Mortgage  54,960 4%  66,610 5%  (11,650) -17%  56,548 4%
 Home equity  233,516 16%  258,384 17%  (24,868) -10%  244,683 16%
Total real estate mortgage  288,476 20%  324,994 22%  (36,518) -11%  301,231 20%
Commercial real estate loans  901,817 59%  832,767 55%  69,050 8%  843,836 56%
Installment and other consumer loans  12,320 1%  13,612 1%  (1,292) -9%  12,160 1%
 Total loans  $ 1,494,929    $ 1,501,301    $ (6,372) 0%  $ 1,490,767  
 
 
Table 18          
 AVERAGE BALANCE SHEETS 
(Dollars in thousands) Q4 Q4 Q3 Year to date
  2012 2011 2012 2012 2011
Cash and due from banks  $ 53,144  $ 53,829  $ 51,697  $ 51,435  $ 52,258
Federal funds sold  2,724  3,184  2,558  2,610  3,796
Interest-bearing deposits in other banks  47,523  20,530  47,242  43,859  67,332
 Total cash and cash equivalents  103,391  77,543  101,497  97,904  123,386
Investment securities  787,996  783,948  761,006  746,233  734,893
Total loans  1,483,610  1,498,437  1,493,454  1,484,724  1,516,409
Allowance for loan losses  (30,670)  (36,101)  (32,794)  (33,096)  (38,456)
Loans, net  1,452,940  1,462,336  1,460,660  1,451,628  1,477,953
Total interest earning assets  2,321,854  2,309,396  2,304,261  2,277,955  2,324,016
Other assets  114,143  122,493  118,879  122,863  124,562
 Total assets  $ 2,458,470  $ 2,446,320  $ 2,442,042  $ 2,418,628  $ 2,460,794
           
Demand  $ 703,402  $ 622,741  $ 677,646  $ 647,323  $ 592,630
Savings and interest-bearing demand  503,280  493,541  498,399  498,649  474,719
Money market  577,358  640,247  592,363  597,376  654,329
Time deposits  132,446  179,288  140,151  147,713  217,149
Total deposits  1,916,486  1,935,817  1,908,559  1,891,061  1,938,827
Borrowings and subordinated debentures  178,900  189,635  179,063  176,939  212,237
Total interest bearing liabilities  1,391,984  1,502,711  1,409,976  1,420,677  1,558,434
Other liabilities  25,162  23,245  23,063  23,108  23,332
Stockholders' equity  337,922  297,623  331,357  327,520  286,398
 Total liabilities and stockholders' equity  $ 2,458,470  $ 2,446,320  $ 2,442,042  $ 2,418,628  $ 2,460,794
 
CONTACT: Robert D. Sznewajs
         President & CEO
         (503) 598-3243
         
         Anders Giltvedt
         Executive Vice President & CFO
         (503) 598-3250

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