West Coast Bancorp (NASDAQ:WCBO) swung to a profit in the first quarter and beat Wall Street’s expectations in the process. West Coast Bancorp is a bank holding company through its subsidiaries which provides a full range of financial services including lending and depository services through 64 branch banking offices in Oregon and Washington.
West Coast Bancorp Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $5.1 million (5 cents/diluted share) in the quarter. The West Coast Bancorp had a net loss of $888,000 or a loss one cent per share in the year earlier quarter.
Revenue: Total noninterest income was $8.9 million.
Actual vs. Wall St. Expectations: WCBO beat the mean analyst estimate of 4 cents/share. Estimates ranged from 3 cents per share to 5 cents per share.
Quoting Management: “The results for the first quarter of 2011, reflecting a profit of $5.1 million and an annualized return on average assets of .84%, represent continuous progress for the Company from prior periods as virtually all of the key financial metrics of the Company continued their trend of improvement,” said Robert D. Sznewajs, President and Chief Executive Officer. “The continued growth in loan origination volume is beginning to impact total loan balances. Combined with further declines in the credit costs, growth in the loan portfolio will, over time, improve our operating leverage and further enhance our overall operating results,” said Sznewajs.
Competitors to Watch: Columbia Bancorp (CBBO), Cascade Bancorp (NASDAQ:CACB), Pacific Continental Corp. (NASDAQ:PCBK), PremierWest Bancorp (PRWTD), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Citigroup (NYSE:C), Columbia Banking System, Inc. (NASDAQ:COLB), and Cowlitz Bancorporation (CWLZ).
Today’s Performance: Shares of WCBO are trading at $3.53 as of April 25, 2011 at 11:08 AM ET, down 2 pennies from the previous closing price of $3.51.