West Coast Bancorp (NASDAQ:WCBO) reported its results for the second quarter. 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 Second Quarter
Results: Swung to a profit of $4.6 million (22 cents per diluted share) in the quarter. West Coast Bancorp had a net loss of $3.8 million or a loss 20 cents per share in the year earlier quarter.
Revenue: Noninterest income was $9 million last quarter.
Actual vs. Wall St. Expectations: WCBO fell short of the mean analyst estimate of 28 cents per share.
Quoting Management: “The net income of $9.7 million for the first half of 2011, representing an annualized return on average assets of .80% compared to a net loss of $ 4.7 million for the same period in 2010, is indicative of the significant improvement of the operating results of the Company from the same period a year ago,” said Robert D. Sznewajs, President and Chief Executive Officer. “While the economic environment continues to be very difficult, growth in new loan originations is beginning to stabilize total average loan balances outstanding.”
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 25 cents versus a mean estimate of net income of 20 cents per share.
Competitors to Watch: Cascade Bancorp (NASDAQ:CACB), Pacific Continental Corp. (NASDAQ:PCBK), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Columbia Banking System, Inc. (NASDAQ:COLB), and Frontier Financial Corp. (FTBK).
(Source: Xignite Financials)