West Coast Bancorp Earnings Cheat Sheet: Topping Estimates

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.

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West Coast Bancorp Earnings Cheat Sheet for the Second Quarter

Results: Reported a profit of $6.3 million (29 cents per diluted share) in the quarter. The Pacific regional bank had net income of $6.1 million or 29 cents per diluted share a year earlier.

Actual vs. Wall St. Expectations: WCBO beat the mean analyst estimate of 27 cents per share.

Quoting Management: “Net income was $16.0 million for the nine months ended September 30, 2011 compared to $1.3 million for the same period a year ago, continuing the favorable trends in the operating performance of the Company over the past eighteen months”, said Robert D. Sznewajs, President and Chief Executive Officer. “The Company’s return on average assets continues to improve, reaching 1.00% in the third quarter of 2011 and .87% for the nine months ended September 30, 2011. In addition, we have taken steps in the third quarter to reduce our operating costs, including the closure of certain branches in the fourth quarter, and the prepayment of a portion of our term debt with the FHLB in the third quarter. These actions, combined with others, are expected to improve the Company’s pre-tax income in future periods.”

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 22 cents versus a mean estimate of net income of 28 cents per share.

Looking Forward: Analysts have a more positive outlook about the company’s results for next quarter. The average estimate for third quarter is 49 cents per share, an increase from 29 cents sixty days ago. For the fiscal year, the average estimate has moved up from $1.04 a share to $1.24 over the last sixty days.

Competitors to Watch: 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), Columbia Banking System, Inc. (NASDAQ:COLB), and Frontier Financial Corp. (FTBK).

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(Source: Xignite Financials)