West Coast Bancorp Earnings: Profit Up

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: Net income for the Pacific regional bank rose to $17.8 million (83 cents per share) vs. $1.9 million (9 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Revenue: Noninterest income was $6.4 million last quarter.

Actual vs. Wall St. Expectations: WCBO fell short of the mean analyst estimate of $1.03 per share.

Quoting Management: “Net income of $33.8 million for the year ended December 31, 2011, compared to $3.2 million for the same period a year ago, reflects the consistent improvement in the core operating performance of the Company over the past two years and the impact of the reversal of the deferred tax asset valuation allowance”, said Robert D. Sznewajs, President and Chief Executive Officer. “The Company’s return on average assets continues to improve, reaching 1.37% for the year ended December 31, 2011. The combination of record levels of capital, actions taken in 2011 relating to the restructuring of FHLB borrowings, implementation of cost reduction and revenue enhancing initiatives, and other measures, positions the Bank well for 2012.”

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 29 cents versus a mean estimate of net income of 27 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 23 cents a share to 21 cents over the last ninety days. Over the past three months, the average estimate for the fiscal year has climbed from $1.24 per to share to $1.82.

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).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com