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West Coast Bancorp (NASDAQ:WCBO) reported net income above Wall Street’s expectations 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
Results: Net income for West Coast Bancorp rose to $6 million (28 cents per share) vs. $4.6 million (22 cents per share) in the same quarter a year earlier. This marks a rise of 30.4% from the year-earlier quarter.
Actual vs. Wall St. Expectations: West Coast Bancorp beat the mean analyst estimate of 26 cents per share.
Quoting Management: “Net income reached $11.8 million for the first half of 2012 and grew 21% or $2.1 million from the same period a year ago,” said Robert D. Sznewajs, President and Chief Executive Officer. “The continued reduction in credit-related costs and ongoing improvements in expense management were the primary contributors to the improved operating results. The Company’s return on average assets for the first half of 2012 reached 1.00% compared to .80% in the same period in 2011.”
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 27 cents versus a mean estimate of net income of 23 cents per share.
Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the third quarter is 25 cents per share, a drop from 26 cents. Over the past three months, the average estimate for the fiscal year has climbed from 98 cents per to share to $1.04.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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