Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

West Coast Bancorp Q1 earnings down

West Coast Bancorp has reported earnings of $2 million or $0.13 per diluted share for the first quarter of 2008, compared to earnings of $7.9 million or $0.49 per diluted share for the same period of 2007.

The first quarter 2008 net interest income of $23.6 million declined $4.3 million or 15% from the first quarter of 2007. A positive loan volume variance was more than offset by the $4.2 million in interest reversals associated with two-step loans moved to nonaccrual status. As a result, the first quarter net interest margin fell 70 basis points to 3.92% from 4.62% in the fourth quarter of 2007.

First quarter non-interest income rose $2.2 million or 27% from the same quarter in 2007.

Robert Sznewajs, president and CEO of West Coast Bancorp, said: The first quarter 2008 operating results were significantly impacted by current economic conditions in the residential real estate markets and are disappointing.