West Coast Bancorp (WCBO, Financial) filed Quarterly Report for the period ended 2010-09-30.
West Coast Bancorp has a market cap of $250.8 million; its shares were traded at around $2.69 with and P/S ratio of 2.1. WCBO is in the portfolios of Michael Price of MFP Investors LLC.
Deposits are our primary source of funds. Over the past 12 months our loan to deposit ratio declined from 85% at September 30, 2009 to 80% at September 30, 2010. This was mainly as a result of loans declining $247 million over the same period. Lower loan balances combined with a significantly bolstered equity position caused the collective balance of interest bearing deposits in other bank and investment securities portfolio to grow $141 million to $758 million at September 30, 2010 and represent 32% of total earning assets. In light of the substantial liquidity position, a portion of which carried a higher cost of funds than amounts being earned and therefore has an adverse impact on net interest income and operating results, we reduced brokered, internet, and other term deposits as well as FHLB borrowings during the first nine months of 2010.
At September 30, 2010, the Bank had outstanding borrowings of $164 million, against its $685 million in established borrowing capacity with the FHLB, as compared to $263 million outstanding against its $478 million in established borrowing capacity at December 31, 2009. The Bank s borrowing facility is subject to collateral and stock ownership requirements. The Bank also had a Federal Funds line of credit agreement with a correspondent financial institution of $5 million at September 30, 2010, of which none was outstanding at September 30, 2010, and December 31, 2009. The use of such Federal Funds lines is subject to certain conditions. The Bank had an available discount window primary credit line with the FRB of approximately $37 million at September 30, 2010, with no balance outstanding at either September 30, 2010, or December 31, 2009. As with the other lines, the FRB line is subject to collateral requirements, must be repaid within 90 days, and each advance is subject to prior FRB consent.
At September 30, 2010, the Bank had commitments to extend credit of $592 million, which was up 5% compared to $564 million at December 31, 2009. For additional information regarding off balance sheet arrangements and future financial commitments, see Note 8 “Commitments And Contingent Liabilities” in the financial statements included under Item 1 of this report.
Read the The complete Report
West Coast Bancorp has a market cap of $250.8 million; its shares were traded at around $2.69 with and P/S ratio of 2.1. WCBO is in the portfolios of Michael Price of MFP Investors LLC.
Highlight of Business Operations:
Bancorp s stockholders equity was $275 million at September 30, 2010, up from $249 million at year end 2009 and $162 million at September 30, 2009.Deposits are our primary source of funds. Over the past 12 months our loan to deposit ratio declined from 85% at September 30, 2009 to 80% at September 30, 2010. This was mainly as a result of loans declining $247 million over the same period. Lower loan balances combined with a significantly bolstered equity position caused the collective balance of interest bearing deposits in other bank and investment securities portfolio to grow $141 million to $758 million at September 30, 2010 and represent 32% of total earning assets. In light of the substantial liquidity position, a portion of which carried a higher cost of funds than amounts being earned and therefore has an adverse impact on net interest income and operating results, we reduced brokered, internet, and other term deposits as well as FHLB borrowings during the first nine months of 2010.
At September 30, 2010, the Bank had outstanding borrowings of $164 million, against its $685 million in established borrowing capacity with the FHLB, as compared to $263 million outstanding against its $478 million in established borrowing capacity at December 31, 2009. The Bank s borrowing facility is subject to collateral and stock ownership requirements. The Bank also had a Federal Funds line of credit agreement with a correspondent financial institution of $5 million at September 30, 2010, of which none was outstanding at September 30, 2010, and December 31, 2009. The use of such Federal Funds lines is subject to certain conditions. The Bank had an available discount window primary credit line with the FRB of approximately $37 million at September 30, 2010, with no balance outstanding at either September 30, 2010, or December 31, 2009. As with the other lines, the FRB line is subject to collateral requirements, must be repaid within 90 days, and each advance is subject to prior FRB consent.
At September 30, 2010, the Bank had commitments to extend credit of $592 million, which was up 5% compared to $564 million at December 31, 2009. For additional information regarding off balance sheet arrangements and future financial commitments, see Note 8 “Commitments And Contingent Liabilities” in the financial statements included under Item 1 of this report.
Read the The complete Report
