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SMALL BUSINESS
West Coast Bancorp 3Q loss widens
AP
LAKE OSWEGO, Ore. -West Coast Bancorp, which operates banks in Oregon and Washington, said Monday its third-quarter loss widened and it received capital investments of $155 million.
The investments raise its West Coast Bank unit's expected capital ratio above the level required by bank regulators.
The company's shares rose 12 cents, or 4.7 percent, to $2.65 in afternoon trading.
West Coast Bancorp's quarterly results included a steep drop in net interest income stemming mainly from lower interest and fees on loans.
West Coast posted a loss of $12.4 million, or 79 cents per share, compared with a loss of $2.3 million, or 15 cents per share, in the year-ago period.
Analysts polled by Thomson Reuters expected a loss of 36 cents per share.
Net interest income, or earnings from interest on deposits and loans, fell 19 percent to $19.1 million from $23.7 million.
Non-interest income, or earnings from charges and other banking services such as insurance, jumped to $5 million from $1.1 million.
The company's provision for loan losses more than doubled to $20.3 million from $9.1 million.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 16:12:30
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