West Coast Bancorp has reported a net loss of $8.2 million, or $0.53 per diluted share, for the fourth quarter of 2008, compared to a net loss of $7.5 million, or $0.48 per diluted share, for the fourth quarter of 2007.
Fourth quarter 2008 net interest income declined $7.1 million to $21.1 million from the fourth quarter of 2007 due to the 92 basis point compression in the net interest margin to 3.70% and from lower earning assets.
For the full year of 2008, the company reported a net loss of $5.8 million, or $0.38 per diluted share, compared to a net income of $16.8 million, or $1.05 per diluted share, for 2007.
Full year 2008 net interest income decreased $23 million, primarily due to a 96 basis point decline in the net interest margin and also from a lower earning asset base, according to the company.
At December 31, 2008, total assets of the company were $2.51 billion, as against $2.65 billion as of December 31, 2007. Deposits declined to $2.02 billion at December 31, 2008 from $2.09 billion at December 31, 2007.
Robert D. Sznewajs,President and CEO, said: Despite a very challenging environment, West Coast Bank improved its total capital ratio to approximately 10.93% at December 31, 2008, and remained well capitalized for regulatory purposes despite incurring an operating loss in the fourth quarter of 2008.
