West Coast Bancorp (NASDAQ:WCBO) saw its profit rise in the most recent quarter, coming up above estimates.
Earnings and Revenue The company announced EPS of 28 cents a share against the 26 cents a share estimate.
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For the second quarter, the company reported net income of $6 million, up 30.4% from the year-ago quarter.
History Against Expectations The company has managed to top estimates the last two quarters. In the first quarter, it beat expectations with net income of 27 cents versus a mean estimate of net income of 23 cents per share.
Official Comment: "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."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.