Board Declares Increase in Quarterly Cash Dividend
SANTA CRUZ, Calif., Jan. 25, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited record earnings for the year ended December 31, 2023 of $35.2 million, a $4.2 million or 14% increase over 2022. Basic and diluted earnings per share in 2023 improved over 2022 by $0.55 and $0.54, respectively, to $4.18 and $4.16. Unaudited earnings for the quarter ended December 31, 2023 were $8.8 million, a decrease of 3% from $9.1 million in the prior quarter and a decrease of 12% from $10.0 million in the fourth quarter of 2022. Basic and diluted earnings per share in the fourth quarter of 2023 were both $1.05, and decreased over the prior quarter by $0.04 and $0.03, respectively. Both basic and diluted earnings per share in the fourth quarter of 2023 decreased over the prior year comparative quarter by $0.13.
President and CEO, Krista Snelling commented: "We are pleased to report record net income for the year and record gross loans at year-end. Our team grew loans despite the high interest rate environment, which speaks volumes for our relationship banking model and our reputation in the industry for responsiveness and delivery. In addition, we ranked as the top SBA lender by number of loans made in the Silicon Valley region for the SBA's 2023 fiscal year.
In February, we will celebrate our 20th anniversary as a community bank. The achievements of the past two decades are attributable to our dedicated employees, longstanding community partners, and loyal clients who value placing their deposits locally for the benefit of the communities we serve."
On January 18, 2024, the Board of Directors of Bancorp declared a quarterly cash dividend of $0.17 per common share, an increase of $0.01 per share from the prior quarter, payable on February 14, 2024, to shareholders of record at the close of business on February 8, 2024.
"Our financial performance throughout 2023 allows us to sustain our delivery of dividends," said Stephen Pahl, Chairman of the Board of Directors. "Our consistent track record of increasing quarterly cash dividends is reflective of the Board's commitment to rewarding our shareholders, and our confidence in the Bank's financial performance."
Financial Highlights
Performance highlights as of and for the quarter ended December 31, 2023, included the following:
Liquidity Position
The following table summarizes the Bank's liquidity as of December 31, 2023 and 2022:
As of | ||
(Dollars in thousands) | 12/31/2023 | 12/31/2022 |
Cash and due from banks | $ 44,395 | $ 77,383 |
Unencumbered AFS securities | 198,876 | 263,615 |
Total on-balance-sheet liquidity | 243,271 | 340,998 |
Line of credit from the Federal Home Loan Bank of San Francisco - collateralized | 434,961 | 354,677 |
Line of credit from the Federal Reserve Bank of San Francisco - collateralized | 251,641 | -- |
Lines at correspondent banks - unsecured | 80,000 | 71,000 |
Total external contingency liquidity capacity | 766,602 | 425,677 |
Less: overnight borrowings | (32,500) | -- |
Net available liquidity sources | $ 977,373 | $ 766,675 |
As of December 31, 2023, net liquidity exceeded uninsured and uncollateralized deposits of $664.5 million, with a coverage ratio greater than 147%.
U.S. Treasury bonds, securities issued by U.S. Government sponsored agencies and SBA accounted for 74%, 18% and 4% of the investment portfolio as of December 31, 2023, respectively, and thus presented minimal credit or liquidity risk. The investment portfolio of $269.9 million at December 31, 2023 has an average life of 2.6 years, and the Bank expects to receive principal, in full, when the investments mature. Net unrealized losses on AFS securities totaled $15.0 million ($10.6 million after-tax). Held-to-maturity securities totaled $7.6 million at December 31, 2023 with an insignificant amount of unrealized losses.
As of December 31, 2023, the Bank had no borrowings outstanding from the Federal Reserve's discount window or its Bank Term Funding Program. $32.5 million overnight borrowing was outstanding as of December 31, 2023 under unsecured lines of credit from our correspondent banks, compared to no overnight borrowings outstanding at September 30, 2023.
Quarterly Earnings
For the fourth quarter of 2023, net income was $8.8 million, compared to $9.1 million in the third quarter of 2023 and $10.0 million in the fourth quarter of 2022. Major factors impacting earnings in the fourth quarter include: interest income on loans, interest expense on deposits and borrowings, and noninterest expense. Interest income on loans increased $1.2 million compared to prior quarter, primarily attributable to growth in the loan portfolio, recognition of interest recovered from the resolution of a previously nonaccrual commercial real estate credit, and continued upward repricing of the adjustable-rate loans. However, market interest rate pressure resulted in a $1.1 million interest expense increase during the fourth quarter of 2023. Additionally, noninterest expense increased $902 thousand during the fourth quarter of 2023 due to implementation costs totaling $556 thousand associated with the new e-banking platform and audit expenses incurred throughout the quarter.
Interest Income / Interest Expense and Net Interest Margin
Net interest income of $20.8 million in the fourth quarter of 2023 decreased $247 thousand from $21.1 million for the quarter ended September 30, 2023, primarily due to the impact of continued upward pressure on funding costs partially offset by additional interest income from increased loan balances and yields. Increased rates on interest-bearing deposits caused a larger increase in funding costs than the corresponding increase in loan yields. The Bank's cost of funds increased 30 basis points from the third quarter of 2023 of 0.87%, to 1.17% in the fourth quarter of 2023.
For the fourth quarter of 2023, net interest margin was 4.85%, compared to 4.92% in the third quarter and 4.83% for the corresponding quarter in 2022. The decrease from the prior quarter primarily reflected rising costs of funds, partially offset by the benefit from higher yields on interest-earning assets and the recognition of $263 thousand interest recovered for a commercial real estate loan. We expect the margin compression to continue in 2024 due to the rising cost of funds, while the pace is anticipated to moderate.
The Bank's 2023 net interest margin was 4.94%, compared to 4.19% in 2022. The increase from prior year is mainly attributed to an improvement on yield from earning assets, favorably impacted by multiple increases in prime rate and other indices tied to our floating rate loans, and organic loan growth in 2023, which improved the mix of earning assets, as well as increases in our cost of funds lagging behind the market rate increases during most of 2023. Cost of funds were 0.80% in 2023 compared to 0.12% in 2022.
The following tables compare interest income, average interest-earning assets, interest expense, average interest-bearing liabilities, net interest income, net interest margin and cost of funds for each period reported.
For the Quarter Ended | |||||||
December 31, 2023 | September 30, 2023 | ||||||
(Dollars in thousands) | Average | Interest | Avg | Average | Interest | Avg | |
ASSETS | |||||||
Interest-earning due from banks | $ 28,290 | $ 167 | 2.34 % | $ 52,137 | $ 538 | 4.10 % | |
Investments | 292,959 | 1,320 | 1.79 % | 297,352 | 1,239 | 1.65 % | |
Loans | 1,381,579 | 23,807 | 6.84 % | 1,346,981 | 22,616 | 6.66 % | |
Total interest-earning assets | 1,702,828 | 25,294 | 5.89 % | 1,696,470 | 24,393 | 5.70 % | |
Noninterest-earning assets | 61,462 | 67,660 | |||||
Total assets | $ 1,764,290 | $ 1,764,130 | |||||
LIABILITIES | |||||||
Interest-bearing deposits | $ 894,514 | 4,457 | 1.98 % | $ 874,172 | 3,327 | 1.51 % | |
Borrowings | 2,375 | 34 | 5.71 % | 1,217 | 16 | 5.36 % | |
Total interest-bearing liabilities | 896,889 | 4,491 | 1.99 % | 875,389 | 3,343 | 1.52 % | |
Noninterest-bearing deposits | 625,930 | 650,865 | |||||
Other noninterest-bearing liabilities | 18,353 | 23,286 | |||||
Total liabilities | 1,541,172 | 1,549,540 | |||||
EQUITY | 223,118 | 214,590 | |||||
Total liabilities and equity | $ 1,764,290 | $ 1,764,130 | |||||
Net interest income /margin | $ 20,803 | 4.85 % | $ 21,050 | 4.92 % | |||
Cost of funds | 1.17 % | 0.87 % | |||||
For the Years Ended | |||||||
December 31, 2023 | December 31, 2022 | ||||||
(Dollars in thousands) | Average | Interest | Avg | Average | Interest | Avg | |
ASSETS | |||||||
Interest-earning due from banks | $ 35,820 | $ 1,209 | 3.38 % | $ 133,183 | $ 2,520 | 1.89 % | |
Investments | 304,191 | 4,945 | 1.63 % | 331,958 | 3,797 | 1.14 % | |
Loans | 1,333,906 | 88,759 | 6.65 % | 1,212,425 | 65,744 | 5.42 % | |
Total interest-earning assets | 1,673,917 | 94,913 | 5.67 % | 1,677,566 | 72,061 | 4.30 % | |
Noninterest-earning assets | 70,261 | 78,509 | |||||
Total assets | $ 1,744,178 | $ 1,756,075 | |||||
LIABILITIES | |||||||
Interest-bearing deposits | $ 867,353 | 11,506 | 1.33 % | $ 833,443 | 1,850 | 0.22 % | |
Borrowings | 12,592 | 643 | 5.11 % | 110 | 2 | 1.47 % | |
Total interest-bearing liabilities | 879,945 | 12,149 | 1.38 % | 833,553 | 1,852 | 0.22 % | |
Noninterest-bearing deposits | 633,504 | 716,961 | |||||
Other noninterest-bearing liabilities | 18,955 | 16,338 | |||||
Total liabilities | 1,532,404 | 1,566,852 | |||||
EQUITY | 211,774 | 189,223 | |||||
Total liabilities and equity | $ 1,744,178 | $ 1,756,075 | |||||
Net interest income /margin | $ 82,764 | 4.94 % | $ 70,209 | 4.19 % | |||
Cost of funds | 0.80 % | 0.12 % |
Noninterest Income / Expense
Noninterest income for the quarter ended December 31, 2023 was $849 thousand compared to $1.2 million for the previous quarter and $804 thousand in the fourth quarter of 2022. The Bank sold its vacant office property in July 2023 and recognized a $255 thousand gain in the third quarter. There were no SBA sales in 2023 or in the fourth quarter of 2022. The market premium on SBA loans declined, making it less favorable to sell SBA loans in 2023.
Noninterest expense was $9.4 million in the fourth quarter of 2023, $902 thousand or 11% more than prior quarter, primarily due to system implementation costs and temporary staffing costs totaling $556 thousand related to the launch of our new e-banking platform in November, $289 thousand higher expenses associated with audits conducted during the fourth quarter, and $67 thousand increased fraudulent check costs, partially offset by lower bonus expenses and reduction in split-dollar life insurance plans reflecting a higher discount rate in 2023. Noninterest expense increased $2.5 million, or 37% compared to the same quarter last year, the result of higher operating costs across the board due to inflation, as well as holding company formation expenses and the $556 thousand in expenses associated with the conversion to a new e-banking platform mentioned earlier.
Loans and Asset Quality
Non-PPP loans increased $36.1 million or 3% from September 30, 2023 and $146.4 million or 12% compared to December 31, 2022. Growth in the loan portfolio was driven by new originations in commercial real estate loans, including multifamily projects, and asset-based lending loans. The ABL department originated $29.1 million and $43.4 million in new loan commitments during the fourth quarter of 2023 and the full year of 2023, respectively.
The allowance for credit losses was $23.9 million, or 1.70% of the total loans, at December 31, 2023, compared to $25.1 million, or 1.83% of the total loans, at September 30, 2023. The decrease in the allowance as a percentage of total loans was due to the $1.2 million charge-off of a fully reserved nonaccrual loan as discussed previously, and slight declines in reserve rates due to changes in forecasted economic factors. The allowance for credit losses includes specific reserves in the amount of $185 thousand as of December 31, 2023 and $1.4 million as of September 30, 2023, for individually evaluated commercial loans on nonaccrual status. No loans were added to nonaccrual status during the fourth quarter of 2023.
The following tables summarize the Bank's loan mix and delinquent/nonperforming loans:
Loan Mix | |||||
As of | Change % vs. | ||||
(Dollars in thousands) | 12/31/2023 | 09/30/2023 | 12/31/2022 | 9/30/2023 | 12/31/2022 |
Loans held for sale | $ 33,696 | $ 34,564 | $ 45,263 | -3 % | -26 % |
SBA and B&I loans | 137,586 | 140,279 | 139,732 | -2 % | -2 % |
PPP loans | 313 | 346 | 3,202 | -10 % | -90 % |
Commercial term loans | 107,509 | 109,526 | 111,591 | -2 % | -4 % |
Revolving commercial lines | 117,251 | 120,220 | 126,439 | -2 % | -7 % |
Asset-based lines of credit | 27,174 | 8,025 | 2,314 | 239 % | 1,074 % |
Construction loans | 138,309 | 138,164 | 154,070 | 0 % | -10 % |
Real estate loans | 807,050 | 779,143 | 646,295 | 4 % | 25 % |
Home equity lines of credit | 31,849 | 27,611 | 29,382 | 15 % | 8 % |
Consumer and other loans | 8,396 | 15,176 | 6,480 | -45 % | 30 % |
Deferred loan expenses, net of fees | 2,160 | 2,163 | 2,971 | 0 % | -27 % |
Total gross loans | $ 1,411,293 | $ 1,375,217 | $ 1,267,739 | 3 % | 11 % |
Delinquent and Nonperforming Loans | |||||
As of or for the Quarter Ended | |||||
(Dollars in thousands) | 12/31/2023 | 09/30/2023 | 12/31/2022 | ||
Loans past due 30-89 days, excluding PPP loans | $ -- | $ 1 | $ 959 | ||
PPP loans past due 30-89 days | -- | -- | 26 | ||
Delinquent loans (past due 90+ days still accruing) | 2,999* | -- | 10 | ||
Nonaccrual loans | 6,526* | 10,697 | 3,161 | ||
Other real estate owned | -- | -- | -- | ||
Nonperforming assets | 9,525 | 10,697 | 3,171 | ||
Net loan charge-offs (recoveries) QTD | 1,172 | (4) | -- | ||
Net loan charge-offs (recoveries) YTD | 2,167 | 996 | 126 | ||
* A $3.0 million delinquent commercial real estate loan was returned to accrual status in the fourth quarter of 2023 and was subsequently paid off in January 2024.
Deposits
Deposits were $1.52 billion at December 31, 2023, reflecting a decrease of $13.8 million during the fourth quarter of 2023. The decrease reflected several significant cyclical fluctuations from our large depositors whose non-interest bearing deposit accounts are influenced by tourism and the harvest season. As a result, the Bank's noninterest-bearing deposits to total deposits at December 31, 2023 declined to 38%, from 42% at September 30, 2023.
The ten largest deposit relationships, excluding fully collateralized government agency deposits, represent approximately 13% of total deposits as of December 31, 2023, up from 12% at September 30, 2023. The Bank's presence in Monterey County continues to grow; excluding a temporary deposit inflow that straddled over the 2023 year-end, deposits in the region grew $43.8 million or 51% in 2023, largely due to the opening of the Salinas branch. The Bank has also seen strong growth in deposits from non-profit organizations, which increased by $28.5 million or 14% in the fourth quarter of 2023.
Deposit Mix | ||||||||
As of | Change % vs. | |||||||
(Dollars in thousands) | 12/31/2023 | 09/30/2023 | 12/31/2022 | 09/30/2023 | 12/31/2022 | |||
Noninterest-bearing demand | $ 576,456 | $ 643,661 | $ 669,489 | -10 % | -14 % | |||
Interest-bearing demand | 209,584 | 213,270 | 246,265 | -2 % | -15 % | |||
Money markets | 434,287 | 404,116 | 363,092 | 7 % | 20 % | |||
Savings | 105,012 | 113,069 | 137,808 | -7 % | -24 % | |||
Time certificates of deposit | 142,413 | 147,534 | 114,128 | -3 % | 25 % | |||
Brokered deposits | 47,338 | 7,199 | -- | 558 % | 100 % | |||
Total deposits | $ 1,515,090 | $ 1,528,849 | $ 1,530,782 | -1 % | -1 % | |||
Total deposits ? personal | $ 545,920 | $ 563,704 | $ 609,206 | -3 % | -10 % | |||
Total deposits ? business | $ 969,170 | $ 965,145 | $ 921,576 | 0 % | 5 % | |||
Shareholders' Equity
Total shareholders' equity was $230.0 million at December 31, 2023, a $12.4 million or 6% increase over September 30, 2023 and an increase of $32.4 million or 16% over December 31, 2022. Earnings of $8.8 million in the fourth quarter of 2023 contributed to the increase over last quarter-end. In addition, the after-tax unrealized losses on AFS securities improved from $15.1 million as of September 30, 2023 to $10.6 million as of December 31, 2023 due to decline in interest rates in the fourth quarter of 2023.
ABOUT SANTA CRUZ COUNTY BANK AND WEST COAST COMMUNITY BANCORP
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated, and full-service community bank headquartered in Santa Cruz, California with branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus, and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.
NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS
Forward-Looking Statements
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates (including but not limited to changes in depositor behavior in relation thereto), inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Concurrent with this earnings release, the Bank issued presentation slides providing supplemental information, intended to be reviewed together with this release and can be found online at: https://www.sccountybank.com/investor_relations.cfm
Selected Unaudited Financial Information | ||||||||
(Dollars in thousands, | As of or for the Quarter | As of or for the | ||||||
2023 | 2022 | Change $ | Change % | 2023 | Change $ | Change % | ||
Balance Sheet | ||||||||
Assets | ||||||||
Cash and due from banks | $ 44,395 | $ 77,383 | $ (32,988) | -43 % | $ $ 37,751 | $ 6,644 | 18 % | |
Securities ? AFS | 262,566 | 320,730 | (58,164) | -18 % | 284,002 | (21,436) | -8 % | |
Securities ? HTM | 7,585 | 2,840 | 4,745 | 167 % | 7,628 | (43) | -1 % | |
Gross loans, excluding PPP | 1,410,980 | 1,264,537 | 146,443 | 12 % | 1,374,871 | 36,109 | 3 % | |
SBA PPP loans | 313 | 3,202 | (2,889) | -90 % | 346 | (33) | -10 % | |
Allowance for credit losses | (23,943) | (21,444) | (2,499) | 12 % | (25,114) | 1,171 | -5 % | |
Goodwill and other intangibles | 27,433 | 27,796 | (363) | -1 % | 27,523 | (90) | 0 % | |
Other assets | 65,033 | 69,443 | (4,410) | -6 % | 66,238 | (1,205) | -2 % | |
Total assets | $ 1,794,362 | $ 1,744,487 | $ 49,875 | 3 % | $ 1,773,245 | $ 21,117 | 1 % | |
Liabilities and Equity | ||||||||
Noninterest-bearing deposits | $ 576,456 | $ 669,489 | $ (93,033) | -14 % | $ 643,661 | $ (67,205) | -10 % | |
Interest-bearing non-brokered deposits | 891,296 | 861,293 | 30,003 | 3 % | 877,989 | 13,307 | 2 % | |
Brokered deposits | 47,338 | -- | 47,338 | 100 % | 7,199 | 40,139 | 558 % | |
Borrowings | 32,500 | -- | 32,500 | 100 % | -- | 32,500 | 100 % | |
Other liabilities | 16,736 | 16,029 | 707 | 4 % | 26,723 | (9,987) | -37 % | |
Shareholders' equity | 230,036 | 197,676 | 32,360 | 16 % | 217,673 | 12,363 | 6 % | |
Total liabilities and equity | $ 1,794,362 | $ 1,744,487 | $ 49,875 | 3 % | $ 1,773,245 | $ 21,117 | 1 % | |
Income Statement | ||||||||
Interest income | $ 25,294 | $ 21,430 | $ 3,864 | 18 % | $ 24,393 | $ 901 | 4 % | |
Interest expense | 4,491 | 638 | 3,853 | 604 % | 3,343 | 1,148 | 34 % | |
Net interest income | 20,803 | 20,792 | 11 | 0 % | 21,050 | (247) | -1 % | |
Provision for credit losses | (246) | 642 | (888) | -138 % | 858 | (1,104) | -129 % | |
Noninterest income | 849 | 804 | 45 | 6 % | 1,151 | (302) | -26 % | |
Noninterest expense | 9,389 | 6,858 | 2,531 | 37 % | 8,487 | 902 | 11 % | |
Net income before taxes | 12,509 | 14,096 | (1,587) | -11 % | 12,856 | (347) | -3 % | |
Income tax expense | 3,668 | 4,075 | (407) | -10 % | 3,744 | (76) | -2 % | |
Net income after taxes | $ 8,841 | $ 10,021 | $ (1,180) | -12 % | $ 9,112 | $ (271) | -3 % | |
Basic earnings per share | $ 1.05 | $ 1.18 | $ (0.13) | -11 % | $ 1.09 | $ (0.04) | -4 % | |
Diluted earnings per share | $ 1.05 | $ 1.18 | $ (0.13) | -11 % | $ 1.08 | $ (0.03) | -3 % | |
Book value per share | $ 27.30 | $ 23.32 | $ 3.98 | 17 % | $ 25.93 | $ 1.37 | 5 % | |
Tangible book value per share | $ 24.05 | $ 20.04 | $ 4.01 | 20 % | $ 22.65 | $ 1.40 | 6 % | |
Shares outstanding | 8,425,180 | 8,477,272 | 8,394,725 | |||||
Ratios | ||||||||
Net interest margin | 4.85 % | 4.83 % | 4.92 % | |||||
Cost of funds | 1.17 % | 0.16 % | 0.87 % | |||||
Efficiency ratio | 43.37 % | 31.75 % | 38.23 % | |||||
Return on: | ||||||||
Average assets | 1.99 % | 2.22 % | 2.05 % | |||||
Average equity | 15.72 % | 20.57 % | 16.85 % | |||||
Average tangible equity | 17.93 % | 24.04 % | 19.33 % | |||||
Tier 1 leverage ratio | 12.09 % | 10.39 % | 11.64 % | |||||
Total risk-based capital ratio | 14.98 % | 14.94 % | 14.83 % | |||||
Tangible common equity ratio | 11.47 % | 9.90 % | 10.89 % | |||||
ACL / Non-PPP loans | 1.70 % | 1.70 % | 1.83 % | |||||
Noninterest-bearing to total deposits | 38.05 % | 43.74 % | 42.10 % | |||||
Gross loans to deposits | 93.15 % | 82.82 % | 89.95 % | |||||
Selected Unaudited Financial Information | ||||
(Dollars in thousands, | For the Year Ended December 31, | |||
2023 | 2022 | Change $ | Change % | |
Income Statement | ||||
Interest income | $ 94,913 | $ 72,061 | $ 22,852 | 32 % |
Interest expense | 12,149 | 1,852 | 10,297 | 556 % |
Net interest income | 82,764 | 70,209 | 12,555 | 18 % |
Provision for loan losses | 1,413 | 1,592 | (179) | -11 % |
Noninterest income | 3,572 | 4,544 | (972) | -21 % |
Noninterest expense | 35,153 | 29,402 | 5,751 | 20 % |
Net income before taxes | 49,770 | 43,759 | 6,011 | 14 % |
Income tax expense | 14,620 | 12,815 | 1,805 | 14 % |
Net income after taxes | $ 35,150 | $ 30,944 | $ 4,206 | 14 % |
Basic earnings per share * | $ 4.18 | $ 3.63 | $ 0.55 | 15 % |
Diluted earnings per share * | $ 4.16 | $ 3.62 | $ 0.54 | 15 % |
Ratios | ||||
Net interest margin | 4.94 % | 4.19 % | ||
Cost of funds | 0.80 % | 0.12 % | ||
Efficiency ratio | 40.72 % | 39.33 % | ||
Return on: | ||||
Average assets | 2.02 % | 1.76 % | ||
Average equity | 16.60 % | 16.35 % | ||
Average tangible equity | 19.09 % | 19.19 % | ||
* Share data for prior periods has been adjusted to reflect stock split in March 2022. |
SOURCE West Coast Community Bancorp
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