West Coast Community Bancorp net income rises 38.8% to $16.7 million
Key Facts
West Coast Community Bancorp announced a share repurchase program on November 13, against the backdrop of third-quarter results showing net income of $16.7 million, up 38.8% from the same period in 2025, according to its filing with the U.S. Securities and Exchange Commission. The company also reported diluted earnings per share of $1.59 in the third quarter, compared with $1.16 in the second quarter of 2026. CEO Krista Snelling said the company delivered "record quarterly earnings, marked by higher net interest income driven by strong loan growth." The repurchase announcement followed those quarterly results but remains a separate development. The company's stock closed at $63.36 on November 12, according to EL7 data.
For the nine months ended September 30, net income was $43.9 million, compared with $36.7 million in the same period in 2025, an annual increase of 19.7%, according to the filing with the SEC. These figures show earnings growth extending beyond the third quarter, while the quarterly comparison of earnings per share highlights an improvement between the second and third quarters of the year. This came amid an expansion in lending activity, which Snelling cited in describing the record results. The company also attributed the growth in net interest income to an increase in average interest-earning assets. These indicators provide financial context for the repurchase decision without, in themselves, specifying the program's scope or terms.
Deposits stood at $2.56 billion at the end of September, compared with $2.52 billion at the end of June, a quarterly increase of $32.5 million, or 1.3%, according to the earnings statement. The company said the increase was driven largely by the development of new customer relationships. Deposit growth provides funding for the interest-earning assets that the company said supported net interest income. Meanwhile, the net interest margin on a tax-equivalent basis rose to 5.20% in the third quarter from 4.92% in the second quarter. The margin was 5.19% in the second quarter on an adjusted basis, according to the comparison provided by the company.
In a separate decision preceding the repurchase announcement, the company's board declared a quarterly cash dividend of $0.29 per share on October 19. The dividend was payable to shareholders of record on November 2 and was paid on November 6, 2026, according to the company's quarterly report. The dividend places the decision to return capital to shareholders in a nearby time frame, but does not explain the terms of the repurchase program announced later. The quarterly results, deposits and margin remain published indicators of the company's performance before that announcement. The closing price cited in EL7 data is for the November 12 session, before the company announcement the following day.