Q2 EPS Drops to $1.16 on Early Debt Redemption Charge
WCCB sits 42% above its 52-week low of $38.4 on light trading volume (0.2× avg).
Summary
West Coast Community Bancorp reported Q2 EPS of $1.16, down from the prior year and quarter, with a $0.12 hit from early subordinated debt redemption. Net interest income was $33.1 million and net interest margin held at 4.92%. Loan and deposit growth provided some offset, but noninterest income fell due to the absence of a Q1 loan sale gain. The company raised its quarterly dividend by a penny to $0.25 on July 15, signaling confidence despite the earnings dip. The stock trades near its 52-week high at 10x forward earnings, with a median analyst target of $57.
At the time of this announcement, WCCB was trading at $54.50 on OTC in the Finance sector, with a market capitalization of approximately $577M. The 52-week trading range was $38.40 to $54.50. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.