After raising $172.9 million of capital in nine months, West Coast Bancorp said regulators have terminated the cease-and-desist order under which it had been operating.
The Lake Oswego, Ore., parent of West Coast Bank received notice from regulators Thursday that its order had been lifted. The $2.5 billion-asset company on Friday reported improved capital ratios and earnings for the second quarter.
Since West Coast started raising capital in October 2009, its bank has improved capital ratios. It had a total risk-based capital ratio of 17.10% at June 30, up from 10.81% a year earlier.
For the second quarter, West Coast reported its net loss narrowed to $3.8 million, or 4 cents per share, from $6.3 million, or 41 cents per share, a year earlier. Improved earnings were largely attributed to a reduction in credit losses.
West Coast posted a $3.6 million drop in its provision for loan losses and a $3.5 million decline in its other real estate owned. Nonperforming assets represented 4.64% of total assets at June 30, slightly better than 4.91% at March 31.
