West Coast Community Bancorp Announces Earnings for the Third Quarter of 2026
Key Highlights
- ➤Q3 net income $16.7 million, up 37.7% from Q2 2026
- ➤Q3 diluted EPS $1.59, versus $1.16 in Q2 2026
- ➤Loans $2.34 billion, up $65.6 million, or 2.9%, quarter-over-quarter
- ➤Net interest income $37.1 million, up 12.0% from Q2 2026
- ➤Quarterly dividend increased $0.04 to $0.29 per common share
Expert Statements
Krista Snelling, Chairman and Chief Executive Officer of West Coast Community Bancorp
“We delivered record quarterly earnings, marked by higher net interest income driven by solid loan growth – particularly by our San Luis Obispo County team – and overall higher average interest-earning assets funded through healthy deposit growth during the quarter,”
Krista Snelling, Chairman and Chief Executive Officer of West Coast Community Bancorp
“This quarter saw tremendous momentum across the business, including our expansion into Silicon Valley and the Peninsula and our Nasdaq listing. We continue to execute on our strategic priorities and growth initiatives, such as hiring our Private Banking team and opening new branches.”
Krista Snelling, Chairman and Chief Executive Officer of West Coast Community Bancorp
“Increasing the dividend reflects the strength of our business, the confidence of our Board in our capacity for future growth and a commitment to rewarding our shareholders.”
SANTA CRUZ, Calif., Oct. 27, 2026 (GLOBE NEWSWIRE) -- West Coast Community Bancorp (Nasdaq: WCCB) ("Bancorp" or the "Company"), the parent company of West Coast Community Bank (the “Bank”), announced unaudited net income for the quarter ended September 30, 2026, of $16.7 million, compared to $12.2 million for the second quarter of 2026, representing an increase of 37.7%. Net income was $43.9 million and $36.7 million for the nine months ended September 30, 2026, and 2025, respectively, representing an increase of 19.7%. Diluted earnings per share (“EPS”) for the third quarter of 2026 were $1.59 compared to $1.16 for the second quarter of 2026. Diluted EPS was $4.17 and $3.45 for the nine months ended September 30, 2026, and 2025, respectively.
Earnings for the third quarter of 2026 reflected higher net interest income stemming from growth in all categories of average interest-earning assets, including growth in loans, as well as the recognition of a $920 thousand income tax benefit associated with the Bank's purchase of renewable energy tax credits at a discount during the third quarter. This income tax benefit increased both basic and diluted EPS by approximately $0.09 during the three and nine months ended September 30, 2026. Earnings for the third quarter also benefited from the absence of $1.8 million of accelerated purchase discount accretion, which was recorded in the second quarter of 2026, and was associated with the redemption of higher-cost subordinated debentures assumed in the merger with 1(st) Capital Bancorp in 2024 ("sub debt redemption"). The sub debt redemption reduced both basic and diluted EPS by approximately $0.12 during the second quarter as well as for the nine months ended September 30, 2026.
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