WCCB

EX-99.1

2 q32026earningsrelease-ex991.htm

EX-99.1

Document

West Coast Community Bancorp Announces Earnings for the

Third Quarter of 2026

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 1st 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.

"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,” said 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."

As previously announced on October 19, 2026, the Bancorp Board of Directors declared a quarterly cash dividend of $0.29 per common share, reflecting a $0.04 per share increase over the previous quarterly dividend. This dividend is payable on or about November 6, 2026, to shareholders of record as of November 2, 2026. “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,” added Snelling.

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Financial Highlights

As of or for the Three Months EndedFor the Nine Months Ended

September 30,June 30,September 30,September 30,September 30,

20262026202520262025

(Dollars in thousands, except per share data)

Selected Financial Data

Net income$16,740$12,161$12,061$43,888$36,657

Net interest margin5.18 %4.90 %5.26 %5.06 %5.27 %

Taxable equivalent net interest margin (a) 5.20 %4.92 %5.28 %5.08 %5.29 %

Cost of funds (b) 1.31 %1.59 %1.37 %1.39 %1.37 %

Efficiency ratio (c) 42.31 %46.24 %43.13 %43.97 %44.88 %

Return on:

Average assets2.21 %1.69 %1.73 %2.01 %1.82 %

Average equity16.44 %12.32 %13.16 %14.84 %13.89 %

Average tangible equity (d) 20.20 %15.47 %17.05 %18.47 %18.17 %

Allowance for credit losses on loans / gross loans1.57 %1.55 %1.74 %

Noninterest-bearing deposits to total deposits39.00 %39.74 %43.46 %

Gross loan-to-deposit ratio91.46 %90.04 %87.32 %

Percent growth in loans2.89 %2.35 %0.82 %7.57 %4.01 %

Percent growth in deposits1.29 %1.96 %7.79 %3.15 %5.44 %

Capital Ratios

Tier 1 leverage ratio12.07 %12.11 %11.37 %

Common equity tier 1 risk-based capital ratio13.33 %13.22 %12.93 %

Tier 1 risk-based capital ratio13.33 %13.22 %12.93 %

Total risk-based capital ratio14.59 %14.47 %14.65 %

Tangible common equity ratio (e) 11.69 %11.67 %10.95 %

Share and Per Share Data

Basic earnings per share ("EPS")$1.61$1.17$1.15$4.23$3.49

Diluted EPS$1.59$1.16$1.14$4.17$3.45

Book value per share$38.25$37.90$34.97

Tangible book value per share (f) $32.46$32.01$28.81

(a) Net interest margin is calculated by dividing annualized taxable equivalent net interest income, a non-GAAP measure, by period average interest-earning assets. Interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the federal statutory rate of 21 percent. Please see "Non-GAAP Financial Measures" below.

(b) Cost of funds is computed by dividing annualized interest expense by the sum of perio