West Coast Bancorp Announces $2.5-Million Loss

West Coast Bancorp, the Newport Beach bank holding company, posted a loss of $2.5 million, or 27 cents a share, for the third quarter. That contrasts with a profit of $1.2 million, or 13 cents a share, for the same period last year.

For the year to date, the company reported a loss of $9 million, or 98 cents a share, compared to a loss of $127,000, or 1 cent a share, for the corresponding 1992 period. The company said the 1993 losses resulted primarily from lower loan volumes and losses associated with non-performing loans and real estate owned. The 1992 results included the recovery of $2.8 million, or 30 cents a share, before income taxes from a lawsuit against Lloyd’s of London. Assets as of Sept. 30 were $324.4 million, down 31% from $470.4 million recorded on the same date last year.