West Coast Bancorp in Orange, formerly Centennial...

West Coast Bancorp in Orange, formerly Centennial Beneficial Corp., posted net income of $159,000 for the second quarter, a 14.5% drop from $186,000 earned in last year’s second quarter. Quarterly revenue rose 29% to $13.2 million this year from $10.2 million last year. For the first six months, the company reported net income of $640,000, a 36% increase over the $471,000 earned in the same period last year. Revenue grew 29% to $25.6 million for the six-month period from $19.8 million in the same period last year. The company had $452.2 million in assets at the end of June, a 21% increase over $372.6 million in assets a year earlier. The firm, Orange County’s largest multibank holding company, attributed the lower second-quarter earnings to increases in its reserve against loan losses at its Sacramento First National Bank subsidiary. It also owns Sunwest Bank in Tustin, Heritage Thrift & Loan in Brea and West Coast Realty Finance, formerly Centennial Beneficial Mortgage Co., in Orange.