Published: October 28, 2010
CenterPointe Community Bank Reports 3rd Quarter Earnings
CenterPointe Community Bank (OTCQB: CENP)
(PINKSHEETS: CENP), headquartered in Hood River, Oregon, announced that it
earned $155,000 or $0.14 per diluted share for its third quarter ending
September 30, 2010. On a year-to-date basis, CenterPointe earned $140,000
or $0.13 per diluted share for the nine-month period ending September 30,
2010.
Financial Highlights:
-- Gross Loans $55.9 million -- up 37.7% year-to-date.
-- Excellent Asset Quality -- no loan delinquencies; no non-accrual loans;
no other real estate owned.
-- Total Deposits $66.4 million -- up 21.2% year-to-date.
-- Net Interest Margin (annualized) 5.08% -- a key indicator of our
profitability, improved 12 basis points over the previous quarter and
compares favorably to our peers.
-- Bank remains "Well Capitalized" -- as measured by regulatory
guidelines.
In announcing the Bank's second consecutive quarterly profit, Mahlon
Vigesaa, CenterPointe's President and Chief Executive Officer, noted, "The
Bank is operating at a sustainable level of profitability with adequate
capital and internal capacity to grow in response to the needs of the
Bank's core market area -- principally Hood River, Wasco and Klickitat
Counties located within the Columbia River Gorge region."
According to Britt Thomas, the Bank's Chief Credit Officer, "Despite a
common assertion that banks are not lending, CenterPointe Bank is in fact a
very active commercial lender to local business and agriculture enterprises
as well as for owner occupied commercial real estate. CenterPointe is
well positioned for responding to our customers' needs and also has access
to certain government loan programs such as the SBA 504 or Farm Service
Agency Guarantee."
Chief Financial Officer, Jim Fortner, indicated, "The Bank's net interest
margin has improved steadily over the past year. This trend has been a key
contributor to our profitability and we expect to maintain our net interest
margin above 5.0% for the foreseeable future. CenterPointe is a stable,
profitable community bank with a clean balance sheet. This means that
CenterPointe is a safe bank for depositors to hold their cash.
CenterPointe offers competitive rates and strives to provide a level of
service that exceeds the expectations of our clients."
ABOUT CENTERPOINTE COMMUNITY BANK
CenterPointe Community Bank (OTCQB: CENP) is a Columbia River Gorge based,
State of Oregon chartered and FDIC insured community bank. Initially
opened September 2007, the Bank is headquartered in Hood River, Oregon,
with a second full service branch office located in The Dalles, Oregon.
CenterPointe Community Bank is the only local community bank headquartered
in the Columbia River Gorge region. Its designated service area
encompasses Wasco and Hood River Counties in Oregon, and Klickitat County
in Washington State.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This press release may include forward-looking statements about
CenterPointe Community Bank that are intended to be covered under the
"Safe-Harbor" provisions of Federal securities laws and which management
believes are a benefit to shareholders and the general public. These
statements are necessarily subject to risk and uncertainty and actual
results could differ materially from a given forward-looking statement.
The reader should not place undue reliance on forward-looking statements
and we undertake no obligation to update any such statements. We make
forward-looking statements in this press release about the prospects for
earnings growth, deposit and loan growth, capital levels, the effective
management of our credit quality, the collectability of loans that may
become identified as non-performing, real estate market conditions and the
adequacy of our Allowance for Loan Losses.
Additional information about CenterPointe Community Bank, including its
products, services, and banking locations, is available at
www.centerpointebank.com.
CENTERPOINTE COMMUNITY BANK
FINANCIAL HIGHLIGHTS
(All amounts in 000's, except per share data)
(unaudited)
EARNINGS AND PER SHARE DATA
September September
For the Three Months Ended 30, 30,
2010 2009 Change % Change
---------- --------- --------- --------
Interest income $ 1,049 $ 648 $ 401 61.9 %
Interest expense 150 161 (11) (6.8)%
---------- --------- ---------
Net interest income 899 487 412 84.6 %
Provision for loan losses 36 56 (20) (35.7)%
Non-interest income 23 15 8 53.3 %
Non-interest expense 731 707 24 3.4 %
---------- --------- ---------
Pre-tax income 155 (261) 416 nm
Provision for income taxes - - - nm
---------- --------- ---------
Net income (loss) $ 155 $ (261) $ 416 nm
========== ========= =========
Basic and diluted earnings per
share $ 0.14 $ (0.24) $ 0.38 nm
========== ========= =========
Average shares outstanding -
basic and diluted 1,136,564 1,085,685 50,879 4.7 %
For the Three Months Ended June 30,
2010 Change % Change
---------- --------- --------
Interest income $ 931 $ 118 12.7 %
Interest expense 145 5 3.4 %
---------- ---------
Net interest income 786 113 14.4 %
Provision for loan losses 63 (27) (42.9)%
Non-interest income 30 (7) (23.3)%
Non-interest expense 717 14 2.0 %
---------- ---------
Pre-tax income 36 119 330.6 %
Provision for income taxes - - nm
---------- ---------
Net income (loss) $ 36 $ 119 330.6 %
========== =========
Basic and diluted earnings per
share $ 0.03 $ 0.11 366.7 %
========== =========
Average shares outstanding -
basic and diluted 1,136,564 - 0.0 %
For the Nine Months Ended September September
30, 30,
2010 2009
---------- ---------
Interest income $ 2,789 $ 1,737 $ 1,052 60.6 %
Interest expense 442 490 (48) (9.8)%
---------- --------- ---------
Net interest income 2,347 1,247 1,100 88.2 %
Provision for loan losses 163 126 37 29.4 %
Non-interest income 128 39 89 228.2 %
Non-interest expense 2,172 2,177 (5) (0.2)%
---------- --------- ---------
Pre-tax income 140 (1,017) 1,157 nm
Provision for income taxes - - - nm
---------- --------- ---------
Net income (loss) $ 140 $ (1,017) $ 1,157 nm
========== ========= =========
Basic and diluted earnings per
share $ 0.13 $ (0.94) $ 1.07 nm
========== ========= =========
Average shares outstanding -
basic and diluted 1,122,958 1,085,685 37,273 3.4 %
SELECTED FINANCIAL RATIOS
(annualized)
September September
30, 30, June 30,
For the Three Months Ended 2010 2009 Change 2010 Change
-------- ------- -------- -------- --------
Net interest margin 5.28% 4.90 % 0.38 5.18% 0.10
Return on average equity 10.06% (17.39)% 27.45 2.41% 7.65
Return on average assets 0.87% (2.40)% 3.27 0.23% 0.64
Efficiency ratio (1) 79.28% 140.84 % (61.56) 87.87% (8.59)
September September
30, 30,
For the Nine Months Ended 2010 2009 Change
-------- ------- --------
Net interest margin 5.08% 4.58 % 0.50
Return on average equity 3.18% (21.36)% 24.54
Return on average assets 0.29% (3.39)% 3.68
Efficiency ratio (1) 87.76% 169.28 % (81.52)
Notes:
(1) Non-interest expense divided by net interest income plus non-interest
Income
CENTERPOINTE COMMUNITY BANK
FINANCIAL HIGHLIGHTS
(All amounts in 000's, except per share data)
(unaudited)
September September
BALANCE SHEET 30, 30,
2010 2009 Change % Change
--------- --------- --------- ---------
Cash and due from banks $ 1,184 $ 1,745 $ (561) -32.1%
Fed funds sold 7,510 1,505 6,005 399.0%
Time deposits 2,744 - 2,744 nm
Investment securites
available-for-sale 4,333 5,297 (964) -18.2%
Gross loans 55,949 33,589 22,360 66.6%
Allowance for loan losses (673) (374) (299) 79.9%
--------- --------- ---------
Loans, net of allowance for
loan losses 55,276 33,215 22,061 66.4%
Other assets 1,840 2,147 (307) -14.3%
--------- --------- ---------
Total assets $ 72,887 $ 43,909 $ 28,978 66.0%
========= ========= =========
Non-interest-bearing deposits $ 26,409 $ 7,486 $ 18,923 252.8%
Interest-bearing deposits 40,020 30,175 9,845 32.6%
--------- --------- ---------
Total deposits 66,429 37,661 28,768 76.4%
Borrowings - - - nm
Other liabilities 232 348 (116) -33.3%
Stockholders' equity 6,226 5,900 326 5.5%
--------- --------- ---------
Total liabilities and
stockholders' equity $ 72,887 $ 43,909 $ 28,978 66.0%
========= ========= =========
Period end shares outstanding 1,136,564 1,085,685 50,879 4.7%
Book and tangible book value
per share $ 5.48 $ 5.43 $ 0.05 0.9%
BALANCE SHEET June 30,
2010 Change % Change
--------- --------- ---------
Cash and due from banks $ 1,583 $ (399) -25.2%
Fed funds sold 3,780 3,730 98.7%
Time deposits 3,592 (848) -23.6%
Investment securites
available-for-sale 4,208 125 3.0%
Gross loans 54,803 1,146 2.1%
Allowance for loan losses (637) (36) 5.7%
--------- ---------
Loans, net of allowance for
loan losses 54,166 1,110 2.0%
Other assets 1,763 77 4.4%
--------- ---------
Total assets $ 69,092 $ 3,795 5.5%
========= =========
Non-interest-bearing deposits $ 21,589 $ 4,820 22.3%
Interest-bearing deposits 41,246 (1,226) -3.0%
--------- ---------
Total deposits 62,835 3,594 5.7%
Borrowings - - nm
Other liabilities 235 (3) -1.3%
Stockholders' equity 6,022 204 3.4%
--------- ---------
Total liabilities and
stockholders' equity $ 69,092 $ 3,795 5.5%
========= =========
Period end shares outstanding 1,136,564 - 0.0%
Book and tangible book value
per share $ 5.30 $ 0.18 3.4%
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