Published: August 03, 2011
CenterPointe Community Bank Reports Second Quarter Earnings
CenterPointe Community Bank (PINKSHEETS: CENP) announced 2nd quarter earnings of $183,000 ($0.16 per share) and year-to-date earnings of $252,000 ($0.22 per share) for the period ending June 30, 2011.
Financial Highlights and Year-Over-Year Comparative Results:
- Total Assets $77.4 million - up 12.0%
- Gross Loans $57.8 million - up 5.4%
- Total Deposits $70.2 million - up 11.7%
- Net Interest Margin 5.57% - up 39 basis points
- Excellent Asset Quality - no loan delinquencies; no non-accrual loans; no other real estate owned
- Bank remains "Well Capitalized" - as measured by regulatory guidelines
In announcing CenterPointe's fifth consecutive quarterly profit, Mahlon Vigesaa, President and Chief Executive Officer, said, "Despite the economic climate CenterPointe is achieving overall growth and the Bank's operating metrics are positive." Adding further, "We are very happy with our progress in attracting new customers and growing our local deposit base; although loan demand remains soft, CenterPointe has increased its loan volume and has plenty of funding capacity for making business and agricultural loans to creditworthy borrowers in the Columbia River gorge region."
ABOUT CENTERPOINTE COMMUNITY BANK
CenterPointe Community Bank (PINKSHEETS: CENP) is an Oregon chartered community bank. Initially opened September 2007, the Bank is based in Hood River, Oregon, with a second full service office located in The Dalles, Oregon. CenterPointe 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.
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
For the Three Months Ended
June 30, 2011 2010 Change % Change
----------- ---------- ---------- ----------
Interest income $ 1,115 $ 931 $ 184 19.8%
Interest expense 88 145 (57) -39.3%
----------- ---------- ----------
Net interest income 1,027 786 241 30.7%
Provision for loan losses 85 63 22 34.9%
Non-interest income 20 30 (10) -33.3%
Non-interest expense 779 717 62 8.6%
----------- ---------- ----------
Net income $ 183 $ 36 $ 147 408.3%
=========== ========== ==========
Basic and diluted earnings
per share $ 0.16 $ 0.03 $ 0.13 433.3%
=========== ========== ==========
Average shares outstanding -
basic and diluted 1,146,116 1,136,564 9,552 0.8%
For the Six Months Ended
June 30,
Interest income $ 2,096 $ 1,740 $ 356 20.5%
Interest expense 182 292 (110) -37.7%
----------- ---------- ----------
Net interest income 1,914 1,448 466 32.2%
Provision for loan losses 105 127 (22) -17.3%
Non-interest income 39 113 (74) -65.5%
Non-interest expense 1,596 1,448 148 10.2%
----------- ---------- ----------
Net income (loss) $ 252 $ (14) $ 266 nm
=========== ========== ==========
Basic and diluted earnings
per share $ 0.22 $ (0.01) $ 0.23 nm
=========== ========== ==========
Average shares outstanding -
basic and diluted 1,143,096 1,116,044 27,052 2.4%
For the
three
months
For the Three Months Ended ended March
June 30, 31, 2011 Change % Change
----------- ---------- ----------
Interest income $ 981 $ 134 13.7%
Interest expense 94 (6) -6.4%
----------- ----------
Net interest income 887 140 15.8%
Provision for loan losses 20 65 325.0%
Non-interest income 19 1 5.3%
Non-interest expense 817 (38) -4.7%
----------- ----------
Net income $ 69 $ 114 165.2%
=========== ==========
Basic and diluted earnings
per share $ 0.06 $ 0.10 166.7%
=========== ==========
Average shares outstanding -
basic and diluted 1,140,044 6,072 0.5%
SELECTED FINANCIAL RATIOS
For the
(annualized) three
months
ended
For the Three Months March 31,
Ended June 30, 2011 2010 Change 2011 Change
-------- -------- -------- --------- --------
Net interest margin 5.57% 5.18% 0.39 5.34% 0.23
Return on average
equity 10.65% 2.41% 8.24 4.16% 6.49
Return on average
assets 0.95% 0.23% 0.72 0.40% 0.55
Efficiency ratio (1) 74.40% 87.87% (13.47) 90.18% (15.78)
For the Six Months
Ended June 30,
Net interest margin 5.46% 4.96% 0.50
Return on average
equity 7.46% -0.49% 7.95
Return on average
assets 0.69% -0.05% 0.74
Efficiency ratio (1) 81.72% 92.76% (11.04)
Notes:
(1) Non-interest expense divided by net
interest income plus non-interest
income
nm = not meaningful
CENTERPOINTE COMMUNITY BANK
FINANCIAL HIGHLIGHTS
(All amounts in 000's,
except per share data)
(unaudited)
BALANCE SHEET
At June 30, 2011 2010 Change % Change
---------- ---------- ---------- ----------
Cash and due from banks $ 2,123 $ 1,583 $ 540 34.1%
Time certificates of deposit
with other banks 1,496 3,592 (2,096) -58.4%
Fed funds sold 6,375 3,780 2,595 68.7%
Investment securities,
available-for-sale 8,600 4,209 4,391 104.3%
Gross loans 57,762 54,803 2,959 5.4%
Allowance for loan losses (718) (637) (81) 12.7%
---------- ---------- ----------
Loans, net of allowance for
loan losses 57,044 54,166 2,878 5.3%
Other assets 1,724 1,762 (38) -2.2%
---------- ---------- ----------
Total assets $ 77,362 $ 69,092 $ 8,270 12.0%
========== ========== ==========
Non-interest-bearing
deposits $ 27,527 $ 21,589 $ 5,938 27.5%
Interest-bearing deposits 42,653 41,246 1,407 3.4%
---------- ---------- ----------
Total deposits 70,180 62,835 7,345 11.7%
Borrowings - - - 0.0%
Other liabilities 145 235 (90) -38.3%
Stockholders' equity 7,037 6,022 1,015 16.9%
---------- ---------- ----------
Total liabilities and
stockholders' equity $ 77,362 $ 69,092 $ 8,270 12.0%
========== ========== ==========
Period end shares
outstanding 1,146,515 1,136,564 9,951 0.9%
Book value per share $ 6.14 $ 5.30 $ 0.84 15.8%
For the Three Months Ended
June 30, 2011 2010 Change % Change
---------- ---------- ---------- ----------
Average fed funds sold and
investments $ 15,216 $ 11,526 $ 3,690 32.0%
Average loans, gross 58,738 49,379 9,359 19.0%
Average total assets 77,087 64,049 13,038 20.4%
Average non-interest-bearing
deposits 24,795 19,614 5,181 26.4%
Average interest-bearing
deposits 45,159 38,180 6,979 18.3%
Average total deposits 69,954 57,794 12,160 21.0%
Average total borrowings - 52 (52) -100.0%
Average stockholders' equity 6,895 5,992 903 15.1%
For the Six Months Ended
June 30,
Average fed funds sold and
investments $ 14,371 $ 12,493 $ 1,878 15.0%
Average loans, gross 56,327 46,386 9,941 21.4%
Average total assets 73,834 62,217 11,617 18.7%
Average non-interest-bearing
deposits 22,000 17,798 4,202 23.6%
Average interest-bearing
deposits 44,750 38,557 6,193 16.1%
Average total deposits 66,750 56,355 10,395 18.4%
Average total borrowings - 26 (26) -100.0%
Average stockholders' equity 6,813 5,772 1,041 18.0%
Balance
Sheet at
March
At June 30, 31, 2011 Change % Change
---------- ---------- ----------
Cash and due from banks $ 1,512 $ 611 40.4%
Time certificates of deposit
with other banks 1,248 248 19.9%
Fed funds sold 9,360 (2,985) -31.9%
Investment securities,
available-for-sale 7,942 658 8.3%
Gross loans 56,437 1,325 2.3%
Allowance for loan losses (634) (84) 13.2%
---------- ----------
Loans, net of allowance for
loan losses 55,803 1,241 2.2%
Other assets 1,795 (71) -4.0%
---------- ----------
Total assets $ 77,660 $ (298) -0.4%
========== ==========
Non-interest-bearing
deposits $ 23,672 $ 3,855 16.3%
Interest-bearing deposits 46,562 (3,909) -8.4%
---------- ----------
Total deposits 70,234 (54) -0.1%
Borrowings - - 0.0%
Other liabilities 635 (490) -77.2%
Stockholders' equity 6,791 246 3.6%
---------- ----------
Total liabilities and
stockholders' equity $ 77,660 $ (298) -0.4%
========== ==========
Period end shares
outstanding 1,145,264 (1,251) -0.1%
Book value per share $ 5.93 $ 0.21 3.5%
For the Three Months Ended For the
June 30, three
months
ended
March 31,
2011 Change % Change
---------- ---------- ----------
Average fed funds sold and
investments $ 13,517 $ 1,699 12.6%
Average loans, gross 53,889 4,849 9.0%
Average total assets 70,544 6,543 9.3%
Average non-interest-bearing
deposits 19,174 5,621 29.3%
Average interest-bearing
deposits 44,337 822 1.9%
Average total deposits 63,511 6,443 10.1%
Average total borrowings - 0 0.0%
Average stockholders' equity 6,731 164 2.4%
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