HOOD RIVER, OR--(Marketwire -08/15/12)- CenterPointe Community Bank (CENP) announced 2nd quarter earnings of $271,000 ($0.23 per diluted share) and year-to-date earnings of $592,000 ($0.50 per diluted share) for the period ending June 30, 2012. These results include the recognition of a deferred tax benefit of $125,000 for the second quarter and $250,000 for the year-to-date period.
Financial Highlights and Year-Over-Year Comparative Results:
- Total Assets $85.5 million - up 10.6%
- Gross Loans $65.9 million - up 14.2%
- Total Deposits $76.5 million - up 9.1%
- Net Interest Margin 5.18% - down 29 basis points
- Non-Interest Income up 289.7%
- Excellent Asset Quality - no loan delinquencies; no non-accrual loans; no other real estate owned
- Bank remains "Well Capitalized" - as measured by regulatory guidelines
Mahlon Vigesaa, President and Chief Executive Officer, commented, "CenterPointe continues to establish itself as the local community bank of choice here in the Columbia River Gorge region. The Bank is growing at a manageable rate while maintaining excellent loan quality and we are experiencing positive results of this success on our bottom line. While our net interest margin has declined over the past year due to the low rate economic environment it still ranks high compared to our peers. In addition, we have seen a significant increase in our non-interest income driven by our higher business volume. This has positively impacted deposit account service charges, interchange fees and fees for other banking services compared to a year ago and the Bank has not sold any investment securities." Vigesaa continued, "CenterPointe is in its fifth operating year and presently we are making significant upgrades in our technology platform that will provide for the Bank's future needs and better serve our customers. This investment has resulted in non-recurring expense of $88,000 for the quarter and $118,000 year-to-date." Vigesaa concluded, "As a result of our sustained and growing profitability the Bank has been able to partially recognize a quarterly reversal of its deferred tax asset valuation allowance resulting in a year-to-date $250,000 income tax benefit as of June 30, 2012."
ABOUT CENTERPOINTE COMMUNITY BANK
CenterPointe Community Bank (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
For the three
Three months
Months ended
Ended June % March 31, %
30, 2012 2011 Change Change 2012 Change Change
---------- ---------- ------- ----- ---------- ------ -----
Interest
income $ 1,082 $ 1,115 $ (33) -3.0% $ 1,063 $ 20 1.8%
Interest
expense 61 88 (27) -30.7% 69 (8) -11.6%
---------- ---------- ------- ---------- ------
Net interest
income 1,021 1,027 (6) -0.6% 994 28 2.8%
Provision
for loan
losses 4 85 (81) -95.3% - 4 nm
Non-interest
income 80 20 60 300.0% 72 8 11.1%
Non-interest
expense 951 779 172 22.1% 870 81 9.3%
---------- ---------- ------- ---------- ------
Pre-tax
income 146 183 (37) -20.2% 196 (50) -25.4%
Income Tax
Benefit 125 - 125 nm 125 - 0.0%
---------- ---------- ------- ---------- ------
Net income $ 271 $ 183 $ 88 48.1% $ 321 $ (50) -15.5%
========== ========== ======= ========== ======
Basic
earnings
per share $ 0.23 $ 0.16 $ 0.07 43.8% $ 0.28 $(0.04) -15.8%
========== ========== ======= ========== ======
Diluted
earnings
per share $ 0.23 $ 0.16 $ 0.07 43.8% $ 0.27 $(0.04) -15.7%
========== ========== ======= ========== ======
Average
shares
outstanding
- basic 1,165,413 1,146,116 19,297 1.7% 1,161,409 4,004 0.3%
Average
shares
outstanding
- diluted 1,175,591 1,149,214 26,377 2.3% 1,172,033 3,558 0.3%
For the Six
Months
Ended June
30,
Interest
income $ 2,145 $ 2,096 $ 49 2.3%
Interest
expense 131 182 (51) -28.0%
---------- ---------- -------
Net interest
income 2,014 1,914 100 5.2%
Provision
for loan
losses 4 105 (101) -96.2%
Non-interest
income 152 39 113 289.7%
Non-interest
expense 1,820 1,596 224 14.0%
---------- ---------- -------
Pre-tax
income 342 252 90 35.7%
Income Tax
Benefit 250 - 250 nm
---------- ---------- -------
Net income
(loss) $ 592 $ 252 $ 340 134.9%
========== ========== =======
Basic
earnings
per share $ 0.51 $ 0.22 $ 0.29 131.8%
========== ========== =======
Diluted
earnings
per share $ 0.50 $ 0.22 $ 0.28 127.3%
========== ========== =======
Average
shares
outstanding
- basic 1,163,411 1,143,096 20,315 1.8%
Average
shares
outstanding
- diluted 1,178,485 1,146,455 32,030 2.8%
SELECTED FINANCIAL RATIOS
(annualized)
For the
three
months
ended
For the Three Months Ended June March 31,
30, 2012 2011 Change 2012 Change
------ ------ ------ ---------- ------
Net interest margin 5.14% 5.59% (0.45) 5.17% (0.03)
Return on average equity 12.87% 10.67% 2.20 15.90% (3.03)
Return on average assets 1.28% 0.95% 0.33 1.57% (0.29)
Efficiency ratio (1) 86.38% 74.40% 11.98 81.61% 4.77
For the Six Months Ended June
30,
Net interest margin 5.18% 5.47% (0.29)
Return on average equity 14.43% 7.48% 6.95
Return on average assets 1.43% 0.69% 0.74
Efficiency ratio (1) 84.03% 81.72% 2.31
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, 2012 2011 Change % Change
----------- ----------- ----------- ----------
Cash and due from banks $ 3,985 $ 2,123 $ 1,862 87.7%
Interest bearing bank
balances 2,229 1,500 729 48.6%
Fed funds sold - 6,375 (6,375) -100.0%
Investment securities,
available-for-sale 10,338 8,600 1,738 20.2%
Gross loans 65,955 57,762 8,193 14.2%
Allowance for loan losses (742) (718) (24) 3.3%
----------- ----------- -----------
Loans, net of allowance
for loan losses 65,213 57,044 8,169 14.3%
Other assets 3,787 1,720 2,067 120.2%
----------- ----------- -----------
Total assets $ 85,552 $ 77,362 $ 8,190 10.6%
=========== =========== ===========
Non-interest-bearing
deposits $ 28,607 $ 27,527 $ 1,080 3.9%
Interest-bearing deposits 47,965 42,653 5,312 12.5%
----------- ----------- -----------
Total deposits 76,572 70,180 6,392 9.1%
Borrowings - - - 0.0%
Other liabilities 274 145 129 88.7%
Stockholders' equity 8,706 7,037 1,669 23.7%
----------- ----------- -----------
Total liabilities and
stockholders' equity $ 85,552 $ 77,362 $ 8,190 10.6%
=========== =========== ===========
Period end shares
outstanding 1,165,438 1,146,515 18,923 1.7%
Book value per share $ 7.47 $ 6.14 $ 1.33 21.7%
CENTERPOINTE COMMUNITY BANK FINANCIAL HIGHLIGHTS
(All amounts in 000's, except per share data)
(unaudited)
BALANCE SHEET
Balance
Sheet at
March 31,
At June 30, 2012 Change % Change
----------- ----------- ----------
Cash and due from banks $ 1,741 $ 2,244 128.8%
Interest bearing bank
balances 2,489 (261) -10.5%
Fed funds sold 2,800 (2,800) -100.0%
Investment securities,
available-for-sale 13,801 (3,463) -25.1%
Gross loans 60,623 5,332 8.8%
Allowance for loan losses (736) (6) 0.8%
----------- -----------
Loans, net of allowance
for loan losses 59,887 5,326 8.9%
Other assets 3,719 68 1.8%
----------- -----------
Total assets $ 84,438 $ 1,114 1.3%
=========== ===========
Non-interest-bearing
deposits $ 29,268 $ (661) -2.3%
Interest-bearing deposits 46,598 1,367 2.9%
----------- -----------
Total deposits 75,866 706 0.9%
Borrowings - - 0.0%
Other liabilities 185 89 48.1%
Stockholders' equity 8,387 319 3.8%
----------- -----------
Total liabilities and
stockholders' equity $ 84,438 $ 1,114 1.3%
=========== ===========
Period end shares
outstanding 1,165,299 (139) 0.0%
Book value per share $ 7.20 $ 0.27 3.8%
For the Three Months
Ended June 30, 2012 2011 Change % Change
----------- ----------- ----------- ----------
Average fed funds sold
and investments $ 17,563 $ 15,216 $ 2,347 15.4%
Average loans, gross 62,353 58,738 3,615 6.2%
Average total assets 85,203 77,087 8,116 10.5%
Average non-interest-
bearing deposits 25,791 24,795 996 4.0%
Average interest-bearing
deposits 50,554 45,159 5,395 11.9%
Average total deposits 76,345 69,954 6,391 9.1%
Average total borrowings 64 - 64 nm
Average stockholders'
equity 8,466 6,895 1,571 22.8%
For the Six Months Ended
June 30,
Average fed funds sold
and investments $ 18,122 $ 14,371 $ 3,751 26.1%
Average loans, gross 60,522 56,327 4,195 7.4%
Average total assets 83,694 73,834 9,860 13.4%
Average non-interest-
bearing deposits 26,191 22,000 4,191 19.1%
Average interest-bearing
deposits 48,585 44,750 3,835 8.6%
Average total deposits 74,776 66,750 8,026 12.0%
Average total borrowings 355 - 355 nm
Average stockholders'
equity 8,293 6,813 1,480 21.7%
For the
three
months
ended
For the Three Months March 31,
Ended June 30, 2012 Change % Change
----------- ----------- ----------
Average fed funds sold
and investments $ 18,681 $ (1,118) -6.0%
Average loans, gross 58,669 3,684 6.3%
Average total assets 82,186 3,017 3.7%
Average non-interest-
bearing deposits 26,591 (800) -3.0%
Average interest-bearing
deposits 46,617 3,938 8.4%
Average total deposits 73,208 3,138 4.3%
Average total borrowings 647 (583) -90.1%
Average stockholders'
equity 8,120 346 4.3%
For the Six Months Ended
June 30,
Average fed funds sold
and investments
Average loans, gross
Average total assets
Average non-interest-
bearing deposits
Average interest-bearing
deposits
Average total deposits
Average total borrowings
Average stockholders'
equity
Mahlon Vigesaa
President & Chief Executive Officer
541-308-1311
Email Contact
Jim Fortner
Chief Financial Officer
541-308-1317
Email Contact
