SOURCE: Columbia Commercial Bancorp

January 09, 2008 17:36 ET

Columbia Commercial Bancorp Announces Record Earnings for 2007

HILLSBORO, OR--(Marketwire - January 9, 2008) - Columbia Commercial Bancorp (OTCBB: CLBC), a single bank financial holding company for Columbia Community Bank, reported record revenues and earnings for 2007. Gross revenues increased from $19.4 million in 2006 to $26.7 million for 2007, a difference of $7.3 million or 37.6%. Net income increased from $3.3 million in 2006 to $4.2 million in 2007, an increase of $866,000 or 26.3%. Earnings per fully diluted share increased from $1.06 per share in 2006 to $1.34 per share in 2007, an increase of 26.4%.

"2007 was a very good year for Columbia Commercial Bancorp and its operating subsidiary, Columbia Community Bank," said Rick A. Roby, president and CEO. "Our asset growth and profitability were outstanding, and credit quality remains good. The Bank had no non-performing assets at year end, and our loan loss reserves are adequate to cover perceived risks in the portfolio. We will continue to aggressively monitor the quality of our portfolio as we move into what appears to be a softer economy in 2008."

"Our loan growth in 2007 was balanced between our three primary classes of business loans," Roby continued, "residential construction, business operating and equipment acquisition, and commercial real estate.

"Problems related to the mortgage industry put considerable strain on the residential real estate markets in the second half of the year, and we anticipate slow production growth and limited, if any, price appreciation in the residential real estate sector for most of 2008. Residential construction lending production is expected to remain stable or decline slightly in 2008."

Highlights: 2007 vs. 2006

--  Total assets increased from $261.7 million to $348.8 million year-on-
    year, an increase of $87.1 million or 33.3%;
--  Gross loans increased from $212.5 million in 2006 to $284.0 million in
    2007, a gain of $71.5 million or 33.6%;
--  Investments increased over this same period from $36.6 million to
    $50.0 million, an increase of 36.6%; and
--  Total deposits increased from $174.8 million to $237.4 million and
    borrowings from the Federal Home Loan Bank increased from $39.0 million in
    2006 to $59.0 million by year end 2007.
    

Roby states, "Columbia Community Bank has a very strong, seasoned team of commercial lenders, and the bank has recently attracted additional key personnel to take advantage of other primary business opportunities within the arenas of commercial real estate and business operating and equipment financing." Roby also noted that the Oregon economy is holding its own, and in-migration to the state by job seekers will have a positive long-term effect on the residential housing market in the Bank's focus areas.

Interest margins continued to tighten in the last quarter of 2007 as the Federal Reserve Bank battled mortgage industry turmoil and all the problems that followed. The financial markets are expected to improve throughout 2008.

"As deposit and borrowing rates decline, margins will improve and our team is looking forward to the opportunities and challenges of 2008," Roby added.

About Columbia Commercial Bancorp:

Information about the company's stock may be obtained through the Over the Counter Bulletin Board at www.otcbb.com. Columbia Commercial Bancorp's stock symbol is CLBC.

Columbia Commercial Bancorp was formed in 2002 as a holding company for Columbia Community Bank, which was opened in 1999 by local business people to provide business loans and deposit products for Oregon businesses.

With offices in Hillsboro, Forest Grove, Tanasbourne and Tigard/Durham, Columbia Community Bank is dedicated to providing a superior and personalized business banking experience for its clients in and around Oregon. The bank was named among the "100 Best Companies to Work for in Oregon" by Oregon Business Magazine (2007); US Banker magazine ranked Columbia Community Bank number 51 among 7,966 banks in the nation with assets of $1 billion or less (2007); and the bank has also been named by Portland Business Journal as one of the "100 Fastest-Growing Private Companies in Oregon" for seven consecutive years.

For more information about Columbia Community Bank, please call (503) 693-7500 or visit www.columbiacommunitybank.com.

Certain statements in this release may constitute forward-looking statements within the definition of the "safe-harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to significant uncertainties, which could cause actual results to differ materially from those set forth in such statements. Forward-looking statements can be identified by words such as "believe," "estimate," "anticipate," "expect," "intend," "will," "may," "should," or other similar phrases or words. Readers are cautioned not to place undue reliance on forward-looking statements. The bank does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

                         Consolidated Balance Sheet
                                  Unaudited
           (amounts in 000's, except per share data and ratios)

                                            % Change    As of
                                               2007   September
                        As of December 31,      vs.      30,     Quarterly
                         2007       2006       2006     2007     $ Change
                       ---------  ---------  -------  ---------  ---------

ASSETS
     Cash & Due from
      Banks            $   4,724  $   5,052    -6.49% $   3,576  $   1,148
     Federal Funds
      Sold                   737         52  1317.31%         -  $     737
     Investment
      Securities          49,976     36,635    36.42%    43,934  $   6,042

     Gross Loans         283,967    212,505    33.63%   265,520  $  18,447
     Allowance for
      Loan Losses         (3,100)    (2,320)   33.62%    (2,920) $    (180)
                       ---------  ---------  -------  ---------  ---------
         Net Loans       280,867    210,185    33.63%   262,600  $  18,267

     Other Assets         12,499      9,799    27.55%    10,454  $   2,045
                       ---------  ---------  -------  ---------  ---------

TOTAL ASSETS           $ 348,803  $ 261,723    33.27% $ 320,564  $  28,239
                       =========  =========  =======  =========  =========

LIABILITIES
     Total Deposits    $ 237,408  $ 174,819    35.80% $ 222,627  $  14,781
     Repurchase
      Agreements and
      Federal Funds
      Purchased           16,375     18,571   -11.82%    18,689  $  (2,314)
     FHLB Borrowings      59,000     39,000    51.28%    45,500  $  13,500
     Other Liabilities     3,774      1,819   107.48%     3,213  $     561
     Real Estate Term
      Debt                 1,901      1,976    -3.80%     1,921  $     (20)
     Trust Preferred
      Securities Debt      8,248      8,248     0.00%     8,248  $       -
                       ---------  ---------  -------  ---------  ---------
TOTAL LIABILITIES        326,706    244,433    33.66%   300,198  $  26,508

TOTAL STOCKHOLDERS'
 EQUITY                   22,097     17,290    27.80%    20,366  $   1,731
                       ---------  ---------  -------  ---------  ---------
TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY  $ 348,803  $ 261,723    33.27% $ 320,564  $  28,239
                       =========  =========  =======  =========  =========

Book Value per share   $    7.35  $    5.87    25.28% $    6.86  $    0.49
ROAA                        1.36%      1.48%   -7.78%      1.40%     -0.04%
ROAE                       21.45%     22.05%   -2.72%     21.69%     -0.23%



                          Consolidated Income Statement
                                    Unaudited
                                      (000)

                                           % Change     Nine
                                              2007     Months
                    Year Ended  Year Ended     vs.      Ended     Quarterly
                    12/31/2007  12/31/2006    2006    9/30/2007   $ Change
                    ----------  ----------- --------  ----------  ---------
INTEREST INCOME
     Loans          $   23,848  $    17,570    35.73% $   17,542  $   6,306
     Investment
      Securities         2,433        1,538    58.19%      1,785  $     648
     Federal Funds
      Sold                  70            9   677.78%         54  $      16
                    ----------  ----------- --------  ----------  ---------
TOTAL INTEREST
 INCOME                 26,351       19,117    37.84%     19,381  $   6,970
                    ----------  ----------- --------  ----------  ---------

INTEREST EXPENSE
     Deposit
      Accounts           8,948        5,654    58.26%      6,407  $   2,541
     Repurchase
      Agreements
      and Federal
      Funds
      Purchased            760          583    30.36%        578  $     182
     FHLB
      Borrowings         2,128        1,219    74.57%      1,593  $     535
     Trust
      Preferred
      Securities           651          620     5.00%        487  $     164
     Other Capital
      Borrowings           144           49                  110  $      34
                    ----------  ----------- --------  ----------  ---------
TOTAL INTEREST
 EXPENSE                12,631        8,125    55.46%      9,175  $   3,456
                    ----------  ----------- --------  ----------  ---------

NET INTEREST INCOME     13,720       10,992    24.82%     10,206  $   3,514

PROVISION FOR LOAN
 LOSSES                    740          520    42.31%        560  $     180
                    ----------  ----------- --------  ----------  ---------

NET INTEREST INCOME
 AFTER PROVISION
 FOR LOAN LOSSES        12,980       10,472    23.95%      9,646  $   3,334

NON-INTEREST INCOME        345          330     4.55%        262  $      83

NON-INTEREST
 EXPENSE                 6,529        5,604    16.51%      4,823  $   1,706

SECURITY GAINS /
 (LOSSES)                 (123)           -        -        (123) $       -
                    ----------  ----------- --------  ----------  ---------

INCOME BEFORE
 PROVISION FOR
 INCOME TAXES            6,673        5,198    28.38%      4,962  $   1,711

PROVISION FOR
 INCOME TAXES            2,518        1,909    31.90%      1,901  $     617
                    ----------  ----------- --------  ----------  ---------

NET INCOME          $    4,155  $     3,289    26.33% $    3,061  $   1,094
                    ==========  =========== ========  ==========  =========

Earnings Per Share
 Basic (1)          $     1.40  $      1.12    25.00% $     1.03  $    0.37

Earnings Per
 Share-Fully
 Diluted (1)        $     1.34  $      1.06    26.42% $     1.00  $    0.34

(1) All prior periods have been restated for the 100% stock dividend
    effective July 1, 2007.

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