SOURCE: CenterPointe Community Bank

CenterPointe Community Bank

August 15, 2012 23:09 ET

CenterPointe Community Bank Reports Earnings

HOOD RIVER, OR--(Marketwire - Aug 15, 2012) -  CenterPointe Community Bank (PINKSHEETS: 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 (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,   2012   2011   Change     % Change     For the three months ended March 31, 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 June 30,   2012     2011     Change     For the three months ended March 31, 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   Balance Sheet at March 31, 2012     Change     % Change  
                                                   
Cash and due from banks   $ 3,985     $ 2,123     $ 1,862     87.7 % $ 1,741     $ 2,244     128.8 %
Interest bearing bank balances     2,229       1,500       729     48.6 %   2,489       (261 )   -10.5 %
Fed funds sold     -       6,375       (6,375 )   -100.0 %   2,800       (2,800 )   -100.0 %
Investment securities, available-for-sale     10,338       8,600       1,738     20.2 %   13,801       (3,463 )   -25.1 %
Gross loans     65,955       57,762       8,193     14.2 %   60,623       5,332     8.8 %
Allowance for loan losses     (742 )     (718 )     (24 )   3.3 %   (736 )     (6 )   0.8 %
Loans, net of allowance for loan losses     65,213       57,044       8,169     14.3 %   59,887       5,326     8.9 %
Other assets     3,787       1,720       2,067     120.2 %   3,719       68     1.8 %
Total assets   $ 85,552     $ 77,362     $ 8,190     10.6 % $ 84,438     $ 1,114     1.3 %
                                                   
Non-interest-bearing deposits   $ 28,607     $ 27,527     $ 1,080     3.9 % $ 29,268     $ (661 )   -2.3 %
Interest-bearing deposits     47,965       42,653       5,312     12.5 %   46,598       1,367     2.9 %
Total deposits     76,572       70,180       6,392     9.1 %   75,866       706     0.9 %
Borrowings     -       -       -     0.0 %   -       -     0.0 %
Other liabilities     274       145       129     88.7 %   185       89     48.1 %
Stockholders' equity     8,706       7,037       1,669     23.7 %   8,387       319     3.8 %
Total liabilities and stockholders' equity   $ 85,552     $ 77,362     $ 8,190     10.6 % $ 84,438     $ 1,114     1.3 %
                                                   
Period end shares outstanding     1,165,438       1,146,515       18,923     1.7 %   1,165,299       (139 )   0.0 %
Book value per share   $ 7.47     $ 6.14     $ 1.33     21.7 % $ 7.20     $ 0.27     3.8 %
                                                   

 

                                                   
                                                   
                                                   
For the Three Months Ended June 30,     2012       2011       Change     % Change     For the three months ended March 31, 2012       Change     % Change  
                                                   
Average fed funds sold and investments   $ 17,563     $ 15,216     $ 2,347     15.4 % $ 18,681     $ (1,118 )   -6.0 %
Average loans, gross     62,353       58,738       3,615     6.2 %   58,669       3,684     6.3 %
Average total assets     85,203       77,087       8,116     10.5 %   82,186       3,017     3.7 %
Average non-interest-bearing deposits     25,791       24,795       996     4.0 %   26,591       (800 )   -3.0 %
Average interest-bearing deposits     50,554       45,159       5,395     11.9 %   46,617       3,938     8.4 %
Average total deposits     76,345       69,954       6,391     9.1 %   73,208       3,138     4.3 %
Average total borrowings     64       -       64     nm     647       (583 )   -90.1 %
Average stockholders' equity     8,466       6,895       1,571     22.8 %   8,120       346     4.3 %
                                                   
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 %                    
                                                   
                                                   

Contact Information

  • CONTACTS:
    Mahlon Vigesaa
    President & Chief Executive Officer
    541-308-1311
    Email Contact

    Jim Fortner
    Chief Financial Officer
    541-308-1317
    Email Contact