SOURCE: CenterPointe Community Bank

CenterPointe Community Bank

March 14, 2011 18:27 ET

CenterPointe Community Bank Reports Year End Profit

HOOD RIVER, OR--(Marketwire - March 14, 2011) - CenterPointe Community Bank (PINKSHEETS: CENP), headquartered in Hood River, Oregon, announced fiscal year income (before tax benefit) of $291,000; and net income of $591,000 after $300,000 tax benefit resulting from the partial reversal of an allowance for deferred tax assets to be recognized in the near term.

Financial Highlights - Fiscal Year Ending December 31, 2010:

--  Total Assets $71.1 million -- up 17.5%
--  Gross Loans $53.7 million -- up 32.4%
--  Total Deposits $63.8 million -- up 16.4%
--  Net Interest Margin 5.08% -- up 80 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 the Bank's first annual profit Mahlon Vigesaa, CenterPointe's President and Chief Executive Officer noted, "This is a big milestone for CenterPointe Community Bank, our shareholders and the Columbia River Gorge community. As a locally owned and now profitable community bank we can continue to grow and serve our local customers from our two offices in Hood River and The Dalles." Vigesaa also noted that CenterPointe Community Bank's annual shareholders' meeting is scheduled for April 14, 2011 at the Bank's headquarters in Hood River starting at 5:00pm.

ABOUT CENTERPOINTE COMMUNITY BANK

CenterPointe Community Bank (PINKSHEETS: CENP) is a 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.

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  December   December            %     September          %
              31, 2010   31, 2009  Change  Change  30, 2010  Change Change
             ---------  ---------  ------  ------  --------- -----  ------

Interest
 income      $   1,036  $     656  $  380    57.9% $   1,049 $ (13)   -1.2%
Interest
 expense           148        170     (22)  -12.9%       150    (2)   -1.3%
             ---------  ---------  ------          --------- -----
Net interest
 income            888        486     402    82.7%       899   (11)   -1.2%
Provision
 for loan
 losses              -        100    (100) -100.0%        36   (36) -100.0%
Non-interest
 income (1)         31       (243)    274      nm         23     8    34.8%
Non-interest
 expense           768        729      39     5.3%       731    37     5.1%
             ---------  ---------  ------          --------- -----
Pre-tax
 income            151       (586)    737      nm        155    (4)   -2.6%
Income Tax
 Benefit          (300)         -    (300)     nm          -  (300)     nm
             ---------  ---------  ------          --------- -----
Net income
 (loss)      $     451  $    (586) $1,037      nm  $     155 $ 296   191.0%
             =========  =========  ======          ========= =====

Basic and
 diluted
 earnings
 per share   $    0.40  $   (0.54) $ 0.94      nm  $    0.14 $0.26   185.7%
             =========  =========  ======          ========= =====

Average
 shares
 outstanding
 - basic and
 diluted     1,137,036  1,085,685  51,351     4.7% 1,136,564   472     0.0%

For the Twelve
Months Ended  December   December
              31, 2010   31, 2009
              ---------  --------

Interest
 income      $   3,825  $   2,393  $1,432    59.8%
Interest
 expense           590        660     (70)  -10.6%
             ---------  ---------  ------
Net interest
 income          3,235      1,733   1,502    86.7%
Provision
 for loan
 losses            163        226     (63)  -27.9%
Non-interest
 income (1)        166       (206)    372  -180.6%
Non-interest
 expense         2,947      2,904      43     1.5%
             ---------  ---------  ------
Pre-tax
 income            291     (1,603)  1,894   118.2%
Income Tax
 Benefit          (300)         -    (300)     nm
             ---------  ---------  ------
Net income
 (loss)      $     591  $  (1,603) $2,194   136.9%
             =========  =========  ======

Basic and
 diluted
 earnings
 per share   $    0.52  $   (1.48) $ 2.00   135.1%
             =========  =========  ======

Average
 shares
 outstanding
 - basic and
 diluted     1,126,507  1,085,685  40,822     3.8%

(1) Includes gains and losses on sale of securities and losses on
    impairment of securities.




SELECTED FINANCIAL RATIOS
 (annualized)


For the Three
Months Ended          December  December              September
                      31, 2010  31, 2009     Change   30, 2010     Change
                     ---------  --------   ---------  ---------  ----------

Net interest margin       5.07%     3.73 %      1.34       5.28%      -0.21
Return on average
 equity                  28.45%   (41.37)%     69.82      10.06%      18.39
Return on average
 assets                   2.46%    (4.15)%      6.61       0.87%       1.59
Efficiency ratio (1)     83.57%   300.00 %   (216.43)     79.28%       4.29


For the Twelve        December  December
Months Ended          31, 2010  31, 2009     Change
                     ---------  --------   ---------

Net interest margin       5.08%     4.28 %      0.80
Return on average
 equity                   9.87%   (25.95)%     35.82
Return on average
 assets                   0.88%    (3.64)%      4.52
Efficiency ratio (1)     86.65%   190.18 %   (103.53)

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)

BALANCE SHEET December   December            %     September          %
              31, 2010   31, 2009  Change  Change  30, 2010  Change Change
             ---------  ---------  ------  ------  --------- -----  ------

Cash and
 due from
 banks     $   2,643  $   2,381  $   262   11.0% $   1,184  $ 1,459  123.2%
Fed funds
 sold          5,530      9,295   (3,765) -40.5%     7,510   (1,980) -26.4%
Time
 deposits      2,494      1,449    1,045     nm      2,744     (250)  -9.1%
Investment
 securites
 available-
 for-sale      5,488      5,235      253    4.8%     4,333    1,155   26.7%

Gross
 loans        53,704     40,556   13,148   32.4%    55,949   (2,245)  -4.0%
Allowance
 for loan
 losses         (636)      (474)    (162)  34.2%      (673)      37   -5.5%
           ---------  ---------  -------         ---------  -------
Loans,
 net of
 allowance
 for loan
 losses       53,068     40,082   12,986   32.4%    55,276   (2,208)  -4.0%
Other
 assets        1,887      2,069     (182)  -8.8%     1,840       47    2.6%
           ---------  ---------  -------         ---------  -------
Total
 assets    $  71,110  $  60,511  $10,599   17.5% $  72,887  $(1,777)  -2.4%
           =========  =========  =======         =========  =======

Non-interest-
 bearing
 deposits  $  16,714  $  16,871  $  (157)  -0.9% $  26,409  $(9,695) -36.7%
Interest-
 bearing
 deposits     47,094     37,935    9,159   24.1%    40,020    7,074   17.7%
           ---------  ---------  -------         ---------  -------
Total
 deposits     63,808     54,806    9,002   16.4%    66,429   (2,621)  -3.9%
Borrowings         -          -        -     nm          -        -     nm
Other
 liabilities     648        222      426  191.9%       232      416  179.3%
Stockholders'
 equity        6,654      5,483    1,171   21.4%     6,226      428    6.9%
           ---------  ---------  -------         ---------  -------
Total
 liabilities
 and
 stockholders'
 equity    $  71,110  $  60,511  $10,599   17.5% $  72,887  $(1,777)  -2.4%
           =========  =========  =======         =========  =======

Period end
 shares
 outstand-
 ing       1,139,464  1,085,685   53,779    5.0% 1,136,564    2,900    0.3%

Book and
 tangible
 book
 value per
 share     $    5.84  $    5.05  $  0.79   15.6% $    5.48  $  0.36    6.6%

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