SOURCE: Columbia Commercial Bancorp

January 17, 2007 15:20 ET

Columbia Commercial Bancorp (CLBC) Announces 4th Quarter 2006 Assets and Earnings Growth Results

HILLSBORO, OR -- (MARKET WIRE) -- January 17, 2007 --Columbia Commercial Bancorp (OTCBB: CLBC), a single bank holding company for Columbia Community Bank, reported a net profit of $3.291 million for the twelve month period ending December 31, 2006, which was $1.273 million more than the $2.018 million reported for the same period in 2005. Earnings per fully diluted share increased to $2.24 from $1.44 per share for the comparable periods. Earnings per share calculations for both periods are inclusive of a 100% stock dividend declared May 2006 and the company's stock option plans to facilitate an accurate comparison.

"Strong loan demand continues to drive the growth and profitability of the company. The Oregon real estate market is stable and growing at a slower but sustainable pace and the company's loan quality continues to be very good. Our market segments, which include real estate contractors, large, medium, and small businesses, and professionals, are performing very well. We expect these segments to continue to perform at an above average pace in 2007," says President and CEO Rick A. Roby. "CCB plans to remain an independent community business bank making quick local decisions in the best interest of our clients' borrowing and investment needs. We feel this gives us a competitive advantage," he added.

Fourth Quarter Highlights: 12-31-2006 versus 12-31-2005

--  Total Assets grew to $261.4 million from $188.6, an increase of 38.6%
    
--  Gross Loan Portfolio grew to $212.5 million from $162.1 million, an
    increase of 31.1%
    
--  Total Deposits increased to $175.1 million from $134.0 million, an
    increase of 30.1%
    
--  Gross Interest Revenues increased to $19.1 million from $12.0, an
    increase of 59.4%
    
--  Non Interest Expenses (Operating) increased to just $5.6 million from
    $4.4 million, keeping the company's efficiency ratio in the 47% to 48%
    level
    
--  Purchase and Remodel of the Main Street Headquarters location were
    completed within budget
    
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 has been named one of the 2006-2007 "100 Best Companies to Work for in Oregon" by Oregon Business Magazine, and also named by The Portland Business Journal as one of the 2006 "Fastest-Growing Private 100 Companies." 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.

                        Columbia Commercial Bancorp
                                Un-audited
                        Consolidated Balance Sheet
                           Dollars In Thousands


                    For Twelve For Twelve             For Nine
                      Months     Months                Months    Quarterly
                      Ending     Ending    % Change    Ending     $ Change
                    12/31/2006 12/31/2005  05 vs. 06  09/30/2006  Q3 vs Q4
                     ---------  ---------  ---------  ---------  ---------

ASSETS
  Cash & Balances
   due from Banks    $   5,052  $   2,363     113.80% $   3,971  $   1,081
  Investments           36,635     16,582     120.93%    35,929        706
  Federal Funds Sold        52      5,676     -99.08%         -         52
  Gross Loans          212,505    162,057      31.13%   188,525     23,980
  Allowance for Loan
   Losses               (2,320)    (1,807)     28.39%    (2,187)      (133)
                     ---------  ---------             ---------  ---------
    Net Loans        $ 210,185  $ 160,250      31.16% $ 186,338  $  23,847

  Other Assets           9,489      3,766     151.96%     8,959        530
                     ---------  ---------             ---------  ---------

TOTAL ASSETS           261,413    188,637      38.58%   235,197     26,216
                     =========  =========             =========  =========

LIABILITIES
  Total Deposits       175,071    134,008      30.64%   159,957     15,114
  Federal Funds/
   Repurchases          18,571      9,328      99.09%    19,891     (1,320)
  FHLB Borrowings       39,000     22,700      71.81%    27,700     11,300
  Other Liabilities      1,274        651      95.70%     1,212         62
  Real Estate Term
   Debt                  1,976          -                 1,994        (18)
  Trust Preferred
   Securities Debt       8,248      8,248       0.00%     8,248          -
                     ---------  ---------             ---------  ---------
  TOTAL LIABILITIES    244,140    174,935      39.56%   219,002     25,138
                     ---------  ---------             ---------  ---------


  Total Stockholders'
   Equity               17,273     13,702      26.06%    16,195      1,078
                     ---------  ---------             ---------  ---------

TOTAL LIABILITIES
 AND STOCKHOLDERS'
 EQUITY              $ 261,413  $ 188,637      38.58% $ 235,197  $  26,216
                     =========  =========  =========  =========  =========
Book Value per Share $   11.77  $    9.43      24.77% $   11.03  $    0.74
ROAA                      1.48%      1.27%     15.91%      1.47%      0.01%
ROAE                     22.07%     16.72%     31.97%     20.12%      1.94%




                       Columbia Commercial Bancorp
                                Un-audited
                      Consolidated Income Statement
                           Dollars In Thousands

                     For Twelve For Twelve             For Nine
                       Months     Months                Months    Quarterly
                       Ending     Ending    % Change    Ending     $ Change
                     12/31/2006 12/31/2005  05 vs. 06  09/30/2006  Q3 vs Q4
                      ---------  ---------  ---------  ---------  ---------

INTEREST INCOME
Interest and
 Fees-Loans           $  17,561  $  11,299      55.42% $  12,525  $  5,036
Interest-Investments      1,377        541     154.53%       904       473
Interest-Federal
 Funds                      170        148      14.86%       168         2

TOTAL INTEREST INCOME $  19,108  $  11,988      59.39% $  13,597  $  5,511
                      ---------  ---------             ---------  --------

INTEREST EXPENSE
 Deposit Accounts        (5,654)    (2,616)    116.13%    (4,024)   (1,630)
 Repurchase/ Fed
  Funds                    (583)      (859)    -32.13%      (339)     (244)
 FHLB Borrowing          (1,218)      (234)    420.51%      (811)     (407)
 Trust Preferred
  Securities               (620)      (359)     72.70%      (459)     (161)
 Other Capital
  Borrowing                 (49)         -                   (13)      (36)
                      ---------  ---------             ---------  --------
TOTAL INTEREST
 EXPENSE              $  (8,124) $  (4,068)     99.71% $  (5,646) $ (2,478)
                      ---------  ---------             ---------  --------

NET INTEREST INCOME   $  10,984  $   7,920      38.69% $   7,951  $  3,033
                      ---------  ---------             ---------  --------

PROVISION FOR LOAN
 LOSSES               $    (520) $    (518)      0.39% $    (350) $   (170)
                      ---------  ---------             ---------  --------

NET INCOME AFTER
 PROVISION            $  10,464  $   7,402      41.37% $   7,601  $  2,863
                      =========  =========             =========  --------

TOTAL NON-INTEREST
 INCOME               $     340  $     190      78.95% $     258  $     82
                      ---------  ---------             ---------  --------

 Operating Expenses                                                      -
NON-INTEREST EXPENSE  $  (5,604) $  (4,409)     27.10% $  (4,086) $ (1,518)
                      ---------  ---------             ---------  --------

INCOME BEFORE
 PROVISION FOR INCOME
 TAXES                    5,200      3,183      63.37%     3,773     1,427

PROVISION FOR INCOME
 TAXES                   (1,909)    (1,165)     63.86%    (1,420)     (489)
                      ---------  ---------             ---------  --------

NET INCOME            $   3,291  $   2,018      63.08% $   2,353  $    938
                      =========  =========             =========  ========

Earnings Per Share(1) $    2.24  $    1.44      55.56% $    1.60  $   0.64

Earnings Per Share-
 Fully Diluted(1)     $    2.12  $    1.32      60.61% $    1.52  $   0.60

(1) All prior periods have been restated for the 100% stock dividend
    declared May 1, 2006.

Contact Information

  • For More Information Contact:
    Rick A. Roby
    President-CEO
    503-693-7500