HOOD RIVER, OR -- (Marketwire) -- 03/14/11 -- 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%
CONTACTS:
Mahlon Vigesaa
President & Chief Executive Officer
541-308-1311
mahlon.vigesaa@centerpointebank.com
Jim Fortner
Executive Vice President & Chief Financial Officer
541-308-1317
jim.fortner@centerpointebank.com
