HOOD RIVER, OR -- (Marketwire) -- 03/05/12 -- CenterPointe Community Bank (PINKSHEETS: CENP), headquartered in Hood River, Oregon, announced 2011 fiscal year net income of $703,000 before tax benefit; and net income of $1,203,000 after recognizing a $500,000 tax benefit resulting from partial reversal of the Bank's deferred tax valuation allowance.
Financial Highlights - Fiscal Year Ending December 31, 2011:
- Total Assets $80.2 million - up 12.8%
- Gross Loans $57.4 million - up 7.0%
- Total Deposits $68.0 million - up 6.6%
- Net Interest Margin 5.22% - up 14 basis points
- Excellent Asset Quality - no loan delinquencies; no non-accrual loans; no other real estate owned
- Bank remains comfortably "Well Capitalized" - as measured by regulatory guidelines
In announcing the Bank's second annual profit, Mahlon Vigesaa, CenterPointe's President and Chief Executive Officer, said, "CenterPointe Community Bank enjoyed another successful year; even though the economy continues to progress slowly we were happy with the respectable growth achieved in both loans and deposits. CenterPointe has generated profits for seven consecutive quarters allowing us to recognize an additional deferred tax benefit that relates to the initial operating losses sustained during the Bank's formative years, 2007-2009. As a result, year-over-year earnings increased from $0.52 to $1.03 per share."
CenterPointe's Chief Financial Officer, Jim Fortner, added, "The Bank's balance sheet has stabilized and our deposit mix improved significantly; locally sourced core deposits increased nearly $9.0 million allowing for brokered and wholesale deposits to decrease by $4.7 million -- the net difference being the more modest overall deposit growth of 6.6%." Commenting on the Bank's asset quality, Britt Thomas, the Bank's Chief Credit Officer, indicated, "There continues to be consistent performance from the loan portfolio -- as credit quality remains solid our Allowance for Loan Losses at 1.26% of gross loans is reasonable and sufficient at this time."
Over the past year CenterPointe has increased its deposit market share within the Columbia River Gorge region and has implemented a "Buy Local, Bank Local" theme in its marketing strategy. Additionally, CenterPointe recently obtained regulatory approval for expanding its physical presence into the Bingen/White Salmon, Washington market located immediately across the Columbia River from Hood River, Oregon. CenterPointe intends to occupy the previous First Independent Bank branch location by initially providing ATM and night depository services beginning summer 2012.
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, banking locations and financial information 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 31, December 31, %
2011 2010 Change Change
------------- ------------- ------- ------
Interest income $ 1,070 $ 1,036 $ 34 3.3%
Interest expense 68 148 (80) -54.1%
------------- ------------- -------
Net interest income 1,002 888 114 12.8%
Provision for loan losses - - - nm
Non-interest income (1) 41 31 10 32.3%
Non-interest expense 822 768 54 7.0%
------------- ------------- -------
Pre-tax income 221 151 70 46.4%
Income Tax Expense (Benefit) (500) (300) (200) 66.7%
------------- ------------- -------
Net income (loss) $ 721 $ 451 $ 270 59.9%
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Basic and diluted earnings
per share $ 0.63 $ 0.40 $ 0.23 57.5%
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Average shares outstanding -
basic 1,149,242 1,137,036 12,206 1.1%
Average shares outstanding -
diluted 1,151,313 1,137,036 14,277 1.3%
For the Twelve Months Ended December 31, December 31, %
2011 2010 Change Change
------------- ------------- ------- ------
Interest income $ 4,250 $ 3,825 $ 425 11.1%
Interest expense 326 590 (264) -44.7%
------------- ------------- -------
Net interest income 3,924 3,235 689 21.3%
Provision for loan losses 140 163 (23) -14.1%
Non-interest income (1) 111 166 (55) -33.1%
Non-interest expense 3,192 2,947 245 8.3%
------------- ------------- -------
Pre-tax income 703 291 412 141.6%
Income Tax Expense (Benefit) (500) (300) (200) 66.7%
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Net income (loss) $ 1,203 $ 591 $ 612 103.6%
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Basic and diluted earnings
per share $ 1.05 $ 0.52 $ 0.53 101.9%
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Average shares outstanding -
basic 1,145,720 1,126,507 19,213 1.7%
Average shares outstanding -
diluted 1,149,704 1,126,507 23,197 2.1%
(1) Includes net gain on sale of securities during 2010 of $10 for the
three months ending 12/31/2010 and $83 for the twelve months ending
12/31/2010. There were no security sales during the twelve months ending
12/31/2011.
SELECTED FINANCIAL RATIOS
(annualized)
December 31, December 31,
For the Three Months Ended 2011 2010 Change
------------ ------------ ------
Net interest margin 4.89% 5.07% (0.18)
Return on average equity 38.63% 28.45% 10.18
Return on average assets 3.32% 2.46% 0.86
Efficiency ratio (1) 78.81% 83.57% (4.76)
December 31, December 31,
For the Twelve Months Ended 2011 2010 Change
------------ ------------ ------
Net interest margin 5.22% 5.08% 0.14
Return on average equity 17.08% 9.87% 7.21
Return on average assets 1.52% 0.88% 0.64
Efficiency ratio (1) 79.11% 86.65% (7.54)
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 31, December 31, %
2011 2010 Change Change
------------- ------------- ------- ------
Cash and due from banks $ 2,063 $ 2,643 $ (580) -21.9%
Fed funds sold 410 5,530 (5,120) -92.6%
Time deposits 2,477 2,494 (17) nm
Investment securites
available-for-sale 15,255 5,488 9,767 178.0%
Gross loans 57,466 53,704 3,762 7.0%
Allowance for loan losses (728) (636) (92) 14.5%
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Loans, net of allowance for
loan losses 56,738 53,068 3,670 6.9%
Other assets 3,236 1,857 1,379 74.3%
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Total assets $ 80,179 $ 71,080 $ 9,099 12.8%
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Non-interest-bearing deposits $ 26,756 $ 16,714 $10,042 60.1%
Interest-bearing deposits 41,283 47,094 (5,811) -12.3%
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Total deposits 68,039 63,808 4,231 6.6%
Borrowings 4,000 - 4,000 nm
Other liabilities 134 618 (484) -78.3%
Stockholders' equity 8,006 6,654 1,352 20.3%
------------- ------------- -------
Total liabilities and
stockholders' equity $ 80,179 $ 71,080 $ 9,099 12.8%
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Period end shares outstanding 1,153,600 1,139,464 14,136 1.2%
Book and tangible book value
per share $ 6.94 $ 5.84 $ 1.10 18.8%
CONTACTS:
Mahlon Vigesaa
President & Chief Executive Officer
541-308-1311
Email Contact
Jim Fortner
Chief Financial Officer
541-308-1317
Email Contact
