-- 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 (
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%
Contact Information: 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