HOOD RIVER, OR--(Marketwire - July 21, 2010) - CenterPointe Community Bank (
OTCBB:
CENP),
headquartered in Hood River, Oregon, announced its first profitable quarter
since opening for business nearly three years ago. The Bank reported
earnings of $36,000 for the quarter ended June 30, 2010.
Financial Highlights:
-- Total Assets $69.1 million -- up 14.1% from December 31, 2009
-- Gross Loans $54.8 million -- up 35.1% from December 31, 2009
-- Total Deposits $62.8 million -- up 14.6% from December 31, 2009
-- Capital -- considered "Well Capitalized" under regulatory guidelines
-- Annualized Net Interest Margin 4.96% -- a key indicator of
profitability, reflects improving trend and compares favorably to our
peers
"This is a key milestone in CenterPointe Community Bank's short history of
just under three years," said Steve Benton, founding director and Chairman
of the Board of Directors. Adding further, "The success of our start up
independent bank has come about from a very supportive and diverse customer
base that calls the Columbia River Gorge region home. Though we are small
in size, with two office locations we think of ourselves as a Gorge-area
regional bank; our board of directors, management team and employees are
active residents in their respective Gorge communities that include Dufur,
White Salmon, The Dalles and Hood River."
CenterPointe Community Bank initially opened in Hood River in September
2007 and opened its second office in The Dalles in July 2008. As of June
30, 2010, the Bank had total assets of $69.1 million which represents a
growth of $8.6 million (14.1%) since year end 2009 and $28.2 million
(69.0%) over the twelve month period ending June 30, 2010. Gross loans
totaled $54.8 million, a growth of $14.0 million (35.1%) since year end and
$25.7 million (88.0%) over the past twelve months. Total deposits were
$62.8 million, $8.0 million (14.6%) higher than at year end 2009 and $28.3
million or 82.0% growth since a year ago.
Mahlon Vigesaa, a founding director and CenterPointe's President and Chief
Executive Officer, announced, "We are delighted to report that CenterPointe
has achieved sustainable break-even operations. Achieving break-even in
less than three years, especially given the economic environment of the
last two years, is remarkable. The support of the Gorge community has been
incredible and we look forward to further serving the banking needs of
local businesses and individuals while reinvesting the Bank's deposits back
into the local economy as the primary lender to the region's business and
agriculture community."
"The Bank has grown steadily since opening and hit its break-even level of
loan and deposit volume at the end of the first quarter 2010," according to
Jim Fortner, Executive Vice President and Chief Financial Officer. "Our
net interest margin has been improving steadily; our year-to-date net
interest margin of 4.96% (annualized) compares very well to our peers; and
our 2nd quarter net interest margin at an annualized rate of 5.18% reflects
further progress towards solidifying our overall profitability. This means
that the Bank is and will continue to operate as 'well capitalized' by
regulatory standards and in a manner that provides for the safety and
security concerns that depositors are looking for when choosing where to
bank."
Adding to the safety and soundness of CenterPointe Community Bank is its
strong asset quality. Britt Thomas, Executive Vice President and Chief
Credit Officer, indicated, "We have no delinquencies or problem credits in
our loan portfolio and our allowance for loan losses at $637,000, or 1.16%
of our outstanding gross loans, is sufficient to absorb the inherent risk
that exists within the portfolio. While the national media portrays that
banks are not lending, our loan growth reflects that we are indeed making
loans and meeting the credit needs of our community. At CenterPointe, our
expertise is in business lending. We have lending staff in Hood River and
The Dalles that are prepared to respond to the credit needs of local
business, Ag producers and for owner-occupied commercial real estate
transactions. In addition, our loan decisions are made locally, not in
Portland or out-of-state. This assures local business owners access to the
Bank's decision makers and the benefit of a quick response on their loan
request."
ABOUT CENTERPOINTE COMMUNITY BANK
CenterPointe Community Bank (
OTCBB:
CENP) is a Columba River Gorge based,
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 State.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements about CenterPointe
Community Bank that are intended to be covered under the "Safe-Harbor"
provisions of Federal securities laws and which management believes are a
benefit to shareholders and the general public. These statements are
necessarily subject to risk and uncertainty and actual results could differ
materially from a given forward-looking statement. The reader should not
place undue reliance on forward-looking statements and we undertake no
obligation to update any such statements. We make forward-looking
statements in this press release about the prospects for earnings growth,
deposit and loan growth, capital levels, the effective management of our
credit quality, the collectability of loans that may become identified as
non-performing, real estate market conditions and the adequacy of our
Allowance for Loan Losses.
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
For the Three
Three Months
Months Ended
Ended % March 31, %
June 30, 2010 2009 Change Change 2010 Change Change
--------- --------- ------ ------ --------- ------ ------
Interest
income $ 931 $ 592 $ 339 57.3% $ 809 $ 122 15.1%
Interest
expense 145 158 (13) -8.2% 147 (2) -1.4%
--------- --------- ------ --------- ------
Net
interest
income 786 434 352 81.1% 662 124 18.7%
Provision
for loan
losses 63 31 32 103.2% 64 (1) -1.6%
Non-interest
income 30 13 17 130.8% 82 (52) -63.4%
Non-interest
expense 717 734 (17) -2.3% 731 (14) -1.9%
--------- --------- ------ --------- ------
Net income
(loss) $ 36 $ (318) $ 354 111.3% $ (51) $ 87 170.6%
========= ========= ====== ========= ======
Basic and
diluted
earnings
per share $ 0.03 $ (0.29) $ 0.32 110.3% $ (0.05) $ 0.08 160.0%
========= ========= ====== ========= ======
Average
shares
outstanding
- basic
and
diluted 1,136,564 1,085,685 50,879 4.7% 1,085,685 50,879 4.7%
For the
Six
Months
Ended
June 30,
Interest
income $ 1,740 $ 1,089 $ 651 59.8%
Interest
expense 292 329 (37) -11.2%
--------- --------- ------
Net
interest
income 1,448 760 688 90.5%
Provision
for loan
losses 127 70 57 81.4%
Non-interest
income 113 23 90 391.3%
Non-interest
expense 1,448 1,469 (21) -1.4%
--------- --------- ------
Net loss $ (14) $ (756) $ 742 98.1%
========= ========= ======
Basic and
diluted
earnings
per share $ (0.01) $ (0.70) $ 0.69 98.6%
========= ========= ======
Average
shares
outstanding
- basic
and
diluted 1,116,044 1,085,685 30,359 2.8%
CENTERPOINTE COMMUNITY BANK
FINANCIAL HIGHLIGHTS
(All amounts in 000's, except per share data)
(unaudited)
Balance
BALANCE Sheet at
SHEET % March 31, %
At June 30 2010 2009 Change Change 2010 Change Change
--------- --------- ------- ----- --------- ------- -----
Fed funds
sold and
invest-
ments $ 11,581 $ 8,224 $ 3,357 40.8% $ 17,696 (6,115) -34.6%
--------- --------- ------- --------- -------
Gross
loans 54,803 29,151 25,652 88.0% 45,682 9,121 20.0%
Allowance
for loan
losses (637) (320) (317) 99.1% (552) (85) 15.4%
--------- --------- ------- --------- -------
Loans, net
of allowance
for loan
losses 54,166 28,831 25,335 87.9% 45,130 9,036 20.0%
Other
assets 3,345 3,821 (476) -12.5% 4,172 (827) -19.8%
--------- --------- ------- --------- -------
Total
assets $ 69,092 $ 40,876 $28,216 69.0% $ 66,998 $ 2,094 3.1%
========= ========= ======= ========= =======
Non-interest-
bearing
deposits $ 21,589 $ 8,020 $13,569 169.2% $ 21,202 $ 387 1.8%
Interest-
bearing
deposits 41,246 26,511 14,735 55.6% 39,646 1,600 4.0%
--------- --------- ------- --------- -------
Total
deposits 62,835 34,531 28,304 82.0% 60,848 1,987 3.3%
Borrowings - - - 0.0% - - 0.0%
Other
liabilities 235 143 92 64.3% 176 59 33.5%
Stockholders'
equity 6,022 6,202 (180) -2.9% 5,974 48 0.8%
--------- --------- ------- --------- -------
Total
liabilities
and
stockholders'
equity $ 69,092 $ 40,876 $28,216 69.0% $ 66,998 $ 2,094 3.1%
========= ========= ======= ========= =======
Period end
shares
outstand-
ing 1,136,564 1,085,685 50,879 4.7% 1,136,564 - 0.0%
Book value
per share $ 5.30 $ 5.71 $ (0.41) -7.2% $ 5.26 $ 0.04 0.8%
Allowance
for loan
losses:
Balance
beginning
of
period $ 488 $ 250 $ 238 95.2% $ 488 $ - 0.0%
Loan
Purchase 22 - 22 0.0% - 22 n/a
Provision
for loan
losses 127 70 57 81.4% 64 63 98.4%
Net
(charge-offs)
recoveries - - - 0.0% - - 0.0%
--------- --------- ------- --------- -------
Balance
end of
period $ 637 $ 320 $ 317 99.1% $ 552 $ 85 15.4%
========= ========= ======= ========= =======
For the
For the Three Months
Three Months Ended
Ended % March 31, %
June 30 2010 2009 Change Change 2010 Change Change
--------- --------- ------- ----- --------- ------- -----
Average
fed funds
sold and
invest-
ments $ 11,526 $ 9,468 $ 2,058 21.7% $ 13,470 $(1,944) -14.4%
Average
loans,
gross 49,379 26,997 22,382 82.9% 43,359 6,020 13.9%
Average
total
assets 64,049 39,790 24,259 61.0% 60,365 3,684 6.1%
Average
non-
interest-
bearing
deposits 19,614 7,518 12,096 160.9% 15,963 3,651 22.9%
Average
interest-
bearing
deposits 38,180 25,814 12,366 47.9% 38,938 (758) -1.9%
Average
total
deposits 57,794 33,332 24,462 73.4% 54,901 2,893 5.3%
Average
total
borrowings 52 - 52 nm - 52 nm
Average
stockholders'
equity 5,992 6,330 (338) -5.3% 5,549 443 8.0%
For the Six
Months Ended
June 30
Average fed
funds sold
and
invest-
ments $ 12,493 $ 9,565 $ 2,928 30.6%
Average
loans,
gross 46,386 25,266 21,120 83.6%
Average
total
assets 62,217 38,539 23,678 61.4%
Average
non-
interest-
bearing
deposits 17,798 6,284 11,514 183.2%
Average
interest-
bearing
deposits 38,557 25,279 13,278 52.5%
Average
total
deposits 56,355 31,563 24,792 78.5%
Average
total
borrowings 26 258 (232) -89.9%
Average
stockholders'
equity 5,772 6,576 (804) -12.2%