Centennial Bancorp Announces Preliminary Financial Results.Business Editors PORTLAND, Ore.--(BUSINESS WIRE)--June 28, 2001 Centennial Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CEBC CEBC Center for Ethical Business Cultures (University of St. Thomas) CEBC Consulting Engineers of British Columbia CEBC Centre d'Études Biologiques de Chize CEBC Conselho Empresarial Brasil-China CEBC Centre For Evidence-Based Conservation ) announced today that it expects net income for the second quarter ending June 30, 2001, to be in the range of $3.1 to $3.4 million. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the second quarter ending June 30, 2001, are expected to be in the range of $0.13-$0.15. Net income for the six months ended June 31, 2001 is expected to slightly exceed net income for the same period in 2000. "We have seen a slowdown in our asset growth due to the softening of loan demand in the Pacific Northwest region
The Northwest Region . That, coupled with margin compression during the year, will have a negative impact on our financial results this quarter," said Ted Winnowski, President and Chief Executive Officer of Centennial Bancorp. "We are an asset sensitive bank. With the combined 275 basis point decline in market rates during the first six months of the year, our margins have been compressed since deposit re-pricing cannot always keep pace," continued Winnowski. We are keeping a watchful eye on economic developments, however, and are becoming more selective regarding lending activities to assure continued asset quality and growth." "We also saw bright spots in several business lines during the quarter," said Winnowski. "Our mortgage lending activity is performing quite well as rates have come down. Fee income from our new Merchant Banking Group also continues to grow. The expectation is that these efforts will remain resilient for the remainder of the year." "Despite current economic conditions, which have impacted our earnings projection for the quarter, we remain relatively optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for the year. We continue to be aggressive with our business development efforts of non-lending services such as cash management and deposit generation. We see signs that loan growth will rebound while maintaining favorable risk profiles," concluded Winnowski. Centennial Bancorp's second quarter 2001 earnings conference call is scheduled for July 19, 2001 at 8:00 AM PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . Shareholders and other interested individuals are invited to listen to the call by dialing 1-888-636-8212. A replay of the call will be available one hour after the call ends. The replay access number is 1-800-642-1687 and the password is 1260458. An audio replay of the conference call will also be posted to the Company's web site at www.centennialbank.com. Centennial Bancorp, organized in 1981 and headquartered in Portland, Oregon, is the bank holding company for Centennial Bank. Centennial Bank operates twenty-one banking offices. Twelve are in the Portland metropolitan area The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area, also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. ; two in Vancouver, Washington
Vancouver, Washington is a city on the north bank of the Columbia River, in the state of Washington, USA. It is the county seat of Clark County. ; one in Salem; and six in Lane County. Centennial Bancorp's common stock is traded on the NASDAQ National Market under the symbol "CEBC". For more information, please contact Centennial Bancorp, One SW Columbia Street, Suite 900, Portland, OR 97258. Telephone: (503) 973-5556. FAX: (503) 973-5557. Website: www.centennialbank.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995, including statements concerning the continued financial performance of the company and its plans and opportunities for future growth. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially than those expected. Specific risks include, but are not limited to, general business and economic conditions, as well as other factors listed from time to time in Centennial Bancorp's SEC reports. |
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