Centennial Bancorp Announces Record Earnings for 1999.Business Editors PORTLAND, Ore.--(BUSINESS WIRE)--Jan. 25, 2000 Centennial Bancorp (the Company) (Nasdaq: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 record earnings for the year ended December 31, 1999. Consolidated net income for the year was $12,106,765 or $.68 per common share (basic), which represents a 6% increase over 1998 earnings of $11,434,546 or $.65 per common share. Net income of $3,000,023 or $.17 per common share in the fourth quarter of 1999 compared to $3,037,635 or $.18 per common share for the fourth quarter of 1998. Results for the year and the quarter ended December 31, 1999, excluding the amortization of goodwill associated with the acquisition of the Hazel hazel, any plant of the genus Corylus of the family Betulaceae (birch family), shrubs or small trees with foliage similar to the related alders. They are often cultivated for ornament and for the edible nuts. Dell branch in May 1999 were $12,361,229 or $.69 per share and $3,095,693 or $.17 per share, respectively. &uot;We are pleased with the Company's performance in 1999,&uot; stated Richard C. Williams, President &C.E.O. &uot;We increased earnings while making substantial front-end expenditures to expand our market positions in Eugene, Salem, Portland and Washington. At the same time, we complied with Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them requirements and adjusted to a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. residential real estate
mortgage market.&uot;During 1999 we expanded our banking system into the state of Washington by acquiring a branch in the Hazel Dell area of Vancouver in May. We opened branches in Salem, downtown Portland Downtown Portland is located on the west bank of the Willamette River in Portland, Oregon. It is in the northeastern corner of the southwest section of the city and is where most of its high-rise buildings are found. , Oakway Center in Eugene, and also Clackamas during the year. In addition, we are preparing to open our second 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. branch in February.&uot; Williams further stated, &uot;As a result of our front-end investments in new offices, we are now substantially positioned in the markets we serve. We look forward to achieving the profitable growth expected.&uot; At December 31, 1999, Centennial Bancorp's total assets increased 27% to $726,165,000 from total assets of $572,050,000 at December 31, 1998. Total loans increased 39% to $599,828,000 from total loans of $432,014,000 at December 31, 1998. Centennial Bancorp attributed the record 1999 earnings to the substantial increase in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin , primarily loans, as the result of its continued expansion into the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. Northwest economy. Centennial Bancorp is an Oregon chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission holding company, headquartered in Portland, with Centennial Bank and Centennial Mortgage Co. as its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . Centennial Bank operates eighteen banking offices: eleven 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. (including one in Vancouver, Washington), four in Eugene, one each in Springfield, Cottage Grove Cottage Grove, village (1990 pop. 22,935), Washington co., SE Minn., near the St. Croix River; inc. 1965. There is farming (cattle, sheep, corn, and soybeans) and manufacturing (chemicals and machinery). and Salem, Oregon Salem (IPA: [ˈseɪ ləm̩]) is the capital of the U.S. state of Oregon, and the county seat of Marion County. The district of West Salem lies in Polk County. . Centennial Mortgage Co. is engaged in mortgage banking and operates five offices: two in Eugene, and one office each in Lake Oswego Lake Os·we·go A city of northwest Oregon, a residential suburb of Portland. Population: 35,800. , Clackamas and the Tanasbourne area of Beaverton.
CENTENNIAL BANCORP
(Unaudited)
(In Thousands, Except Per Share Amounts and Ratios)
The Quarter Ended The Year Ended
December 31, 1999 1998 1999 1998
------- ------- ------- -------
Interest income $16,361 $13,245 $58,467 $49,849
Interest expense 5,128 4,152 17,867 15,837
------- ------- ------- -------
Net interest income 11,233 9,093 40,600 34,012
Provision for loan losses 600 300 2,300 1,500
------- ------- ------- -------
Net interest income after
provision for loan losses 10,633 8,793 38,300 32,512
Noninterest income 820 1,110 3,527 4,184
Noninterest expense 6,747 5,033 22,802 19,349
------- ------- ------- -------
Income before income taxes 4,706 4,870 19,025 17,347
Provision for income taxes 1,706 1,832 6,919 5,912
------- ------- ------- -------
Net income $ 3,000 $ 3,038 $12,106 $11,435
Earnings per common share:
Basic $ 0.17 $ 0.18 $ 0.68 $ 0.65
Diluted $ 0.16 $ 0.18 $ 0.66 $ 0.62
Weighted average shares
outstanding:
Basic 17,854 17,704 17,822 17,662
Diluted 18,386 18,506 18,396 18,492
At period end:
Total assets $726,165 $572,050
Loans and loans held-for-sale 599,828 432,014
Deposits 573,041 483,866
Shareholders' equity 74,212 63,717
Interest-earning assets 664,668 514,894
Interest-bearing liabilities 541,482 401,752
Average assets $701,962 $566,935 $634,812 $525,217
Average loans and loans
held-for-sale 570,472 428,755 502,272 387,914
Average deposits 578,579 483,706 534,258 447,449
Average equity 74,400 58,097 69,440 56,712
Average interest-earning
assets 638,084 525,450 578,304 483,493
Average interest-bearing
liabilities 507,581 402,117 454,339 373,244
Allowance for loan losses
- beginning $ 5,847 $ 4,154 $ 4,451 $ 3,349
Provision for loan losses 600 300 2,300 1,500
Loans charged off (net) (282) (3) (586) (398)
------- ------- ------- -------
Ending balance $ 6,165 $ 4,451 $ 6,165 $ 4,451
Performance Ratios:
Return on average equity(A) 16.00% 20.75% 17.43% 20.72%
Return on average assets(A) 1.70% 2.13% 1.91% 2.18%
Net interest margin 7.10% 7.10% 7.15% 7.30%
Efficiency ratio 55.98% 49.33% 51.67% 50.66%
NOTE A: Annualized for the quarters ended December 31
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