Centennial Bancorp Reports 43 percent Earnings Gain.EUGENE Eugene, city (1990 pop. 112,669), seat of Lane co., W Oregon, on the Willamette River; inc. 1862. A processing and shipping center in a farming area, the "Emerald City" has lumbering, food-processing, and microchip and other electronics industries. , Ore.--(BUSINESS WIRE)--Oct. 8, 1997--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 ) is pleased to report a 43 percent increase in consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings for the nine months ended Sept. 30, 1997, as compared to the same period in 1996. Consolidated net income for the nine month period was $6,697,479, as compared to $4,678,666 for the comparable 1996 nine month period. Primary earnings per share increased to 89 cents from 74 cents for the respective nine month periods. Centennial Bancorp is the parent company of Centennial Bank and Centennial Mortgage Co., both based in Eugene. During the quarter ended Sept. 30, 1997, the company's consolidated net income was $2,436,747, or 32 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , which represented a 47 percent increase over the 1996 quarterly consolidated net income of $1,659,856, or 26 cents per share. Centennial Bancorp attributed the earnings improvement during the nine months and the quarter ended Sept. 30, 1997, to growth of 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 and investment securities, and continuing efforts to control non-interest-related expenses. At Sept. 30, 1997, Centennial Bancorp's total assets increased 22 percent to $471,998,000 from total assets of $386,523,000 at Sept. 30, 1996. -0-
Centennial Bancorp
(In thousands, except per share amounts)
1997 1996
At Sept. 30, (unaudited):
Total assets $471,998 $386,523
Loans and loans held for sale, net 332,727 248,419
Total deposits 401,938 322,580
Total shareholders' equity 48,846 31,700
Tangible book value per share $ 6.63 $ 5.10
Nine months ended Sept. 30, (unaudited):
Interest income $ 28,859 $ 23,068
Interest expense 9,924 8,116
Net interest income 18,935 14,952
Provision for loan losses 1,100 585
Income before income taxes 9,923 6,931
Net income 6,697 4,679
Net income per share:
Primary 89 cents 74 cents
Fully diluted 89 cents 69 cents
Quarter ended Sept. 30, (unaudited):
Interest income $ 10,333 $ 8,361
Interest expense 3,596 3,014
Net interest income 6,737 5,347
Provision for loan losses 150 300
Income before income taxes 3,611 2,459
Net income 2,437 1,660
Net income per share:
Primary 32 cents 26 cents
Fully diluted 32 cents 24 cents
CONTACT: Centennial Bancorp Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a C. Williams or Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Nysingh, 541/342-3970 |
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