Centennial Bancorp Reports Record Earnings Increase; 20.7% Year-to-Year Gain.Business Editors PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--Oct. 13, 2000 Centennial Bancorp (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 ) is pleased to report record earnings for the quarter ended September September: see month. 30, 2000. Consolidated net income for the three months was $3,743,711 or $.18 per basic common share, which represents a 20.7% increase over the 1999 quarterly earnings of $3,101,958 or $.15 per basic common share. During the nine months ended September 30, 2000, the Company's consolidated net income was $10,378,990 or $.50 per basic common share, which represented a 14.0% increase over the consolidated net income of $9,106,742 or $.44 per basic common share for the first nine months of 1999. Centennial Bancorp C.E.O. Ted Winnowski attributed the increased earnings during the quarter and the nine months ended September 30, 2000 to strong business development efforts which have allowed continued expansion of the Company's 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. At September 30, 2000, Centennial Bancorp's total assets increased 25% to $831,952,000 from total assets of $680,660,000 at September 30, 1999. Mr. Winnowski also noted that the increased earnings were achieved in the current rising interest rate environment. Mr. Winnowski indicated the Company also significantly augmented its provision for loan losses to keep pace with the growing loan portfolio. Mr. Winnowski further noted that significant behind-the-scenes groundwork has been completed to upgrade the Company's communications abilities in anticipation of implementing 24 hour a day customer dial-up access hot Dial-up access is a form of Internet access via telephone line. The client uses a modem connected to a computer and a telephone line to dial into an Internet service provider's (ISP) node to establish a modem-to-modem link, which is then routed to the Internet. to account information, and consumer and small business on-line banking capability which is tentatively ten·ta·tive adj. 1. Not fully worked out, concluded, or agreed on; provisional: tentative plans. 2. Uncertain; hesitant. scheduled for introduction in the first quarter of 2001. 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 Williams, newly appointed Chairman of the Board of Centennial Bancorp, noted that the five branches established since May 1999 have begun to mature and are attracting significant deposits. Centennial Bancorp is a bank holding company organized in 1981, whose principal subsidiary is Centennial Bank, both headquartered in Portland. Centennial Bank operates twenty banking offices: thirteen 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 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. ), four in 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. , and one in each of Salem Salem, in the Bible Salem (sā`ləm) [Heb.,=peace], in the Bible, royal city of Melchizedek, traditionally identified with Jerusalem. Salem, city, India Salem, city (1991 pop. , Springfield Springfield. 1 City (1990 pop. 105,227), state capital and seat of Sangamon co., central Ill., on the Sangamon River; settled 1818, inc. as a city 1840. and Cottage Grove, Oregon Cottage Grove is a city in Lane County, Oregon, United States. It received its name from its first postmaster, G. C. Pierce, in September 1861. Pierce's home at the time was in an oak grove. The population was 8,445 at the 2000 census. . Centennial Bancorp's other subsidiary, Centennial Mortgage Co., is engaged in mortgage banking, with offices in Eugene, Lake Oswego Lake Os·we·go A city of northwest Oregon, a residential suburb of Portland. Population: 35,800. , and the Sunnyside Road area of Portland, Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. .
CENTENNIAL BANCORP
(Unaudited)
(In Thousands, Except Per Share Amounts)
The Quarter Ended Nine Months Ended
September 30, 2000 1999 2000 1999
---- ---- ---- ----
Interest
income $ 20,539 $ 15,274 $ 58,032 $ 42,107
Interest
expense 7,779 4,670 20,793 12,740
------ ------ ------- ------
Net interest
income 12,760 10,604 37,239 29,367
Provision for
loan losses 1,050 600 2,550 1,700
------ ------ ------ ------
Net interest
income after
provision
for loan
losses 11,710 10,004 34,689 27,667
Noninterest
income 858 698 2,581 2,707
Noninterest
expense 6,519 5,721 20,530 16,054
------ ------ ------ ------
Income before
income taxes 6,049 4,981 16,740 14,320
Provision for
income taxes 2,305 1,879 6,361 5,213
------ ------ ------ ------
Net income $ 3,744 $ 3,102 $ 10,379 $ 9,107
Earnings per
common share:
Basic $ 0.18 $ 0.15 $ 0.50 $ 0.44
Diluted $ 0.18 $ 0.15 $ 0.49 $ 0.43
Weighted
average
shares
outstanding:
Basic 20,723 20,610 20,676 20,571
Diluted 21,147 21,339 21,173 21,312
At period
end:
Total assets $ 831,952 $ 680,660
Loans and
loans
held-for-sale 700,954 548,621
Deposits 685,609 570,241
Shareholders'
equity 85,416 71,662
Interest-
earning
assets 767,421 616,550
Interest-
bearing
liabilities 615,031 486,215
Average
assets $ 820,606 $ 664,162 $ 789,050 $ 611,377
Average loans
and loans
held-for-sale 691,681 531,013 660,600 479,288
Average
deposits 673,996 565,470 633,869 519,322
Average
equity 84,444 70,263 80,963 67,794
Average
interest-
earning
assets 756,405 602,428 725,057 558,159
Average
interest-
bearing
liabilities 611,429 476,878 589,074 436,397
Allowance for
loan losses
-- beginning $ 7,469 $ 5,507 $ 6,164 $ 4,451
Provision
for loan
losses 1,050 600 2,550 1,700
Loans
charged
off (net) ( 60) ( 260) ( 255) ( 304)
------------------------------------------------------
Ending
balance $ 8,459 $ 5,847 $ 8,459 $ 5,847
Performance
Ratios:
Return on
average
equity 17.64% 17.35% 17.12% 17.95%
Return on
average
assets 1.81% 1.84% 1.76% 1.99%
Net interest
margin 6.82% 6.98% 6.97% 7.03%
Efficiency
ratio 47.86% 51.01% 51.56% 50.19%
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