Centennial Bancorp Reports Significant Earnings Increase.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)--July 12, 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 June June: see month. 30, 2000. Consolidated net income for the three months was $3,380,719 or $.17 per basic common share, which represents an 11.0% increase over the 1999 quarterly earnings of $3,045,025 or $.15 per basic common share. During the six months ended June 30, 2000, the company's consolidated net income was $6,635,279 or $.34 per basic common share, which represented a 10.5% increase over the consolidated net income for the first six months of 1999 of $6,004,784 or $.30 per basic common share. Centennial Bancorp C.E.O. Ted Winnowski attributed the increased earnings during the quarter and the six months ended June 30, 2000 to strong business development efforts which have allowed continued expansion of its earnings assets, primarily loans. At June 30, 2000 Centennial Bancorp's total assets increased 25% to $821,650,000 from total assets of $656,324,000 at June 30, 1999. Mr. Winnowski also noted that the increased earnings were achieved in the current rising interest rate environment and in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the increased overhead expenses associated with Centennial Bancorp's aggressive growth during 1999. 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 Sunnyside may refer to the following: Communities and neighborhoods in the 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 Six Months Ended
June 30, 2000 1999 2000 1999
----- ----- ----- ----
Interest income $ 19,606 $ 13,939 $ 37,493 $ 26,833
Interest expense 6,884 4,237 13,014 8,070
-------- -------- -------- --------
Net interest
income 12,722 9,702 24,479 18,763
Provision for
loan losses 750 600 1,500 1,100
-------- -------- -------- --------
Net interest
income after
provision for
loan losses 11,972 9,102 22,979 17,663
Noninterest income 858 960 1,723 2,009
Noninterest expense 7,380 5,318 14,011 10,333
-------- -------- -------- --------
Income before income
taxes 5,450 4,744 10,691 9,339
Provision for income
taxes 2,069 1,699 4,056 3,334
-------- -------- -------- --------
Net income $ 3,381 $ 3,045 $ 6,635 $ 6,005
Earnings per common
share:
Basic $ 0.17 $ 0.15 $ 0.34 $ 0.31
Diluted $ 0.17 $ 0.15 $ 0.33 $ 0.30
Weighted average
shares outstanding:
Basic 19,682 19,599 19,662 19,573
Diluted 20,244 20,224 20,178 20,285
At period end:
Total assets $821,650 $656,324
Loans and loans
held-for-sale 675,040 521,070
Deposits 666,905 551,043
Shareholders' equity 80,907 68,892
Interest-earning
assets 748,414 594,022
Interest-bearing
liabilities 610,777 468,948
Average assets $791,436 $610,481 $772,193 $585,372
Average loans and
loans held-for-sale 663,111 471,402 644,888 448,003
Average deposits 632,535 517,596 613,585 495,866
Average equity 79,110 67,939 77,402 66,157
Average interest-
earning assets 726,875 555,227 709,211 535,761
Average interest-
bearing liabilities 588,521 436,069 577,773 415,821
Allowance for loan
losses - beginning $ 6,909 $ 4,924 $ 6,164 $ 4,451
Provision for
loan losses 750 600 1,500 1,100
Loans charged
off (net) (190) (17) (195) (44)
-------- -------- -------- --------
Ending balance $ 7,469 $ 5,507 $ 7,469 $ 5,507
Performance Ratios:
Return on average
equity 17.19% 17.98% 17.24% 18.30%
Return on average
assets 1.72% 2.00% 1.73% 2.07%
Net interest margin 7.04% 7.14% 6.94% 7.20%
Efficiency ratio 54.34% 49.88% 53.47% 49.75%
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