Centennial Bancorp reports 41 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)--July 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 41 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 six months ended June June: see month. 30, 1997, as compared to the same period in 1996. Consolidated net income for the six-month period was $4,260,732, as compared to $3,018,810 for the 1996 six-month period. Primary earnings per share increased to 63 cents from 53 cents for the respective six-month periods. Centennial Bancorp is the parent company of Centennial Bank and Centennial Mortgage Co., both based in Eugene. During the quarter ended June 30, 1997, the company's consolidated net income was $2,159,262, 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 38 percent increase over the 1996 quarterly consolidated net income of $1,565,892, or 27 cents per share. Centennial Bancorp attributed the earnings improvement during the six months and the quarter ended June 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 June 30, 1997, Centennial Bancorp's total assets increased 24 percent to $430,823,000 from total assets of $347,064,000 at June 30, 1996. Total earning assets represented 90 percent of total assets at June 30, 1997. -0-
Centennial Bancorp
(In thousands, except per-share amounts)
1997 1996
At June 30 (unaudited):
Total assets $430,823 $347,064
Loans and loans held for sale, net 280,928 228,698
Total deposits 368,421 288,273
Total shareholders' equity 45,898 28,798
Tangible book value per share $ 6.94 $ 5.02
Six months ended June 30 (unaudited):
Interest income $ 18,526 $ 14,707
Interest expense 6,328 5,102
Net interest income 12,198 9,605
Provision for loan losses 950 150
Income before income taxes 6,312 4,472
Net income 4,261 3,019
Net income per share:
Primary $ .63 $ .53
Fully diluted $ .63 $ .49
Quarter ended June 30 (unaudited):
Interest income $ 9,585 $ 7,628
Interest expense 3,274 2,646
Net interest income 6,311 4,982
Provision for loan losses 150 135
Income before income taxes 3,199 2,320
Net income 2,159 1,566
Net income per share:
Primary $ .32 $ .27
Fully diluted $ .32 $ .25
CONTACT: Centennial Bancorp, Eugene 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion