Centennial profits slump in second quarter.Byline: ED RUSSO The Register-Guard PORTLAND - Still feeling the effects of the region's business slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , Centennial Bancorp on Thursday reported a 16 percent drop in second-quarter profits. The Portland-based holding company of Centennial Bank said it earned $2.7 million, or 11 cents a share, in the quarter ended June 30, compared to $3.2 million, or 12 cents a share in the year-earlier period. Assets dropped 3 percent, to $823 million. Centennial, based in Eugene until 1999, has six branches and 175 employees in Lane County. Through the first six months of the year, Centennial's profits of $4.8 million were 30 percent behind last year's pace of $6.8 million. Bank executives said profits were dampened by sluggish loan demand and Centennial's decision earlier this year to set aside more money to cover the possibility of problem loans. In May, the bank announced that Chief Executive Ted Winnowski will retire and that Centennial is seeking a replacement. In a conference call with investors on Thursday, Winnowski said the search has been narrowed to three finalists, and the board of directors expects to name his replacement in August. Centennial's transition at the top contrasts with that of Pacific Continental Bank. On Monday, the Eugene-based bank announced with little explanation that its longtime long·time adj. Having existed or persisted for a long time: a longtime friend; a longtime resident of Detroit. longtime Adjective chief executive J. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Riddle riddle, puzzling question, specifically one that consists of a fanciful description or definition of something to be guessed. A famous riddle was asked by the Sphinx: "What goes on four legs in the morning, on two at noon, on three at night?" Oedipus guessed the had resigned and been replaced by Hal Brown Hector Harold Brown (born December 11, 1924 in Greensboro, North Carolina) is a former pitcher in Major League Baseball who played from 1951 through 1964 for the Chicago White Sox (1951-52), Boston Red Sox (1953-55), Baltimore Orioles (1955-62), New York Yankees (1962) and Houston , the chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Centennial specializes in business loans, most of them in Portland and Eugene. Through the first six months of the year, total loans dropped 7 percent compared to a year ago. In the second quarter, the bank wrote off nearly twice as much in bad loans - $1.2 million compared to $669,000 a year earlier. Winnowski told investors that the Northwest economy still looks weak, but there are signs of recovery. |
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