|
| ||||||||||||||
Columbia Commercial Bancorp Reports First Quarter 2008 ROE of 15.95% and Strong Asset Growth HILLSBORO, OR--(MARKET WIRE)--Apr 16, 2008 -- Columbia Commercial Bancorp (OTC BB:CLBC.OB - News), a
single bank financial holding company for Columbia Community
Bank, reports
net income for first quarter 2008 of $899,632, or $0.29
per diluted share,
compared to $972,875 or $0.31 per diluted share, for the
same quarter in
2007. As of March 31, 2008, total assets at $383.8 million
were 9.9% above
the $349.2 million reported at December 31, 2007 and 31.2%
above the $292.5
million reported at the end of first quarter 2007. Gross
loans increased
$13.1 million over the past quarter and $61.3 million, or
26.0%, over the
past year. "Given the recent pressures on net interest margin
and credit
quality affecting the banking industry as a whole, along
with the
competitiveness in our local markets for new loans, I am
very pleased with
our continued successes," states Columbia Commercial Bancorp's
President
and Chief Executive Officer, Rick A. Roby. First Quarter 2008 Performance Highlights: -- Return on equity of 15.95% -- Return on assets of 0.98% -- Net interest margin of 3.75% -- Efficiency ratio of 49.62%
Earnings are down slightly from prior quarters due to compressing margins and an increase to the Bank's provision for loan losses. Net interest margin for first quarter 2008 at 3.75% is down from 4.29% for fourth quarter 2007 and 4.75% for first quarter 2007 as the Bank's loans have re-priced downward quicker than its deposits during the recent interest rate cuts. Earning asset growth has helped mitigate margin compression as net interest income at $3.4 million for first quarter 2008 is up from first quarter 2007's $3.2 million and down only slightly from the fourth quarter 2007 amount of $3.5 million. Provision for loan loss expense was $380,000 for first quarter 2008 compared to $180,000 last quarter and $150,000 for the first quarter in 2007. "While the quality in our loan portfolio remains strong, given the continued challenges in the residential real estate markets and the Bank's sizable construction loan portfolio, we felt it prudent to increase our loan loss provision for the current quarter and potentially the next few quarters as well," said Roby. The Bank's current allowance for loan losses to total loans has now increased to 1.12%. As of March 31, 2008, the Bank had $4.1 million in non-performing loans, or 1.06% of total assets. Fred Johnson, the Bank's Chief Credit Officer, states, "The Bank continues to closely monitor the projects and builders in its residential construction loan portfolio where the economy appears to present the biggest current risk." Johnson continues, "While we won't be immune from future challenges, our builders are located predominantly in the Portland MSA where real estate values, as a whole, have proven to be more resistant to decline. Our Bank benefits further from dealing with experienced builders and developers whose work and reputation are well known to the Bank." About Columbia Commercial Bancorp: Information about the Company's stock may be obtained through the Over the Counter Bulletin Board at www.otcbb.com. Columbia Commercial Bancorp's stock symbol is CLBC. Columbia Commercial Bancorp was formed in 2002 as a holding company for Columbia Community Bank, which was opened in 1999 by local business people to provide business loans and deposit products for Oregon businesses. With offices in Hillsboro, Forest Grove, Tanasbourne and Tigard/Durham, Columbia Community Bank is dedicated to providing a superior and personalized business banking experience for its clients in and around Oregon. The bank was named among the "100 Best Companies to Work for in Oregon" by Oregon Business Magazine (2007); US Banker magazine ranked Columbia Community Bank number 51 among 7,966 banks in the nation with assets of $1 billion or less (2007); and the bank has also been named by Portland Business Journal as one of the "100 Fastest-Growing Private Companies in Oregon" for seven consecutive years. For more information about Columbia Community Bank, please call (503) 693-7500 or visit www.columbiacommunitybank.com. Certain statements in this release may constitute forward-looking statements within the definition of the "safe-harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to significant uncertainties, which could cause actual results to differ materially from those set forth in such statements. Forward-looking statements can be identified by words such as "believe," "estimate," "anticipate," "expect," "intend," "will," "may," "should," or other similar phrases or words. Readers are cautioned not to place undue reliance on forward-looking statements. The bank does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Consolidated Balance Sheet
Unaudited
(amounts in 000's, except per share data)
% Change December % Change
March 31, 2008 vs. 31, Year-to-
2008 2007 2007 2007 Date
--------- --------- -------- --------- --------
ASSETS
Cash & due from
banks $ 6,055 $ 3,909 54.90% $ 4,724 28.18%
Federal funds sold 10,590 - n/a 737 1336.91%
Investments 60,793 45,196 34.51% 49,976 21.64%
Gross loans 297,034 235,784 25.98% 283,967 4.60%
Allowance for loan
losses (3,330) (2,509) 32.72% (3,100) 7.42%
--------- --------- -------- --------- --------
Net loans 293,704 233,275 25.90% 280,867 4.57%
Other assets 12,643 10,122 24.91% 12,887 -1.89%
--------- --------- -------- --------- --------
Total Assets $ 383,785 $ 292,502 31.21% $ 349,191 9.91%
========= ========= ======== ========= ========
LIABILITIES
Deposits $ 271,207 $ 192,069 41.20% $ 236,690 14.58%
Repurchase
agreements 17,685 13,817 27.99% 16,375 8.00%
Federal funds
purchased - 4,174 n/a - 0.00%
FHLB borrowings 57,000 51,500 10.68% 59,000 -3.39%
Real estate
borrowings 1,881 1,957 -3.88% 1,901 -1.05%
Junior subordinated
debentures 8,248 8,248 0.00% 8,248 0.00%
Other liabilities 4,174 2,401 73.84% 4,880 -14.47%
--------- --------- -------- --------- --------
Total
Liabilities 360,195 274,166 31.38% 327,094 10.12%
STOCKHOLDERS' EQUITY 23,590 18,336 28.65% 22,097 6.76%
--------- --------- -------- --------- --------
Total
liabilities and
stockholders'
equity $ 383,785 $ 292,502 31.21% $ 349,191 9.91%
========= ========= ======== ========= ========
Shares outstanding at
end-of-period 3,038,636 2,958,836 3,006,236
Book value per share $ 7.76 $ 6.20 $ 7.35
Consolidated Income Statement
Unaudited
(amounts in 000's, except per share data and ratios)
Three
Three Months %Change Months
Ending 2008 Ending
3/31/ 3/31/ vs. 12/31/
2008 2007 2007 2007 %Change
------- ------- ------- ------- -------
INTEREST INCOME
Loans $ 5,962 $ 5,423 9.94% $ 6,306 -5.46%
Investments 791 572 38.29% 648 22.07%
Federal funds sold and
other 21 11 90.91% 16 31.25%
------- ------- ------- ------- -------
Total interest income 6,774 6,006 12.79% 6,970 -2.81%
------- ------- ------- ------- -------
INTEREST EXPENSE
Deposits 2,385 1,860 28.23% 2,541 -6.14%
Repurchase agreements and
federal funds purchased 159 219 -27.40% 182 -12.64%
FHLB borrowings 635 527 20.49% 535 18.69%
Real estate borrowings 35 36 -2.78% 34 2.94%
Junior subordinated
debentures 152 160 -5.00% 164 -7.32%
------- ------- ------- ------- -------
Total interest expense 3,366 2,802 20.13% 3,456 -2.60%
------- ------- ------- ------- -------
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES 3,408 3,204 6.37% 3,514 -3.02%
PROVISION FOR LOAN LOSSES 380 150 153.33% 180 111.11%
------- ------- ------- ------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,028 3,054 -0.85% 3,334 -9.18%
NON-INTEREST INCOME 129 87 48.28% 83 55.42%
NON-INTEREST EXPENSE 1,770 1,580 12.03% 1,706 3.75%
SECURITY GAINS / (LOSSES) 30 - n/a - n/a
------- ------- ------- ------- -------
INCOME BEFORE PROVISION FOR
INCOME TAXES 1,417 1,561 -9.22% 1,711 -17.18%
PROVISION FOR INCOME TAXES 517 588 -12.07% 617 -16.21%
------- ------- ------- ------- -------
NET INCOME $ 900 $ 973 -7.50% $ 1,094 -17.73%
======= ======= ======= ======= =======
Earnings per share - Basic (1) $ 0.30 $ 0.33 -9.09% $ 0.37 -18.92%
Earnings per share - Diluted(1)$ 0.29 $ 0.31 -4.92% $ 0.34 -14.71%
Return on average equity 15.95% 21.94% -27.31% 20.30% -21.44%
Return on average assets 0.98% 1.41% -30.66% 1.29% -24.17%
Net interest margin 3.75% 4.75% -21.05% 4.29% -12.59%
Efficiency ratio 49.62% 48.01% 3.36% 47.43% 4.62%
Allowance for loan losses to
total loans 1.12% 1.06% 5.35% 1.09% 2.69%
Non-performing assets $ 4,074 $ - n/a $ - n/a
(1) All prior periods have been restated for the 100% stock dividend
effective July 1, 2007.Contact: CONTACT:
Rick Roby
President & Chief Executive Officer
503-693-7500
rick@columbiacommunitybank.com
Source: Columbia Commercial Bancorp
|  | |||||||||||||
