HOOD RIVER, OR — (Marketwire) — 08/15/12 — CenterPointe Community Bank (PINKSHEETS: CENP) announced 2nd quarter earnings of $271,000 ($0.23 per diluted share) and year-to-date earnings of $592,000 ($0.50 per diluted share) for the period ending June 30, 2012. These results include the recognition of a deferred tax benefit of $125,000 for the second quarter and $250,000 for the year-to-date period.
Financial Highlights and Year-Over-Year Comparative Results:
Total Assets $85.5 million – up 10.6%
Gross Loans $65.9 million – up 14.2%
Total Deposits $76.5 million – up 9.1%
Net Interest Margin 5.18% – down 29 basis points
Non-Interest Income up 289.7%
Excellent Asset Quality – no loan delinquencies; no non-accrual loans; no other real estate owned
Bank remains “Well Capitalized” – as measured by regulatory guidelines
Mahlon Vigesaa, President and Chief Executive Officer, commented, “CenterPointe continues to establish itself as the local community bank of choice here in the Columbia River Gorge region. The Bank is growing at a manageable rate while maintaining excellent loan quality and we are experiencing positive results of this success on our bottom line. While our net interest margin has declined over the past year due to the low rate economic environment it still ranks high compared to our peers. In addition, we have seen a significant increase in our non-interest income driven by our higher business volume. This has positively impacted deposit account service charges, interchange fees and fees for other banking services compared to a year ago and the Bank has not sold any investment securities.” Vigesaa continued, “CenterPointe is in its fifth operating year and presently we are making significant upgrades in our technology platform that will provide for the Bank-s future needs and better serve our customers. This investment has resulted in non-recurring expense of $88,000 for the quarter and $118,000 year-to-date.” Vigesaa concluded, “As a result of our sustained and growing profitability the Bank has been able to partially recognize a quarterly reversal of its deferred tax asset valuation allowance resulting in a year-to-date $250,000 income tax benefit as of June 30, 2012.”
CenterPointe Community Bank (PINKSHEETS: CENP) is an Oregon chartered community bank. Initially opened September 2007, the Bank is based in Hood River, Oregon, with a second full service office located in The Dalles, Oregon. CenterPointe is the only local community bank headquartered in the Columbia River Gorge region. Its designated service area encompasses Wasco and Hood River counties in Oregon, and Klickitat County in Washington.
Additional information about CenterPointe Community Bank, including its products, services, and banking locations, is available at
Mahlon Vigesaa
President & Chief Executive Officer
541-308-1311
Jim Fortner
Chief Financial Officer
541-308-1317