HOOD RIVER, OR — (Marketwire) — 03/05/12 — CenterPointe Community Bank (PINKSHEETS: CENP), headquartered in Hood River, Oregon, announced 2011 fiscal year net income of $703,000 before tax benefit; and net income of $1,203,000 after recognizing a $500,000 tax benefit resulting from partial reversal of the Bank-s deferred tax valuation allowance.
Financial Highlights – Fiscal Year Ending December 31, 2011:
Total Assets $80.2 million – up 12.8%
Gross Loans $57.4 million – up 7.0%
Total Deposits $68.0 million – up 6.6%
Net Interest Margin 5.22% – up 14 basis points
Excellent Asset Quality – no loan delinquencies; no non-accrual loans; no other real estate owned
Bank remains comfortably “Well Capitalized” – as measured by regulatory guidelines
In announcing the Bank-s second annual profit, Mahlon Vigesaa, CenterPointe-s President and Chief Executive Officer, said, “CenterPointe Community Bank enjoyed another successful year; even though the economy continues to progress slowly we were happy with the respectable growth achieved in both loans and deposits. CenterPointe has generated profits for seven consecutive quarters allowing us to recognize an additional deferred tax benefit that relates to the initial operating losses sustained during the Bank-s formative years, 2007-2009. As a result, year-over-year earnings increased from $0.52 to $1.03 per share.”
CenterPointe-s Chief Financial Officer, Jim Fortner, added, “The Bank-s balance sheet has stabilized and our deposit mix improved significantly; locally sourced core deposits increased nearly $9.0 million allowing for brokered and wholesale deposits to decrease by $4.7 million — the net difference being the more modest overall deposit growth of 6.6%.” Commenting on the Bank-s asset quality, Britt Thomas, the Bank-s Chief Credit Officer, indicated, “There continues to be consistent performance from the loan portfolio — as credit quality remains solid our Allowance for Loan Losses at 1.26% of gross loans is reasonable and sufficient at this time.”
Over the past year CenterPointe has increased its deposit market share within the Columbia River Gorge region and has implemented a “Buy Local, Bank Local” theme in its marketing strategy. Additionally, CenterPointe recently obtained regulatory approval for expanding its physical presence into the Bingen/White Salmon, Washington market located immediately across the Columbia River from Hood River, Oregon. CenterPointe intends to occupy the previous First Independent Bank branch location by initially providing ATM and night depository services beginning summer 2012.
CenterPointe Community Bank (PINKSHEETS: CENP) is a State of Oregon chartered and FDIC insured community bank. Initially opened September 2007, the Bank is headquartered in Hood River, Oregon, with a second full service branch office located in The Dalles, Oregon. CenterPointe Community Bank 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, banking locations and financial information is available at
Mahlon Vigesaa
President & Chief Executive Officer
541-308-1311
Jim Fortner
Chief Financial Officer
541-308-1317