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Capital Pacific Bancorp Reports Higher Net Income Year-Over-Year and Growth in Loans and Deposits in 2012

PORTLAND, OR -- (Marketwire) -- 01/23/13 -- Capital Pacific Bancorp (OTCQB: CPBO), a community bank focused on serving greater Portland area businesses, private schools and not-for-profit institutions, today reported financial results for the quarter and year ended December 31, 2012.


  • Net income to common shareholders in 2012 of $1.11 million or $0.44 per common diluted share, an increase of 110% compared with 2011.
  • Fourth quarter net income to common shareholders of $345,000 or $0.13 per common diluted share, secured its 11th consecutive quarter of profitable results.
  • Total loans increased 19% to $159.20 million at December 31, 2012, compared with $133.48 million at December 31, 2011, primarily reflecting an increase in owner-occupied and investor-owned commercial real estate loans.
  • Deposits rose 10% to $174.31 million at December 31, 2012, compared with $158.69 million at December 31, 2011.
  • Total non-performing assets including troubled debt restructurings declined to 2.68% of total assets in 2012, compared with 3.35% of total assets in 2011.
  • The company's cost of funds fell to 25 basis points, an all time low.
  • Tangible book value per share increased 6% year-over-year to $7.79 at December 31, 2012.

"Capital Pacific experienced quality client growth in 2012 and we achieved considerable success identifying new commercial lending opportunities within our areas of expertise. We also continued our focus on operating efficiently, managing our net interest margin carefully, and addressing problem assets," said Mark Stevenson, President and CEO. "Our return on average assets of 0.82% in fourth quarter 2012 reflected steady improvement throughout the year, and compared with a return on average assets of 0.54% in fourth quarter 2011. For the year, return on average assets totaled 0.69% as compared to the prior year's return on average assets of 0.37%, demonstrating the progress made."

Net Income and Income Statement Demonstrate Growth

For the year ended December 31, 2012, the company reported net income of $1.37 million, compared with $695,000 in 2011. Net income to common shareholders (after preferred stock dividends) increased to $1.11 million or $0.44 per diluted common share in 2012, compared with $437,000 or $0.21 per diluted share in 2011, up 110%. In fourth quarter 2012, the company reported net income to common shareholders of $345,000 or $0.13 per diluted common share, compared with net income of $202,000 or $0.08 per diluted common share in fourth quarter 2011.

Total interest income was $8.17 million for the year ended December 31, 2012 compared with $8.11 million in 2011, up 1%, as declining loan yields kept revenue growth at a modest level. However, the bank maintained a strong 3.98% net interest margin in the fourth quarter, unchanged from the same quarter in 2011. The bank lowered interest expense 36% year over year and maintained stability in its provision for loan losses, resulting in net interest income of $7.34 million in 2012, compared with $7.01 million in 2011. Non-interest income for the year ended December 31, 2012 rose 21% to $765,000, compared with $631,000 at December 31, 2011. Total non-interest expense in 2012 declined 8% to $6.23 million, compared with $6.78 million at December 31, 2011, primarily reflecting a $282,000 recovery of work-out related expenses incurred in prior periods.

Salaries and benefits increased by $325,000, or 10% in 2012, growing to $3.7 million. "We built a very experienced team of commercial banking officers in 2011, which is reflected in the higher salaries and benefits in 2012," noted Stevenson. One of the cornerstones of Capital Pacific Bank's success and continued growth is our ability to attract and retain top industry talent. We continue to enhance our team as appropriate."

Balance Sheet Reflects Loan and Deposit Growth Asset Quality Stable

Total loans at December 31, 2012 increased 19% to $159.20 million, compared with $133.48 million at December 31, 2011, with strong sequential loan growth in the fourth quarter totaling $14 million. "While the competition for quality loans remains heated, Capital Pacific Bank provides superior service and support, and specializes in niche markets such as private schools and not-for-profit institutions, market segments that are often underserved," said Stevenson.

Stevenson said strengthening the bank's commercial lending portfolio remains a major focus and is an integral part of the company's ongoing growth strategy. "Loan growth was a major contributor to the company's improved financial performance and strong earnings growth in 2012," he explained. "We are confident in the likelihood of continued loan growth as managed by our existing sales team and believe this is an important aspect of delivering increased earnings in 2013."

Total non-performing assets including troubled debt restructurings totaled $5.4 million, unchanged from the prior quarter and down modestly when compared to the end of 2011. Total non-performing assets including troubled debt restructurings declined to 2.68% of total assets in 2012, compared with 3.35% of total assets in 2011.

The company continued selling its other real estate owned, reducing its balance to $198,000 in fourth quarter 2012 compared with $724,000 in fourth quarter 2011. Capital Pacific Bank's loan loss reserve was $2.64 million at December 31, 2012, compared with $2.89 million at December 31, 2011, primarily reflecting the bank's loan charge-offs and recoveries throughout the year. The loan loss reserve as a percentage of total loans was 1.65% as of December 31, 2012, which compared to 2.17% as of December 31, 2011.

Stevenson noted that throughout 2012, the company had little in the way of loans 30 days or more past due. "We feel this long-term trend of sound performance underscores the significantly improved quality of our current loan portfolio as compared with the past few years," he explained.

Total deposits at December 31, 2012 rose 10% to $174.31 million compared with $158.69 million at December 31, 2011. Throughout the year, the bank grew non interest-bearing demand balances 37% and interest-bearing demand balances 24%, while trimming certificates of deposit 29%. The bank's cost of funds declined to 25 basis points in the fourth quarter of 2012, a historical low.

"We've grown total core deposits and maintained an attractive deposit mix, which is a significant accomplishment," explained Stevenson. "The steady growth of deposits reflects our ability to attract well balanced companies and organizations, with both deposit and lending needs and we strongly emphasize this type of relationship banking with new customers."

Operational Efficiency, Capital Adequacy, and Outlook

The company improved its efficiency ratio to 73.9% in 2012, as compared to 85.2% in 2011 and believes its ability to drive more revenue through a single-headquarter facility is a key component of future improvements. The company's return on average common equity increased significantly throughout 2012, and was 7.06% in the fourth quarter 2012, compared with 4.39% in fourth quarter 2011.

The company is well-capitalized by regulatory standards as of December 31, 2012. The company's tier 1 leverage ratio, tier 1 capital ratio and total risk-based capital ratio were 11.2%, 14.0% and 15.2%, respectively. To be considered well-capitalized, a bank holding company must have ratios of 5.00%, 6.00% and 10.00%, respectively.

Stevenson reflected on the company's performance, "When put in perspective, we have strengthened our income statement and aggressively addressed the bank's asset quality which should have a positive impact on future performance. Just as important, we have established a culture of client growth, backed by appropriate goals for our market. While we would like to see advancement in the overall business and economic climate which will benefit our clients, in the meantime, our diverse market has many opportunities for growth including clusters such as high technology, advanced manufacturing, software development, and education that have proven resistant to economic vagaries."

"We are mindful of building shareholder value, and we are pleased to report a steady increase in the company's tangible book value in each quarter of 2012, now totaling $7.79 per common share. We appreciate the support from shareholders, and look forward to continuing positive, value-creating performance in 2013."

About Capital Pacific Bancorp
Capital Pacific Bancorp (OTCQB: CPBO) is the parent company of Capital Pacific Bank, which serves businesses, professionals and not-for-profit organizations with comprehensive banking expertise and an elite level of service. Centrally headquartered in the Fox Tower in downtown Portland, the Bank's full array of products and services are delivered through a strategic combination of vice president-level client service officers and the innovative application of technology. For more information on Capital Pacific Bancorp or to see past press releases, visit www.capitalpacificbank.com.

Forward-looking statements
Statements in this release about future events or performance are forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Factors that could affect future results include changes in the financial condition of our borrowers, changes in economic conditions generally, changes in non-performing assets, deteriorating asset values caused by market conditions, loan losses that exceed our reserve for loan losses, gains or losses on other real estate owned, fluctuations in interest rates and the impact any of these factors may have upon clients of the Company. Other factors include competition for loans and deposits within the Company's trade area, and the impact that may have upon growth or income. Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements may be less reliable than historical information. The Company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.

Capital Pacific Bancorp
(unaudited and dollars in thousands)

                                               As of        As of
Condensed Consolidated Balance Sheets     12/31/2012   12/31/2011  % change
                                         -----------  -----------  --------
Cash and due from banks                  $     3,643  $    11,773       -69%
Time certificates of deposits at other
 banks                                         5,181        7,144       -27%
Investments                                   30,224       28,792         5%
Construction and land development              7,479        4,758        57%
Real estate                                  117,030       94,771        23%
Commercial                                    34,454       33,875         2%
Other                                            239           71        nm
                                         -----------  -----------
  Total loans                                159,202      133,475        19%
Loan loss reserve                             (2,642)      (2,893)       -9%
                                         -----------  -----------
  Total loans, net of loan loss reserve      156,560      130,582        20%
Other real estate owned                          198          724       -73%
Other assets                                   5,451        5,832        -7%
                                         -----------  -----------
  Total assets                           $   201,257  $   184,847         9%
                                         ===========  ===========

Non interest-bearing demand              $    62,938  $    46,088        37%
Interest-bearing demand                       73,188       58,899        24%
Certificates of deposit                       38,187       53,699       -29%
                                         -----------  -----------
  Total client deposits                      174,313      158,686        10%

Other liabilities                              3,115        3,656       -15%
Shareholders' equity                          23,829       22,505         6%
                                         -----------  -----------
  Total liabilities and shareholders'
   equity                                $   201,257  $   184,847         9%
                                         ===========  ===========

Capital Pacific Bancorp
(unaudited and dollars in thousands, except per share data)

                      For the     For the     For the
                        three       three       three
                       months      months      months                  Year
Condensed              ending      ending      ending  Sequential      over
 Consolidated        December   September    December   quarter %    year %
 Income Statements   31, 2012    30, 2012    31, 2011      change    change
                   ----------  ----------  ----------  ----------  --------
Interest income    $    2,115  $    2,107  $    2,040           0%        4%
Interest expense          118         123         197          -4%      -40%
                   ----------  ----------  ----------
  Net interest
   income               1,997       1,984       1,843           1%        8%
                   ----------  ----------  ----------
Provision for loan
 losses                   260           -         124          nm        nm
                   ----------  ----------  ----------
  Net interest
   income, net of
   provision for
   loan losses          1,737       1,984       1,719         -12%        1%
                   ----------  ----------  ----------
Deposit fees and
 other non-
 interest income          178         188         178          -5%        0%
Income associated
 with the sale of
 loans and
 investments                -           -           -          nm        nm
                   ----------  ----------  ----------
  Total non-
   interest income        178         188         178          -5%        0%
                   ----------  ----------  ----------
Salaries and
 benefits                 901         980         916          -8%       -2%
Occupancy                 156         160         145          -3%        8%
Net expense
 associated with
 assets                  (252)         45          68          nm        nm
Net loss (income)
 on sale or
 impairment of
 other real estate
 owned                      -         (19)        (19)         nm        nm
Other non-interest
 expense                  576         422         454          36%       27%
                   ----------  ----------  ----------
  Total non-
   expense              1,381       1,588       1,564         -13%      -12%
                   ----------  ----------  ----------
  Net income
   before tax
   expense                534         584         333          -9%       60%
                   ----------  ----------  ----------
Income tax expense        124         185          66         -33%       88%
                   ----------  ----------  ----------
  Net income       $      410  $      399  $      267           3%       54%
                   ==========  ==========  ==========
Preferred stock
 dividends                (65)        (65)        (65)          0%        0%
                   ----------  ----------  ----------
  Net income to
   shareholders    $      345  $      334  $      202           3%       71%
                   ==========  ==========  ==========
  Net income per
   common share,
   basic (1)       $     0.14  $     0.13  $     0.08           8%       75%
                   ==========  ==========  ==========
  Net income per
   common share,
   fully diluted
   (1)             $     0.13  $     0.13  $     0.08           0%       63%
                   ==========  ==========  ==========
Basic average
 common shares
 outstanding        2,517,500   2,514,778   2,501,289
                   ==========  ==========  ==========
Fully diluted
 average common
 outstanding        2,571,300   2,584,651   2,501,289
                   ==========  ==========  ==========

Capital Pacific Bancorp
(unaudited and dollars in thousands, except per share data)

                                    For the year   For the year
                                          ending         ending   Year over
Condensed Consolidated Income       December 31,   December 30,      year %
 Statements                                 2012           2011      change
                                   -------------  -------------  ----------
Interest income                    $       8,171  $       8,110           1%
Interest expense                             532            830         -36%
                                   -------------  -------------
  Net interest income                      7,639          7,280           5%
                                   -------------  -------------
Provision for loan losses                    295            267          10%
                                   -------------  -------------
  Net interest income, net of
   provision for loan losses               7,344          7,013           5%
                                   -------------  -------------
Deposit fees and other non-
 interest income                             765            631          21%
Income associated with the sale of
 loans and investments                        23             43         -47%
                                   -------------  -------------
  Total non-interest income                  788            674          17%
                                   -------------  -------------
Salaries and benefits                      3,727          3,402          10%
Occupancy                                    625            598           5%
Net expense (recovery) associated
 with non-performing assets                 (117)           160          nm
Net loss on sale or impairment of
 other real estate owned                      54            815          nm
Other non-interest expense                 1,939          1,802           8%
                                   -------------  -------------
  Total non-interest expense               6,228          6,777          -8%
                                   -------------  -------------
  Net income before tax expense            1,904            910         109%
                                   -------------  -------------
Income tax expense                           535            215         149%
                                   -------------  -------------
  Net income                       $       1,369  $         695          97%
                                   =============  =============
Preferred stock dividends                   (258)          (258)          0%
                                   -------------  -------------
  Net income to common
   shareholders                    $       1,111  $         437         154%
                                   =============  =============
  Net income per common share,
   basic (1)                       $        0.44  $        0.21         110%
                                   =============  =============
  Net income per common share,
   fully diluted (1)               $        0.44  $        0.21         110%
                                   =============  =============
Basic average common shares
 outstanding                           2,512,308      2,071,655
                                   =============  =============
Fully diluted average common
 shares outstanding                    2,531,644      2,071,655
                                   =============  =============

Capital Pacific Bancorp
(unaudited and dollars in thousands, except per share data)

Performance by
 Quarter               12/31/12    9/30/12    6/30/12    3/31/12   12/31/11
                     ---------- ---------- ---------- ---------- ----------

Actual loans, gross  $  159,202 $  145,081 $  144,525 $  134,630 $  133,475
Average loans, gross $  151,536 $  145,845 $  137,260 $  131,503 $  131,829

Loans past due 30-89
 days (2)            $        - $      395 $        - $        - $        -
Loans past due 90
 days or more        $        - $        - $        - $        - $        -
Loans on non-accrual
 status              $    3,940 $    2,500 $    2,393 $    2,333 $    2,701
Other real estate
 owned               $      198 $      198 $      320 $      320 $      724
Total non-performing
 assets              $    4,138 $    2,698 $    2,713 $    2,653 $    3,425
Total non-performing
 assets as a
 percentage of total
 assets                    2.06%      1.31%      1.46%      1.39%      1.89%

Performing troubled
 debt restructings
 (not included in
 assets)                  1,262      2,753      2,754      2,762      2,766
Total non-performing
 assets plus
 performing troubled
 debt restructurings $    5,400 $    5,451 $    5,467 $    5,415 $    6,191
Total non-performing
 assets plus
 troubled debt
 restructurings as a
 percentage of total
 assets                    2.68%      2.64%      2.94%      2.85%      3.35%

Loan loss reserve    $    2,642 $    2,691 $    2,683 $    2,673 $    2,893
Loans charged off,
 net of recoveries /
 (recoveries, net of
 loans charged off)  $      309 $       (8)$       25 $      220 $       76
Loan loss reserve as
 a percentage of
 loans                     1.65%      1.86%      1.86%      1.99%      2.17%
Loan loss reserve as
 a percentage of
 loans                    67.06%    107.64%    112.00%    115.00%    107.00%

Actual client
 deposits            $  174,313 $  180,245 $  160,872 $  159,244 $  157,798
Average client
 deposits            $  184,740 $  179,254 $  160,659 $  158,031 $  168,369

Net income           $      410 $      399 $      330 $      231 $      267
Net income available
 to common
 shareholders (1)    $      345 $      334 $      265 $      166 $      202
Net earnings per
 common share, basic
 (1)                 $     0.14 $     0.13 $     0.11 $     0.07 $     0.08
Net earnings per
 common share, fully
 diluted (1)         $     0.13 $     0.13 $     0.10 $     0.07 $     0.08

Actual common shares
 outstanding          2,524,239  2,515,868  2,513,558  2,513,558  2,501,289
Book value per
 common share        $     7.79 $     7.64 $     7.49 $     7.38 $     7.36

Return on average
 common equity (1)         7.06%      6.98%      5.69%      3.60%      4.39%
Return on average
 assets                    0.82%      0.77%      0.70%      0.50%      0.54%
Net interest margin
 (3)                       3.98%      4.08%      4.21%      4.17%      3.98%
Efficiency ratio (4)      63.52%     73.35%     75.87%     84.00%     79.43%

(1) Includes the dilutive effect of preferred stock dividends accrued during
the period.
(2) Excludes loans that are no longer accruing interest.
(3) Tax exempt interest has been adjusted to a tax equivalent basis at a 34%
tax rate.  The amount of such adjustment was an addition to recorded
interest income of approximately $94,000 and $78,000 for the three months
ended December 31, 2012 and 2011, respectively and approximately $346,000
and $312,000 for the twelve months ended December 31, 2012 and 2011,
(4) Calculated by dividing non-interest expense by the sum of net interest
income and non-interest income.
nm = not meaningful

Mark Stevenson
President and CEO
Felice Belfiore

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