Click here to close now.




















Welcome!

Microsoft Cloud Authors: Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White, Pat Romanski

News Feed Item

Columbia Commercial Bancorp Reports Full Year and Fourth Quarter 2012 Results

HILLSBORO, OR -- (Marketwire) -- 01/25/13 -- Columbia Commercial Bancorp (OTCBB: CLBC), a single bank holding company for Columbia Community Bank (the Bank), reports a net profit of $1.2 million, or $0.38 per diluted share for the year ended December 31, 2012 compared to $184,000, or $0.06 per diluted share for 2011. Net income for fourth quarter 2012 was $608,000 or $0.18 per diluted share after a $750,000 negative loan loss provision which was partially offset by a $144,000 prepayment fee expense on $6.9 million of FHLB borrowings. The effect of these two transactions was $370,000 after tax. Net income for third quarter 2012 was $294,000, or $0.09 per diluted share. Return on average equity for the full year of 2012 was 6.64% compared to 1.03% for 2011.

"The Company had considerable success during 2012 with a variety of its strategic objectives," states the Company's President and CEO, Rick A. Roby. And he continues, "During the year, low-yielding cash and investments were utilized to pay down high-cost liabilities such as brokered deposits, repurchase agreements, and FHLB borrowings; and while these activities deleveraged the overall balance sheet by almost $30.0 million, at the same time we were still able to grow loans by over $6.4 million. Year-to-date net interest margins reflect the success of these initiatives which also set a strong foundation for continued improvement in net interest income for 2013. Additionally, during the fourth quarter, the Company converted over $1.9 million of its 8.50% convertible subordinated notes into common stock which moving forward reduces both the leverage and interest expense at the holding company level."

Assets

Total assets of $322.6 million as of December 31, 2012 were down $30.0 million, or 8.5%, over the past year when compared to the $352.6 million at year-end 2011. Cash, federal funds sold, and investments totaled $61.3 million as of December 31, 2012, or 19.0% of total assets, and are down $35.4 million compared to the end of 2011 when they totaled $96.7 million, or 27.4% of total assets. This reduction was brought about by retiring $4.7 million of FHLB borrowings that matured during second quarter 2012, prepaying $6.9 million during the fourth quarter of FHLB borrowings that had an average rate of 4.23%, and throughout the year by reducing brokered deposits by $9.9 million and repurchase agreements by $9.3 million. "And after all the changes during 2012, the Company still retains strong liquidity with over $36.9 million of cash and unpledged securities, or 11.4% of total assets," states Bob Ekblad, the Company's Chief Financial Officer.

Total loans at $244.8 million as of December 31, 2012 are up $1.0 million, or 0.4%, during the fourth quarter and have increased $6.4 million or 2.7% when compared to the $238.4 million outstanding as of December 31, 2011. "We are seeing an increased level of confidence within several of our targeted business segments so loan demand has picked up this past year; and while the competition for these loans is strong, our team of experienced professionals continue to show our ability to succeed as evidenced by this loan growth; and we expect more for 2013," comments the Company's Chief Credit Officer, Fred Johnson.

As of December 31, 2012, the Bank had $329,000 in loans, or 0.13% of total loans, that were past due over 30 days and still accruing interest.

During 2012 the Bank had $1.8 million in loan charge-offs relative to $1.6 million in loan recoveries, or net charge-offs of $180,000 for the year; compared to 2011 when net charge-offs were $1.8 million. The considerable recoveries during the year along with a general improvement in other credit matrices within the loan portfolio allowed the bank to negative loan provision $750,000 for 2012 compared to 2011 when it had a loan loss provision expense of $1.4 million. As a result of the strengthening loan portfolio and negative provision expense, the allowance for loan losses as of December 31, 2012 at $6.2 million, was 2.51% of loans compared to year-end 2011 when it was $7.1 million, or 2.97% of loans.

Non-performing assets consist of loans on nonaccrual status and other real estate owned (OREO) which totaled $17.7 million as of December 31, 2012 and are down $1.3 million compared to year-end 2011 when they were $19.0 million. During 2012 the Bank reduced non-performing assets through pay downs on nonaccrual loans and the liquidation of OREO properties by $7.1 million while additions to nonaccrual loans (which were primarily from two existing relationships) were $5.8 million. OREO at year-end 2012 consisted of nine properties totaling $7.3 million which was 41.2% of non-performing assets while nonaccrual loans consisted of nine relationships totaling $10.4 million, or 58.8% of non-performing assets.

Deposits

Total deposits for the Bank at $228.0 million as of December 31, 2012 were down $11.1 million, or 4.6% for the year when compared to deposits of $239.1 million at year-end 2011. And Mr. Ekblad comments, "The reduction in deposits over the past year was certainly not reflective of our efforts to grow local deposits, in fact, local deposit growth for 2012 was quite successful at almost $11.1 million and the reason for the overall deposit decline was due to an intentional $10.0 million reduction in brokered deposits and another $12.2 million reduction in nontraditional out-of-area deposits during 2012." As of December 31, 2012, the Bank had $5.0 million in brokered deposits which was 2.2% of total deposits compared to $15.0 million and $27.7 million in brokered deposits as of December 31, 2011 and 2010 when they were 6.3% and 10.9% of total deposits, respectively. The Bank has $4.6 million in brokered deposits that mature throughout 2013 which will not be renewed.

Earnings

Asset income for full year 2012 at $14.7 million was down $1.2 million, or 7.2%, compared to the $15.9 million for 2011 due substantially from lower yields on both the loan and investment portfolios. In addition, asset income was also down for 2012 due to a $3.8 million reduction in average outstanding loans during 2012 relative to 2011 (even though year-end 2012 outstanding loans were higher than year-end 2011 outstanding loans). However, the reduction in asset income of $1.2 million was offset by a $1.3 million, or 20.2%, reduction in interest expenses from 2012 relative to 2011. This reduction in interest expense relates to reductions in outstanding deposits, repurchase agreements, and FHLB borrowings; as well as a general downward trend in overall deposit rates paid by the Bank. Net interest income for 2012 at $9.5 million was therefore up slightly, $181,000 or 1.9%, over net interest income for 2011. However, also included in the 2012 interest expense was a $144,000 prepayment penalty during fourth quarter related to the early pay-off of $6.9 million of FHLB borrowings that had an average rate of 4.23%. Net interest margin for the full year of 2012 at 3.24% was 16 basis points higher than the 3.08% for 2011. Mr. Roby adds, "And blended in with the deleveraging done during 2012 will be a considerable improvement in our net interest income and margins for 2013 as the Company has retired significant amounts of high cost deposits and FHLB borrowings during 2012 which were paid off from lower yielding cash and investments."

Non-interest income was relatively stable for the past two quarters and the full year 2012 was consistent with 2011. Non-interest expense for the past two quarters was also consistent, however for 2012 non-interest expense at $8.7 million was $196,000, or 2.2% lower than in 2011 which relates to a reduction in problem asset related expenses.

For 2012 the Company recognized $51,000 in realized gains on securities that were liquidated as part the Bank's deleveraging strategy while for 2011 security gains were $603,000. The 2012 OREO liquidations and revaluation adjustments netted to a $19,000 loss for the year showing some stabilization within the real estate markets when compared to 2011 and the net losses were $188,000.

Equity and Capital

During the fourth quarter of 2012, the Company converted over $1.9 million of its $3.0 million subordinated 8.50% convertible notes, along with their fourth quarter interest into 496,596 of common shares at $4.00 per share. The dilution from this transaction was approximately $0.26 per share but reduces leverage, reduces cash flow requirements, and saves over $165,000 in interest expense annually at the holding company.

Capital ratios at the Bank continue to grow through a combination of retained earnings and deleveraging. The Bank's leverage ratio was 8.79% as of December 31, 2012 compared to 7.63% as of December 31, 2011 while its tier one and total risk-based capital ratios were 10.90% and 12.16% as of December 31, 2012 compared to 10.16% and 11.42% at December 31, 2011 respectively. The Bank's capital ratios continue to exceed those required to be considered "well-capitalized" according to the standard regulatory guidelines.

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 deliver loan and deposit product solutions through experienced and professional bankers to businesses, nonprofits, professionals, and individuals throughout Washington County and the greater Portland metropolitan area. The Bank has been named among the "100 Best Companies to Work for in Oregon" by Oregon Business Magazine for 2012, 2011, and 2009.

For more information about Columbia Commercial Bancorp, or its subsidiary, Columbia Community Bank, call (503) 693-7500 or visit our website at www.columbiacommunitybank.com. Information contained in or linked to our website is not incorporated as a part of this release.

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 are those that incorporate management's current expectations and plans based on information currently known to them. These statements can sometimes 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. In particular, they should not be construed as assurances of a given level of performance or as promises of a given set of management's actions. Some of the factors that could cause management to deviate from its current plans, or could cause the Company's results to differ from current expectations, include the effect of localized or regional economic shifts that may affect the collectability of loans or the value of the collateral underlying those loans; the effects of laws, regulations, policies and government actions upon the Company's assets and operations; sensitivity to the Northwestern Oregon geographic markets and events affecting those markets; and the impacts of new government initiatives upon us and our borrowers. The Company 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 and ratios)


                                           % Change   September
                         December 31,       2012 vs.      30,      % Change
                       2012        2011       2011        2012      Quarter
                    ----------  ----------  --------  -----------  --------

ASSETS
  Cash & due from
   banks            $   19,102  $   25,982     -26.5% $    22,047     -13.4%
  Federal funds
   sold                      -      10,000    -100.0%       5,000    -100.0%
  Investment
   securities -
   available for
   sale                 40,019      58,417     -31.5%      55,395     -27.8%
  Investments -
   Other                 2,227       2,307      -3.5%       2,247      -0.9%

  Gross loans          244,765     238,403       2.7%     243,839       0.4%
  Allowance for
   loan losses          (6,153)     (7,083)    -13.1%      (6,963)    -11.6%
                    ----------  ----------  --------  -----------  --------
    Net loans          238,612     231,320       3.2%     236,876       0.7%

  Other real estate
   owned                 7,289       8,408     -13.3%       7,358      -0.9%
  Other assets          15,370      16,174      -5.0%      17,109     -10.2%
                    ----------  ----------  --------  -----------  --------

    Total Assets    $  322,619  $  352,608      -8.5% $   346,032      -6.8%
                    ==========  ==========  ========  ===========  ========

LIABILITIES
  Deposits          $  227,977  $  239,083      -4.6% $   237,872      -4.2%
  Repurchase
   agreements           17,438      26,722     -34.7%      24,314     -28.3%
  Federal funds
   purchased                             -       0.0%           -       0.0%
  FHLB borrowings       41,000      52,635     -22.1%      47,900     -14.4%
  Other borrowings       2,579       4,513     -42.9%       4,516     -42.9%
  Junior
   subordinated
   debentures            8,248       8,248       0.0%       8,248       0.0%
  Other liabilities      3,882       3,433      13.1%       4,122      -5.8%
                    ----------  ----------  --------  -----------  --------
    Total
     Liabilities       301,124     334,634     -10.0%     326,972      -7.9%

STOCKHOLDERS'
 EQUITY                 21,495      17,974      19.6%      19,060      12.8%
                    ----------  ----------  --------  -----------  --------
    Total
     Liabilities
     and
     Stockholders'
     Equity         $  322,619  $  352,608      -8.5% $   346,032      -6.8%
                    ==========  ==========  ========  ===========  ========

Shares outstanding
 at end-of-period    3,759,677   3,151,581              3,241,581
Book value per
 share              $     5.72  $     5.70            $      5.88
Allowance for loan
 losses to total
 loans                    2.51%       2.97%                  2.86%
Non-performing
 assets (nonaccrual
 loans & OREO)      $   17,661  $   18,984            $    16,766

Bank Tier 1
 leverage ratio (5%
 minimum for "well-
 capitalized")            8.79%       7.63%                  8.27%
Bank Tier 1 risk-
 based capital
 ratio (6% minimum
 for "well-
 capitalized")           10.90%      10.16%                 10.44%
Bank Total risk-
 based capital
 ratio (10% minimum
 for "well-
 capitalized")           12.16%      11.42%                 11.71%



                    Consolidated Statement of Operations
                                 Unaudited
            (amounts in 000's, except per share data and ratios)


                           Three Months              Twelve Months
                              Ending                    Ending
                         ----------------          ----------------
                          12/31/   9/30/      %    12/31/   12/31/     %
                           2012    2012    Change   2012     2011    Change
                         -------  -------  ------  -------  -------  ------
INTEREST INCOME
  Loans                  $ 3,459  $ 3,489    -0.9% $13,838  $14,649    -5.5%
  Investments                178      220   -19.1%     833    1,171   -28.9%
  Federal funds sold and
   other                      17       16     6.3%      72       65    10.8%
                         -------  -------  ------  -------  -------  ------
    Total interest
     income                3,654    3,725    -1.9%  14,743   15,885    -7.2%
                         -------  -------  ------  -------  -------  ------

INTEREST EXPENSE
  Deposits                   444      530   -16.2%   2,141    3,359   -36.3%
  Repurchase agreements
   and federal funds
   purchased                  34       46   -26.1%     179      329   -45.6%
  FHLB borrowings            623      490    27.1%   2,143    2,125     0.8%
  Other borrowings           128      121     5.8%     489      483     1.2%
  Junior subordinated
   debentures                 64       67    -4.5%     259      238     8.8%
                         -------  -------  ------  -------  -------  ------
    Total interest
     expense               1,293    1,254     3.1%   5,211    6,534   -20.2%
                         -------  -------  ------  -------  -------  ------

NET INTEREST INCOME
 BEFORE PROVISION FOR
 LOAN LOSSES               2,361    2,471    -4.5%   9,532    9,351     1.9%

PROVISION FOR LOAN
 LOSSES                     (750)       -   100.0%    (750)   1,350  -155.6%
                         -------  -------  ------  -------  -------  ------

NET INTEREST INCOME
 AFTER PROVISION FOR
 LOAN LOSSES               3,111    2,471    25.9%  10,282    8,001    28.5%

NON-INTEREST INCOME          178      158    12.7%     668      645     3.6%

NON-INTEREST EXPENSE       2,177    2,146     1.4%   8,648    8,844    -2.2%

INVESTMENTS- REALIZED
 GAINS / (LOSSES)             33       18    83.3%      51      603   -91.5%
INVESTMENTS - OTHER THAN
 TEMPORARY IMPAIRMENT          -        -     0.0%       -      (25) -100.0%
OREO VALUATION
 ADJUSTMENTS &
 GAINS/(LOSSES) ON SALES
 - NET                       (55)      76  -172.4%     (19)    (188)  -89.9%
                         -------  -------  ------  -------  -------  ------

INCOME (LOSS) BEFORE
 PROVISION FOR INCOME
 TAXES                     1,090      577            2,334      192

PROVISION (BENEFIT) FOR
 INCOME TAXES                482      283            1,088        8
                         -------  -------          -------  -------

NET INCOME (LOSS)        $   608  $   294          $ 1,246  $   184
                         =======  =======          =======  =======

Earnings (Loss) per
 share - Basic           $  0.19  $  0.09          $  0.39  $  0.06

Earnings (Loss) per
 share - Diluted         $  0.18  $  0.09          $  0.38  $  0.06

Return on average equity   12.61%    6.17%            6.64%    1.03%
Return on average assets    0.71%    0.33%            0.36%    0.05%
Net interest margin         3.18%    3.28%            3.24%    3.08%
Efficiency ratio           85.74%    81.6%            84.8%    88.5%


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.