Welcome!

News Feed Item

Columbia Commercial Bancorp Reports First Quarter 2014 Results

HILLSBORO, OR -- (Marketwired) -- 04/23/14 -- Columbia Commercial Bancorp (OTCBB: CLBC), a single bank holding company for Premier Community Bank (the Bank), reports a net profit of $258,000, or $0.05 per diluted share for the first quarter of 2014 compared to a net profit of $368,000, or $0.10 per diluted share for the first quarter of 2013.

"The Bank continues to reduce its non-performing assets and has eliminated all brokered deposits while also reducing reliance on other non-traditional out-of-area deposits which have had a positive effect on net interest income and earnings. And while operating expenses have been elevated the past few quarters in regards to problem assets and the Bank's recent name change, the Company is well positioned for growth and continued profitability in the year ahead," stated the Company's President and CEO, Rick A. Roby.

Earnings

Interest income on loans at $3.3 million for first quarter 2014 was consistent with the first quarter 2013 amount but continues to be pressured by competition and the low interest rate environment which affects pricing on new relationships as well as scheduled loan repricings. However, with a reduction in non-accrual loans, increased investment income, collection of back interest on non-performing loans, and reduced deposit interest expense (due to the elimination of higher-costing brokered deposits and the reduction of non-traditional out-of-area deposits), net interest income at $2.7 million for first quarter 2014 was 8.4% higher than the $2.5 million for first quarter 2013. Net interest margin for first quarter 2014 was 3.60% compared to 3.39% for first quarter 2013 and 3.27% for fourth quarter 2013.

Non-interest income at $153,000 for first quarter 2014 was relatively unchanged relative to prior periods. Non-interest expense for first quarter 2014 was up $193,000 compared to first quarter 2013 due to increased personnel costs along with advertising and other costs related to changing the name of the Bank. Expenses related to troubled assets were just over $140,000 for both the first quarters of 2014 and 2013. Compared to fourth quarter 2013, non-interest expense for first quarter 2014 was down $212,000 as a result of reductions in name change and troubled asset related expenses.

Assets

Total assets as of March 31, 2014 at $332.5 million were an increase of $2.2 million, or 0.7%, when compared to the $330.3 million as of March 31, 2013. Over the past year, a decrease of $4.8 million in cash and equivalents was offset by an increase in investments of $5.3 million and an increase in net loans of $2.0 million. The increase in overall loans was attributable to an increase in commercial real estate loans which at $115.3 million, or 46.5% of the loan portfolio, were up $9.2 million or 8.7% compared to the $106.1 million, or 43.0% of total loans, as of March 31, 2013. Commercial and Industrial (C&I) loans of $74.5 million, or 30.1% of the Bank's total loans as of March 31, 2014, were consistent with the amounts from a year ago. Real estate acquisition, development, and construction loans continued their decline as outstandings at March 31, 2014 were $25.0 million, or 10.1%, of total loans, and were down $11.3 million when compared to the $36.3 million, or 14.7% of total loans as of March 31, 2013. In regard to this reduction in construction loans, the Company's Chief Credit Officer, Fred Johnson comments, "Over these past twelve months, the Bank continued to work through a number of problematic residential construction and development loans which has led to a continued reduction in this portfolio, however in this process almost all have come to final resolution and as of March 31, 2014, substantially all of the Bank's construction and development loans were fully performing."

For first quarter 2014, the Bank had $118,000 in loan recoveries relative to $21,000 in charge-offs, or $97,000 in net recoveries. For the full-year of 2013, the Bank had $309,000 in loan recoveries relative to $290,000 in charge-offs, or net recoveries of $19,000. The allowance for loan losses as of March 31, 2014 at $5.5 million, or 2.23% of total loans, was consistent with the December 31, 2013 amounts, but below the $6.2 million, or 2.51% of loans, at this time last year due to the Bank's $750,000 reverse loan loss provision taken during fourth quarter 2013. The Bank had no loan loss provision expense for first quarter 2014 or 2013.

As of March 31, 2014 and for December 31, 2013, the Bank had no loans that were past due over 30 days and still accruing interest.

Non-performing assets consist of loans on nonaccrual status and other real estate owned (OREO) which combined to $13.1 million, or 3.94% of total assets, as of March 31, 2014 compared to $15.3 million, or 4.62% as of March 31, 2013. As of March 31, 2014 the Bank had $6.2 million in loans on nonaccrual status which consisted of six relationships (for which one borrower accounted for $5.1 million of this amount). OREO as of March 31, 2014 consisted of 13 projects/properties with carrying amounts ranging from $17,000 to $2.9 million and totaled $6.9 million in aggregate.

Deposits

Total deposits for the Bank at $234.0 million as of March 31, 2014 were consistent with deposits at year-end 2013 and were up $2.0 million, or 0.8% when compared to the $232.0 million as of March 31, 2013. And the Company's Chief Financial Officer, Bob Ekblad, states, "The Bank continues to focus considerable energies and resources on core deposit growth and reducing its reliance on non-core funding which is evident by its elimination of all brokered deposits while continuing to reduce the levels of other non-traditional out-of-area deposits." As of March 31, 2014 the Bank had no brokered deposits and $39.3 million of non-traditional out-of-area deposits compared to March 31, 2013 when brokered deposits were $5.0 million and other non-traditional out-of-area deposits were $50.0 million. And Mr. Ekblad adds, "We continue to see successes in core deposit acquisition as they have increased almost $18.0 million over the past twelve months."

Equity, Capital, and Regulatory Matters

With retained earnings and $6.1 million in net proceeds from a stock offering during third quarter 2013, stockholders' equity for the Company at $29.2 million as of March 31, 2014 increased $7.4 million, or 33.7%, when compared to the $21.8 million as of March 31, 2013. And at the Bank, capital levels continue to increase from retained earnings, a $4.4 million capital injection from the Company as a result of the third quarter 2013 stock offering, and some continued deleveraging (primarily from a reduction in low yielding excess cash). The Bank's leverage ratios and total risk-based capital ratios as of March 31, 2014 were 10.93% and 14.33%, respectively, compared to 9.39% and 12.47% as of March 31, 2013.

And as a result of continued reductions in problem assets, increased capital levels, and improved earnings, effective April 10, 2014, Premier Community Bank was released from its Regulatory Consent Order originally entered into in March 2009.

About Columbia Commercial Bancorp:

Information about the Company's stock may be obtained through the OTCQB marketplace at www.otcmarkets.com. Columbia Commercial Bancorp's stock symbol is CLBC.

Columbia Commercial Bancorp was formed in 2002 as a holding company for Premier Community Bank, the new name 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 2009, 2011, 2012, and 2013.

For more information about Columbia Commercial Bancorp, or its subsidiary Premier Community Bank, call (503) 693-7500 or visit our website at www.pcboregon.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 000s, except per share data and ratios)

                                          % Change
                        March 31,          2014 vs    December 31, % Change
                    2014        2013         2013         2013      Quarter
                 ----------  ----------  ------------  ----------  --------

ASSETS
  Cash & due
   from banks    $   22,756  $   27,564         -17.4% $   27,602     -17.6%
  Federal funds
   sold                   -           -           0.0%          -       0.0%
  Investment
   Securities -
   Available for
   Sale              42,901      37,585          14.1%     39,471       8.7%
  Investments -
   Other              2,129       2,207          -3.5%      2,149      -0.9%

  Gross loans       247,753     246,458           0.5%    248,434      -0.3%
  Allowance for
   loan losses       (5,519)     (6,196)        -10.9%     (5,422)      1.8%
                 ----------  ----------  ------------  ----------  --------
    Net loans       242,234     240,262           0.8%    243,012      -0.3%

  Other real
   estate owned       6,942       7,344          -5.5%      7,598      -8.6%
  Other assets       15,570      15,346           1.5%     15,294       1.8%
                 ----------  ----------  ------------  ----------  --------

    Total Assets $  332,532  $  330,308           0.7% $  335,126      -0.8%
                 ==========  ==========  ============  ==========  ========

LIABILITIES
  Deposits       $  233,996  $  232,048           0.8% $  234,082       0.0%
  Repurchase
   agreements        14,155      20,452         -30.8%     16,530     -14.4%
  Federal funds
   purchased              -           -           0.0%          -       0.0%
  FHLB
   borrowings        41,000      41,000           0.0%     41,000       0.0%
  Other
   borrowings         2,435       2,550          -4.5%      2,465      -1.2%
  Junior
   subordinated
   debentures         8,248       8,248           0.0%      8,248       0.0%
  Other
   liabilities        3,511       4,174         -15.9%      4,355     -19.4%
                 ----------  ----------  ------------  ----------  --------
    Total
     Liabilities    303,345     308,472          -1.7%    306,680      -1.1%

STOCKHOLDERS'
 EQUITY              29,187      21,836          33.7%     28,446       2.6%
                 ----------  ----------  ------------  ----------  --------

    Total
     Liabilities
     and
    Stockholder's
        Equity   $  332,532  $  330,308           0.7% $  335,126      -0.8%
                 ==========  ==========  ============  ==========  ========

Shares
 outstanding at
 end-of-period    5,535,974   3,775,752                 5,535,974
Book value per
 share           $     5.27  $     5.78                $     5.14
Allowance for
 loan losses to
 total loans           2.23%       2.51%                     2.18%
Non-performing
 assets (non-
 accrual loans &
 OREO)           $   13,105  $   15,287                $   15,136

Bank Tier 1
 leverage ratio       10.93%       9.39%                    10.65%
Bank Tier 1
 risk-based
 capital ratio        13.07%      11.21%                    12.97%
Bank Total risk-
 based capital
 ratio                14.33%      12.47%                    14.23%



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

                                                         Three
                                                        Months
                     Three Months Ended                  Ended
                   ----------------------             ----------
                    3/31/2014   3/31/2013   % Change  12/31/2013   % Change
                   ----------  ----------  ---------  ----------  ---------
INTEREST INCOME
  Loans            $    3,326  $    3,328       -0.1% $    3,211        3.6%
  Investments             195         139       40.3%        180        8.3%
  Federal funds
   sold and other          16          10       60.0%         15        6.7%
                   ----------  ---------- ----------  ---------- ----------
    Total interest
     income             3,537       3,477        1.7%      3,406        3.8%
                   ----------  ---------- ----------  ---------- ----------

INTEREST EXPENSE
  Deposits                285         417      -31.7%        303       -5.9%
  Repurchase
   agreements and
   federal funds
   purchased                9          27      -66.7%         12      -25.0%
  FHLB borrowings         408         408        0.0%        417       -2.2%
  Other borrowings         48          50       -4.0%         49       -2.0%
  Junior
   subordinated
   debentures              62          61        1.6%         62        0.0%
                   ----------  ----------  ---------  ----------  ---------
    Total interest
     expense              812         963      -15.7%        843       -3.7%
                   ----------  ----------  ---------  ----------  ---------

NET INTEREST
 INCOME BEFORE
 PROVISION FOR
 LOAN LOSSES            2,725       2,514        8.4%      2,563        6.3%

PROVISION FOR LOAN
 LOSSES                     -           -        0.0%       (750)    -100.0%
                   ----------  ----------  ---------  ----------

NET INTEREST
 INCOME AFTER
 PROVISION FOR
 LOAN LOSSES            2,725       2,514        8.4%      3,313      -17.7%

NON-INTEREST
 INCOME                   153         144        6.3%        145        5.5%

NON-INTEREST
 EXPENSE                2,440       2,247        8.6%      2,652       -8.0%

NON-RECURRING
 SETTLEMENT                 -           -        0.0%        900     -100.0%
INVESTMENTS-
 REALIZED GAINS /
 (LOSSES)                   -           -        0.0%          -        0.0%
OREO VALUATION
 ADJUSTMENTS &
 GAINS/(LOSSES) ON
 SALES - NET              (64)        137     -146.7%     (1,831)     -96.5%
                   ----------  ----------  ---------  ----------  ---------

INCOME (LOSS)
 BEFORE PROVISION
 FOR INCOME TAXES         374         548      -31.8%       (125)    -399.2%

PROVISION
 (BENEFIT) FOR
 INCOME TAXES             116         180      -35.6%        (77)    -250.6%
                   ----------  ----------  ---------  ----------  ---------

NET INCOME (LOSS)  $      258  $      368      -29.9% $      (48)    -637.5%
                   ==========  ==========  =========  ==========  =========

Earnings (Loss)
 per share - Basic $     0.05  $     0.10             $    (0.01)

Earnings (Loss)
 per share -
 Diluted           $     0.05  $     0.10             $    (0.01)

Return on average
 equity                  3.62%       6.89%                 -0.67%
Return on average
 assets                  0.31%       0.46%                 -0.06%
Net interest
 margin                  3.60%       3.39%                  3.27%
Efficiency ratio         84.8%       84.5%                  97.9%

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.

Latest Stories
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
In his session at 20th Cloud Expo, Brad Winett, Senior Technologist for DDN Storage, will present several current, end-user environments that are using object storage at scale for cloud deployments including private cloud and cloud providers. Details on the top considerations of features and functions for selecting object storage will be included. Brad will also touch on recent developments in tiering technologies that deliver single solution and an end-user view of data across files and objects...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.