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Capital Pacific Bancorp Reports Second Quarter, Six Months of 2014 Financial Results

First Half 2014 Net Income Increases 41%

PORTLAND, OR--(Marketwired - July 22, 2014) - Capital Pacific Bancorp (OTCQB: CPBO), (the Company), today reported financial results for the three months and six months ended June 30, 2014. The Company is the parent company of Capital Pacific Bank (the Bank), a business bank focused on serving greater Portland area businesses, nonprofit organizations, private schools and companies committed to sustainable business practices.

Highlights

  • Net income to common shareholders in the second quarter of 2014 was $547,000 or $0.21 per common diluted share, up 50% compared with $364,000 or $0.14 per common diluted share in the second quarter of 2013.
  • Net income to common shareholders in the first half of 2014 was $1.09 million or $0.42 per common diluted share, an increase of 41% compared with $772,000 or $0.30 per common diluted share in the first half of 2013, primarily reflecting higher net interest income. Net income in the six months of 2014 represented record first-half earnings for the Company.
  • Total assets were $237.65 million at June 30, 2014, a 13% increase from $209.65 million at June 30, 2013, primarily reflecting a 15% year-over-year growth in total loans to $193.45 million at June 30, 2014 compared with $168.56 million at June 30, 2013.
  • Total client deposits increased to $209.82 million at June 30, 2014, compared with $183.56 million at June 30, 2013, reflecting the Company's focus on building relationship business with its commercial and nonprofit client base.
  • The net interest margin was 4.01% in the second quarter of 2014, reflecting an emphasis on managing interest expense, and identifying niche lending opportunities that reduce the impact of rate-based competition for quality loans.
  • Reflecting continuing positive trends in asset quality, total non-performing assets, including troubled debt restructurings, were 1.55% of total assets at June 30, 2014, stable compared with the prior two consecutive quarters, and down from 2.16% of total assets at June 30, 2013.
  • The Company's loan loss reserve was 191% of non-performing loans at June 30, 2014, while total non-performing assets (not including troubled debt restructurings) declined to 1.09% of total assets compared with 1.72% a year ago.
  • Return on average common equity (annualized) was 9.84% in the second quarter of 2014 compared with 7.16% in the prior year's second quarter, while return on average assets (annualized) was 0.92% in the second quarter of 2014 compared with 0.71% in the second quarter of 2013.
  • Reflecting enhanced shareholder value, the Company's book value per common share increased to $8.82 at June 30, 2014 compared with $8.00 a year earlier, an increase in value of approximately 10%.

"Our focus is to build Capital Pacific Bancorp through prudent organic growth by offering industry expertise and customized financial solutions," said Mark Stevenson, President and CEO. "Our relationship approach to banking has resulted in loan and deposit growth of 15% and 14% as compared with a year ago."

Stevenson said the Company's specialty in serving the needs of sustainability-focused corporations and nonprofit organizations has enhanced the Company's visibility throughout the Portland business community. The Bank's own commitment to social and environmental stewardship for the benefit of all stakeholders, including becoming a Certified B Corporation (B Corp) in the first half of 2014, has increased awareness of the Company's unique capabilities and approach to doing business, he added.

Income Statement Highlights

Net income to common shareholders in the second quarter of 2014 was $547,000 or $0.21 per common diluted share, compared with $364,000 or $0.14 per common diluted share in the second quarter of 2013. 

Net interest income for the second quarter of 2014 was $2.22 million compared with $1.93 million for the second quarter of 2013, a 15% increase. On a sequential quarter basis, net interest income was comparable to the first quarter of 2014. Interest expense was stable year-over-year, and the Company had no provision for loan losses in either reporting period.

Total non-interest expense in the second quarter of 2014 was $1.66 million compared with $1.63 million in the second quarter of 2013. The modest year-over-year increase primarily reflects the Company's investment in retaining experienced staff.

The Company reported a 4.01% net interest margin in the second quarter of 2014, compared with 4.02% in the second quarter of 2013. Stevenson explained the stability in the Company's net interest margin during the past four quarters reflects the Company's attention to interest expense management and targeting lending customers that value the Company's industry expertise and personal customer service.

For the six months ended June 30, 2014, net income to common shareholders was $1.09 million or $0.42 per common diluted share, compared with $772,000, or $0.30 per diluted common share for the six months ended June 30, 2013, a 41% increase. The increased earnings primarily reflect loan growth and the elimination of preferred stock dividends.

Net interest income in the first half of 2014 was $4.46 million, a 10% year-over-year increase compared with net interest income of $4.07 million in the first half of 2013. The Company had no provision for loan losses in either first-half periods.

Balance Sheet Highlights

Total loans at June 30, 2014 were $193.45 million, up 15% compared with $168.56 million at June 30, 2013. Total loans increased 3% from $187.98 million at December 31, 2013. Expansion in the Company's loan portfolio was due to growth in commercial real estate loans. 

"Our commercial real estate loan portfolio is very diverse, with limits on exposure to any single industry segment or asset class," commented Stevenson.

He added that a key goal in the second half of 2014 is to expand the commercial lending segment, which the Company defines as owner-occupied commercial real estate, working capital lines of credit, and equipment lending. "We expect a strong summer season. Our loan pipeline has depth, and approximately $4 million in commercial loans previously slated for June are expected to close in July," Stevenson explained. 

Total client deposits at June 30, 2014 were $209.82 million compared with $183.56 million at June 30, 2013 and $207.0 million at December 31, 2013. "I would characterize our opportunities for future deposit growth as very positive," said Stevenson.

Demand deposits equal 50% of total client deposits, providing a granular source of inexpensive funds. The Company had a 28 basis point cost of funds in the second quarter of 2014, consistent with the last four quarters.

Asset quality remained high, with total non-performing assets declining to $2.58 million or 1.09% of total assets at June 30, 2014 compared with $3.61 million or 1.72% of total assets at June 30, 2013. Non-performing assets, including performing troubled debt restructurings, declined to $3.68 million or 1.55% of total assets at June 30, 2014, compared with $4.54 million or 2.16% of total assets at June 30, 2013. 

Other real estate owned (OREO), a sub category of non-preforming assets, was $1.13 million at June 30, 2014 compared with $157,000 at June 30, 2013, reflecting the expected migration of a non-performing loan to OREO. The Company charged off $247,000 of this loan with reserves set aside in a prior period, and anticipates its sale without additional loss. 

"The overall credit profile of our loan portfolio is strong, and the number of underperforming loans is vastly reduced from recession era totals," said Stevenson. "Our few remaining problem credits are headed toward final resolution, releasing resources to focus on other initiatives." 

Operational Efficiency Improvement, Capital Adequacy, and Outlook

The Company's efficiency ratio was 67.09% for the second quarter of 2014 as compared to 76.64% in the second quarter of 2013, the result of growth in interest income. Stevenson noted the Company anticipates ongoing asset growth will make a positive contribution to the efficiency ratio in future quarters.

The Bank remained well-capitalized by accepted regulatory standards as of June 30, 2014, with a tier 1 leverage ratio of 10.56%, a tier 1 capital ratio of 12.33%, and a total risk based capital ratio of 13.59%.

"The Portland area economy and business environment is in greater health than many parts of the country," Stevenson concluded. "Our financial results demonstrate our ability to increase shareholder value as well as act as a strong socially responsible partner for our clients. We are enthusiastic about the Company's outlook for the remainder of 2014."

About Capital Pacific Bancorp

Capital Pacific Bancorp (OTCQB: CPBO) is the parent company of Capital Pacific Bank, which provides comprehensive banking expertise to businesses, professionals and nonprofit organizations. Backed by a tradition of high touch customer service, Capital Pacific Bank delivers a full array of products and services and advanced technology solutions to help businesses meet their financial goals. Capital Pacific Bank is a Certified B Corporation, one of six Certified B Corporation banks in the U.S., reflecting the Company's commitment to meeting rigorous standards for environmental and social responsibility, financial and operational transparency and performance, and community involvement. The Bank serves more than 165 clients in the nonprofit, education and sustainable focused business sectors, which represent approximately 50% of the Bank's total deposits. Capital Pacific Bank itself has a longstanding commitment to sustainability, having received numerous awards and recognition for its social responsibility and sustainable business practices.

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      6/30/2014   12/31/2013  % change 
---------------------------------------- -----------  -----------  -------- 
Cash and due from banks                  $     7,972  $    17,073       -53%
Investments                                   29,622       28,608         4%
Loans:                                                                      
Construction                                   7,376        8,373       -12%
Real estate                                  149,712      148,048         1%
Commercial                                    34,120       29,058        17%
Other                                          2,237        2,501       -11%
                                         -----------  -----------           
  Total loans                                193,445      187,980         3%
Loan loss reserve                             (2,769)      (2,986)       -7%
                                         -----------  -----------           
  Total loans, net of loan loss reserve      190,676      184,994         3%
Other real estate owned                        1,129          157        nm 
Other assets                                   8,250        8,292        -1%
                                         -----------  -----------           
  Total assets                           $   237,649  $   239,124        -1%
                                         ===========  ===========           
                                                                            
Deposits:                                                                   
Non interest-bearing demand deposits     $    69,826  $    66,205         5%
Interest-bearing demand deposits              35,411       43,259       -18%
Money market deposits                         61,701       56,499         9%
Certificates of deposit                       42,885       41,032         5%
                                         -----------  -----------           
    Total client deposits                    209,823      206,995         1%
                                                                            
Brokered deposits                                  -        5,000      -100%
                                         -----------  -----------           
    Total deposits                           209,823      211,995        -1%
                                                                            
Other liabilities                              1,759        2,298       -23%
Long-term debt                                 3,486        3,655        -5%
Common equity                                 22,581       21,176         7%
                                         -----------  -----------           
  Total liabilities and shareholders'                                       
   equity                                $   237,649  $   239,124        -1%
                                         ===========  ===========           
                                                                            
                                                                            
Capital Pacific Bancorp                                                     
(unaudited and dollars in thousands, except                                 
 per share data)                                                            
                          For the     For the     For the                   
                            three       three       three              Year 
Condensed                  months      months      months Sequential   over 
 Consolidated Income       ending      ending      ending  quarter % year % 
 Statements             6/30/2014   3/31/2014   6/30/2013     change change 
--------------------- ----------- ----------- ----------- ---------- ------ 
Interest income       $     2,373 $     2,386 $     2,081         -1%    14%
Interest expense              150         148         149          1%     1%
                      ----------- ----------- -----------                   
  Net interest income       2,223       2,238       1,932         -1%    15%
                      ----------- ----------- -----------                   
Provision for loan                                                          
 losses                         -           -           -          0%     0%
                      ----------- ----------- -----------                   
  Net interest                                                              
   income, net of                                                           
   provision for loan                                                       
   losses                   2,223       2,238       1,932         -1%    15%
                      ----------- ----------- -----------                   
Deposit fees and                                                            
 other non-interest                                                         
 income                       224         212         189          6%    19%
                      ----------- ----------- -----------                   
Salaries and benefits       1,019       1,043         933         -2%     9%
Occupancy                     168         165         164          2%     2%
Net expense                                                                 
 (recovery)                                                                 
 associated with non-                                                       
 performing assets             39          40          (1)        -3%    nm 
Other non-interest                                                          
 expense                      438         444         530         -1%   -17%
                      ----------- ----------- -----------                   
  Total non-interest                                                        
   expense                  1,664       1,692       1,626         -2%     2%
                      ----------- ----------- -----------                   
  Net income before                                                         
   tax expense                783         758         495          3%    58%
                      ----------- ----------- -----------                   
Income tax expense            236         217         131          9%    80%
                      ----------- ----------- -----------                   
  Net income          $       547 $       541 $       364          1%    50%
                      =========== =========== ===========                   
Preferred stock                                                             
 dividends                      -           -           -         nm     nm 
                      ----------- ----------- -----------                   
  Net income to                                                             
   common                                                                   
   shareholders       $       547 $       541 $       364          1%    50%
                      =========== =========== ===========                   
  Net income per                                                            
   common share,                                                            
   basic (1)          $      0.21 $      0.21 $      0.14          0%    50%
                      =========== =========== ===========                   
  Net income per                                                            
   common share,                                                            
   fully diluted (1)  $      0.21 $      0.21 $      0.14          0%    50%
                      =========== =========== ===========                   
Basic average common                                                        
 shares outstanding     2,560,689   2,541,726   2,532,345                   
                      =========== =========== ===========                   
Fully diluted average                                                       
 common shares                                                              
 outstanding            2,625,308   2,593,560   2,598,288                   
                      =========== =========== ===========                   
                                                                            
                                                                            
Capital Pacific Bancorp                                                     
(unaudited and dollars in thousands,                                        
 except per share data)                                                     
                                          For the six For the six           
                                               months      months           
                                               ending      ending           
Condensed Consolidated Income Statements    6/30/2014   6/30/2013  % change 
----------------------------------------- ----------- -----------  -------- 
Interest income                           $     4,759 $     4,353         9%
Interest expense                                  297         286         4%
                                          ----------- -----------           
  Net interest income                           4,462       4,067        10%
                                          ----------- -----------           
Provision for loan losses                           -           -         0%
                                          ----------- -----------           
  Net interest income, net of provision                                     
   for loan losses                              4,462       4,067        10%
                                          ----------- -----------           
Deposit fees and other non-interest                                         
 income                                           437         378        16%
                                          ----------- -----------           
Salaries and benefits                           2,063       1,865        11%
Occupancy                                         334         321         4%
Net expense (recovery) associated with                                      
 non-performing assets                             79          28        nm 
Other non-interest expense                        883       1,081       -18%
                                          ----------- -----------           
  Total non-interest expense                    3,359       3,295         2%
                                          ----------- -----------           
  Net income before tax expense                 1,540       1,150        34%
                                          ----------- -----------           
Income tax expense                                452         336        35%
                                          ----------- -----------           
  Net income                              $     1,088 $       814        34%
                                          =========== ===========           
Preferred stock dividends                           -         (42)     -100%
                                          ----------- -----------           
  Net income to common shareholders       $     1,088 $       772        41%
                                          =========== ===========           
  Net income per common share, basic (1)  $      0.43 $      0.31        39%
                                          =========== ===========           
  Net income per common share, fully                                        
   diluted (1)                            $      0.42 $      0.30        40%
                                          =========== ===========           
Basic average common shares outstanding     2,551,260   2,528,735           
                                          =========== ===========           
Fully diluted average common shares                                         
 outstanding                                2,605,138   2,604,382           
                                          =========== ===========           
                                                                            
                                                                            
Capital Pacific Bancorp                                                     
(unaudited and dollars in thousands,                                        
 except per share data)                                                     
Performance by                                                              
 Quarter          6/30/2014   3/31/2014  12/31/2013   9/30/2013   6/30/2013 
---------------- ----------  ----------  ----------  ----------  ---------- 
                                                                            
Actual loans,                                                               
 gross           $  193,445  $  186,724  $  187,980  $  179,318  $  168,560 
Average loans,                                                              
 gross           $  189,739  $  187,953  $  181,518  $  174,158  $  157,989 
                                                                            
Loans past due                                                              
 90 days or more                                                            
 (2)             $        -  $        -  $        -  $        -  $        - 
Loans on non-                                                               
 accrual status  $    1,450  $    2,781  $    2,832  $    3,663  $    3,456 
Other real                                                                  
 estate owned    $    1,129  $      157  $      157  $      157  $      157 
Total non-                                                                  
 performing                                                                 
 assets          $    2,579  $    2,938  $    2,989  $    3,820  $    3,613 
Total non-                                                                  
 performing                                                                 
 assets as a                                                                
 percentage of                                                              
 total assets          1.09%       1.27%       1.27%       1.66%       1.72%
                                                                            
Performing                                                                  
 troubled debt                                                              
 restructurings                                                             
 (not included                                                              
 in non-                                                                    
 performing                                                                 
 assets)         $    1,096  $      908  $      913  $      918  $      922 
Total non-                                                                  
 performing                                                                 
 assets plus                                                                
 performing                                                                 
 troubled debt                                                              
 restructurings  $    3,675  $    3,846  $    3,902  $    4,738  $    4,535 
Total non-                                                                  
 performing                                                                 
 assets plus                                                                
 troubled debt                                                              
 restructurings                                                             
 as a percentage                                                            
 of total assets       1.55%       1.66%       1.63%       2.06%       2.16%
                                                                            
Loan loss                                                                   
 reserve         $    2,769  $    3,001  $    2,986  $    2,891  $    2,739 
Loans charged                                                               
 off, net of                                                                
 recoveries /                                                               
 (recoveries,                                                               
 net of loans                                                               
 charged off)    $      232  $      (15) $      (95) $       (9) $      (19)
Loan loss                                                                   
 reserve as a                                                               
 percentage of                                                              
 loans                 1.43%       1.61%       1.59%       1.61%       1.62%
Loan loss                                                                   
 reserve as a                                                               
 percentage of                                                              
 non-performing                                                             
 loans               190.97%     107.91%     105.44%      78.92%      79.25%
                                                                            
Actual client                                                               
 deposits        $  209,823  $  203,085  $  206,995  $  204,127  $  183,557 
Average client                                                              
 deposits        $  211,942  $  205,642  $  203,529  $  199,549  $  178,058 
                                                                            
Net income       $      547  $      541  $      595  $      431  $      364 
Net income                                                                  
 available to                                                               
 common                                                                     
 shareholders                                                               
 (1)             $      547  $      541  $      595  $      431  $      364 
Net earnings per                                                            
 common share,                                                              
 basic (1)       $     0.21  $     0.21  $     0.24  $     0.17  $     0.14 
Net earnings per                                                            
 common share,                                                              
 fully diluted                                                              
 (1)             $     0.21  $     0.21  $     0.23  $     0.17  $     0.14 
                                                                            
Actual common                                                               
 shares                                                                     
 outstanding      2,560,689   2,560,689   2,532,985   2,532,119   2,531,064 
Book value per                                                              
 common share    $     8.82  $     8.58  $     8.36  $     8.17  $     8.00 
Tier 1 risk-                                                                
 based capital                                                              
 ratio (bank)         12.33%      12.45%      11.95%      11.92%      12.96%
Tier 1 risk-                                                                
 based capital                                                              
 ratio (company)      11.00%      11.08%      10.50%      10.45%      11.09%
                                                                            
Return on                                                                   
 average common                                                             
 equity (1)            9.84%      10.18%      11.24%       8.37%       7.16%
Return on                                                                   
 average assets        0.92%       0.92%       1.02%       0.76%       0.71%
Net interest                                                                
 margin (3)            4.01%       4.12%       4.08%       3.92%       4.02%
Efficiency ratio                                                            
 (4)                  67.09%      69.11%      65.12%      68.14%      76.64%
                                                                            
(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 $111,000 and $94,000 for the three months ended June
30, 2014 and 2013, respectively, and $222,000 and $192,000 for the six      
months ended June 30, 2043 and 2013, respectively.                          
(4) Calculated by dividing non-interest expense by the sum of net interest  
income and non-interest income.                                             
                                                                            
nm = percentage not meaningful                                              
                                                                            

Contact:
Mark Stevenson
President and CEO
Felice Belfiore
CFO
(503) 796-0100

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