Capital Pacific Bancorp Reports First Quarter 2013 Results
(firmenpresse) - PORTLAND, OR -- (Marketwired) -- 04/24/13 -- Capital Pacific Bancorp (OTCQB: CPBO), a community bank focused on serving greater Portland area businesses, private schools and non-profit institutions, today reported financial results for the quarter ended March 31, 2013.
In its 12th consecutive profitable quarter, net income to common shareholders in first quarter 2013 was $450,000 or $0.16 per common diluted share compared with $231,000 or $0.07 per common diluted share in first quarter 2012.
Return on average assets (ROAA) (annualized) increased to 0.92% in the first quarter compared with 0.50% in the prior year's first quarter, while return on average equity (ROAE) (annualized) grew to 8.32% in the first quarter compared with 3.60% in the prior year's first quarter.
Total loans at March 31, 2013 were $154.20 million, up 17% compared with $134.63 million at March 31, 2012, primarily reflecting growth in owner-occupied and investor-owned commercial real estate.
Total deposits were $163.89 million at March 31, 2013 compared with $159.24 million at March 31, 2012.
Total non-performing assets including troubled debt restructurings were 2.66% of total assets in first quarter 2013, compared with 2.85% of total assets in first quarter 2012.
The bank's cost of funds for the quarter ended March 31, 2013 was 32 basis points, hovering just above its average in 2012.
The bank grew tangible book value per share in first quarter 2013 to $7.97 compared with $7.38 per share in first quarter 2012.
The bank fully redeemed $4.2 million in preferred shares that were originally issued by the U.S. Treasury under the TARP program and later sold by the U.S. Treasury to private investors.
"Net income has grown consistently over the last several quarters, the result of customer growth and stable asset quality," said Mark Stevenson, President and CEO. "Our performance over the last twelve months has resulted in an 8% increase in tangible book value per share, and a nice step-up in both ROAA and ROAE. These important shareholder value and performance measurements have increased each of the last five consecutive quarters."
For the quarter ended March 31, 2013, the company reported net income of $450,000, compared with $231,000 for the quarter ended March 31, 2012, and $410,000 for the quarter ended December 31, 2012. Net income to common shareholders (after preferred stock dividends) was $408,000 in the first quarter compared with $166,000 in first quarter 2012.
Total interest income increased 16% to $2.27 million in first quarter 2013 compared with $1.96 million in first quarter 2012. First quarter 2013 results reflected fees collected from loan prepayments, which positively impacted earnings on a one-time basis. While loan prepayments and declining loan yields are a reality in a continued low interest rate environment, past and future loan growth is expected to help counter pressure on interest income.
The bank reported a 4.61% net interest margin in first quarter, which includes the one-time fees from loan prepayments. Without the prepayment fees, which totaled $233,000, the net interest margin was 4.13%, five basis points lower than first quarter 2012. Total interest expense was $137,000 in first quarter 2013 compared with $155,000 in first quarter 2012.
Non-interest income for the quarter ended March 31, 2013 was $189,000 compared with $193,000 for the quarter ended March 31, 2012. Total non-interest expense was $1.67 million compared with $1.60 million in first quarter 2012. The bank has held operating expenses and salaries relatively stable following an expansion of the bank's account management, support and lending teams in 2011.
Total loans at March 31, 2013 were $154.20 million compared with total loans of $134.63 million at March 31, 2012 and down slightly from total loans at December 31, 2012, due to the prepaid loans previously mentioned. "We believe our greatest strength and source of future growth resides with the experience of our staff and our specialized capabilities in niche markets such as private schools and non-profit organizations. We believe these market segments are often underserved and require a higher level of expertise. We continue to win loan and deposit relationships within these niche markets," said Stevenson. The bank has approximately $14 million in loan commitments that are expected to fund over the next six months.
Total non-performing assets including troubled debt restructurings totaled $5.08 million, down from $5.42 million in first quarter 2012, reflecting the return of certain loans to original performing status, and overall stability in the bank's portfolio of problem assets.
The bank's loan loss reserve was $2.72 million at March 31, 2013, compared with $2.67 million at March 31, 2012 and $2.64 million at December 31, 2012. The loan loss reserve as a percentage of total loans was 1.76% as of March 31, 2013, which compared with 1.99% at March 31, 2012.
As noted in the highlights section, total deposits at March 31, 2013 were up slightly when compared with deposits at March 31, 2012. Similar to last year, seasonal volatility impacted first quarter results. The bank added approximately $6 million in new customer deposits during the quarter. This growth was offset by significant declines in deposit balances among law firms and the bank's educational based clientele. Deposits are expected to return to 2012 levels in the second quarter due to seasonal inflows and a strong pipeline of new depositors currently in the implementation phase.
The bank's cost of funds was 32 basis points in first quarter 2013, near historically low levels for the bank, and attractive compared with peer banks.
The bank's efficiency ratio was 72.34% in first quarter 2013, as compared to 84.00% in first quarter 2012. Management anticipates the bank's ability to drive more revenue through a single-headquarter facility continues to be a key component of future efficiency ratio improvements.
The bank remained well-capitalized as of March 31, 2013. During the quarter, the bank redeemed $4.2 million in preferred shares and replaced the capital with long-term debt. The redemption replaced non tax- deductible dividends on the preferred shares of 5% (series A) and 9% (series B) per year, with tax-deductible interest payments of 4.75% per year. The redemption was immediately accretive to shareholders. As of the end of the quarter, the bank's tier 1 leverage ratio, tier 1 capital ratio and total risk-based capital ratios were 9.86%, 11.80% and 13.06%, respectively. To be considered adequately capitalized by federal banking agencies, a bank holding company must have ratios of 4.00%, 4.00% and 8.00%, respectively.
"We are encouraged by our growth in clients and earnings on a twelve month trailing basis," Stevenson concluded. "We are also really proud of the active role we play within the Portland market which continues to demonstrate strength and vitality compared with many other markets throughout the country. Our identity is founded on reputable market knowledge, and a shared sense of values within the community. These are strong selling points that will translate into ongoing growth of the bank and shareholder value."
Capital Pacific Bancorp (OTCQB: CPBO) is the parent company of Capital Pacific Bank, which serves businesses, professionals and non-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 .
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.
Mark Stevenson
President and CEO
Felice Belfiore
CFO
(503) 796-0100
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2013 - 11:33 Uhr
Sprache: Deutsch
News-ID 1219929
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
PORTLAND, OR
Phone:
Kategorie:
Retail Banking
Anmerkungen:
Diese Pressemitteilung wurde bisher 245 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Capital Pacific Bancorp Reports First Quarter 2013 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Capital Pacific Bank (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
