Capital Pacific Bancorp Reports Second Quarter, First Half of 2013 Results
(firmenpresse) - PORTLAND, OR -- (Marketwired) -- 07/25/13 -- Capital Pacific Bancorp (OTCQB: CPBO), a community bank focused on serving greater Portland area businesses, private schools and nonprofit institutions, today reported financial results for the three and six months ended June 30, 2013.
Net income to common shareholders in the first half of 2013 increased 80%, to $772,000 or $0.30 per common diluted share, compared with $430,000 or $0.17 per common diluted share in the first half of 2012.
Total assets grew to $209.65 million at June 30, 2013, up 12.6 % from $186.21 million at June 30, 2012 and up 4.2% from $201.26 million at December 31, 2012.
Growth in commercial real estate and commercial construction resulted in total loans increasing to $168.56 million at June 30, 2013 compared with $144.53 million at June 30, 2012 and $159.20 million at December 31, 2012.
Total deposits grew to $183.56 million at June 30, 2013, compared with $160.87 million at June 30, 2012, and $174.31 million at December 31, 2012.
The bank had no loans past due 30-89 days still accruing interest with total non-performing assets plus performing troubled debt restructurings of 2.16% of total assets at June 30, 2013 compared with 2.94% at June 30, 2012.
Return on average equity (annualized) was 7.16% in the second quarter of 2013 compared with 5.69% in the second quarter of 2012.
"Our loan and deposit growth reflects an increase in our client base, as well as new business with existing clients," said Mark Stevenson, President and CEO. "In particular, the bank originated several new loans that funded late in the period which are expected to increase revenues in the third quarter."
"We have a strong loan and deposit pipeline and a positive growth outlook," said Stevenson. "New clients, healthy asset quality and expense management are all part of our focus on enhancing earnings and shareholder value."
For the quarter ending June 30, 2013, the bank reported net income available to shareholders of $364,000 or $0.14 per common diluted share, up 37% compared with net income available to shareholders of $265,000 or $0.10 per common diluted share for the quarter ended June 30, 2012. The elimination of preferred stock dividends in the second quarter of 2013 compared with the previous year's second quarter contributed to the increase in earnings.
Net interest income was $1.93 million in the second quarter of 2013 compared with $1.85 million in the second quarter of 2012 and $2.14 million in the first quarter of 2013. The decline quarter to quarter is the result of $212,000 in one-time loan prepayment fees in the first quarter of 2013. Excluding one-time fees, net interest income in the second quarter of 2013 was essentially unchanged when compared with the first quarter of 2013.
The bank reported a 4.02% net interest margin in the second quarter of 2013, compared with 4.21% in the second quarter of 2012 and 4.61% in the first quarter of 2013, which also reflects the one-time fees noted earlier. Excluding one-time fees, the net interest margin in the first quarter of 2013 was 4.17%.
"Maintaining margins in this rate environment continues to be a balancing act for financial institutions," noted Stevenson. "We maintained a net interest margin at around 4%, aided by a slower than expected decline in loan yields." The recent rise in mid and long-term rates, if sustained, is expected to provide some interest margin relief in future periods.
For the six months ending June 30, 2013, the company reported net income available to shareholders of $772,000 or $0.30 per common diluted share, up 80% compared with $430,000 or $0.17 per common diluted share for the six months ending June 30, 2012. Net income before payment of preferred stock dividends was $814,000 year-to-date, up 45% compared with $560,000 for the same period in 2012.
Net interest income grew to $4.07 million, up 11% compared with net interest income of $3.66 million for the same period last year, the result of year-over-year growth in loans and deposits.
Total non-interest expense was $3.30 million in the first half of 2013 compared with $3.26 million in first half of 2012. "We are very focused on leveraging our existing resources by increasing the size of the bank without significant growth in expenses," explained Stevenson. "Year-to-date, net interest income has grown 11% as compared to a much smaller increase in total non-interest expense."
Total loans at June 30, 2013 were $168.56 million compared with total loans $144.53 million at June 30, 2012 and $159.20 million at December 31, 2012. The bank grew commercial real estate loans, including a mix of construction, owner-occupied commercial real estate and investor-owned commercial real estate. "Construction lending is expected to be a source of continued growth in the bank's portfolio during the summer season. This lending category includes well-performing clients looking to expand or remodel their commercial spaces," said Stevenson. "Overall, our school sector remains a leading contributor to our loan growth, however, 75% of the new loan originations in the second quarter were focused in other areas of commercial lending."
Total deposits at June 30, 2013 averaged $178.06 million, up $17.4 million as compared to the same quarter last year and up $7.3 million as compared to the first quarter of 2013. Year-over-year, which excludes the impact of seasonality, the 10.8% increase is the result of growth in existing and new clients primarily within the bank's areas of expertise, including nonprofit organizations, professional firms and schools.
Reflecting the bank's continued asset quality improvement, total non-performing assets, including performing troubled debt restructurings, were $4.54 million at June 30, 2013, or 2.16% of total assets. This is down from $5.47 million at June 30, 2012, when total non-performing assets as a percentage of total assets was 2.94%.
"There have been no additions to non-performing loans in 2013. Further, those remaining each have a well established collaborative work-out plan in place," commented Stevenson. "We believe the health of the overall loan portfolio is sound, and expect year-over-year improvements to be sustainable."
The bank's efficiency ratio was 76.64% in second quarter of 2013 compared with 75.8% in the second quarter of 2012. It's expected that the current quarter's loan and deposit growth will have a positive impact on the efficiency ratio in coming quarters.
The bank remained well-capitalized by accepted regulatory standards as of June 30, 2013, with a tier 1 leverage ratio of 9.8%, a tier 1 capital ratio of 11.1%, and a total risk based capital ratio of 12.4%. In the first half of the year, the bank redeemed $4.2 million in preferred shares issued under the TARP program and replaced the capital with long-term debt carrying an interest rate of 4.75% and tax-deductible interest payments.
Stevenson concluded: "On a year-over-year comparison, our balance sheet growth, coupled with positive asset quality results, has provided a vital boost to earnings. We continue to execute our clearly defined plan to capitalize on our extensive market knowledge and superior service which will contribute to the growth in the franchise value of the bank."
Capital Pacific Bancorp (OTCQB: CPBO) is the parent company of Capital Pacific Bank, which serves businesses, professionals and nonprofit 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: 25.07.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 1248884
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
PORTLAND, OR
Phone:
Kategorie:
Retail Banking
Anmerkungen:
Diese Pressemitteilung wurde bisher 195 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Capital Pacific Bancorp Reports Second Quarter, First Half of 2013 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Capital Pacific Bancorp (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
