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Columbia Commercial Bancorp Reports Second Quarter 2008 Earnings

HILLSBORO, OR, Jul 30, 2008 (MARKET WIRE via COMTEX) -- Columbia Commercial Bancorp (OTCBB: CLBC), a single bank financial holding company for Columbia Community Bank, reports net income for second quarter 2008 of $227,988, or $0.07 per diluted share, compared to $899,632 or $0.29 per diluted share for the first quarter of 2008. The decrease in net income over the past quarter is the result of an increased loan loss provision expense which for the second quarter of 2008 was $1,350,000 compared to $380,000 for the first quarter of this year. The Company's President and CEO, Rick A. Roby, stated, "With the down turn in the local real estate market, we felt it prudent to proactively increase the allowance for loan losses as the Bank has a significant amount of residential construction loans." Net income for the six months ended June 30, 2008 was $1,127,620 or $0.36 per diluted share compared to $1,950,849 or $0.62 per diluted share for the first six months of 2007. Total assets during 2008 have grown by $30.6 million or 8.78% and as of June 30, 2008 are at $379.9 million compared to $349.2 million at December 31, 2007.


Second Quarter 2008 Performance Measures:
-- Return on equity of 3.85%
-- Return on assets of 0.24%
-- Net interest margin of 3.76%
-- Efficiency ratio of 53.06%
Year-to-Date 2008 Performance Measures:
-- Return on equity of 9.66%
-- Return on assets of 0.60%
-- Net interest margin of 3.80%
-- Efficiency ratio of 51.55%
-- Gross loans at $309.2 million, growth of $25.2 million or
8.9% for 2008
-- Deposit growth of $32.2 million or 13.6% during 2008

Interest margin compression has been significant during 2008. Interest rates on variable rate loans have fallen as the Federal Reserve Bank lowered rates while the re-pricing of market funding sources and primary core deposits have proven more resistant to change due to their very competitive nature. As a result, net interest margin for the six months ended June 30, 2008 was 3.80% compared to 4.75% for the same period in 2007. Margin compression has recently slowed as the net interest margin for second quarter 2008 was 3.76% compared to 3.84% for the first quarter. "We feel a return to normalized margins is currently taking place and will be reflected in future quarterly results," said the Company's Chief Financial Officer, Bob Ekblad. Net interest income for the six months ended June 30, 2008 at $6.8 million exceeds the $6.6 million of net interest income for the same period in 2007 as earning asset growth has mitigated the margin compression.
The Bank increased its allowance for loan losses to $4.7 million, or 1.51% of gross loans as of June 30, 2008 compared to $3.3 million, or 1.12% of total loans at the end of the first quarter of 2008. "The residential construction market has been severely challenged over the past year," states Chief Credit Officer Fred Johnson. Johnson continues, "We are in constant communication with our builders and are closely tracking the market. Most of our builders tend to be smaller and well seasoned with projects in the Portland metropolitan area which has so far remained a relatively stable market compared to other markets across the state and throughout the country. Over the years, the Bank has established strong relationships with its builder clients and these are certainly beneficial in these current times. Nonetheless, the Bank's residential construction loan portfolio continues to require close monitoring."

Non-accrual loans at June 30, 2008 were $5.8 million compared to $4.1 million at the end of the first quarter this year. The Bank has no OREO properties. Non-performing assets are 1.52% of total assets. All non-accrual loans are for residential construction projects and the Bank's year-to-date loan charge-offs of $150,000 also relate to these loans. Johnson states, "Outside of residential construction loans, the Bank's loan portfolio continues to perform very well with no charge-offs this year and only minimal delinquencies."

"The Bank is well capitalized according to all regulatory guidelines and has strong liquidity," states Roby. "While earnings were down this quarter due to the increased loan loss provision expense, we felt under the current market conditions it was the prudent thing to do. The Bank's fundamentals remain very positive. With the recent and anticipated continued earning asset and core-deposit growth, the Bank continues to build for its future."

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 provide business loans and deposit products for Oregon businesses.

With offices in Hillsboro, Forest Grove, Tanasbourne and Tigard/Durham, Columbia Community Bank is dedicated to providing a superior and personalized business banking experience for its clients in and around Oregon. The Bank was named among the "100 Best Companies to Work for in Oregon" by Oregon Business Magazine (2007) and the Bank has also been named by Portland Business Journal as one of the "100 Fastest-Growing Private Companies in Oregon" consistently over the past several years. US Banker magazine ranked Columbia Commercial Bancorp number 15 among 1,115 financial institutions in the nation with assets of $2 billion or less (2008) based upon three-year average return on equity.

For more information about Columbia Community Bank, please call (503) 693-7500 or visit www.columbiacommunitybank.com.

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 can 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. The bank 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.



COLUMBIA
COMMERCIAL BANCORP
Consolidated Balance Sheet
Unaudited
(amounts in 000's, except per share data)
% Change December
June 30, 2008 vs. 31, % Change
2008 2007 2007 2007 Year-to-Date
--------- --------- --------- --------- ---------
ASSETS
Cash & due from
banks $ 5,877 $ 4,837 21.50% $ 4,724 24.41%
Federal funds
sold 22 29 -24.14% 737 -97.01%
Investments 55,540 43,352 28.11% 49,976 11.13%
Gross loans 309,193 255,476 21.03% 283,967 8.88%
Allowance for
loan losses (4,679) (2,710) 72.66% (3,100) 50.94%
--------- --------- --------- --------- ---------
Net loans 304,514 252,766 20.47% 280,867 8.42%
Other assets 13,902 10,085 37.85% 12,887 7.88%
--------- --------- --------- --------- ---------
Total Assets $ 379,855 $ 311,069 22.11% $ 349,191 8.78%
========= ========= ========= ========= =========
LIABILITIES
Deposits $ 268,884 $ 218,745 22.92% $ 236,690 13.60%
Repurchase
agreements 14,352 13,709 4.69% 16,375 -12.35%
Federal funds
purchased 1,615 2,415 -33.13% - n/a
FHLB borrowings 60,135 45,500 32.16% 59,000 1.92%
Real estate
borrowings 1,860 1,939 -4.07% 1,901 -2.16%
Junior
subordinated
debentures 8,248 8,248 0.00% 8,248 0.00%
Other liabilities 2,410 1,704 41.43% 4,880 -50.61%
--------- --------- --------- --------- ---------
Total
Liabilities 357,504 292,260 22.32% 327,094 9.30%
STOCKHOLDERS' EQUITY 22,351 18,809 18.83% 22,097 1.15%
--------- --------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $ 379,855 $ 311,069 22.11% $ 349,191 8.78%
========= ========= ========= ========= =========
Shares outstanding
at end-of-period 3,038,636 2,964,836 3,006,236
Book value per share $ 7.36 $ 6.34 $ 7.35
Allowance for loan
losses to total
loans 1.51% 1.06% 1.09%
Non-performing
assets $ 5,763 $ - $ -
Consolidated Income Statement
Unaudited
(amounts in 000's, except per share data and ratios)
Three Months Ending Six Months Ending
% %
6/30/2008 3/31/2008 Change 6/30/2008 6/30/2007 Change
------- ------- ------- ------- ------- -------
INTEREST INCOME
Loans $ 5,632 $ 5,962 -5.54% $11,594 $11,297 2.63%
Investments 773 791 -2.28% 1,564 1,191 31.32%
Federal funds sold
and other 23 21 9.52% 44 17 158.82%
------- ------- ------- ------- ------- -------
Total interest
income 6,428 6,774 -5.11% 13,202 12,505 5.57%
------- ------- ------- ------- ------- -------
INTEREST EXPENSE
Deposits 2,176 2,385 -8.76% 4,561 3,993 14.22%
Repurchase
agreements and
federal funds
purchased 112 159 -29.56% 271 401 -32.42%
FHLB borrowings 570 635 -10.24% 1,205 1,091 10.45%
Real estate
borrowings 34 35 -2.86% 69 72 -4.17%
Junior
subordinated
debentures 107 152 -29.61% 259 322 -19.57%
------- ------- ------- ------- ------- -------
Total interest
expense 2,999 3,366 -10.90% 6,365 5,879 8.27%
------- ------- ------- ------- ------- -------
NET INTEREST INCOME
BEFORE PROVISION FOR
LOAN LOSSES 3,429 3,408 0.62% 6,837 6,626 3.18%
PROVISION FOR LOAN
LOSSES 1,350 380 255.26% 1,730 350 394.29%
------- ------- ------- ------- ------- -------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 2,079 3,028 -31.34% 5,107 6,276 -18.63%
NON-INTEREST INCOME 105 129 -18.60% 234 174 34.48%
NON-INTEREST EXPENSE 1,875 1,770 5.93% 3,645 3,172 14.91%
SECURITY GAINS /
(LOSSES) 10 30 -66.67% 40 (123) n/a
------- ------- ------- ------- ------- -------
INCOME BEFORE
PROVISION FOR INCOME
TAXES 319 1,417 -77.49% 1,736 3,155 -44.98%
PROVISION FOR INCOME
TAXES 91 517 -82.40% 608 1,204 -49.50%
------- ------- ------- ------- ------- -------
NET INCOME $ 228 $ 900 -74.67% $ 1,128 $ 1,951 -42.18%
======= ======= ======= ======= ======= =======
Earnings per share -
Basic (1) $ 0.08 $ 0.30 -73.33% $ 0.37 $ 0.66 -43.94%
Earnings per share -
Diluted (1) $ 0.07 $ 0.29 -75.86% $ 0.36 $ 0.62 -42.35%
Return on average
equity 3.85% 15.95% -75.86% 9.66% 21.07% -54.16%
Return on average
assets 0.24% 0.98% -75.51% 0.60% 1.47% -59.18%
Net interest margin 3.76% 3.84% -2.08% 3.80% 4.75% -20.04%
Efficiency ratio 53.06% 50.04% 6.02% 51.55% 43.99% 17.18%
(1) All prior periods have been restated for the 100% stock dividend
effective July 1, 2007.

CONTACT:
Rick A. Roby
President & Chief Executive Officer
503-693-7500
rick@columbiacommunitybank.com


SOURCE: Columbia Commercial Bancorp

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