Premier Commercial Bancorp (fka PRCB)

[56Chevy]

Columbia Commercial Bancorp Reports Third Quarter 2013 Results

Date : 10/24/2013 @ 4:51PM
Source : Marketwired
Stock : Columbia Commercial Bancorp (hillsboro Or) (QB) (CLBC)
Quote : $4.2 0.0 (0.00%) @ 12:28PM

HILLSBORO, OR--(Marketwired - Oct 24, 2013) - Columbia Commercial Bancorp (OTCBB: CLBC), a single bank holding company for Columbia Community Bank (the Bank), reports a net profit of $1.1 million, or $0.28 per diluted share, for the nine months ended September 30, 2013, compared to net income of $638,000, or $0.20 per diluted share, for the same nine month period in 2012. Net income for third quarter 2013 of $466,000, or $0.10 per diluted share, was up from the $303,000, or $0.08 per diluted share, in the second quarter of 2013, and up from the $368,000, or $0.10 per diluted share, for the first quarter of 2013.

"As Columbia Community Bank continues to strengthen both its asset and liability mix, net interest income continues to grow as do our earnings," stated the Company's President and CEO, Rick A. Roby. "And with the successful $6.6 million common stock offering completed this past quarter which significantly bolstered the Bank's capital levels, the foundation has been established for continued growth and success in the years ahead," added Mr. Roby.

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Equity and Capital

Stockholders' equity for the Company at $28.6 million as of September 30, 2013 has increased $7.1 million, or 33.0%, when compared to the $21.5 million as of December 31, 2012. Besides retained profits for this year, the increase in equity was primarily the result of a successful common stock offering completed this quarter where the Company sold 1,760,222 of its common shares to a variety of accredited investors through a private placement at $3.75 per share for a total of $6.6 million. "While this recently completed stock raise strengthens the Company as a whole, most of the proceeds have been down-streamed to the Bank to bolster its capital levels in support of its continued growth and other strategic objectives," adds Mr. Roby. The Bank's leverage ratio was 10.95% as of September 30, 2013 compared to 8.79% and 8.27% as of December 31, 2012 and September 30, 2012, while its total risk based capital was 14.37% as of September 30, 2013, compared to 12.16% as of December 31, 2012 and 11.71% as of September 30, 2012.

Current stockholders' equity was up $9.5 million, or 50.0%, when compared to the September 30, 2012 amount of $19.1 million. Besides retained earnings over the past twelve months and the recent stock issuance, also during the fourth quarter of 2012 the Company converted $1.9 million of its 8.50% subordinated notes into 496,596 common shares.

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Book value per share: $5.17
Market value per share as of 11/7: $4.20

Shares are currently selling at a 19% discount to BV.

ROE is rising from 5.51% at the end of Q2 ...to 7.98% in Q3.

....and NO TARP!

http://ih.advfn.com/p.php?pid=nmona&article=59739893

*Another sweet bank opportunity.

http://banktracker.investigativereportingworkshop.org/banks/oregon/hillsboro/columbia-community-bank/