CFB Third Quarter Earnings Released

Community First Bank reports progress in the midst of a slowing Central Oregon economy.

Prineville, OR - Prineville Bancorporation (NASDAQ OTTB: PNVL.OB), parent company for Community First Bank, reported today its results for the quarter ended September 30, 2007.

• Net income of $444,000 for the third quarter of 2007

• Net income per share of $.19 per share for the third quarter

• Year-to-date net income of $1,278,000

• Net income per share of $.54 for the nine months ended September 30, 2007

• All outstanding shares and per share data for the third quarter and nine months of 2006 have been retroactively adjusted to reflect the 5% stock dividend in December 2006 and the 2 for 1 stock split which occurred in August 2007. 

Robin B. Freeman, President & CEO stated, "Net income for the third quarter was an increase of 2.8% from the third quarter of 2006, and year-to-date results were a 13.5% increase from the first nine months of 2006. Reflecting the impact of additional shares issued in December 2006, earnings for the third quarter of $.19 per share declined from $.21 per share and year-to-date earnings of $.54 per share for the nine months of 2007, declined from $.55 per share." 

 

John Hajovsky, Executive Vice President commented, "Our results reflect continued growth and improvement in earnings and financial results.  Highlights for the quarter include":

• Total assets were $195.8 million as of September  30, 2007

• Total assets increased 17.2% from one year ago (September 30, 2006)

•   Deposits were $152.6 million as of September 30, 2007

• Deposits increased 6.2% from one year ago (September 30, 2006)

• Gross loans were $156.4 million as of September 30, 2007

• Gross loans increased 20.9% from one year ago (September 30, 2006)

Freeman added "We are pleased with the reported progress in the face of a slowing Central Oregon economy which has impacted core deposit growth. Our credit quality remains sound and there is limited exposure to deterioration related to the sub-prime market.  Non-performing assets, which include all loans past due 90 days or more, loans on non-accrual status, and other real estate owned, totaled 0.26% of assets at September 30, 2007, a decline from 0.46% at June 30, 2007.   The Allowance for Loan Losses was 1.24% of total loans at September 30, 2007."

 

Freeman added, "Our team is focused on supporting the communities of Central Oregon. This is reflected in our re-investment of 100% of our local deposits back into Central Oregon, continued support to numerous community and charitable organizations and our ongoing expansion in the market. In September we opened our seventh branch in Central Oregon in downtown Bend at Franklin Crossing. This follows the opening of a new full service branch in Redmond and a complete remodeling of the Greenwood Avenue branch in Bend. In addition we are remodeling our Terrebonne and Prineville branches.  Our eighth branch and third in Bend will begin drive up operations in November of 2007."   

  Click here to download a pdf of these results.

Prineville Bancorporation is the holding company for Community First Bank, which operates six bank branches located in Prineville, Bend, Redmond, La Pine, Terrebonne and Madras, Oregon, and a loan production office in Bend offering residential and commercial real estate loans. Residential mortgage services are also offered through all bank branches. In addition investment and trust services are offered through Community First Investments.

 

FORWARD-LOOKING STATEMENTS

The statements contained in this release that are not historical facts are forward-looking statements based upon management's current expectations and beliefs concerning future developments and their potential effect on Prineville Bancorporation. There can be no assurances that future developments affecting Prineville Bancorporation will be the same as those anticipated by management.

 

Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These risks and uncertainties include, but are not limited to: (1) competitive pressures in the banking and financial industries; (2) changes in interest rate environment; (3) general economic conditions, nationally, regionally, and in operating markets; (4) changes in regulatory environment; (5) changes in business conditions and inflation; (6) changes in securities markets; and (7) future credit loss experience.

 

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