Non-interest income was down slightly this quarter due to the reduction in rent receipts from OREO properties that the Bank no longer possesses while non-interest expenses continue a gradual reduction primarily from lower expenses related to problem loans and OREO properties. Also for the first nine months of 2011, the Company had $603,000 in gains on the sale of marketable securities along with $180,000 in write-downs or losses on the sale of OREO properties, which for 2012 these amounts were negligible at $18,000 in securities gains and $36,000 in net gains on the sales of OREO properties.
The Bank's net interest margin for the first nine months of 2012 has increased to 3.26% compared to the same period in 2011 when it was 3.08%. An improved asset mix and numerous repricing opportunities with the Bank's deposits and other borrowings clearly offset loan repricings over this period. During this past third quarter, the Bank had very limited maturities of high cost borrowings while loan repricings continued and caused a slight reduction in net interest margin for third quarter 2012 down to 3.28% compared to the second quarter 2012 margin of 3.36%. Mr. Ekblad notes, "The Bank still has a significant amount of low-yielding excess liquidity that it is holding to pay-off high cost liabilities upon their maturity which will continue to give us the opportunity to improve our net interest margin further moving forward."
The Company's efficiency ratio, which measures operating performance excluding loan loss provisions, taxes, and other non-recurring items, at 81.6% for the third quarter, or 84.5% for the nine month period ending September 2012, shows considerable improvement and is reflective of the Company's increased net interest income and reduction in non-interest expenses.
With continued profitability and on-going deleveraging over the past year, capital ratios at the Bank as of September 30, 2012 have increased to 8.27% and 11.71% for the leverage ratio and the total risk-based capital ratio, respectively, compared to December 31, 2011 when these ratios were 7.63% and 11.42%, and compared to September 30, 2011 at which time they were 7.38% and 10.92%. The Bank's capital ratios continue to exceed those required to be considered "well-capitalized" according to the traditional regulatory guidelines.
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 deliver loan and deposit product solutions through experienced and professional bankers to businesses, nonprofits, professionals, and individuals throughout Washington County and the greater Portland metropolitan area. The Bank has been named among the "100 Best Companies to Work for in Oregon" by Oregon Business Magazine (2009 and 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.
For more information about Columbia Commercial Bancorp, or its subsidiary, Columbia Community Bank, call (503) 693-7500 or visit our website at www.columbiacommunitybank.com. Information contained in or linked to our website is not incorporated as a part of this release.
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