Non-interest income was relatively stable for the past two quarters and the full year 2012 was consistent with 2011. Non-interest expense for the past two quarters was also consistent, however for 2012 non-interest expense at $8.7 million was $196,000, or 2.2% lower than in 2011 which relates to a reduction in problem asset related expenses.
For 2012 the Company recognized $51,000 in realized gains on securities that were liquidated as part the Bank's deleveraging strategy while for 2011 security gains were $603,000. The 2012 OREO liquidations and revaluation adjustments netted to a $19,000 loss for the year showing some stabilization within the real estate markets when compared to 2011 and the net losses were $188,000.
Equity and Capital
During the fourth quarter of 2012, the Company converted over $1.9 million of its $3.0 million subordinated 8.50% convertible notes, along with their fourth quarter interest into 496,596 of common shares at $4.00 per share. The dilution from this transaction was approximately $0.26 per share but reduces leverage, reduces cash flow requirements, and saves over $165,000 in interest expense annually at the holding company.
Capital ratios at the Bank continue to grow through a combination of retained earnings and deleveraging. The Bank's leverage ratio was 8.79% as of December 31, 2012 compared to 7.63% as of December 31, 2011 while its tier one and total risk-based capital ratios were 10.90% and 12.16% as of December 31, 2012 compared to 10.16% and 11.42% at December 31, 2011 respectively. The Bank's capital ratios continue to exceed those required to be considered "well-capitalized" according to the standard 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 for 2012, 2011, and 2009.
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.
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 are those that incorporate management's current expectations and plans based on information currently known to them. These statements can sometimes 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. In particular, they should not be construed as assurances of a given level of performance or as promises of a given set of management's actions. Some of the factors that could cause management to deviate from its current plans, or could cause the Company's results to differ from current expectations, include the effect of localized or regional economic shifts that may affect the collectability of loans or the value of the collateral underlying those loans; the effects of laws, regulations, policies and government actions upon the Company's assets and operations; sensitivity to the Northwestern Oregon geographic markets and events affecting those markets; and the impacts of new government initiatives upon us and our borrowers. The Company 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.
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