-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M9T/8i8kdVtvGeBTMEP8lpfdifeXJtVx49T7MeJBgvGulrYFbl0MA5ht5ZIb9GOp eEi/fpGSlHrMQoZnsIiWNQ== 0000910117-96-000107.txt : 19961115 0000910117-96-000107.hdr.sgml : 19961115 ACCESSION NUMBER: 0000910117-96-000107 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL BANCORP CENTRAL INDEX KEY: 0000702430 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 930792841 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10489 FILM NUMBER: 96662026 BUSINESS ADDRESS: STREET 1: 675 OAK ST CITY: EUGENE STATE: OR ZIP: 97401 BUSINESS PHONE: 5033423970 MAIL ADDRESS: STREET 1: 675 OAK STREET CITY: EUGENE STATE: OR ZIP: 97401 FORMER COMPANY: FORMER CONFORMED NAME: VALLEY WEST BANCORP DATE OF NAME CHANGE: 19900812 10-Q 1 PERIOD ENDED SEPTEMBER 30, 1996 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) /X/ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1996 ------------------ OR / / Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to ---------- ---------- Commission File Number 0-10489 ----------- CENTENNIAL BANCORP (Exact name of registrant as specified in its charter) OREGON 93-0792841 (State of Incorporation) (I.R.S. Employer Identification Number) 675 Oak Street Eugene, Oregon 97401 (Address of principal executive offices) (Zip Code) (541) 342-3970 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No / / Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of latest practicable date. 5,183,581 shares as of October 31, 1996. CENTENNIAL BANCORP FORM 10-Q SEPTEMBER 30, 1996 INDEX ----- Page PART I - FINANCIAL INFORMATION Reference - ------------------------------ --------- Condensed Consolidated Balance Sheets as of 4 September 30, 1996 and December 31, 1995 Condensed Consolidated Statements of Income for 5 the nine months and the quarter ended September 30, 1996 and 1995 Condensed Consolidated Statements of Cash Flows 6 for the nine months ended September 30, 1996 and 1995 Notes to Condensed Consolidated Financial Statements 7 - 9 Management's Discussion and Analysis of Financial Condition and Results of Operations: Overview 10 Material Changes in Financial Condition 10 - 12 Material Changes in Results of Operations 12 - 13 Loan Loss Provision 13 Liquidity and Capital Resources 14 - 15 PART II - OTHER INFORMATION - --------------------------- Item 6 - Exhibits and Reports on Form 8-K 16 Signatures 17 CENTENNIAL BANCORP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, December 31, 1996 1995 ------------- ------------- ASSETS - ------ Cash and cash equivalents: Cash and due from banks $ 22,476,604 $ 21,991,459 Interest-bearing balances due from banks 12,925,000 6,000,000 Federal funds sold -- 8,730,000 ------------ ------------ Total cash and cash equivalents 35,401,604 36,721,459 Available-for-sale securities 84,657,835 76,964,342 Loans 246,880,693 186,517,192 Reserve for loan losses (2,504,970) (1,928,372) ------------ ------------ Loans, net 244,375,723 184,588,820 Loans held for sale 5,757,858 4,573,095 Accrued interest receivable 2,988,543 2,536,493 Premises and equipment, net 9,182,629 9,214,564 Intangible assets 475,277 539,618 Other assets 3,683,290 2,325,324 ------------ ------------ $386,522,759 $317,463,715 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Liabilities: Deposits: Demand $ 76,781,398 $ 70,578,820 Interest-bearing demand 114,770,763 98,600,873 Savings 17,140,874 13,743,140 Time 113,886,825 84,957,459 ------------ ------------ Total deposits 322,579,860 267,880,292 Short-term borrowings 11,205,757 11,419,123 Accrued interest and other liabilities 3,712,668 2,574,240 Long-term debt 17,324,000 9,200,000 ------------ ------------ Total liabilities 354,822,285 291,073,655 Shareholders' equity: Preferred stock, $5.00 par value; none issued Non-voting, 5,000,000 shares authorized -- -- Voting, 5,000,000 shares authorized -- -- Common stock, $2.00 par value; 10,000,000 shares authorized, 5,183,581 issued and outstanding (4,651,130 at December 31, 1995) 10,367,162 9,302,260 Surplus 6,746,710 5,829,404 Retained earnings 15,336,362 10,657,696 Net unrealized gain (loss) on securities available- for-sale, net of deferred income taxes (749,760) 600,700 ------------ ------------ Total shareholders' equity 31,700,474 26,390,060 ------------ ------------ $386,522,759 $317,463,715 ============ ============
See accompanying notes. CENTENNIAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
The Quarter Ended The Nine Months Ended September 30, September 30, --------------------------- -------------------------- 1996 1995 1996 1995 ---------- ----------- ----------- ---------- INTEREST INCOME Interest and fees on loans $6,889,129 $5,314,441 $18,872,009 $15,329,360 Interest on investment securities 1,247,320 868,398 3,743,115 2,560,692 Other interest income 224,890 285,158 453,674 423,516 ---------- ---------- ----------- ----------- Total interest income 8,361,339 6,467,997 23,068,798 18,313,568 INTEREST EXPENSE Interest on deposits 2,576,664 2,022,717 6,841,053 5,370,323 Interest on short-term borrowings 199,687 219,148 695,371 635,546 Interest on long-term debt 238,063 147,553 579,934 463,969 ---------- ---------- ----------- ----------- Total interest expense 3,014,414 2,389,418 8,116,358 6,469,838 ---------- ---------- ----------- ----------- NET INTEREST INCOME 5,346,925 4,078,579 14,952,440 11,843,730 Loan loss provision 300,000 125,000 585,000 275,000 ---------- ---------- ----------- ----------- Net interest income after loan loss provision 5,046,925 3,953,579 14,367,440 11,568,730 NONINTEREST INCOME Service charges on deposit accounts 247,498 218,976 726,424 680,320 Other 107,802 236,194 306,872 447,814 Loan servicing fees 22,238 82,782 65,695 309,196 Gains on sales of loans 186,961 148,695 472,490 259,851 Gains on sales of investment securities -- 44,272 6,595 64,635 --------- ---------- ----------- ----------- Total noninterest income 564,499 730,919 1,578,076 1,761,816 NONINTEREST EXPENSE Salaries and employee benefits 1,953,054 1,580,066 5,549,668 4,806,688 Premises and equipment 479,496 460,732 1,420,489 1,266,061 Legal and professional 179,877 156,542 413,106 409,870 Insurance 17,761 8,834 46,330 279,986 Advertising 131,095 94,556 374,181 253,344 Printing and stationery 75,457 76,249 228,514 211,102 Communications 81,671 71,343 215,303 228,875 Other 233,857 433,345 766,559 1,159,440 ---------- ---------- ----------- ----------- Total noninterest expense 3,152,268 2,881,667 9,014,150 8,615,366 ---------- ---------- ----------- ----------- Income before income taxes 2,459,156 1,802,831 6,931,366 4,715,180 Provision for income taxes 799,300 566,600 2,252,700 1,503,100 ---------- ---------- ----------- ----------- NET INCOME $1,659,856 $1,236,231 $ 4,678,666 $ 3,212,080 ========== ========== =========== ========== Earnings per common share: Primary $ .31 $ .24 $ .89 $ .64 Fully diluted $ .29 $ .22 $ .83 $ .60 Weighted average shares outstanding: Primary 5,337,741 5,030,718 5,260,495 5,014,921 Fully diluted 6,083,869 5,967,919 6,006,623 5,952,123
See accompanying notes. CENTENNIAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
The Nine Months Ended September 30, -------------------------- 1996 1995 ------------ ------------ Net cash provided by operating activities $ 4,584,485 $ 6,601,364 Cash flows from investing activities: Net increase in loans (60,371,903) (17,718,806) Investment security purchases (19,806,395) (26,665,385) Proceeds from investment securities: Maturities 3,861,855 10,057,198 Sales 6,304,169 3,462,123 Purchases of premises and equipment (615,289) (2,531,690) ----------- ----------- Net cash used by investing activities (70,627,563) (33,396,560) Cash flows from financing activities: Net increase in deposits 54,699,568 33,117,506 Net increase (decrease) in short-term borrowings (213,366) 3,274,149 Proceeds from long-term debt 10,000,000 -- Principal payments on long-term debt -- -- Proceeds from issuance of common stock 237,021 54,145 ----------- ----------- Net cash provided by financing activities 64,723,223 36,445,800 ----------- ----------- Net increase (decrease) in cash and cash equivalents (1,319,855) 9,650,604 Cash and cash equivalents at beginning of period 36,721,459 25,358,038 ----------- ----------- Cash and cash equivalents at end of period $35,401,604 $35,008,642 =========== =========== Supplemental Disclosure of Cash Flow Information: Noncash investing and financing activities: Conversion of debentures to common stock $ 1,876,000 $ -- Net costs attributable to debentures converted (130,655) -- Cash paid in lieu of issuance of fractional shares (159) -- ---------- ----------- $ 1,745,186 $ -- =========== ===========
See accompanying notes. CENTENNIAL BANCORP NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation --------------------- The interim condensed consolidated financial statements include the accounts of Centennial Bancorp, a bank holding company ("Bancorp"), and its wholly owned subsidiaries, Centennial Bank ("Bank") and Centennial Mortgage Co. ("Mortgage Co."). The Bank is an Oregon state- chartered bank which provides commercial banking services. Mortgage Co. originates residential mortgage loans for resale in the secondary market. The interim condensed consolidated financial statements are unaudited, but include all adjustments, consisting only of normal accruals, which Bancorp considers necessary for a fair presentation of the results of operations for such interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, including the notes thereto, included in Bancorp's 1995 Annual Report to Shareholders. Certain amounts for 1995 have been reclassified to conform with the 1996 presentation. 2. Divestiture ----------- In August 1995, Bancorp sold substantially all the assets of its subsidiary, Harding Fletcher Co. ("Harding Fletcher"), for $746,000 in cash and assets, recognizing a pretax gain of approximately $64,000. Harding Fletcher provided commercial mortgage banking services and loan servicing. Exclusive of the gain recognized, this transaction did not have a significant impact on Bancorp's operating results. 3. Loans and Reserve for Loan Losses --------------------------------- The composition of the loan portfolio was as follows: September 30, December 31, 1996 1995 ------------ ------------ Real estate-mortgage $ 68,597,918 $ 54,631,309 Real estate-construction 62,918,520 44,002,950 Commercial 104,935,742 78,252,968 Installment 6,324,954 5,929,351 Lease financing 3,826,782 4,001,250 Other 981,414 310,737 ------------ ------------ 247,585,330 187,128,565 Less deferred loan fees (704,637) (611,373) ------------ ------------ $246,880,693 $186,517,192 ============ ============ Loans held for sale of $5,757,858 and $4,573,095 at September 30, 1996 and December 31, 1995, respectively, represent real estate mortgage loans. These loans are recorded at cost which approximates market. Transactions in the reserve for loan losses were as follows for the nine months ended September 30: 1996 1995 ----------- ----------- Balance at beginning of period $1,928,372 $1,700,130 Provision charged to operations 585,000 275,000 Recoveries 39,680 19,668 Loans charged off (48,082) (134,387) ---------- ---------- Balance at end of period $2,504,970 $1,860,411 ========== ========== It is Bancorp's policy to place loans on nonaccrual status whenever the collection of all or a part of the principal balance is in doubt. Loans placed on nonaccrual status may or may not be contractually past due at the time of such determination, and may or may not be secured by collateral. Loans on nonaccrual status at September 30, 1996 and December 31, 1995 were approximately $1,463,000 and $478,000, respectively. Loans past due 90 days or more on which Bancorp continued to accrue interest were approximately $1,182,000 at September 30, 1996, and approximately $645,000 at December 31, 1995. There were no loans on which the interest rate or payment schedule were modified from their original terms to accommodate a borrower's weakened financial position at September 30, 1996 or December 31, 1995. 4. Earnings Per Common Share ------------------------- Primary earnings per common share is calculated by dividing net income by the weighted average shares outstanding. Weighted average shares outstanding consists of common shares outstanding and common stock equivalents attributable to outstanding stock options. Fully diluted earnings per share is calculated by dividing net income plus after-tax interest incurred on the 7% Convertible Debentures by common shares outstanding, common stock equivalents attributable to outstanding stock options, and shares assumed to be issued on conversion of the Convertible Debentures. The weighted average number of shares and common share equivalents have been adjusted to give retroactive effect to a 21-for-20 stock split declared July 16, 1996. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion includes certain forward-looking statements. Those statements involve a number of risks and uncertainties, which could cause actual results to differ materially from the expectation stated, including the following: slower than expected growth in Centennial Bancorp's business, deterioration of business conditions generally or specifically in the banking industry, regulatory changes involving banking, competitive factors, and general market conditions. OVERVIEW - -------- Centennial Bancorp reported net income of $4,678,666, or $.89 per share (primary), for the nine months ended September 30, 1996. This represented a 46% increase in net income, as compared to $3,212,080, or $.64 per share, for the nine months ended September 30, 1995. Net income of $1,659,856, or $.31 per share, for the quarter ended September 30, 1996 represented a 34% increase in net income as compared to $1,236,231, or $.24 per share for the quarter ended September 30, 1995. The increased earnings during the nine months and the quarter ended September 30, 1996 reflected primarily the expansion of Bancorp's interest- earning assets and increased net interest income. The net income added to shareholders' equity during the nine months and the third quarter of 1996 was offset in part by a decrease in the valuation of Bancorp's investment portfolio of available-for-sale securities. This decrease in the value of the available-for-sale securities resulted from an increase in interest rates which caused bond prices to decrease. Management believes that the net unrealized loss on available-for-sale securities, net of deferred income taxes, will be reduced during the remainder of 1996 as interest rates and the bond market stabilize. MATERIAL CHANGES IN FINANCIAL CONDITION - --------------------------------------- Material changes in financial condition for the nine months ended September 30, 1996 include an increase in total assets, primarily in loans and loans held for sale, and available-for- - -sale securities. Funds were provided for these changes by increases in total deposits and long-term debt, a decrease in cash and cash equivalents, and earnings. At September 30, 1996, total assets increased 21.8%, or approximately $69.1 million, over total assets at December 31, 1995. An increase of $61.5 million in loans and loans held for sale was the largest component of the increase in total assets. The increase in loans and loans held for sale was primarily due to increased commercial loan and real estate construction activity. The Pacific Corporate Center Branch near Portland continues to provide the majority of the new loan activity; however, increases in loan activity were also noted in the Eugene, Springfield and Cottage Grove markets. Available-for-sale securities increased approximately $7.7 million at September 30, 1996 as compared to December 31, 1995. The increase represented the purchase of U.S. Treasury securities and securities issued by states and political subdivisions, in excess of sales and maturities of U.S. Treasury and U.S. Government agency securities. The increase in available-for-sale securities at September 30, 1996 was offset in part by a decrease in the market valuation of Bancorp's available-for-sale securities. Cash and cash equivalents decreased at September 30, 1996 as compared to December 31, 1995. This decrease was primarily due to a decrease in federal funds sold in excess of an increase in interest-bearing deposits due from banks, both of which represent temporary investments of excess funds which can fluctuate significantly on a daily basis. Other assets increased approximately $1.4 million at September 30, 1996 as compared to December 31, 1995. This increase was primarily attributable to an increase in deferred tax assets as a result of the decrease in the market valuation of Bancorp's available-for-sale securities. Bancorp experienced an increase in total deposits of $54.7 million during the first nine months of 1996. All categories of deposits increased. Management believes that the increases in demand and interest-bearing demand deposits were due to Bancorp's increased business activities, and that the increase in time deposits was due to offering more competitive interest rates on time deposits. Long-term debt increased $8.1 million at September 30, 1996 as compared to December 31, 1995. This increase was due to the Bank borrowing $10.0 million to maintain liquidity and assure available funds to support further growth in loans and loans held for sale, which was offset in part by conversion of $1.9 million of Bancorp's debentures to common stock. Other liabilities increased approximately $1.1 million at September 30, 1996 as compared to December 31, 1995. This increase was primarily due to accruals for interest payable on deposits, short- and long-term debt, and accruals for other liabilities incurred in the normal course of business. All other changes experienced in asset and liability categories during the first nine months of 1996 were comparatively modest. MATERIAL CHANGES IN RESULTS OF OPERATIONS - ----------------------------------------- Total interest income increased approximately $4.8 million for the nine months and approximately $1.9 million for the quarter ended September 30, 1996 as compared to the same periods in 1995. These increases were primarily due to the increase in loans and loans held for sale and available-for-sale securities held during 1996 as compared to 1995. Total interest expense also increased approximately $1.6 million for the nine months and approximately $625,000 for the quarter ended September 30, 1996 as compared to the 1995 periods. These increases were primarily due to the increase in deposits held during 1996 as compared to 1995, but were also due to the increased long-term debt during the 1996 periods. The increase in interest earned, offset in part by the increase in interest paid, served to increase Bancorp's net interest income by approximately $3.1 million for the nine-month period, and approximately $1.3 million for the third quarter of 1996 over the comparable periods of 1995. Noninterest income decreased approximately $183,700 for the nine months and approximately $166,400 for the quarter ended September 30, 1996 as compared to the 1995 periods. These decreases were primarily attributable to a decrease in loan servicing fees and other income due to the sale of Harding Fletcher in August 1995. These decreases were also attributable to decreases in gains recognized on the sale of available-for- - -sale securities. These decreases were offset in part by increases in gains recognized on sales of residential mortgage loans originated by Mortgage Co. Noninterest expense increased approximately $398,800 for the nine months and approximately $270,600 for the quarter ended September 30, 1996 as compared to the comparable 1995 periods. The increases for the nine-month and the quarterly periods were primarily attributable to increases in salaries and employee benefits, premises and equipment, and advertising, which were offset in part by decreases in insurance expenses and other noninterest expense. Salaries and employee benefits increased approximately $743,000 during the nine months and the quarter ended September 30, 1996 as compared to the 1995 periods, which was due primarily to additions to the Bank's and Mortgage Co.'s staffs to accommodate Bancorp's increased business activities. Premises and equipment expense increased approximately $154,400 during the nine months and approximately $18,800 during the quarter ended September 30, 1996 as compared to the comparable 1995 periods. These increases were primarily due to the additional expenses incurred in the Bank's occupancy of the Pacific Corporate Center Branch permanent facility, which began in June 1995. Insurance expense decreased approximately $233,700 during the nine months ended June 30, 1996, but increased modestly during the quarter ended September 30, 1996 as compared to the comparable 1995 periods. The decrease during the nine-month period was attributable to the decreased assessment rate for Federal Deposit Insurance coverage, which was offset during the quarter ended September 30, 1996 by an increase in other insurance coverage premiums. Other noninterest expense decreased approximately $392,900 during the nine months and approximately $199,500 during the quarter ended September 30, 1996 as compared to the comparable 1995 periods. These decreases were primarily attributable to the recovery of the value of assets previously written off. LOAN LOSS PROVISION - ------------------- During the nine months ended September 30, 1996, Bancorp increased the amount of loan loss provision charged to operations to $585,000, as compared to $275,000 charged during the nine months ended September 30, 1995. This increase was made to keep the reserve for loan losses at an adequate percentage of total loans. Loans charged off, net of recoveries, were $8,402 during the nine months ended September 30, 1996, as compared to net charge-offs of $114,719 for the 1995 nine-month period. Management believes that the reserve for loan losses is adequate for potential loan losses, based on management's assessment of various factors, including present delinquent and nonperforming loans, past history of industry loan loss experience, and present and anticipated future economic trends impacting the areas and customers served by Bancorp. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Bancorp's principal subsidiary, Centennial Bank, has adopted policies to maintain a relatively liquid position to enable it to respond to changes in the Bank's needs and financial environment. Generally, the Bank's major sources of liquidity are customer deposits, sales and maturities of investment securities, the use of federal funds markets and net cash provided by operating activities. Scheduled loan repayments are a relatively stable source of funds, while deposit inflows and unscheduled loan prepayments, which are influenced by general interest rate levels, interest rates available on other investments, competition, economic conditions and other factors, are not. Along with federal funds lines, the Bank maintains a cash management advance with the Federal Home Loan Bank, Seattle, Washington, which allows temporary borrowings for liquidity. At September 30, 1996, Bancorp's Tier 1 and total risk-based capital ratios under the Federal Reserve Board's ("FRB") risk- based capital guidelines were approximately 10.2% and 13.5%, respectively. The FRB's minimum risk-based capital ratio guidelines for Tier 1 and total capital are 4% and 8%, respectively. At September 30, 1996, Bancorp's capital-to-assets ratio under leverage ratio guidelines was approximately 8.6%. The FRB's current minimum leverage capital ratio guideline is 3%. On November 12, 1996, Bancorp elected to redeem all its 7% Convertible Exchangeable Redeemable Subordinated Debentures Due May 1, 2004 (the "Debentures") that are outstanding at the close of business on December 23, 1996. Bancorp will redeem all such Debentures at a price of 102% of the principal amount of the Debentures, plus all accrued but unpaid interest through the redemption date. The Debentures may be converted into Bancorp common stock at the option of the holder at any time before the close of business on the redemption date. Debentures currently are convertible at a price of $9.816 per share. At November 11, 1996, the last sales price of the common stock reported by Nasdaq was $14.25 per share. If all the Debentures are converted by holders into common stock, Bancorp's Tier 1 and total risk-based capital ratios would be approximately 13.2% and 14.0%, respectively. In the event that none of the Debentures are converted into common stock, but are instead allowed to be redeemed, Bancorp's Tier 1 and total risk-based capital ratios would be approximately 10.7% and 11.6%, respectively. Given the differential between the conversion price of the Debentures and the trading price of the common stock, Bancorp anticipates that all or most of the Debentures will be converted into common stock. If so, management believes that Bancorp's cash on hand will be adequate to accommodate any redemptions. However, management will seek a line of credit with a correspondent bank for the cash necessary to redeem the Debentures, in the unlikely event that a significant portion of the Debentures are redeemed. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. - ----------------------------------------- None. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CENTENNIAL BANCORP Dated: November 13, 1996 /s/ Richard C. Williams ----------------------------------- Richard C. Williams President & Chief Executive Officer Dated: November 13, 1996 /s/ Michael J. Nysingh ----------------------------------- Michael J. Nysingh Chief Financial Officer EX-27 2 ART. 9 FDS FOR 3RD QUARTER 10-Q
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTENNIAL BANCORP'S CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1995 SEP-30-1996 22,476,604 12,925,000 0 0 84,657,835 0 0 246,880,693 (2,504,970) 386,522,759 322,579,860 11,205,757 3,712,668 17,324,000 10,367,162 0 0 21,333,312 386,522,759 18,872,009 3,743,115 453,674 23,068,798 6,841,053 8,116,358 14,952,440 585,000 6,595 9,014,150 6,931,366 4,678,666 0 0 4,678,666 .89 .83 0 1,463,000 1,182,000 0 0 1,928,372 48,082 39,680 2,504,970 2,504,970 0 0
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