-----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, RNuYFyZHXPsdyCTJNjM4S1hseuHMO4FH3VhyDFnTp65sj2Nr2c7Rz4iBfubMndsN Wr/8Kml1go1k9DBdSs9PSA== 0000896595-03-000123.txt : 20030725 0000896595-03-000123.hdr.sgml : 20030725 20030725172503 ACCESSION NUMBER: 0000896595-03-000123 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COWLITZ BANCORPORATION CENTRAL INDEX KEY: 0000894267 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911529841 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23881 FILM NUMBER: 03804262 BUSINESS ADDRESS: STREET 1: 927 COMMERCE AVE CITY: LONGVIEW STATE: WA ZIP: 98632 BUSINESS PHONE: 2064239800 MAIL ADDRESS: STREET 1: 927 COMMERCE AVENUE CITY: LONGVIEW STATE: WA ZIP: 98632 8-K 1 cowlitz2ndqtrearnings2003.htm FORM 8K Cowlitz Bancorporation Form 8K 2nd Quarter Earnings 2003

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):          June 30, 2003

Cowlitz Bancorporation

(Exact Name of Registrant as specified in its charter)

Washington
(State or other jurisdiction of incorporation)

0-23881
(Commission File Number)

91 - 529841
(IRS Employer Identification No.)

927 Commerce Ave., Longview, Washington
Address of Principal Executive Office

98632
Zip Code

Registrant's telephone number including area code 360-423-9088

(Former name or former address, if changed since last report) Not applicable

Item 7. Financial Statements and Exhibits
 

(a)

Financial statements of business acquired.

Not applicable.
     
 

(b)

Pro Forma Financial Information

Not applicable.
     
 

(c)

Exhibits.
     

The following exhibits are being filed herewith and this list shall constitute the exhibit index:
     
 

Exhibit
     
 

(99)

Press Release

 

Item 9. Regulation FD Disclosure

On July 25, 2003, Cowlitz Bancorporation issued a press release announcing its operating earnings for the second quarter 2003. All information in the press release, appearing in Exhibit 99, is not filed but is furnished pursuant to Regulation FD.

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 hereunto duly authorized.

 





Date: July 25, 2003





By:

COWLITZ BANCORPORATION
(Registrant)


/s/ Richard J. Fitzpatrick
Richard J. Fitzpatrick
Chief Executive Officer

 

 

July 25, 2003 1:00 p.m. Pacific Time

Company Press Release

SOURCE:

Cowlitz Bancorporation

CONTACTS:

Richard J. Fitzpatrick, Chief Executive Officer
Donna P. Gardner, Chief Financial Officer
(360) 423-9800

Cowlitz Bancorporation Announces Earnings

LONGVIEW, Wash., July 25, 2003 /PRNewswire/ --

FlashResults
Cowlitz Bancorporation (NASDAQ: CWLZ)
(Numbers in Thousands, Except Per Share Data)
 

Three Months
Ended 6/30/03

Three Months
Ended 6/30/02

Six Months
Ended 6/30/03

Six Months
Ended 6/30/02

Net Interest Income

$2,798

$3,328

$5,926

$6,352

Net Income

$285

$716

$928

$588

Average Diluted Shares

3,960

3,856

3,936

3,795

Diluted EPS

$0.07

$0.19

$0.24

$0.15

Cowlitz Bancorporation (NASDAQ: CWLZ - news) today reported net income of $285,000 or $0.07 per diluted share for the second quarter of 2003, compared to net income of $716,000 or $0.19 per diluted share during the same period of 2002. Net income for the six months ended June 30, 2003 was $928,000 or $0.24 per diluted share compared to $588,000 or $0.15 per diluted share for the six months ended June 30, 2002. The year-to-date results for 2002 included a goodwill impairment charge of $791,000 after tax from the adoption of a new accounting principle during the first quarter of 2002. Net income prior to that charge was $1.4 million or $0.36 per diluted share for the six months ended June 30, 2002.

"The Company's net interest income during the second quarter was adversely affected by somewhat reduced interest rate margins, a shorter holding period for residential mortgage loans prior to their sale into the secondary market, and decreased outstanding commercial loan balances during the period," said Richard J. Fitzpatrick, President and CEO of Cowlitz Bancorporation and its wholly-owned subsidiary, Cowlitz Bank. "In the mortgage operation, volumes of loans held for sale have declined due in part to continued process improvements which have reduced the time mortgage loans are in the sales pipeline. We are focusing on increasing our market share in the areas we currently serve and are increasing mortgage production of loans brokered to Bay Mortgage, a division of Cowlitz Bank." Ernie Ballou, Chief Credit Administrator, added, "Certain lower quality commercial loans are being reduced through more intensive management; we are working to replace them with better quality loans. The current low interest rate environment and adverse economic conditions have created a challenging period for commercial lending."

For the three months ended June 30, 2003, Cowlitz added $43,000 to its provision for loan losses. This improvement compares to a loan loss provision of $355,000 for the three months ended June 30, 2003. The loan loss reserve stands at $5.9 million, or 3.47% of total loans and 156% of non-performing loans as of June 30, 2003. The Company recorded net charge-offs of $849,000 during the first six months of 2003, compared to $838,000 during the same period of 2002.

 

Total non-performing assets declined to $5.8 million at June 30, 2003 compared to $7.4 million at December 31, 2002, and $5.8 million at June 30, 2002. Cowlitz' non-performing assets as a percent of total assets was 1.94% at June 30, 2003 compared to 2.14% at December 31, 2002, and 1.73% at June 30, 2002.

Total assets at June 30, 2003 were $298.3 million compared to $345.2 million at December 31, 2002, a decrease of $46.9 million or 13.6%. Net loans and loans held for sale decreased $25.3 million, and $36.6 million, respectively, comparing the balances at June 30, 2003 to the balances at December 31, 2002.

Cowlitz Bancorporation is the holding company of Cowlitz Bank. Cowlitz Bank's divisions include Bay Bank, Bellevue, Washington; Northern Bank of Commerce, Portland, Oregon; and Bay Mortgage, with four offices in Western Washington. Cowlitz specializes in commercial banking services for Northwest businesses, professionals, and retail customers, with a total of six full-service banking offices. Financial services in addition to banking include trust services, mortgage banking and escrow services.

Forward-Looking Statements

This press release contains forward-looking statements regarding increasing market share, increasing mortgage loan production, and replacing lower quality mortgage assets with better quality loans. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements are subject risks and uncertainties. Actual results could differ materially from those discussed in this press release as a result of risk factors identified in the Company's Form 10-K for the year ended December 31, 2002, and Form 10-Q for the quarter ended March 31, 2003, each filed with the SEC.

 

FINANCIAL HIGHLIGHTS

(Unaudited except December 31, 2002 results - $ in thousands, except per share)

INCOME STATEMENT   
Three Months Ended June 30,
  
Six Months Ended June 30,
     
2003
  
2002
  
2003
  
2002
Interest income $ 4,151

$

  5,560  $ 8,810

$

 11,119    
Interest expense   
1,353
 
2,232 
 
2,884
 
4,767    
Net interest income    2,798   3,328    5,926   6,352    
Provision for loan losses   
43
 
355 
 
566
 
655    
Net interest income after loan loss provision    2,755   2,973    5,360   5,697    
Non-interest income    2,710   2,374    6,204   4,812    
Non-interest expense   
5,019
 
4,815 
 
10,124
 
9,356    
Income before provision for income taxes    446   532    1,440   1,153    
Provision for income taxes   
161
 
(184)
  
512
 
59    
Income from continuing operations    285   716    928   1,094    
Discontinued operations:                 
  Income from discontinued operations, net of tax   -   -    -   6    
  Gain on disposal, net of tax  
-
 
- 
 
-
 
279    
Income before change in accounting    285   716    928   1,379    
Change in accounting, net of tax   
-
 
- 
 
-
 
(791)   
Net income $
 285
 $
716 
 $
 928
 $
588    
Basic earnings per weighted average share of common stock                 
  Continuing Operations $  0.07 $  0.19   $ 0.24  $  0.29    
  Discontinued operations $  -

$

  -   $  -

$

  0.08    
  Cumulative effect of a change in accounting principle $
 -

$
 - 
 $
 -

$
 (0.21)  
  Net income (loss) per basic share of common stock $
 0.07
 
 0.19 
 
$ 0.24
 $
 0.16    
Diluted earnings per weighted average share of common stock                 
  Continuing Operations $  0.07  $  0.19   $  0.24  $  0.29    
  Discontinued operations $  -  $  -   $  -  $  0.08    
  Cumulative effect of a change in accounting principle $
 -
 $
 - 
 $
 -
 $
(0.21)   
  Net income (loss) per diluted share of common stock $
0.07
 $
0.19 
 
$ 0.24
 $
 0.15    
Weighted average shares outstanding                 
  Basic   3,835,261   3,738,245    3,827,386   3,718,989    
  Diluted   3,959,677   3,855,688    3,936,297   3,794,697    
Actual shares outstanding                 
  Basic   3,861,432   3,753,172    3,861,432   3,753,172    
  Diluted   4,006,617   3,887,645    4,006,617   3,887,645    
Efficiency Ratio    91.12

% 

 84.44 

% 

 83.46

% 

 83.81%
Number of full-time equivalent employees            170   195    
                   
     
Three Months Ended June 30,
  
Six Months Ended June 30,
SELECTED AVERAGES   
2003
  
2002
  
2003
  
2002
Average interest-earning assets  $  279,600 $  318,741  $  291,975 $  327,977     
Total average assets  $  297,199 $  339,234  $   309,381 $  349,931     
Average interest-bearing liabilities  $  218,511 $  266,848  $   230,274 $  275,512     
Average Equity  $ 32,516 $  29,076  $  32,208 $  29,093     
                   

 

 

BALANCE SHEET  
Jun 30, 2003
    
Dec 31, 2002
    
Jun 30, 2002
Total assets $  298,284     $  345,164    $  335,250    
Securities available for sale  $ 28,845     $  33,276    $  50,753    
Securities held to maturity  $ 1,026     $  357    $  2,079    
Loans, net of allowance for loan losses  $ 163,081     $  188,356    $  220,916    
Loans held for sale  $ 27,017     $  63,645    $  20,559    
Goodwill  $ 2,352     $  2,352    $  2,352    
Other intangible assets  $ 369     $  502    $  634    
Deposits  $ 253,348     $  290,120    $  280,122    
Borrowings  $ 10,524     $  21,231    $  22,959    
Equity  $ 32,364     $  31,263    $  29,960    
                 
Book value per share  $  8.38    $  8.19    $  7.98   
Tangible book value per share  $  7.68    $  7.44    $  7.19    
Tier 1 leverage capital ratio   9.87 

% 

   8.05

% 

  $ 7.81%
                 
   
Three Months Ended June 30,
  
Six Months Ended June 30,
RATIOS ANNUALIZED  
2003
  
2002
  
2003
  
2002
Return on average assets   0.38   % 0.84 %  0.60%   0.34%
Return on average equity   3.51   % 9.85 %  5.76%   4.04%
Average Equity/ average assets   10.94   % 8.57  % 10.41%   8.31%
Interest rate yield on interest-earning assets   5.94   % 6.98  % 6.03%   6.78%
Interest rate expense on interest-bearing liabilities   2.48   % 3.35  % 2.50%   3.46%
Interest spread   3.46   % 3.63  % 3.53%   3.32%
Net interest margin   4.00   % 4.18 %  4.06%   3.87%
                 
   
Six Months Ended June 30,
        
ALLOWANCE FOR LOAN LOSSES  
2003
  
2002
        
Balance at beginning of period  $  6,150   $  5,997        
Adjustment Incident to Sale of BFC   -    (289)        
Provision for loan losses   566    655         
Recoveries   91    209         
Charge Offs  
(940)
  
(1,047)
        
Balance at end of period  $
 5,867 
  $
 5,525 
       
Loan loss allowance/gross loans   3.47  %  2.44 %       
Loan loss allowance/non-performing loans   155.83  %  125.40 %       
                 
                 
NON-PERFORMING ASSETS  
Jun 30, 2003
    
Dec 31, 2002
    
Jun 30, 2002
Accruing loans - over 90 days past due  $  149     $  982    $  85     
Nonaccrual loans  
3,616  
   
5,097
   
4,321     
Total non-performing loans   3,765       6,079     4,406     
Other real estate owned   2,016       1,304     1,403     
Other assets  
2  
   
4
   
5     
Total non-performing assets  $
5,783  
   $
7,387
   $
 5,814    
Total non-performing assets/total assets   1.94 

% 

   2.14

% 

   1.73%
                 

 

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