Columbia Commercial Bancorp, a single bank holding company for Columbia Community Bank, has reported a net loss for fourth quarter 2008 of $203,000, or $0.06 loss per diluted share, compared to a net income of $1.09 million and $0.34 per diluted share, for the fourth quarter of 2007.
For the year 2008, net income was $1.31 million, or $0.42 per diluted share, after a $4.23 loan loss provision for 2008, compared to a $740,000 loan loss provision during 2007 in which net income was $4.16 million, or $1.34 per diluted share.
Net interest income for the 2008 fiscal year was $13 million, down $800,000 or 5.7% when compared to the $13.8 million for 2007. Net interest margin for 2008 at 3.54% was down 1.05% when compared to the 4.59% for 2007.
Total assets at December 31, 2008 grew to $402.5 million compared to $349.2 million at the end of 2007, an increase of $53.1 million or 15.2%. The company’s allowance for loan losses at $5.8 million is 1.85% of loans as of December 31, 2008 compared to $3.1 million or 1.09% of loans at the end of 2007.
Rick Roby, president and CEO of Columbia Commercial Bancorp, said: The company will continue to be challenged with its residential construction and land development loan portfolio going into 2009, but I am confident we made significant strides to identify and quantify these portfolios’ underlying risk during 2008. The company continues to be profitable, meets the federal regulatory definition of well-capitalised and we believe it is well positioned for moving forward into 2009.
