In light of the record profitability experienced during 2000 and in keeping with past experience, the bank holding company's board of directors is declaring an 11-for-10 (10%) split of its common stock. The news shares will be distributed Feb. 23 to shareholders of record by Feb. 2.

According to Centennial president and CEO Ted Winnowski, the increased earnings were achieved "at a time when the costs of obtaining funding were rising significantly." Winnowski adds that technology investments are being made to handle the demands of deposit-intense companies, and that the company's online banking service should operational in April.

During 2000, Centennial Bancorp's total assets increased by 17% to $849.431 million. Total earning assets increased 18%. Centennial Bancorp is a 19-year-old bank holding company for the 20-offiice Centennial Bank that will expand to 22 offices this year. The other Centennial Bancorp subsidiary, Centennial Mortgage Co., has two offices.

In morning trading, shares of Centennial were up 6.25 cents to $8.187 on volume of 7,300 shares. The stock's 52-week high of $12.857 came 11 months ago on Feb. 18. It's 52-week low came Sept. 20, when shares traded for as low as $5.50.

In other banking news:

--Dalles, OR-based Columbia Bancorp, the holding company for the 13-branch Columbia River Bank and Columbia River Bank Mortgage Group, is reporting this week a four quarter net income of $1.6 million (20 cents/share), an increase of 17% over the same 1999 quarter. For all of 2000, the bank is reporting net income of $5.6 million (70 cents/share), a 12.9% increase over 1999. During 2000, the bank added Internet banking services called BankNet, and attained Certified Lender Status from both the Small Business Administration and Farm Service Agency. As of Dec. 31, total assets were up 15.4% to $416.9 million, thanks to growth in three key markets: Yamhill County, Umatilla County and Bend, OR.

--Lake Oswego, OR-based West Coast Bancorp, the holding company for West Coast Bank, is reporting fourth quarter net income of $2.87 million (17 cents/share), a 46% drop as compared to the fourth quarter of 1999. For all of 2000 -- and inclusive of a $3.1 million litigation settlement – net income was $11.62 million (69 cents/share), a 33% drop from 1999.

Instant Insights /

Centennial Bancorp Reports 27% Rise in Q4 Profits, 11-for-10 Stock Split

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