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

PORTLAND-Centennial Bancorp is reporting this morning a fourth quarter net income of $3.82 million (17 cents/share), a 27% increase over the $3.0 million (14 cents/share) netted in same 1999 quarter. For all of 2000, net income was $14.2 million (62 cents/share), a 17% increase over 1999′s $12.1 million (54 cents/share).

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.