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: March 30, 1999
Cowlitz Bancorporation
(Exact Name of Registrant as specified in its charter)
Washington
(State or Other Jurisdiction of Incorporation)
0-23881 91-152984
(Commission File Number) (IRS Identification No.)
927 Commerce Ave., Longview, Washington 98632
(Address of Principal Executive Office) (Postal Code)
(360) 423-9800
(Registrant's telephone number including area code)
Item 7. Financial Statements and Exhibits
(c) Exhibits.
(99) Press Release dated March 30, 1999.
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.
COWLITZ BANCORPORATION
Date: March 30, 1999 By: /s/ Charles Jarrett
Charles Jarrett
President
Company Contact: Charles Jarrett Donna P. Gardner
President & COO VP/Treasurer
Don Kiser, VP & CPO (360) 423-9800
COWLITZ BANCORPORATION ANNOUNCES THAT FIRST QUARTER
RESULTS WILL BE BELOW EXPECTATIONS
LONGVIEW, WA March 30, 1999 - Cowlitz Bancorporation (NASDAQ: CWLZ),
the holding company for Cowlitz Bank and Business Finance Corporation, today
announced that first quarter net income would fall short of analyst's
expectations. First quarter earnings will be in a range of $.01 to $.02 per
share. The reduction in previously expected net income for 1999's first quarter
is primarily due to additional provision for loan losses and the opening of a
loan office in Vancouver, Washington.
The September 1998 acquisition of Business Finance Corporation (BFC)
diversified Cowlitz' lending programs economically and geographically and
provided additional income for Cowlitz in 1998. During the first quarter of
1999, the Company has determined that approximately $350,000 in receivables
purchased by BFC may not be collectible. These receivables have been charged off
and the company has taken a corresponding increase in provisions for loan losses
in the first quarter.
"Early in February, we opened a new loan office in Vancouver, WA to
expand Cowlitz' market; however, start up costs are impacting early 1999 results
and a normal phasing-in period will pass before this office begins to be
profitable," said Charles Jarrett, President and Chief Operating Officer.
Vancouver is located in Clark County, which is considered on of the fastest
growing counties in the United States.
"The lending environment in Cowlitz County has been slower than usual
this winter, and loan volume for early 1999 will be below year-ago levels,"
noted Don Kiser, Vice President and Chief Financial Officer. "Cowlitz Bank is
the dominant lender in Cowlitz County, its primary lending market."
"Our talented staff is devoting additional time in marketing efforts
with the expectation that these situations will improve, leading to a resumption
of growth later this year. We are dedicated to providing the best available
financial services to our local communities," Jarrett added.
At December 31, 1998, Cowlitz reported total assets of $178.3 million,
loans of $130.2 million, and total deposits of $122.4 million. Tangible book
value equaled $6.95 per share. Cowlitz has paid four quarterly cash dividends
since its Initial Public Offering in March 1998.
Cowlitz Bancorporation's wholly-owned subsidiary, Cowlitz Bank, is the
only community bank headquartered in Cowlitz County - which is 40 miles north of
Portland, Oregon. The bank offers commercial banking services primarily to small
and medium sized businesses, professionals and retail customers. Cowlitz'
Business Finance Corporation subsidiary provides asset based financing to
companies throughout the Western United States. CWLZ shares closed at $7.0625
per share yesterday, March 29, 1999.
NOTE: Transmitted on PR Newswire at p.m. PST, March 30, 1999.
