SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-Q


(Mark One)

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

For the quarterly period ended March 31, 1998
                               --------------

                                 OR

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

For the transition period from            to
                               ----------    ----------

Commission File Number   0-10489
                       -----------


                               CENTENNIAL BANCORP
             (Exact name of registrant as specified in its charter)

                OREGON                             93-0792841
         (State of Incorporation)               (I.R.S. Employer
                                                 Identification Number)

                                 675 Oak Street
                              Eugene, Oregon 97401
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (541) 342-3970
              (Registrant's telephone number, including area code)


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

Yes  /X/    No / /

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of latest practicable date:


14,543,909 shares as of April 28, 1998.



                                      


<PAGE>


                               CENTENNIAL BANCORP

                                    FORM 10-Q

                                 MARCH 31, 1998

                                      INDEX
                                      -----


Page
PART I - FINANCIAL INFORMATION                        Reference
------------------------------                        ---------

Condensed Consolidated Balance Sheets as of
     March 31, 1998 and December 31, 1997                 3

Condensed Consolidated Statements of Income for
     the three months ended March 31, 1998 and 1997       4

Condensed Consolidated Statements of Comprehensive
     Income for the three months ended March 31,
     1998 and 1997                                        5

Condensed Consolidated Statements of Cash Flows
     for the three months ended March 31,
     1998 and 1997                                        5

Notes to Condensed Consolidated Financial Statements      6 - 9

Management's Discussion and Analysis of Financial
     Condition and Results of Operations:
          Overview                                        10
          Material Changes in Financial Condition         10 - 11
          Material Changes in Results of Operations       11 - 13
          Market Risk                                     13
          Loan Loss Provision                             13 - 14
          Liquidity and Capital Resources                 14


PART II - OTHER INFORMATION
---------------------------

Item 6 - Exhibits and Reports on Form 8-K                 15

Signatures                                                16



                                       -2-


<PAGE>



                                               CENTENNIAL BANCORP
                                     CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                     March 31,               December 31,
                                                                       1998                      1997
                                                                   -------------            -------------
                                                                    (Unaudited)
<S>                                                                <C>                      <C>

ASSETS
------
Cash and cash equivalents:
     Cash and due from banks                                        $ 31,633,136            $ 26,269,239
     Federal funds sold                                                9,000,000              23,800,000
                                                                    ------------            ------------
     Total cash and cash equivalents                                  40,633,136              50,069,239
Securities available-for-sale                                         75,963,780              83,904,253
Loans held for sale                                                   12,157,544               5,584,947
Loans receivable, net                                                349,226,508             331,691,399
Federal Home Loan Bank stock                                           4,801,100               4,711,100
Premises and equipment, net                                           10,587,488              10,486,892
Other assets                                                           6,649,944               6,125,581
                                                                    ------------            ------------
                                                                    $500,019,500            $492,573,411
                                                                    ============            ============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities:
     Deposits:
          Demand                                                    $105,224,089            $ 97,262,856
          Interest-bearing demand                                    168,507,038             173,583,239
          Savings                                                     14,564,644              13,751,676
          Time                                                       137,227,278             134,684,313
                                                                    ------------            ------------
               Total deposits                                        425,523,049             419,282,084
     Short-term borrowings                                             5,382,350               7,715,783
     Accrued interest and other liabilities                            4,731,940               3,765,386
     Long-term debt                                                   10,000,000              10,000,000
                                                                    ------------            ------------
               Total liabilities                                     445,637,339             440,763,253
Shareholders' equity:
     Preferred stock                                                          --                      --
     Common stock, 14,543,909 issued and outstanding
          (14,515,676 at December 31, 1997)                           29,101,854              29,031,352
     Retained earnings                                                24,633,957              22,082,696
     Accumulated other comprehensive income                              646,350                 696,110
                                                                    ------------            ------------
               Total shareholders' equity                             54,382,161              51,810,158
                                                                    ------------            ------------
                                                                    $500,019,500            $492,573,411
                                                                    ============            ============
</TABLE>
See accompanying notes.


                                                   -3-


<PAGE>


                                               CENTENNIAL BANCORP
                                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                      Three Months Ended
                                                                                           March 31,
                                                                                  --------------------------
                                                                                      1998           1997
                                                                                  -----------     ----------
<S>                                                                              <C>              <C>
INTEREST INCOME
     Interest and fees on loans                                                  $10,015,258      $7,638,396
     Interest on investment securities                                             1,241,459       1,207,776
     Other interest income                                                            82,448          94,368
                                                                                  ----------      ----------
          Total interest income                                                   11,339,165       8,940,540
INTEREST EXPENSE
     Interest on deposits                                                          3,377,068       2,702,020
     Interest on short-term borrowings                                                87,538         200,793
     Interest on long-term debt                                                      122,604         151,254
                                                                                  ----------      ----------
          Total interest expense                                                   3,587,210       3,054,067
                                                                                  ----------      ----------
NET INTEREST INCOME                                                                7,751,955       5,886,473
     Loan loss provision                                                             300,000         800,000
                                                                                  ----------      ----------
          Net interest income after loan loss provision                            7,451,955       5,086,473
NONINTEREST INCOME
     Service charges                                                                 272,528         237,795
     Other                                                                           182,515         797,747
     Net gains on sales of loans                                                     305,738          99,576
     Net gains on sales of securities                                                145,312          29,309
                                                                                  ----------       ---------
          Total noninterest income                                                   906,093       1,164,427
NONINTEREST EXPENSES
     Salaries and employee benefits                                                3,010,687       2,089,031
     Premises and equipment                                                          590,831         491,171
     Legal and professional                                                          191,172         139,317
     Advertising                                                                     144,981         100,325
     Printing and stationery                                                         106,829          90,582
     Other                                                                           533,887         227,204
                                                                                  ----------      ----------
          Total noninterest expenses                                               4,578,387       3,137,630
                                                                                  ----------      ----------

Income before income taxes                                                         3,779,661       3,113,270
Provision for income taxes                                                         1,228,400       1,011,800
                                                                                  ----------      ----------

NET INCOME                                                                        $2,551,261      $2,101,470
                                                                                  ==========      ==========

Earnings per share of common stock:
     Basic                                                                        $      .18      $      .14
     Diluted                                                                      $      .17      $      .14

Weighted average shares outstanding:
     Basic                                                                        14,535,932      14,397,650
     Diluted                                                                      15,260,710      14,944,896


</TABLE>
See accompanying notes.

                                                   -4-


<PAGE>

<TABLE>
<CAPTION>
            
                                                 CENTENNIAL BANCORP
                              CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                    (Unaudited)

                                                                                    Three Months Ended
                                                                                          March 31,
                                                                                  --------------------------
                                                                                       1998          1997
                                                                                  ------------  ------------
<S>                                                                               <C>           <C>

Net income                                                                        $ 2,551,261   $ 2,101,470
Unrealized gains/(losses) on securities available for sale:
     Unrealized gains (losses) arising during the period                            1,185,622      (796,931)
     Reclassification adjustment for (gains) included in
          statement of income                                                        (145,312)      (29,309)
                                                                                  -----------   -----------
                                                                                    1,040,310      (826,240)
     Income tax (expense)/benefit                                                    (393,960)      313,970
                                                                                  -----------   -----------
          Net unrealized gains/(losses) on securities available for sale              646,350      (512,270)

Comprehensive income                                                              $ 3,197,611   $ 1,589,200
                                                                                  ===========   ===========
</TABLE>
<TABLE>
<CAPTION>
             
                                                    CENTENNIAL BANCORP
                                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                       (Unaudited)

                                                                                    Three Months Ended
                                                                                          March 31,
                                                                                  --------------------------
                                                                                       1998          1997
                                                                                  ------------  ------------
<S>                                                                               <C>           <C>

Net cash provided by (used in) operating activities                               $(3,038,051)  $ 5,111,210

Cash flows from investing activities:
     Net increase in loans                                                        (17,835,109)  (20,603,291)
     Investment security purchases                                                   (496,719)           --
     Proceeds from investment securities:
          Maturities                                                                5,036,516       852,296
          Sales                                                                     3,475,715    11,020,078
     Purchases of premises and equipment                                             (556,489)     (296,905)
                                                                                  -----------   ------------
          Net cash used in investing activities                                   (10,376,086)   (9,027,822)

Cash flows from financing activities:
     Net increase in deposits                                                       6,240,965       249,033
     Net increase (decrease) in short-term borrowings                              (2,333,433)      864,903
     Proceeds from issuance of common stock                                            70,502       103,096
                                                                                  -----------   -----------
          Net cash provided by financing activities                                 3,978,034     1,217,032
                                                                                  -----------   -----------

Net decrease in cash and cash equivalents                                          (9,436,103)   (2,699,580)

Cash and cash equivalents at beginning of period                                   50,069,239    38,397,505
                                                                                  -----------   -----------
Cash and cash equivalents at end of period                                        $40,633,136   $35,697,925
                                                                                  ===========   ===========
</TABLE>
See accompanying notes.


                                                         -5-


<PAGE>


                               CENTENNIAL BANCORP
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.   Basis of Presentation
     ---------------------

     The  interim  condensed   consolidated  financial  statements  include  the
     accounts of Centennial Bancorp, a bank holding company ("Bancorp"), and its
     wholly owned subsidiaries, Centennial Bank ("Bank") and Centennial Mortgage
     Co.  ("Mortgage  Co.").  The Bank is an Oregon  state-chartered  bank which
     provides commercial banking services.  Mortgage Co. originates  residential
     mortgage loans for resale in the secondary market.

     The interim condensed consolidated financial statements are unaudited,  but
     include all adjustments,  consisting only of normal accruals, which Bancorp
     considers  necessary for a fair  presentation  of the results of operations
     for such interim periods.

     All significant intercompany balances and transactions have been eliminated
     in consolidation.

     The interim condensed  consolidated  financial statements should be read in
     conjunction with the consolidated financial statements, including the notes
     thereto, included in Bancorp's 1997 Annual Report to Shareholders.

     Certain  amounts for 1997 have been  reclassified  to conform with the 1998
     presentation.

     On January 1, 1998,  Bancorp  adopted  Statement  of  Financial  Accounting
     Standards  ("SFAS")  No.  130,  "Reporting   Comprehensive  Income,"  which
     requires  reporting of  comprehensive  income in general purpose  financial
     statements.  Comprehensive income is defined as the change in equity during
     the  period  from  transactions  and other  events and  circumstances  from
     nonowner  sources,  which for Bancorp consists of net income and unrealized
     gains or losses on  securities  available for sale,  net of related  income
     taxes.


                                       -6-


<PAGE>


2.   Loans and Reserve for Loan Losses
     ---------------------------------

     The composition of the loan portfolio was as follows:

                                       March 31,    December 31,
                                         1998           1997
                                     ------------   ------------
     Real estate -- mortgage         $ 90,091,220   $ 87,631,611
     Real estate -- construction      100,094,184     89,119,688
     Commercial                       152,045,832    147,052,433
     Installment                        6,225,743      6,602,690
     Lease financing                    3,172,553      3,648,728
     Other                              2,238,758      1,994,689
                                     ------------   ------------
                                      353,868,290    336,049,839
     Reserve for loan losses           (3,654,304)    (3,348,914)
     Less deferred loan fees             (987,478)    (1,009,526)
                                     ------------   ------------
                                     $349,226,508   $331,691,399
                                     ============   ============


     Loans held for sale of  $12,157,544  and  $5,584,947  at March 31, 1998 and
     December 31, 1997,  respectively,  represent  real estate  mortgage  loans.
     These loans are recorded at cost which approximates market value.

     Transactions  in the  reserve for loan losses were as follows for the three
     months ended March 31:

                                           1998          1997
                                       -----------    -----------
     Balance at beginning of period    $3,348,914     $2,599,653
     Provision charged to operations      300,000        800,000
     Recoveries                            10,390          1,323
     Loans charged off                     (5,000)       (30,351)
                                       ----------     ----------
     Balance at end of period          $3,654,304     $3,370,625
                                       ==========     ==========

     At March 31, 1998,  Bancorp had five loans  requiring a specific  valuation
     allowance in accordance  with SFAS No. 114, as amended by SFAS No. 118 (two
     loans at December 31, 1997). The specific valuation  allowance was $150,000
     on loans with remaining principal outstanding of $701,000 at


                                       -7-
<PAGE>

     March 31, 1998 ($150,000 and $718,000 at December 31, 1997). Each loan with
     a current  outstanding  principal  balance of less than $100,000 is grouped
     into one  homogenous  pool when  considering  the valuation  allowance.  No
     specific  valuation  allowance was deemed necessary for loans in this group
     of smaller loans.

     It is Bancorp's  policy to place loans on  nonaccrual  status  whenever the
     collection  of all or a part of the  principal  balance is in doubt.  Loans
     placed on nonaccrual status may or may not be contractually past due at the
     time of such  determination,  and may or may not be secured by  collateral.
     Loans on  nonaccrual  status at March 31, 1998 and  December  31, 1997 were
     approximately $857,000 and $873,000, respectively.

     Loans  past  due 90 days  or more on  which  Bancorp  continued  to  accrue
     interest were approximately $1,553,000 at March 31, 1998, and approximately
     $402,000 at December  31,  1997.  There were no loans on which the interest
     rates or payment  schedules  were  modified  from their  original  terms to
     accommodate a borrower's  weakened  financial position at March 31, 1998 or
     December 31, 1997.


                                       -8-

<PAGE>


3.   Earnings per Share of Common Stock
     ----------------------------------

     A reconcilement of the basic and diluted earnings per share computations is
     as follows:

                                          1998          1997
                                       ----------    ----------
     Net income available to common
       shareholders -- basic and
       diluted                         $2,551,261    $2,101,470
                                       ==========    ==========

     Reconciliation of Basic and Diluted Shares
     ------------------------------------------

     Weighted average shares
       outstanding - basic             14,535,932    14,397,650

     Incremental shares from
       stock options                      724,778       547,246
                                       ----------    ----------
     Weighted average shares
       outstanding - diluted           15,260,710    14,944,896
                                       ==========    ==========


     The  weighted  average  number of common  shares  outstanding  reflects the
     effect of stock splits and stock dividends.




                                       -9-

<PAGE>



                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     When used in the following discussion, the word "expects" and other similar
expressions are intended to identify forward-looking statements,  which are made
pursuant to the safe harbor  provisions  of the  Private  Securities  Litigation
Reform Act of 1995. Such forward-looking statements are subject to certain risks
and  uncertainties  that could cause actual  results to differ  materially  from
those projected.  Specific risks and uncertainties  include, but are not limited
to, general business and economic conditions, and other factors listed from time
to time in Bancorp's SEC reports,  including but not limited to, Exhibit 99.1 to
Bancorp's Form 10-K for the year ended December 31, 1996,  which is incorporated
herein by reference.  Readers are cautioned not to place undue reliance on these
forward-looking  statements,  which  speak only as of the date  hereof.  Bancorp
undertakes  no  obligation  to publish  revised  forward-looking  statements  to
reflect the occurrence of unanticipated  events or circumstances  after the date
hereof.


OVERVIEW
--------

     Centennial Bancorp reported net income of $2.6 million,  or $.18 per share,
for the three months ended March 31, 1998.  This  represented  a 21% increase in
net income as compared to $2.1 million,  or $.14 per share, for the three months
ended March 31, 1997. The increased earnings  reflected  primarily the expansion
of Bancorp's interest-earning assets and increased net interest income. At March
31,  1998,   Bancorp   recognized   a  22%  increase   both  in  assets  and  in
interest-earning assets as compared to March 31, 1997.

MATERIAL CHANGES IN FINANCIAL CONDITION
---------------------------------------

     The most material  changes in Bancorp's  financial  condition for the three
months  ended  March 31, 1998 were  increases  in loans and loans held for sale.
Funds were provided for these  increases  primarily  from a decrease in cash and
cash  equivalents and in maturities and sales of securities  available-for-sale,
from an increase in deposits and from net income.

                                      -10-
<PAGE>

     During the quarter ended March 31, 1998, Bancorp experienced an increase of
$17.8 million in loans and an increase of $6.6 million in loans held for sale as
compared to December 31, 1997.  The  increase in loans was  primarily  due to an
increase in real estate construction lending, but was also due to an increase in
commercial  loan  activity of the Bank.  The increase in loans held for sale was
due to an increase in real estate mortgage lending by Mortgage Co.

     Bancorp  experienced  a modest  increase of $6.2 million in total  deposits
during the  quarter  ended  March 31,  1998.  In most prior  years,  Bancorp has
experienced  a modest  increase or a decrease in deposits  during all or part of
the first quarter of the year, with deposit  activity  increasing  significantly
the remainder of each year.  Management  believes that Bancorp's  modest deposit
increase  during  the  first  quarter  of  1998  is  consistent  with  Bancorp's
historical patterns.

     Because of the limited  growth in deposits  experienced  during the quarter
ended March 31, 1998 at the same time Bancorp experienced increases in loans and
loans held for sale, Bancorp's Federal funds sold decreased at March 31, 1998 as
compared to December  31,  1997.  Federal  funds sold is a component of cash and
cash equivalents,  and represents an overnight  investment of temporary,  excess
funds.

     During the first  quarter of 1998,  $5.0  million of  Bancorp's  securities
available-for-sale  matured or were called for payment. In addition,  management
liquidated  $3.5 million of securities  available-for-sale  to  accommodate  the
increases  in loans and loans held for sale.  Due to the  favorable  bond market
during the first quarter of 1998, sales of these securities generated profits of
$145,000.

     All other changes experienced in asset and liability  categories during the
first quarter of 1998 were comparatively modest.

MATERIAL CHANGES IN RESULTS OF OPERATIONS
-----------------------------------------

     Total interest income  increased $2.4 million during the three months ended
March 31,  1998 as  compared  to the same  period  in 1997.  This  increase  was
primarily  due to the  increase  in the  amount of loans and loans held for sale
during the first quarter of 1998 as compared to the first quarter of 1997.


                                      -11-
<PAGE>

     Total interest expense increased  $533,000 for the three months ended March
31, 1998 as compared to the same period in 1997. This increase was primarily due
to the increase in  interest-bearing  deposits  held during the first quarter of
1998 as compared to the first quarter of 1997.

     The increase in interest earned, offset in part by the increase in interest
expense,  served to increase  Bancorp's net interest  income by $1.9 million (or
32%) over the first quarter of 1997.

     Noninterest  income decreased $258,000 for the three months ended March 31,
1998 as compared to the 1997 period. This decrease is primarily  attributable to
receipt of a settlement payment during the first quarter of 1997 for a claim the
Bank brought against former legal counsel.

     The magnitude of the decrease in noninterest  income  recognized during the
three months ended March 31, 1998 was tempered by increases in gains on sales of
residential  mortgage  loans and gains on sales of  securities.  The increase in
gains on sales of residential  mortgage loans was  attributable  to the moderate
interest rate environment and the favorable economic climate  experienced during
the first quarter of 1998 as compared to the same period in 1997.  This interest
rate  environment  and  economic  climate  generated a  substantial  increase in
residential mortgage lending activity for Mortgage Co. and Bancorp.

     Noninterest expense increased $1.4 million for the three months ended March
31, 1998 as compared to the 1997 period.  All categories of noninterest  expense
increased.

     Salaries and employee benefits  increased $922,000 during the first quarter
of 1998 as compared to the first  quarter of 1997,  which was  primarily  due to
additions  to the Bank's  staff to manage the  increase in assets and to operate
the  additional  branch  offices of the Bank that opened in the Portland area in
1997.  The increase in salaries and employee  benefits was also due to additions
to Mortgage Co.'s staff to accommodate the additional  mortgage lending activity
experienced,  and to the  increased  commissions  paid to  residential  mortgage
lending officers.

     The increase of $100,000 in premises and  equipment in the first quarter of
1998 is the result of additional  Portland-area  branch  offices of the Bank and
Mortgage Co. opened during the last year.

                                      -12-
<PAGE>

     Bancorp  experienced a $44,000  increase in  advertising  related  expenses
during the first quarter of 1998 due to additional media advertising.

     The  increase  in  other  noninterest  expense  was  magnified  due  to the
recapture  of an accrued  loss  during  the 1997  period,  which was  previously
accrued and which management deemed to be no longer necessary.

MARKET RISK
-----------

     Market risk is the risk of loss from adverse  changes in market  prices and
rates.  Bancorp's market risk arises  principally from interest rate risk in its
lending,  deposit and borrowing  activities.  Management  actively  monitors and
manages its interest rate risk exposure.  Although  Bancorp manages other risks,
as in credit  quality and  liquidity  risk,  in the normal  course of  business,
management  considers  interest rate risk to be a significant  market risk which
could have the largest  material  effect on Bancorp's  financial  condition  and
results of  operations.  Other types of market risks,  such as foreign  currency
exchange rate risk and  commodity  price risk, do not arise in the normal course
of Bancorp's business activities.

     Bancorp did not  experience  a material  change in market risk at March 31,
1998 as compared to December 31, 1997.

LOAN LOSS PROVISION
-------------------

     During the three months ended March 31, 1998,  Bancorp  charged an $300,000
loan loss  provision to operations,  as compared to $800,000  charged during the
three months ended March 31, 1997. Recoveries,  net of loans charged off, during
the three months ended March 31, 1998 were $5,000,  as compared to loans charged
off, net of recoveries of $29,000 for the three months ended March 31, 1997.

     Bancorp's  reserve  for loan  losses was $3.7  million at March 31, 1998 as
compared  to $3.3  million at December  31,  1997 and $3.4  million at March 31,
1997.

     Management  believes  that the  reserve  for loan  losses is  adequate  for
potential  loan losses,  based on  management's  assessment of various  factors,
including present  delinquent and nonperforming  loans, past history of industry
loan loss

                                      -13-
<PAGE>

experience,  and present and anticipated  future  economic trends  impacting the
area and customers served by Bancorp.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

     Bancorp's  principal  subsidiary,  Centennial Bank, has adopted policies to
maintain a relatively  liquid position to enable it to respond to changes in the
Bank's needs and financial environment.  Generally,  the Bank's major sources of
liquidity are customer  deposits,  sales and  maturities  of  available-for-sale
securities,  the use of federal funds markets and net cash provided by operating
activities.  Scheduled loan repayments are a relatively  stable source of funds,
while deposit inflows and unscheduled loan prepayments  (which are influenced by
general  interest rate levels,  interest rates  available on other  investments,
competition, economic conditions and other factors) are not.

         Along with federal funds lines,  the Bank  maintains a cash  management
advance line of credit with the Federal  Home Loan Bank in Seattle,  Washington,
which allows temporary borrowings for the Bank's liquidity needs.

     At March 31, 1998,  Bancorp's  Tier 1 and total  risk-based  capital ratios
under the Federal  Reserve Board's ("FRB")  risk-based  capital  guidelines were
approximately  11.9%  and  12.7%,  respectively.  The FRB's  minimum  risk-based
capital  ratio  guidelines  for  Tier  1  and  total  capital  are  4%  and  8%,
respectively.

     At March 31, 1998, Bancorp's  capital-to-assets  ratio under leverage ratio
guidelines was  approximately  11.0%. The FRB's current minimum leverage capital
ratio guideline is 3%.


                                      -14-


<PAGE>


                           PART II - OTHER INFORMATION



Item 6.  Exhibits and Reports on Form 8-K.
-----------------------------------------

(a)  Exhibits

     27     Financial Statement Schedule


(b)  Reports on Form 8-K.

     None


















                                      -15-


<PAGE>


                            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 thereunto duly authorized.


                              CENTENNIAL BANCORP



Dated:  May 11, 1998           /s/ Richard C. Williams
                              -----------------------------------
                              Richard C.Williams
                              President & Chief Executive Officer




Dated:  May 11, 1998           /s/ Michael J. Nysingh
                              -----------------------------------
                              Michael J. Nysingh
                              Chief Financial Officer














                                      -16-