COLUMBIA, Md., Jan. 21 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
parent company of The Columbia Bank, today announced net income for the year
ended December 31, 1999 of $5.22 million, or $1.14 per diluted share,
representing an increase of 9.9% and 10.7%, respectively, over the $4.75
million, or $1.03 per diluted share reported for 1998. For the fourth quarter
of 1999, net income totalled $1.35 million, or $.30 per diluted share, as
compared to $1.20 million, or $.26 per diluted share, for 1998, representing
an increase of 11.9% and 15.4%, respectively. At year-end, assets totalled
$467.7 million, loans outstanding totalled $315.5 million, and deposits
totalled $367.5 million, all representing record levels for the Company. In
December 1999, the Board of Directors announced an increase in the quarterly
cash dividend on common stock of 12.5% to $.09 per share.
During 1999, the Company maintained its strategic focus on becoming the
premier community bank in the Baltimore-Washington corridor while delivering
well-balanced growth and profitability. Total assets increased 9.4% during the
year, fueled by an increased of 8.3% in deposits. Growth in the Company's
portfolio of noninterest-bearing deposits was especially strong, increasing
from $60.4 million to $76.5 million or 26.7%. Loan growth, on a year-to-year
basis, was also strong, with loans outstanding increasing from $274.4 million
to $315.5 million, or 15.0%, driven primarily by increased commercial loan
activity. While achieving significant growth, the Company also maintained a
strong level of profitability, posting a return on stockholders' equity of
13.2% for the year.
The Company's asset quality remains strong. As compared to the year ended
December 31, 1998, the ratio of net charge-offs to average loans decreased
from .12% to .08% and nonperforming loans and past due loans to total loans
decreased from 1.11% to .33%.
On September 28, 1999, the Company entered into a Plan of Merger with
Suburban Bancshares, Inc. ("Suburban"), parent company of Suburban Bank of
Maryland ("Suburban Bank"). Upon completion of the merger, which is subject to
approval by shareholders of both companies and by regulatory agencies,
Suburban will merge into Columbia Bancorp and Suburban Bank will merge into
The Columbia Bank. Following the merger, The Columbia Bank will operate
twenty-three branch offices in Howard, Baltimore, Prince George's and
Montgomery counties. It is anticipated that the merger will be consummated
before the end of the first quarter 2000.
This press release includes forward-looking statements that are based upon
or affected by estimates, the interest rate environment, economic conditions
and other matters, and is therefore subject to risks and uncertainties.
Because of these uncertainties, actual future results may differ substantially
from the results indicated by these forward-looking statements. In addition,
past results of operations may not be indicative of future results.
Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
company and parent company of The Columbia Bank, a commercial bank. The
Columbia Bank currently operates fifteen banking offices. The Columbia Bank
provides a full range of financial services to consumers and businesses.
Columbia Bancorp's Common Stock is traded on the National Market tier of The
Nasdaq Stock Market(SM) under the symbol "CBMD".
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Twelve Months Ended
December 31,
1999 1998 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $21,361 19,910 7.3%
Provision for credit losses 449 659 -31.9%
Noninterest income 3,377 3,424 -1.4%
Noninterest expense 16,323 15,384 6.1%
Income tax provision 2,751 2,545 8.1%
Net income 5,215 4,746 9.9%
PER SHARE DATA:
Net income:
Basic $1.15 1.05 9.5%
Diluted 1.14 1.03 10.7%
Average number of shares
outstanding:
Basic 4,516,050 4,529,052 -0.3%
Diluted 4,582,624 4,627,924 -1.0%
Tangible book value,
at period end $9.06 8.39 8.0%
Cash dividends declared $0.33 0.29 13.8%
PERIOD END DATA:
Assets $467,711 427,335 9.4%
Deposits 367,498 339,336 8.3%
Loans and leases, net of
unearned income 315,507 274,413 15.0%
Investment securities and
securities available-for-sale 106,658 84,016 26.9%
Stockholders' equity 40,893 38,354 6.6%
PERFORMANCE RATIOS:
Return on average assets 1.16% 1.18%
Return on average
stockholders' equity 13.23% 12.94%
Net interest margin 5.17% 5.48%
CAPITAL AND ASSET QUALITY:
Period-end capital to period-end
risk-weighted assets:
Tier 1 11.01% 11.49%
Total 12.14% 12.68%
Period-end Tier 1 leverage ratio 8.79% 9.00%
Allowance for credit losses
to loans, net of unearned
income, at period-end 1.32% 1.45%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.33% 1.11%
Nonperforming assets and past-due
loans to total assets,
at period-end 1.04% 1.66%
Annualized net charge-offs
to average loans, net of
unearned income 0.08% 0.12%
AVERAGE BALANCES:
Federal funds sold (a) $15,342 13,577 13.0%
Investment securities and
securities available-for-sale 98,141 74,454 31.8%
Loans and leases, net of
unearned income 294,342 268,205 9.7%
Loans originated for sale (a) 5,400 13,463 -59.9%
Total earning assets 413,225 369,699 11.8%
Total assets 448,329 403,340 11.2%
Interest-bearing deposits 283,971 269,716 5.3%
Short-term borrowings 33,388 28,438 17.4%
Long-term borrowings (a) 20,000 11,052 81.0%
Stockholders' equity 39,408 36,677 7.4%
(a) Variances reflect significant fluctuations in account balances due
to the nature of the accounts.
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at December 31, 1999.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three Months Ended
December 31,
1999 1998 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $5,658 4,908 15.3%
Provision for credit losses 159 142 12.0%
Noninterest income 808 1,003 -19.4%
Noninterest expense 4,250 3,929 8.2%
Income tax provision 709 635 11.7%
Net income 1,348 1,205 11.9%
PER SHARE DATA:
Net income:
Basic $0.30 0.27 11.1%
Diluted 0.30 0.26 15.4%
Average number of shares
outstanding:
Basic 4,506,459 4,570,903 -1.4%
Diluted 4,561,958 4,655,308 -2.0%
Tangible book value,
at period end
Cash dividends declared $0.09 0.08 12.5%
PERIOD END DATA:
Assets
Deposits
Loans and leases, net of
unearned income
Investment securities and
securities available-for-sale
Stockholders' equity
PERFORMANCE RATIOS:
Return on average assets 1.15% 1.12%
Return on average
stockholders' equity 13.21% 12.51%
Net interest margin 5.24% 4.98%
CAPITAL AND ASSET QUALITY:
Period-end capital to period-end
risk-weighted assets:
Tier 1
Total
Period-end Tier 1 leverage ratio
Allowance for credit losses to
loans, net of unearned income,
at period-end
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end
Nonperforming assets and past-due
loans to total assets, at
period-end
Annualized net charge-offs to
average loans, net of
unearned income 0.27% 0.12%
AVERAGE BALANCES:
Federal funds sold (a) $4,805 25,530 -81.2%
Investment securities and
securities available-for-sale 109,052 77,908 40.0%
Loans and leases, net of
unearned income 312,274 270,671 15.4%
Loans originated for sale (a) 2,556 17,110 -85.1%
Total earning assets 428,687 391,219 9.6%
Total assets 466,128 425,555 9.5%
Interest-bearing deposits 288,918 278,521 3.7%
Short-term borrowings (a) 40,544 28,465 42.4%
Long-term borrowings 20,000 18,750 6.7%
Stockholders' equity 40,486 38,204 6.0%
(a) Variances reflect significant fluctuations in account balances due
to the nature of the accounts.
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at December 31, 1999.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
December 31, December 31,
1999 1998
(unaudited)
Assets
Cash and due from banks $19,751 $15,430
Federal funds sold 3,703 17,099
Investment securities 94,754 73,782
Securities available-for-sale 11,904 10,234
Residential mortgage loans
originated for sale 2,707 17,387
Loans, net of unearned income 314,182 274,413
Leases, net of unearned income 1,325 -
Less: allowance for credit losses 4,172 3,965
Loans and leases, net 311,335 270,448
Other real estate owned 3,828 4,043
Property and equipment, net 8,200 8,616
Prepaid expenses and other assets 11,529 10,296
Total assets $467,711 $427,335
Liabilities
Deposits:
Noninterest-bearing $76,509 $60,372
Interest-bearing 290,989 278,964
Total deposits 367,498 339,336
Short-term borrowings 36,724 27,012
Long-term borrowings 20,000 20,000
Accrued expenses and other liabilities 2,596 2,633
Total liabilities 426,818 388,981
Stockholders' equity
Common stock, $.01 par value
per share; authorized 10,000,000
shares; outstanding 4,508,625, and
4,561,650 shares, respectively 45 46
Additional paid-in capital 22,384 23,491
Retained earnings 18,571 14,846
Accumulated other comprehensive income (107) (29)
Total stockholders' equity 40,893 38,354
Total liabilities and
stockholders' equity $467,711 $427,335
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Twelve Months Ended
December 31,
1999 1998
(unaudited)
Interest income:
Loans and leases $27,743 27,768
Investment securities 5,820 4,448
Federal funds sold 691 712
Total interest income 34,254 32,928
Interest expense:
Deposits and other 10,308 11,195
Borrowings 2,585 1,823
Total interest expense 12,893 13,018
Net interest income 21,361 19,910
Provision for credit losses 449 659
Net interest income after provision
for credit losses 20,912 19,251
Noninterest income:
Fees charged for services 1,702 1,380
Gains on sales of mortgage loans,
net of costs 905 1,268
Other 770 776
Total noninterest income 3,377 3,424
Noninterest expense:
Salaries and employee benefits 8,223 7,749
Occupancy, net 2,049 1,885
Equipment 1,251 1,217
Data processing 936 780
Marketing 544 540
Cash management services 422 338
Professional fees 197 361
Net expense (income) on other
real estate owned 37 (38)
Deposit insurance 140 126
Other 2,524 2,426
Total noninterest expense 16,323 15,384
Income before income taxes 7,966 7,291
Income tax provision 2,751 2,545
Net income 5,215 4,746
Other comprehensive income,
net of tax - unrealized gain (loss)
on securities available-for-sale (78) (28)
Comprehensive income $5,137 4,718
Per common share data:
Net income: Basic $1.15 1.05
Diluted 1.14 1.03
Cash dividends declared $0.33 0.29
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at December 31, 1999.
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Three Months Ended
December 31,
1999 1998
(unaudited)
Interest income:
Loans and leases 7,363 6,754
Investment securities 1,641 1,167
Federal funds sold 55 299
Total interest income 9,059 8,220
Interest expense:
Deposits and other 2,647 2,903
Borrowings 754 409
Total interest expense 3,401 3,312
Net interest income 5,658 4,908
Provision for credit losses 159 142
Net interest income after provision
for credit losses 5,499 4,766
Noninterest income:
Fees charged for services 467 374
Gains on sales of mortgage loans,
net of costs 148 431
Other 193 198
Total noninterest income 808 1,003
Noninterest expense:
Salaries and employee benefits 2,126 1,962
Occupancy, net 551 479
Equipment 317 324
Data processing 236 204
Marketing 147 135
Cash management services 118 83
Professional fees 20 96
Net expense (income) on other
real estate owned 39 1
Deposit insurance 36 32
Other 660 613
Total noninterest expense 4,250 3,929
Income before income taxes 2,057 1,840
Income tax provision 709 635
Net income 1,348 1,205
Other comprehensive income,
net of tax - unrealized gain (loss)
on securities available-for-sale 26 (29)
Comprehensive income 1,374 1,176
Per common share data:
Net income: Basic 0.30 0.27
Diluted 0.30 0.26
Cash dividends declared 0.09 0.08
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at December 31, 1999.
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/comp/127921.html or fax,
800-758-5804, ext. 127921
CONTACT:
John A. Scaldara, Jr., CFO of Columbia
Bancorp, 410-465-4800
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