COLUMBIA, Md., Jan. 21 /PRNewswire-FirstCall/ --
Columbia Bancorp (Nasdaq: CBMD), parent company of The Columbia Bank (the
"Bank"), today announced net income for the fourth quarter of 2002 of
$3.5 million ($.48 per diluted share) compared to $2.0 million ($.28 per
diluted share) for the fourth quarter 2001, a 70.2% increase. Net income for
the year ended December 31, 2002 totaled $10.9 million ($1.50 per diluted
share) compared to $8.2 million ($1.13 per diluted share), a 32.9% increase.
Net core earnings (net income exclusive of significant non-recurring income
and expenses) totaled a record $3.0 million ($.42 per diluted share) for the
fourth quarter 2002 and $10.4 million ($1.44 per diluted share) for the year
ended December 31, 2002.
FOURTH QUARTER FINANCIAL HIGHLIGHTS
-- Gain on sale of assets included the sale of the Company's
administrative office building totaling $720,000, before taxes.
-- Net core earnings totaled a record $3.0 million, or $.42 per diluted
share, an increase of 48.8% over net core earnings during the same
period in 2001.
-- Return on average equity was 17.6% (15.4% excluding non-recurring
items) compared to 11.7% in 2001.
-- Return on average assets was 1.43% (1.25% excluding non-recurring
items) compared to .98% in 2001.
-- Net interest margin increased from 4.27% in 2001 to 4.31% in 2002.
-- Noninterest income (excluding non-recurring items) grew 27.3% over
the fourth quarter of 2001.
-- Core efficiency ratio (noninterest expense divided by net interest
income, on a tax equivalent basis, plus noninterest income, exclusive
of non-recurring items) declined from 63.5% to 59.8%.
-- Average customer funding sources increased $128.5 million or 17.7%
compared to the fourth quarter 2001.
-- Average loans increased $95.5 million or 16.1% compared to the fourth
quarter 2001.
DETAILED REVIEW OF FINANCIAL PERFORMANCE
Total assets at December 31, 2002 were $982.0 million, representing growth
of 15.6% on a year-to-year basis. Loans, net of unearned income, totaled
$664.8 million at December 31, 2002 compared to $602.1 million at December 31,
2001, representing growth of 10.4%. Loan growth during 2002 was primarily
supported by strength in the Company's commercial, commercial mortgage, and
real estate development and construction loan portfolios, which increased
28.9%, 11.4% and 7.5%, respectively. Throughout the year, new business
activity was mitigated by substantial loan payoff activity, especially within
the consumer loan portfolio. Customer funding sources, representing deposits
plus other short-term borrowings from customers, increased 16.3% to
$878.5 million for the year ended December 31, 2002. Increased deposit
balances maintained by the Bank's customers engaged in mortgage banking
activities, namely title companies, contributed to the growth in customer
funding sources. Stockholders' equity climbed 10.9% to $76.9 million at
December 31, 2002.
Core operating performance during the fourth quarter 2002 was primarily
driven by an increase in net interest income of $1.6 million, or 19.0%, and an
increase in noninterest income, exclusive of non-recurring items, of $485,000,
or 27.3%, over the corresponding period in 2001. An increase in average
earning assets of $135.0, or 17.4%, during the fourth quarter 2002 compared to
the fourth quarter 2001 and modest improvement in the net interest margin from
4.27% to 4.31% for the same period contributed to the growth in net interest
income. Growth in noninterest income primarily resulted from the continued
strength of mortgage banking activity, with gains on sales of mortgage loans
increasing from $458,000 during the fourth quarter 2001 to $890,000 during the
fourth quarter 2002, representing 94.3% growth. The core efficiency ratio
during the fourth quarter improved from 63.5% in 2001 to 59.8% in 2002.
Core operating performance during the year ended December 31, 2002 was
primarily driven by growth in net interest income of $3.0 million or 8.8%,
growth in noninterest income, exclusive of non-recurring items, of
$1.3 million, or 21.8%, and cost containment initiatives. An increase in
average earning assets during the year of $94.6 million, or 12.4%, mitigated
by a decline in the net interest margin from 4.52% in 2001 to 4.37% in 2002,
contributed to the increase in net interest income. Growth in noninterest
income, exclusive of non-recurring items, primarily resulted from strength in
mortgage banking activity, with gains on sales of mortgage loans increasing
from $1.1 million to $2.1 million, an 86.3% increase. Pressure on the net
interest margin and continued mortgage banking strength were largely
influenced by the historically low interest rate environment. The Company
remained focused throughout the year on cost containment initiatives. As a
result, noninterest expense increased a modest 3.7% during 2002. The core
efficiency ratio was 60.9% during 2002, compared to 65.1% during 2001.
Asset quality remained very strong at December 31, 2002, with
non-performing assets declining from $5.2 million at December 31, 2001 to
$909,000, representing an 82.6% decrease. As of December 31, 2002,
non-performing assets represented only .09% of total assets. Net charge-offs
for the fourth quarter 2002 and year ended December 31, 2002 totaled only
$36,000, or .02% of average loans, and $20,000, less than .01% of average
loans, respectively. As a result of the significantly improved asset quality
and nominal charge-off activity during 2002, the provision for loan losses
declined from $1.5 million in 2001 to $835,000 in 2002. At December 31, 2002,
the allowance for credit losses totaled $8.8 million, or 1.33% of loans,
compared to $8.0 million, or 1.33% of loans, at December 31, 2001.
ABOUT COLUMBIA BANCORP
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 twenty-four banking offices in the
Baltimore/Washington Corridor and 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."
NON-GAAP PRESENTATION
This press release contains information referring to net core earnings,
which differs from net income presented under Generally Accepted Accounting
Principles ("GAAP"). Net core earnings, as used herein, differs from net
income reported under GAAP in that net core earnings excludes significant non-
recurring income and expense items. For the periods presented in this press
release, management has excluded from net core earnings the gain recognized by
the Company on the sale of its administrative office building ($436,000 after
tax, or $.06 per diluted share). The comparisons of noninterest income above
and calculations of the core efficiency ratio throughout this press release
have been adjusted to reflect operating performance exclusive of this non-
recurring income item ($720,000 before taxes). There were no significant non-
recurring items in 2001. Management believes that the discussion of net core
earnings is useful in understanding the performance of Columbia Bancorp's core
business operations. Non-GAAP information presented by other companies may
not be comparable to that presented herein, since each company may define non-
GAAP measures differently.
FORWARD-LOOKING STATEMENT
This press release contains forward-looking statements of goals,
intentions and expectations concerning or based upon economic conditions,
interest rates and other matters which are subject to significant
uncertainties. Because of these uncertainties and the assumptions on which
the statements in this press release are based, Columbia Bancorp's actual
future results may differ materially from those expressed herein. Investors
are cautioned not to place undue reliance on any forward-looking statements.
Also, past results of operations may not be indicative of future results.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Twelve Months Ended
December 31,
2002 2001 % Change
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $52,867 $58,320 -9.4%
Interest expense 15,479 23,983 -35.5%
Tax-equivalent net interest
income 37,388 34,337 8.9%
Tax-equivalent adjustment 301 259 16.2%
Net interest income 37,087 34,078 8.8%
Provision for credit losses 835 1,534 -45.6%
Noninterest income 7,945 5,930 34.0%
Noninterest expense 27,166 26,192 3.7%
Income before taxes 17,031 12,282 38.7%
Income tax provision 6,160 4,100 50.2%
Net income 10,871 8,182 32.9%
PER SHARE DATA:
Net income :
Basic $1.53 $1.15 33.1%
Diluted 1.50 1.13 32.5%
Average number of shares
outstanding:
Basic 7,099,502 7,145,359 -0.6%
Diluted 7,263,037 7,213,726 0.7%
Book value, at period end $10.82 $9.76 10.9%
Tangible book value, at period
end 10.82 9.76 10.9%
Cash dividends declared $0.455 $0.41 11.0%
PERIOD END DATA:
Loans, net of unearned income $664,826 $602,087 10.4%
Investment securities and
securities
available-for-sale 151,498 170,048 -10.9%
Assets 982,002 849,649 15.6%
Noninterest-bearing deposits 171,182 145,844 17.4%
Interest-bearing deposits 559,431 492,157 13.7%
Total deposits 730,613 638,001 14.5%
Customer funding sources (a) 878,516 755,353 16.3%
Stockholders' equity 76,923 69,362 10.9%
PERFORMANCE RATIOS:
Return on average assets 1.20% 1.01%
Return on average stockholders'
equity 14.77% 12.11%
Net interest margin (FTE) 4.37% 4.52%
Core efficiency ratio (FTE) (c) 60.89% 65.05%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.95% 9.92%
Total 11.10% 11.07%
Period-end tier 1 leverage ratio 8.48% 8.42%
ASSET QUALITY:
Net charge-offs $20 $536 -96.3%
Nonperforming assets:
Nonaccrual loans 563 3,230 -82.6%
Loans 90+ days past due and
accruing 168 819 -79.5%
Other real estate owned 178 1,187 -85.0%
Total nonperforming
assets and past due
loans 909 5,236 -82.6%
Allowance for credit losses to
loans, net of unearned
income, at period-end 1.33% 1.33%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.11% 0.67%
Nonperforming assets and past-due
loans to total assets,
at period-end 0.09% 0.62%
Annualized net charge-offs to
average loans, net of unearned
income 0.00% 0.09%
As of and Three Months Ended
December 31,
2002 2001 % Change
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $13,364 $13,198 1.3%
Interest expense 3,490 4,872 -28.4%
Tax-equivalent net interest
income 9,874 8,326 18.6%
Tax-equivalent adjustment 76 90 -15.6%
Net interest income 9,798 8,236 19.0%
Provision for credit losses 35 524 -93.3%
Noninterest income 2,979 1,774 67.9%
Noninterest expense 7,250 6,413 13.1%
Income before taxes 5,492 3,073 78.7%
Income tax provision 2,015 1,030 95.6%
Net income 3,477 2,043 70.2%
PER SHARE DATA:
Net income :
Basic $0.49 $0.29 68.6%
Diluted 0.48 0.28 70.6%
Average number of shares
outstanding:
Basic 7,102,582 7,127,296 -0.3%
Diluted 7,284,434 7,206,717 1.1%
Book value, at period end na na na
Tangible book value, at period
end na na na
Cash dividends declared $0.125 $0.11 13.6%
PERIOD END DATA:
Loans, net of unearned income
Investment securities and
securities available-for-sale
Assets
Noninterest-bearing deposits
Interest-bearing deposits
Total deposits
Customer funding sources (a)
Stockholders' equity
PERFORMANCE RATIOS:
Return on average assets 1.43% 0.98%
Return on average stockholders'
equity 17.61% 11.66%
Net interest margin (FTE) 4.31% 4.27%
Core efficiency ratio (FTE) (c) 59.75% 63.50%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1
Total
Period-end tier 1 leverage ratio
ASSET QUALITY:
Net charge-offs $36 $159 -77.4%
Nonperforming assets:
Nonaccrual loans
Loans 90+ days past due and
accruing
Other real estate owned
Total nonperforming
assets and past due
loans
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 0.02% 0.11%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Twelve Months Ended
December 31,
2002 2001 % Change
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $3,570 $3,081 15.9%
Gains on sales of mortgage
loans, net of costs 2,098 1,126 86.3%
Gains (losses) on sales of
other assets, net 757 (44) 1820.5%
Net income on other real
estate owned 110 240 -54.2%
Other noninterest income 1,410 1,527 -7.7%
7,945 5,930 34.0%
Noninterest expenses:
Salaries and employee
benefits 14,784 13,706 7.9%
Occupancy, net 3,340 3,497 -4.5%
Equipment 1,852 2,180 -15.0%
Data processing 1,656 1,351 22.6%
Marketing 887 388 128.6%
Other noninterest expenses 4,647 5,070 -8.3%
27,166 26,192 3.7%
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits(b) $21,268 $28,445 -25.2%
Investment securities and
securities
available-for-sale 174,036 158,603 9.7%
Loans, net of unearned income 659,426 573,103 15.1%
Total earning assets 854,730 760,151 12.4%
Total assets 907,465 812,890 11.6%
Interest-bearing deposits:
NOW accounts 75,017 61,524 21.9%
Savings and money market
accounts 173,876 171,436 1.4%
Time deposits 278,743 270,588 3.0%
Total deposits 677,182 628,558 7.7%
Short-term borrowings (b) 126,293 89,624 40.9%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 673,929 613,172 9.9%
Stockholders' equity 73,622 67,557 9.0%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 1.47% 3.86%
Investment securities and
securities
available-for-sale (FTE) 4.99% 6.14%
Loans, net of unearned income
(FTE) 6.65% 8.29%
Total yield on earning assets
(FTE) 6.19% 7.67%
Interest-bearing deposits
NOW accounts 0.23% 0.46%
Savings and money market
accounts 1.26% 2.51%
Time deposits 3.65% 5.70%
Short-term borrowings 1.47% 3.23%
Long-term borrowings 5.34% 5.42%
Total cost of interest-bearing
liabilities 2.30% 3.91%
As of and Three Months Ended
December 31,
2002 2001 % Change
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $953 $911 4.6%
Gains on sales of mortgage
loans, net of costs 890 458 94.3%
Gains (losses) on sales of
other assets, net 708 (28) 2628.6%
Net income on other real
estate owned 12 12 0.0%
Other noninterest income 416 421 -1.2%
2,979 1,774 67.9%
Noninterest expenses:
Salaries and employee
benefits 4,011 3,419 17.3%
Occupancy, net 858 845 1.5%
Equipment 454 498 -8.8%
Data processing 493 360 36.9%
Marketing 197 47 319.1%
Other noninterest expenses 1,237 1,244 -0.6%
7,250 6,413 13.1%
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits(b) $51,423 $26,919 91.0%
Investment securities and
securities available
-for-sale 169,630 154,606 9.7%
Loans, net of unearned income 688,092 592,592 16.1%
Total earning assets 909,145 774,117 17.4%
Total assets 964,230 823,754 17.1%
Interest-bearing deposits:
NOW accounts 84,025 63,887 31.5%
Savings and money market
accounts 186,087 164,822 12.9%
Time deposits 290,054 266,600 8.8%
Total deposits 720,357 628,381 14.6%
Short-term borrowings (b) 136,391 100,640 35.5%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 716,557 615,949 16.3%
Stockholders' equity 78,338 69,511 12.7%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 1.33% 2.17%
Investment securities and
securities
available-for-sale (FTE) 4.77% 5.37%
Loans, net of unearned income
(FTE) 6.43% 7.34%
Total yield on earning assets
(FTE) 5.83% 6.76%
Interest-bearing deposits
NOW accounts 0.21% 0.25%
Savings and money market
accounts 1.02% 1.66%
Time deposits 3.15% 5.09%
Short-term borrowings 1.15% 1.79%
Long-term borrowings 5.34% 5.34%
Total cost of interest-bearing
liabilities 1.93% 3.14%
(a) Deposits plus customer-related short-term borrowings in the form of
commercial paper and repurchase agreements.
(b) Variances reflect significant fluctuations in account balances due
to the nature of the accounts.
(c) The core efficiency ratio is defined as total noninterest expense as
a percentage of net interest income, on a tax-equivalent basis, plus
noninterest income, exclusive of non-recurring items. The
calculation excludes the gain of $720,000 on the sale of the
administrative office building in the fourth quarter of 2002.
Certain reclassifications of information previously reported have been
made to conform with current presentation.
Columbia Bancorp
2002 Quarterly Highlights
4Q02 3Q02 2Q02 1Q02
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest
income $13,364 $13,490 $13,294 $12,720
Interest expense 3,490 3,961 3,967 4,061
Tax-equivalent net
interest income 9,874 9,529 9,326 8,659
Tax-equivalent adjustment 76 89 73 63
Net interest income 9,798 9,440 9,253 8,596
Provision for credit
losses 35 42 681 77
Noninterest income 2,979 1,700 1,640 1,626
Noninterest expense 7,250 6,716 6,591 6,609
Income before taxes 5,492 4,382 3,621 3,536
Income tax provision 2,015 1,643 1,304 1,198
Net income 3,477 2,739 2,317 2,338
PER SHARE DATA:
Net income :
Basic $0.49 $0.39 $0.33 $0.33
Diluted 0.48 0.38 0.32 0.32
Average number of shares
outstanding:
Basic 7,102,582 7,099,666 7,097,964 7,106,850
Diluted 7,284,434 7,271,809 7,274,443 7,229,773
Book value, at period end $10.82 $10.48 $10.19 $9.95
Tangible book value, at
period end 10.82 10.48 10.19 9.95
Cash dividends declared 0.125 0.11 0.11 0.11
PERIOD END DATA:
Loans, net of unearned
income $664,826 $664,688 $666,504 $616,528
Investment securities and
securities
available-for-sale 151,498 178,112 178,040 181,195
Assets 982,002 990,902 926,166 864,276
Noninterest-bearing
deposits 171,182 169,726 168,737 150,975
Interest-bearing deposits 559,431 557,675 532,159 501,508
Total deposits 730,613 727,401 700,896 652,483
Customer funding
sources (a) 878,516 890,807 826,823 759,379
Stockholders' equity 76,923 74,385 72,345 70,606
PERFORMANCE RATIOS:
Return on average assets 1.43% 1.17% 1.06% 1.13%
Return on average
stockholders' equity 17.61% 14.62% 12.88% 13.64%
Net interest margin (FTE) 4.31% 4.34% 4.53% 4.43%
Core efficiency ratio
(FTE) 59.75% 59.81% 60.10% 64.26%
CAPITAL RATIOS:
Period-end capital to
risk-weighted assets:
Tier 1 9.95% 9.50% 9.43% 9.93%
Total 11.10% 10.63% 10.59% 11.08%
Period-end tier 1 leverage
ratio 8.48% 8.00% 8.24% 8.41%
ASSET QUALITY:
Net recoveries (charge-
offs) $(36) $(61) $(42) $119
Nonperforming assets:
Nonaccrual loans 563 710 1,126 1,501
Loans 90+ days past
due and accruing 168 219 242 323
Other real estate
owned 178 443 619 1,182
Total nonperforming
assets and past
due loans 909 1,372 1,987 3,006
Allowance for credit
losses to loans, net
of unearned income,
at period-end 1.33% 1.33% 1.33% 1.33%
Nonperforming and past-due
loans to total loans, net
of unearned income,
at period-end 0.11% 0.14% 0.21% 0.30%
Nonperforming assets and
past-due loans to total
assets, at period-end 0.09% 0.14% 0.21% 0.35%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned income 0.02% -0.04% -0.03% 0.08%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN: 4Q02 3Q02 2Q02 1Q02
Noninterest income:
Fees charged for services $953 $886 $870 $861
Gains on sales of mortgage
loans, net of costs 890 410 336 462
Gains (losses) on sales of
other assets, net 708 53 - (4)
Net income on other real
estate owned 12 17 94 (13)
Other noninterest income 416 334 340 320
Total noninterest income 2,979 1,700 1,640 1,626
Noninterest expenses:
Salaries and employee benefits 4,011 3,495 3,726 3,552
Occupancy, net 858 844 812 826
Equipment 454 439 488 471
Data processing 493 399 385 379
Marketing 197 202 273 215
Other noninterest expenses 1,237 1,337 907 1,166
Total noninterest expenses 7,250 6,716 6,591 6,609
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $51,423 $21,830 $6,046 $5,258
Investment securities and
securities
available-for-sale 169,630 176,965 178,178 171,778
Loans, net of unearned income 688,092 675,066 641,943 615,691
Total earning assets 909,145 873,861 826,167 792,727
Total assets 964,230 928,204 877,436 842,674
Interest-bearing deposits:
NOW accounts 84,025 75,194 71,863 68,818
Savings and money market
accounts 186,087 178,603 167,238 163,272
Time deposits 290,054 291,825 275,511 257,076
Total deposits 720,357 700,275 660,967 625,837
Short-term borrowings (b) 136,391 126,933 120,366 121,310
Long-term borrowings 20,000 20,000 20,000 20,000
Total interest-bearing liabilities 716,557 692,555 654,978 630,476
Stockholders' equity 78,338 74,335 72,173 69,538
YIELD ANALYSIS:
Federal funds sold and interest
bearing deposits 1.33% 1.69% 1.79% 1.70%
Investment securities and
securities
available-for-sale 4.77% 4.86% 5.10% 5.21%
Loans, net of unearned income
(FTE) 6.43% 6.60% 6.87% 6.91%
Total yield on earning assets
(FTE) 5.83% 6.12% 6.45% 6.51%
Interest-bearing deposits
NOW accounts 0.21% 0.24% 0.24% 0.24%
Savings and money market
accounts 1.02% 1.30% 1.38% 1.36%
Time deposits 3.15% 3.53% 3.76% 4.27%
Short-term borrowings 1.15% 1.46% 1.67% 1.66%
Long-term borrowings 5.34% 5.34% 5.33% 5.35%
Total cost of interest-bearing
liabilities 1.93% 2.27% 2.43% 2.61%
(a) Deposits plus customer-related short-term borrowings in the form
of commercial paper and repurchase agreements.
(b) Variances reflect significant fluctuations in account balances
due to the nature of the accounts.
(c) The core efficiency ratio is defined as total noninterest expense
as a percentage of net interest income, on a tax-equivalent
basis, plus noninterest income, exclusive of non-recurring
items. The calculation excludes the gain of $720,000 on the sale of
the administrative office building in the fourth quarter of 2002.
Certain reclassifications of information previously reported have been
made to conform with current presentation.
Columbia Bancorp
2001 Quarterly Highlights
4Q01 3Q01 2Q01 1Q01
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest
income $13,198 $14,283 $14,926 $15,913
Interest expense 4,872 5,898 6,338 6,875
Tax-equivalent net
interest income 8,326 8,385 8,588 9,038
Tax-equivalent adjustment 90 56 76 37
Net interest income 8,236 8,329 8,512 9,001
Provision for credit
losses 524 182 528 300
Noninterest income 1,774 1,558 1,430 1,168
Noninterest expense 6,413 6,619 6,481 6,679
Income before taxes 3,073 3,086 2,933 3,190
Income tax provision 1,030 1,045 995 1,030
Net income 2,043 2,041 1,938 2,160
PER SHARE DATA:
Net income :
Basic $0.29 $0.29 $0.27 $0.30
Diluted 0.28 0.28 0.27 0.30
Average number of shares
outstanding:
Basic 7,127,296 7,144,925 7,155,768 7,153,744
Diluted 7,206,717 7,229,231 7,207,807 7,211,027
Book value, at period end $9.76 $9.67 $9.45 $9.28
Tangible book value, at
period end 9.76 9.67 9.45 9.28
Cash dividends declared 0.11 0.10 0.10 0.10
PERIOD END DATA:
Loans, net of unearned
income $602,087 $576,456 $576,440 $542,698
Investment securities and
securities
available-for-sale 170,048 154,896 137,954 157,327
Assets 849,649 824,810 832,831 854,959
Noninterest-bearing
deposits 145,844 136,156 137,598 124,382
Interest-bearing deposits 492,157 494,999 506,049 557,753
Total deposits 638,001 631,155 643,647 682,135
Customer funding
sources (a) 741,353 730,138 736,960 762,686
Stockholders' equity 69,362 69,104 67,542 66,507
PERFORMANCE RATIOS:
Return on average assets 0.98% 1.00% 0.95% 1.09%
Return on average
stockholders' equity 11.66% 11.87% 11.60% 13.39%
Net interest margin (FTE) 4.27% 4.41% 4.52% 4.89%
Core efficiency ratio
(FTE) 63.50% 66.57% 64.69% 65.44%
CAPITAL RATIOS:
Period-end capital to
risk-weighted assets:
Tier 1 9.92% 10.34% 10.13% 10.38%
Total 11.07% 11.49% 11.28% 11.51%
Period-end tier 1 leverage
ratio 8.42% 8.50% 8.26% 8.28%
ASSET QUALITY:
Net recoveries (charge-
offs) $(159) $(190) $(79) $(108)
Nonperforming assets:
Nonaccrual loans 3,230 3,469 4,228 4,959
Restructured loans - 244 254 285
Loans 90+ days past
due and accruing 819 297 472 270
Other real estate
owned 1,187 1,764 2,018 2,738
Total
nonperforming
assets and past
due loans 5,236 5,774 6,972 8,252
Allowance for credit
losses to loans, net
of unearned income,
at period-end 1.33% 1.33% 1.33% 1.33%
Nonperforming and past-due
loans to total loans, net
of unearned income,
at period-end 0.67% 0.70% 0.86% 1.02%
Nonperforming assets and
past-due loans to total
assets, at period-end 0.62% 0.70% 0.84% 0.97%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned income -0.11% -0.13% 0.06% -0.08%
4Q01 3Q01 2Q01 1Q01
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $911 $827 $723 $620
Gains on sales of mortgage
loans, net of costs 458 275 260 133
Net income on other real
estate owned 12 51 134 43
Other noninterest income 393 405 313 372
Total noninterest income 1,774 1,558 1,430 1,168
Noninterest expenses:
Salaries and employee benefits 3,419 3,469 3,303 3,515
Occupancy, net 845 926 844 882
Equipment 498 562 564 556
Data processing 360 362 333 296
Marketing 47 58 167 116
Other noninterest expenses 1,244 1,242 1,270 1,314
Total noninterest expenses 6,413 6,619 6,481 6,679
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $26,919 $28,725 $39,160 $18,889
Investment securities and
securities
available-for-sale 154,606 146,365 152,110 181,762
Loans, net of unearned income 592,592 580,249 569,887 549,126
Total earning assets 774,117 755,339 791,157 749,777
Total assets 823,754 808,303 816,395 802,931
Interest-bearing deposits:
NOW accounts 63,887 60,151 62,192 59,837
Savings and money market
accounts 164,822 160,982 184,456 175,718
Time deposits 266,600 270,782 271,626 273,418
Total deposits 628,381 617,796 640,973 627,189
Short-term borrowings (b) 100,640 96,164 78,804 82,616
Long-term borrowings 20,000 20,000 20,000 20,000
Total interest-bearing liabilities 615,949 608,079 617,078 611,589
Stockholders' equity 69,511 68,204 67,025 65,437
YIELD ANALYSIS:
Federal funds sold and interest
bearing deposits 2.17% 3.55% 4.59% 5.28%
Investment securities and
securities
available-for-sale 5.37% 5.86% 6.40% 6.75%
Loans, net of unearned income
(FTE) 7.34% 8.11% 8.47% 9.34%
Total yield on earning assets
(FTE) 6.76% 7.50% 7.85% 8.61%
Interest-bearing deposits
NOW accounts 0.25% 0.46% 0.50% 0.64%
Savings and money market
accounts 1.66% 2.22% 2.78% 3.32%
Time deposits 5.09% 5.70% 5.95% 6.06%
Short-term borrowings 1.79% 3.09% 3.51% 4.89%
Long-term borrowings 5.34% 5.79% 5.25% 5.27%
Total cost of interest-bearing
liabilities 3.14% 3.85% 4.12% 4.56%
(a) Deposits plus customer-related short-term borrowings in the form
of commercial paper and repurchase agreements.
(b) Variances reflect significant fluctuations in account balances
due to the nature of the accounts.
Certain reclassifications of information previously reported have been
made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
December 31, December 31,
2002 2001
Assets
Cash and due from banks $37,909 $39,435
Interest-bearing deposits with banks 214 218
Federal funds sold 101,248 6,277
Investment securities 112,545 121,689
Securities available-for-sale 38,953 48,359
Residential mortgage loans
originated for sale 10,515 11,411
Loan receivables:
Commercial 198,223 153,782
Real estate development and
construction 187,063 174,091
Real estate mortgage:
Residential 13,779 15,648
Commercial 122,458 109,975
Retail, principally second
mortgage loans
and residential equity lines
of credit 143,359 146,379
Other 388 2,852
Total loans 665,270 602,727
Less: unearned income, net of
origination costs (444) (640)
allowance for credit
losses (8,839) (8,024)
Total loans, net 655,987 594,063
Other real estate owned 178 1,187
Property and equipment, net 6,974 10,400
Prepaid expenses and other assets 17,479 16,610
Total assets $982,002 $849,649
Liabilities
Deposits:
Noninterest-bearing $171,182 $145,844
Interest-bearing 559,431 492,157
Total deposits 730,613 638,001
Short-term borrowings 147,903 117,352
Long-term borrowings 20,000 20,000
Accrued expenses and other
liabilities 6,563 4,934
Total liabilities 905,079 780,287
Stockholders' equity
Common stock, $.01 par value per
share; authorized 10,000,000 shares;
outstanding 7,109,607 and 7,105,238
at December 31, 2002 and 2001,
respectively 71 71
Additional paid-in capital 47,439 47,520
Retained earnings 29,408 21,768
Accumulated other comprehensive
income 5 3
Total stockholders' equity 76,923 69,362
Total liabilities and
stockholders' equity $982,002 $849,649
Certain reclassifications of information previously reported have been
made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Twelve Months Ended Three Months Ended
December 31, December 31,
2002 2001 2002 2001
Interest income:
Loans $43,649 $47,313 $11,097 $10,889
Investment securities 8,605 9,649 2,019 2,071
Federal funds sold and
interest-bearing deposits
with banks 312 1,099 172 148
Total interest income 52,566 58,061 13,288 13,108
Interest expense:
Deposits 12,549 20,009 2,825 4,149
Borrowings 2,930 3,974 665 723
Total interest expense 15,479 23,983 3,490 4,872
Net interest income 37,087 34,078 9,798 8,236
Provision for credit losses 835 1,534 35 524
Net interest income
after provision
for credit losses 36,252 32,544 9,763 7,712
Noninterest income:
Fees charged for services 3,570 3,081 953 911
Gains on sales of mortgage
loans, net of costs 2,098 1,126 890 458
Gains (losses) on sales of
other assets, net 757 (44) 708 (28)
Net income on other real
estate owned 110 240 12 12
Other 1,410 1,527 416 421
Total noninterest
income 7,945 5,930 2,979 1,774
Noninterest expense:
Salaries and employee
benefits 14,784 13,706 4,011 3,419
Occupancy, net 3,340 3,497 858 845
Equipment 1,852 2,180 454 498
Data processing 1,656 1,351 493 360
Marketing 887 388 197 47
Cash management services 639 636 175 166
Professional fees 242 796 88 120
Deposit insurance 179 183 46 45
Other 3,587 3,455 928 913
Total noninterest
expense 27,166 26,192 7,250 6,413
Income before income
taxes 17,031 12,282 5,492 3,073
Income tax provision 6,160 4,100 2,015 1,030
Net income 10,871 8,182 3,477 2,043
Other comprehensive income, net
of tax - unrealized net gain on
securities available-for-
sale 2 444 (98) (369)
Comprehensive income $10,873 $8,626 $3,379 1,674
Per common share data:
Net income: Basic $1.53 $1.15 $0.49 $0.29
Diluted 1.50 1.13 0.48 0.28
Cash dividends declared $0.455 $0.41 $0.125 $0.11
Certain reclassifications of information previously reported have been
made to conform with current presentation.
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/127921.html
CONTACT:
John A. Scaldara, Jr., CFO of Columbia
Bancorp, +1-410-465-4800
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