COLUMBIA, Md., April 12 /PRNewswire/ -- Columbia Bancorp (the "Company")
(Nasdaq: CBMD), today reported net income of $1.26 million for the quarter
ended March 31, 1999, a 17.3% increase from $1.07 million reported for the
same period in 1998. Earnings per share for the quarter were $.28 basic and
$.27 diluted. Earnings per share for the first quarter of 1998 were $.24
basic and $.23 diluted, as adjusted to reflect the 2-for-1 stock split-up in
the form of a 100% stock dividend paid in June, 1998.
The Company continued its stable growth pattern during the first quarter
of 1999 with total assets increasing to $441.5 million, deposits increasing to
$349.7 million and total loans increasing to $280.2 million.
The 75 basis point decline in the prime rate since September 1998 impacted
the Company's net interest margin. Specifically, the Company's net interest
margin declined from 5.7% for the first quarter of 1998 to 5.1% for the first
quarter of 1999. Despite the substantial pressure on the net interest margin,
net interest income increased $52,000 during the first quarter of 1999 as
compared to the same period in 1998. Noninterest income increased 60.8%, to
$992,000, in the first quarter of 1999, compared to $617,000 for the first
quarter of 1998.
Nonperforming loans decreased to $479,000 or .2% of total loans
outstanding at March 31, 1999, compared to $3.0 million or 1.1% at December
31, 1998. At March 31, 1999, the allowance for loan losses was $4.1 million
or 1.46% of total loans, compared to 1.39% at March 31, 1998. Net charge-offs
for the quarter were $15,000 or .01% of average loans, net of unearned income,
as compared to .05% for the first quarter of 1998.
Tangible capital at March 31, 1999 increased to $38.5 million, with
tangible book value per common share of $8.52. As of March 31, 1999, the
Company had repurchased 57,800 shares of its Common Stock under terms of its
Stock Repurchase Program, which authorizes the repurchase of up to 400,000
shares. The Company may continue to purchase its Common Stock pursuant to
this program from time to time.
Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
company and parent company of The Columbia Bank, a commercial bank. The
Columbia Bank operates fourteen banking offices and provides a full range of
financial services to consumers and businesses.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
March 31, December 31,
1999 1998 1998
(unaudited)
ASSETS
Cash and due from banks $14,095 16,648 15,430
Federal funds sold 39,513 4,948 17,099
Investment securities 75,205 69,037 73,782
Securities available-for-sale 10,440 1,333 10,234
Residential mortgage loans
originated for sale 3,455 15,171 17,387
Loans, net of unearned income 280,218 264,672 274,413
Less: allowance for credit
losses 4,086 3,678 3,965
Loans, net 276,132 260,994 270,448
Other real estate owned 3,793 4,404 4,043
Property and equipment, net 8,448 9,00l 8,616
Prepaid expenses and other
assets 10,420 9,982 10,296
Total assets $441,501 391,518 427,335
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non interest bearing $66,699 54,248 60,372
Interest-bearing 283,009 266,917 278,964
Total deposits 349,708 321,165 339,336
Short-term borrowings 29,962 32,508 27,012
Long-term borrowings 20,000 -- 20,000
Accrued expenses and other
liabilities 3,223 2,513 2,633
Total liabilities 402,893 356,186 388,981
Stockholders' equity:
Common stock, $.01 par value
per share; authorized
9,550,000 shares; outstanding
4,523,662, 4,440,508
and 4,561,650 shares,
respectively 45 44 46
Additional paid-in capital 22,818 23,079 23,491
Retained earnings 15,744 12,209 14,846
Accumulated other
comprehensive income 1 -- (29)
Total stockholders' equity 38,608 35,332 38,354
Total liabilities and
stockholders' equity $441,501 391,518 427,335
COLUMBIA BANCORP
Consolidated Statements of Income
(Dollars in Thousands Except Per-Share Data)
Three Months Ended
March 31,
1999 1998
(unaudited)
Interest Income:
Loans $6,613 7,022
Investment securities 1,233 996
Federal funds sold 270 31
Total interest income 8,116 8,049
Interest expense:
Deposits 2,626 2,730
Borrowings 523 404
Total interest expense 3,149 3,134
Net interest income 4,967 4,915
Provision for credit losses 135 84
Net interest income after
provision for credit losses 4,832 4,831
Noninterest income:
Fees charged for services 372 295
Gains on sales of mortgage
loans, net of costs 410 118
Other 210 204
Total noninterest income 992 617
Noninterest expense:
Salaries and employee benefits 1,889 1,920
Occupancy, net 494 479
Equipment 323 286
Data processing 219 181
Marketing 124 168
Cash management services 68 71
Professional fees 71 81
Net expense on other
real estate owned 40 3
Deposit insurance 34 31
Other 599 558
Total noninterest expense 3,861 3,778
Income before income taxes 1,963 1,670
Income tax provision 703 596
Net income 1,260 1,074
Other comprehensive income,
net of tax -- unrealized
gain on securities
available-for-sale 30 1
Comprehensive income $1,290 1,075
Per common share data (a):
Net income: Basic $0.28 0.24
Diluted 0.27 0.23
Cash dividends declared $0.08 0.07
(a) Per common share data for 1998 has been adjusted to reflect the
two-for-one stock split-up in the form of a 100% stock dividend paid
in June 1998.
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at March 31, 1999.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three months Ended
March 31,
1999 1998 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $4,967 4,915 1.1%
Provision for credit losses 135 84 60.7%
Noninterest income 992 617 60.8%
Noninterest expense 3,861 3,778 2.2%
Income tax expense 703 596 18.0%
Net income 1,260 1,074 17.3%
PER SHARE DATA (a):
Net income:
Basic $0.28 0.24 16.7%
Diluted 0.27 0.23 17.4%
Average number of shares
outstanding:
Basic 4,546,087 4,422,790 2.8%
Diluted 4,626,328 4,625,930 0.0%
Tangible book value, at
period end $8.52 7.92 7.5%
Cash dividends declared $0.08 0.07 14.3%
PERIOD END DATA:
Assets $441,501 391,518 12.8%
Deposits 349,708 321,165 8.9%
Loans, net of unearned income 280,218 264,672 5.9%
Investment securities and
securities available-for-sale 85,645 70,370 21.7%
Stockholders' equity 38,608 35,332 9.3%
PERFORMANCE RATIOS:
Return on average assets 1.19% 1.14%
Return on average
stockholders' equity 13.24% 12.47%
Net Interest margin 5.08% 5.71%
CAPITAL AND ASSET QUALITY:
Period-end capital to
period-end risk-weighted
assets:
Tier 1 11.54% 11.52%
Total 12.77% 12.72%
Period-end Tier 1 leverage ratio 8.95% 9.21%
Allowance for credit losses to
loans, net of unearned income,
at period-end 1.46% 1.39%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.17% 0.70%
Nonperforming assets and
past-due loans to total assets,
at period-end 0.97% 1.6O%
Annualized net charge-offs to
average loans, net of
unearned income 0.01% 0.05%
AVERAGE BALANCES:
Federal funds sold $26,002 2,600 900.1%
Investment securities
and securities
available-for-sale 84,571 67,879 24.6%
Loans, net of unearned income 276,602 267,907 3.2%
Loans originated for sale 9,535 10,819 -11.9% (b)
Total earning assets 396,710 349,205 13.6%
Total assets 430,581 381,966 12.7%
Interest-bearing deposits 280,851 260,471 7.8%
Short-term borrowings 26,481 31,068 -14.8% (b)
Long-term borrowings 20,000 -- na
Stockholders' equity 38,598 34,935 10.5%
(a) Per share data for 1998 has been adjusted to reflect the 2-for-1 stock
split-up in the form of a 100% stock dividend paid in June 1998.
(b) 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 March 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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