COLUMBIA, Md., April 15 /PRNewswire-FirstCall/ -- Columbia Bancorp
(Nasdaq: CBMD), parent company of The Columbia Bank (collectively, the
"Company"), today announced net income for the first quarter 2004 of $2.98
million ($.40 per diluted share) compared to $2.49 million ($.34 per diluted
share) for the first quarter 2003, a 19.7% increase. Return on average equity
increased from 12.92% during the first quarter 2003 to 13.75% during the first
quarter 2004.
FIRST QUARTER FINANCIAL HIGHLIGHTS
* Loans increased $168.43 million, or 24.2%, since March 31, 2003.
Since December 31, 2003, loans grew $29.27 million, representing an
annualized rate of growth of 14.0%.
* Customer funding sources (deposits and other short-term borrowings
from core customers) increased $85.10 million, or 9.7%, since the end
of the first quarter 2003. Since December 31, 2003, customer funding
sources increased $75.12 million, representing an annualized rate of
growth of 33.8%.
* Net interest income increased 12.8% during the first quarter 2004
compared to the same period in 2003.
* Asset quality remained strong at March 31, 2004, with non-performing
assets totaling only .14% of total assets.
DETAILED REVIEW OF FINANCIAL PERFORMANCE
Total assets were $1.08 billion at March 31, 2004, representing growth of
$90.23 million, or 9.1%, since March 31, 2003. Loans, net of unearned income,
totaled $864.75 million compared to $696.32 million at March 31, 2003,
representing growth of $168.43 million or 24.2%. Growth during the twelve
months since March 31, 2003 was reflective of the Company's well-balanced and
diversified loan portfolio. Specifically, the Company's real estate
development and construction, commercial, and retail loan portfolios, grew
34.2%, 27.4% and 22.3%, respectively. Customer funding sources increased 9.7%
to $963.05 million at March 31, 2004. Noninterest bearing deposits increased
21.0% to $220.70 million. Shareholders' equity climbed 12.1% to $87.93
million at March 31, 2004.
Operating performance during the first quarter 2004 was driven primarily
by the Company's continued focus on core banking initiatives. Specifically,
net interest income increased $1.21 million, or 12.8%, during the first
quarter 2004 compared to 2003. An increase in average earning assets of
$105.45 million, or 11.9%, during the first quarter 2004 compared to the first
quarter 2003, offset by a modest decline in the net interest margin from 4.35%
to 4.34% for the same periods, contributed to the growth in net interest
income. In addition, fees charged for banking services increased $67,000, or
7.1%, during 2004 as compared to 2003. As anticipated, increased mortgage
interest rates resulted in a decline in mortgage origination activity and,
consequently, a decline in revenue on mortgage loan sales of $280,000, or
44.4%, compared to the first quarter 2003. As a result, total noninterest
income declined from $1.93 million during the first quarter 2003 to $1.74
million in 2004. Despite the pressure on noninterest income from lower
mortgage production, the Company successfully continued to leverage overhead
during the first quarter 2004 compared to 2003, as net operating income (net
interest income plus noninterest income) grew 8.9%, while overhead grew only
4.6%. For the first quarter, the Company's efficiency ratio (FTE) was 59.35%
as compared to 62.52% for the same period in 2003.
Asset quality remained very strong at March 31, 2004, with non-performing
assets totaling only $1.49 million, representing .14% of total assets. Net
charge-offs for the first quarter 2004 totaled $97,000, or .05% of average
loans. At March 31, 2004, the allowance for credit losses totaled $11.04
million, or 1.28% of loans, compared to $9.10 million, or 1.31% of loans, at
March 31, 2003.
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 includes disclosure and discussion of the net interest
margin and efficiency ratio which are reported on a fully tax-equivalent basis
("FTE"). These amounts and ratios are non-GAAP financial measures as defined
in Securities and Exchange Commission ("SEC") Regulation G and Item 10 of SEC
Regulation S-K. Management believes that these measures are better indicators
of operating performance than the GAAP-based ratios and better tools for
managing net interest income, noninterest income, and noninterest expenses. A
complete reconciliation of the GAAP-based and non-GAAP information included in
this press release is provided in the following schedules. 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 STATEMENTS
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements are based on Columbia Bancorp's current intent,
belief and expectations. These statements are not guarantees of future
performance and are subject to certain risks and uncertainties that are
difficult to predict. Actual results may differ materially from these
forward-looking statements because of interest rate fluctuations, a
deterioration of economic conditions in the Baltimore/Washington metropolitan
area, a downturn in the real estate market, losses from impaired loans, an
increase in non-performing assets, potential exposure to environmental laws,
federal and state bank laws and regulations, the highly competitive nature of
the banking industry, a loss of key personnel, changes in accounting standards
and other risks described in this filing and the Company's other filings with
the Securities and Exchange Commission. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of today's date. Columbia Bancorp undertakes no
obligation to update or revise the information contained in this filing
whether as a result of new information, future events or circumstances or
otherwise. Past results of operations may not be indicative of future
results.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands, Except Per-Share Data)
(Unaudited)
As of and Three Months Ended
March 31,
2004 2003 % Change
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $13,529 $12,493 8.3%
Interest expense 2,580 2,912 (11.4%)
Tax equivalent net interest
income 10,949 9,581 14.3%
Tax equivalent adjustment 274 120 128.3%
Net interest income 10,675 9,461 12.8%
Provision for credit losses 310 305 1.6%
Noninterest income 1,737 1,934 (10.2%)
Noninterest expense 7,529 7,199 4.6%
Income before taxes 4,573 3,891 17.5%
Income tax provision 1,592 1,400 13.7%
Net income 2,981 2,491 19.7%
PER SHARE DATA:
Net income :
Basic $0.42 $0.35 20.0%
Diluted 0.40 0.34 17.6%
Average number of shares
outstanding:
Basic 7,178,797 7,115,612 0.9%
Diluted 7,434,701 7,290,541 2.0%
Book value, at period end $12.23 $11.02 11.0%
Tangible book value, at period
end 12.23 11.02 11.0%
Cash dividends declared 0.150 0.125 20.0%
PERIOD END DATA:
Loans, net of unearned income $864,753 $696,322 24.2%
Investment securities and
securities
available-for-sale 104,211 145,714 (28.5%)
Assets 1,083,798 993,570 9.1%
Noninterest-bearing deposits 220,700 182,421 21.0%
Interest-bearing deposits 625,311 565,106 10.7%
Total deposits 846,011 747,527 13.2%
Customer funding sources (a) 963,051 877,955 9.7%
Stockholders' equity 87,934 78,422 12.1%
PERFORMANCE RATIOS:
Return on average assets 1.16% 1.09%
Return on average stockholders'
equity 13.75% 12.92%
Net interest margin 4.34% 4.35%
Net interest margin (FTE) 4.46% 4.40%
Efficiency ratio (FTE)(c) 59.35% 62.52%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.04% 9.62%
Total 10.20% 10.73%
Period-end tier 1 leverage ratio 8.34% 8.49%
ASSET QUALITY:
Allowance for credit losses to
loans, net
of unearned income, at
period-end 1.28% 1.31%
Net recoveries (charge-offs) $(97) $(45) 115.6%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income (0.05%) (0.03%)
Nonperforming assets:
Nonaccrual loans $1,168 $806 44.9%
Loans 90+ days past due and
accruing 69 164 (57.9%)
Other real estate owned 250 - na
Total nonperforming
assets $1,487 $970 53.3%
Nonperforming and past due loans
to total loans, net of unearned
income, at period-end 0.14% 0.14%
Nonperforming assets and past due
loans to total assets, at period-
end 0.14% 0.10%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands, Except Per-Share Data)
(Unaudited)
As of and Three Months Ended
March 31,
2004 2003 % Change
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $1,005 $938 7.1%
Gains and fees on sales of
mortgage loans, net of
costs 351 631 (44.4%)
Net income (loss) on other
real estate owned (9) 11 (181.8%)
Commissions earned on
financial services sales 140 123 13.8%
Other noninterest income 250 231 8.2%
1,737 1,934 (10.2%)
Noninterest expenses:
Salaries and employee
benefits 4,046 3,970 1.9%
Occupancy, net 976 924 5.6%
Equipment 513 449 14.3%
Data processing 518 410 26.3%
Marketing 300 232 29.3%
Other noninterest expenses 1,176 1,214 (3.1%)
7,529 7,199 4.6%
AVERAGE BALANCES:
Federal funds sold and interest-
bearing deposits(b) $9,513 $43,101 (77.9%)
Investment securities and
securities
available-for-sale 122,192 151,552 (19.4%)
Loans, net of unearned income 851,436 676,358 25.9%
Loans originated for sale (b) 5,196 11,872 (56.2%)
Total earning assets 988,337 882,883 11.9%
Total assets 1,033,102 926,466 11.5%
Interest-bearing deposits:
NOW accounts 85,917 84,388 1.8%
Savings and money market
accounts 194,141 186,126 4.3%
Time deposits 314,116 282,201 11.3%
Noninterest-bearing deposits 191,551 160,133 19.6%
Total deposits 785,725 712,848 10.2%
Short-term borrowings (b) 128,547 106,739 20.4%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 742,721 679,454 9.3%
Stockholders' equity 87,180 78,182 11.5%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 0.89% 1.20%
Investment securities and
securities
available-for-sale (FTE) 4.30% 4.69%
Loans, net of unearned income
(FTE) 5.71% 6.25%
Total yield on earning assets
(FTE) 5.49% 5.74%
Interest-bearing deposits
NOW accounts 0.13% 0.19%
Savings and money market
accounts 0.36% 0.82%
Time deposits 2.39% 2.90%
Short-term borrowings 0.77% 0.81%
Long-term borrowings 5.36% 5.34%
Total cost of interest-bearing
liabilities 1.40% 1.74%
(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 efficiency ratio (FTE) is defined as total noninterest
expense as a percentage of net interest income, on a
tax-equivalent basis, plus noninterest income.
Certain reclassifications of information previously reported
have been made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
March 31, March 31, December 31,
2004 2003 2003
(unaudited) (audited)
Assets
Cash and due from banks $38,631 $44,107 $35,846
Interest-bearing deposits with banks 206 216 205
Federal funds sold 55,948 78,100 3,292
Investment securities 50,636 105,300 77,344
Securities available-for-sale 53,575 40,414 56,583
Residential mortgage loans originated
for sale 5,702 14,693 6,046
Loan receivables:
Real estate - development and
construction 293,454 218,598 283,599
Commercial 227,988 178,956 221,374
Real estate - mortgage:
Residential 17,904 15,888 16,349
Commercial 149,771 137,945 143,723
Retail, principally second
mortgage loans
and residential equity lines
of credit 175,379 143,418 169,298
Other 421 2,071 1,504
Total loans 864,917 696,876 835,847
Less: unearned income, net of
origination costs (164) (554) (363)
allowance for credit
losses (11,041) (9,098) (10,828)
Loans, net 853,712 687,224 824,656
Other real estate owned 250 - -
Property and equipment, net 7,154 6,992 7,332
Prepaid expenses and other assets 17,984 16,524 17,951
Total assets $1,083,798 $993,570 $1,029,255
Liabilities
Deposits:
Noninterest-bearing $220,700 $182,421 $206,323
Interest-bearing 625,311 565,106 581,285
Total deposits 846,011 747,527 787,608
Short-term borrowings 123,834 142,670 128,844
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other
liabilities 6,019 4,951 7,354
Total liabilities 995,864 915,148 943,806
Stockholders' equity
Common stock, $.01 par value per
share; authorized 10,000,000
shares; outstanding 7,188,628,
7,166,369 and 7,170,882 shares,
respectively 72 71 72
Additional paid-in capital 48,156 47,538 47,886
Retained earnings 39,463 31,009 37,561
Accumulated other comprehensive
income (loss) 243 (196) (70)
Total stockholders' equity 87,934 78,422 85,449
Total liabilities and
stockholders' equity $1,083,798 $993,570 $1,029,255
Certain reclassifications of information previously reported
have been made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Income
(Dollars in Thousands, Except Per-Share Data)
Three Months Ended
March 31,
2004 2003
(unaudited)
Interest income:
Loans $12,022 $10,512
Investment securities 1,212 1,733
Federal funds sold and interest-
bearing deposits with banks 21 128
Total interest income 13,255 12,373
Interest expense:
Deposits 2,068 2,436
Borrowings 512 476
Total interest expense 2,580 2,912
Net interest income 10,675 9,461
Provision for credit losses 310 305
Net interest income after
provision for credit losses 10,365 9,156
Noninterest income:
Fees charged for services 1,005 938
Gains and fees on sales of
mortgage loans, net of costs 351 631
Net income (loss) on other real
estate owned (9) 11
Commissions earned on financial
services sales 140 123
Other 250 231
Total noninterest income 1,737 1,934
Noninterest expense:
Salaries and employee benefits 4,046 3,970
Occupancy, net 976 924
Equipment 513 449
Data processing 518 410
Marketing 300 232
Professional fees 164 258
Cash management services 122 141
Deposit insurance 49 49
Other 841 766
Total noninterest expense 7,529 7,199
Income before income taxes 4,573 3,891
Income tax provision 1,592 1,400
Net income $2,981 $2,491
Per common share data:
Net income: Basic $0.42 $0.35
Diluted 0.40 0.34
Cash dividends declared $0.15 $0.125
Certain reclassifications of information previously reported
have been made to conform with current presentation.
COLUMBIA BANCORP
Reconciliation of GAAP-based Operating Performance Measures
and Core Operating Performance Measures
(Dollars in Thousands, Except Per-Share Data)
Three Months Ended
March 31,
2004 2003
(unaudited)
GAAP-based Operating Performance
Measures:
Net interest income $10,675 $9,461
Provision for credit losses 310 305
Noninterest income 1,737 1,934
Noninterest expense 7,529 7,199
Income before taxes 4,573 3,891
Income tax provision 1,592 1,400
Net income 2,981 2,491
Return on average assets 1.16% 1.09%
Return on average equity 13.75% 12.92%
Net interest margin 4.34% 4.35%
Efficiency ratio 60.66% 63.18%
Net income per share - diluted $0.40 $0.34
Non-GAAP adjustments
Tax equivalent adjustment -
net interest income $274 $120
Core Operating Performance Measures
Net interest income - tax
equivalent $10,949 $9,581
Tax equivalent adjustment (274) (120)
Net interest income 10,675 9,461
Provision for credit losses 310 305
Noninterest income 1,737 1,934
Noninterest expense 7,529 7,199
Income before taxes 4,573 3,891
Income tax provision 1,592 1,400
Net income 2,981 2,491
Return on average assets 1.16% 1.09%
Return on average equity 13.75% 12.92%
Net interest margin (FTE) 4.46% 4.40%
Efficiency ratio (FTE) 59.35% 62.52%
Net income per share - diluted $0.40 $0.34
COLUMBIA BANCORP
Quarterly Highlights
(Dollars in Thousands, Except Per-Share Data)
1Q04 4Q03 3Q03 2Q03 1Q03
(unaudited)
SUMMARY OF OPERATING RESULTS:
GAAP-based:
Interest
income $13,255 $13,151 $13,051 $12,828 $12,373
Interest
expense 2,580 2,507 2,559 2,758 2,912
Net interest
income 10,675 10,644 10,492 10,070 9,461
Provision for
credit losses 310 120 - 745 305
Noninterest
income 1,737 1,848 2,737 2,444 1,934
Noninterest
expense 7,529 7,587 7,849 7,335 7,199
Income before
taxes 4,573 4,785 5,380 4,434 3,891
Income tax
provision 1,592 1,652 1,937 1,597 1,400
Net income 2,981 3,133 3,443 2,837 2,491
Based on core
operating
performance (a):
Tax-equivalent
interest
income $13,529 $13,339 $13,169 $12,941 $12,493
Interest
expense 2,580 2,507 2,559 2,758 2,912
Tax-equivalent
net interest
income 10,949 10,832 10,610 10,183 9,581
Tax-equivalent
adjustment 274 188 118 113 120
Net interest
income 10,675 10,644 10,492 10,070 9,461
Provision for
credit losses 310 120 - 745 305
Noninterest
income 1,737 1,848 2,737 2,444 1,934
Noninterest
expense 7,529 7,587 7,849 7,335 7,199
Income before
taxes 4,573 4,785 5,380 4,434 3,891
Income tax
provision 1,592 1,652 1,937 1,597 1,400
Net income 2,981 3,133 3,443 2,837 2,491
PER SHARE DATA:
Net income :
GAAP-based:
Basic $0.42 $0.44 $0.48 $0.40 $0.35
Diluted 0.40 0.42 0.47 0.39 0.34
Based on core
operating
performance (a):
Basic 0.42 0.44 0.48 0.40 0.35
Diluted 0.40 0.42 0.47 0.39 0.34
Average number
of shares
outstanding:
Basic 7,178,797 7,164,091 7,137,668 7,117,805 7,115,612
Diluted 7,434,701 7,413,256 7,387,088 7,346,462 7,290,541
Book value,
at period end $12.23 $11.92 $11.65 $11.31 $11.02
Tangible book
value, at period
end 12.23 11.92 11.65 11.31 11.02
Cash dividends
declared 0.150 0.150 0.125 0.125 0.125
PERIOD END DATA:
Loans, net of
unearned
income $864,753 $835,484 $797,108 $750,509 $696,322
Investment
securities and
securities
available-for-
sale 104,211 133,927 142,048 140,552 145,714
Assets 1,083,798 1,029,255 1,013,492 1,060,141 993,570
Noninterest-
bearing
deposits 220,700 206,323 190,576 197,490 182,421
Interest-bearing
deposits 625,311 581,285 584,401 586,507 565,106
Total
deposits 846,011 787,608 774,977 783,997 747,527
Customer funding
sources (a) 963,051 887,930 897,860 937,758 877,955
Stockholders'
equity 87,934 85,449 83,132 80,538 78,422
PERFORMANCE RATIOS:
GAAP-based:
Return on average
assets 1.16% 1.23% 1.36% 1.18% 1.09%
Return on average
stockholders'
equity 13.75% 14.55% 16.56% 14.26% 12.92%
Net interest
margin 4.34% 4.36% 4.34% 4.40% 4.35%
Efficiency ratio 60.66% 60.73% 59.33% 58.61% 63.18%
Based on core
operating
performance (a):
Return on
average assets 1.16% 1.23% 1.36% 1.18% 1.09%
Return on average
stockholders'
equity 13.75% 14.55% 16.56% 14.26% 12.92%
Net interest
margin (FTE) 4.46% 4.43% 4.39% 4.45% 4.40%
Efficiency ratio
(FTE) 59.35% 59.83% 58.81% 58.10% 62.52%
CAPITAL RATIOS:
Period-end capital
to risk-weighted
assets:
Tier 1 9.04% 9.28% 9.31% 9.20% 9.62%
Total 10.20% 10.45% 10.49% 10.33% 10.73%
Period-end
tier 1 leverage
ratio 8.34% 8.43% 8.30% 8.34% 8.49%
ASSET QUALITY:
Allowance for
credit losses
to loans, net
of unearned income,
at period-end 1.28% 1.30% 1.32% 1.31% 1.31%
Net recoveries
(charge-offs) $(97) $148 $695 $21 $(45)
Annualized net
recoveries
(charge-offs)
to average loans,
net of unearned
income (0.05%) 0.07% 0.36% 0.01% (0.03%)
Nonperforming assets:
Nonaccrual
loans $1,168 $892 $974 $720 $806
Restructured
loans - - - 643 -
Loans 90+ days
past due and
accruing 69 72 127 112 164
Other real estate
owned 250 - - - -
Total
nonperforming
assets $1,487 $964 $1,101 $1,475 $970
Nonperforming
and past due loans
to total loans, net
of unearned income,
at period-end 0.14% 0.12% 0.14% 0.20% 0.14%
Nonperforming assets
and past due loans
to total assets,
at period-end 0.14% 0.09% 0.11% 0.14% 0.10%
NONINTEREST INCOME
AND EXPENSE BREAKDOWN:
Noninterest income:
Fees charged for
deposit
services $1,005 $1,006 $1,056 $994 $938
Gains on sales
of mortgage
loans, net of
costs 351 322 1,168 834 630
Net income (loss)
on other real
estate owned (9) 2 (21) 30 11
Gain on sale of
investment
securities - - 28 - -
Gain (loss)
on sale of other
assets, net - (3) (6) - (1)
Commissions earned
on financial services
sales 140 150 208 125 123
Other noninterest
income 250 371 304 461 233
Total noninterest
income 1,737 1,848 2,737 2,444 1,934
Noninterest expenses:
Salaries and
payroll taxes 3,684 3,583 3,717 3,610 3,440
Employee benefits 362 718 598 255 530
Occupancy, net 976 1,000 974 920 924
Equipment 513 514 500 495 449
Data processing 518 498 563 484 410
Marketing 300 199 272 335 232
Other noninterest
expenses 1,176 1,075 1,225 1,236 1,214
Total noninterest
expenses 7,529 7,587 7,849 7,335 7,199
AVERAGE BALANCES:
Federal funds sold and
interest bearing
deposits $9,513 $8,584 $23,355 $25,995 $43,101
Investment securities
and securities
available-for-
sale 122,192 135,749 139,201 151,508 151,552
Loans, net of
unearned
income 851,436 818,038 772,604 721,274 676,358
Loans originated
for sale (b) 5,196 6,891 24,081 19,945 11,872
Total earning
assets 988,337 969,262 959,241 918,722 882,883
Total assets 1,033,102 1,012,865 1,003,752 965,980 926,466
Interest-bearing
deposits:
NOW accounts 85,917 86,806 92,491 93,717 84,388
Savings and
money market
accounts 194,141 207,351 205,166 198,470 186,126
Time
deposits 314,116 292,383 280,345 280,242 282,201
Noninterest-bearing
deposits 191,551 192,030 182,221 168,554 160,133
Total deposits 785,725 778,570 760,223 740,983 712,848
Short-term
borrowings (b) 128,547 124,563 137,021 115,939 106,739
Long-term
borrowings 20,000 20,000 20,000 20,000 20,000
Total interest-
bearing
liabilities 742,721 731,103 735,023 708,368 679,454
Stockholders'
equity 87,180 85,420 82,502 79,775 78,182
YIELD ANALYSIS:
Federal funds sold and
interest bearing
deposits 0.89% 0.88% 0.95% 1.18% 1.20%
Investment securities
and securities
available-for-sale
(FTE) 4.30% 3.96% 4.34% 4.59% 4.69%
Loans, net of
unearned income
(FTE) 5.71% 5.75% 5.77% 6.02% 6.25%
Total yield on
earning assets
(FTE) 5.49% 5.46% 5.45% 5.65% 5.74%
Interest-bearing
deposits:
NOW accounts 0.13% 0.10% 0.10% 0.10% 0.19%
Savings and money
market accounts 0.36% 0.37% 0.37% 0.64% 0.82%
Time deposits 2.39% 2.46% 2.62% 2.78% 2.90%
Short-term
borrowings 0.77% 0.68% 0.57% 0.69% 0.81%
Long-term
borrowings 5.36% 5.34% 5.71% 5.50% 5.34%
Total cost of
interest-
bearing
liabilities 1.40% 1.36% 1.38% 1.56% 1.74%
(a) Core operating performance reflects GAAP-based performance
presented on a fully tax-equivalent basis, exclusive of non-
recurring items, where applicable. There were no non-recurring
items in the periods presented.
(b) Deposits plus customer-related short-term borrowings in the form of
commercial paper and repurchase agreements.
(c) 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.
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/comp/127921.html
CONTACT:
John A. Scaldara, Jr., President and COO of
Columbia Bancorp, +1-410-423-8012
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