COLUMBIA, Md., April 19 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
parent company of The Columbia Bank (the "Bank"), announced first quarter core
earnings of $2.16 million, or $.30 per diluted common share, compared to
$1.63 million, or $.23 per diluted common share, for the same period in 2000,
representing an increase of 32.6%. Reported earnings during the first quarter
of 2000 were $56,000 and reflected pretax one-time merger-related charges of
$2.21 million recorded in connection with the completion of the merger of
Suburban Bancshares, Inc. into Columbia Bancorp effective March 8, 2000. All
results for 2000 and prior periods have been restated to reflect the merger,
which was accounted for as a pooling of interests.
Returns on average equity for the first quarter 2001 and 2000 (before
merger-related charges) were 13.4% and 10.5%, respectively. Returns on
average assets for the first quarter 2001 and 2000 (before merger-related
charges) were 1.1% and 0.9%, respectively.
Total assets at March 31, 2001 grew to a record high of $855.0 million.
Deposits increased from $630.5 million at December 31, 2000 to $682.1 million
at quarter end. Deposit growth was fueled largely by increased activity in
accounts maintained by residential title companies, reflecting increased home
mortgage settlement activity. Loan and lease receivables, net of unearned
income, totaled $542.7 million at the end of the first quarter 2001 and
represented growth on a year-to-year basis of 16.1%. Growth in the loan
portfolio continued to be supported by all major lending categories, including
development and construction, retail, and commercial.
Operating income, exclusive of income on real estate owned and the
provision for loan losses, for the first quarter 2001 increased $1.2 million
or 13.9% as compared to the same period in 2000, and reflected an increase in
net interest income of $1.0 million or 12.8% and in noninterest income of
$210,000 or 23.0%. Growth in net interest income was driven by an increase in
average loans outstanding of $83.6 million, or 18.1% from period to period,
and was mitigated by a decline in the net interest margin from 5.02% during
the first quarter 2000 to 4.89% during the first quarter 2001. Management
anticipates that the net interest margin will continue to come under pressure
as the Company's loan and investment portfolios absorb the impact of the rate
adjustments initiated by the Federal Reserve during the first quarter of 2001
and any future such adjustments.
Operating expenses for the first quarter 2001 increased 9.3% compared to
the same period in 2000, exclusive of merger-related charges, growing more
slowly than operating income as the Company continued to effectively leverage
existing corporate resources. As a result, the Company's efficiency ratio
improved from 68.5% for the first quarter 2000 to 65.7% for 2001.
Total nonperforming assets and past-due loans increased from $4.9 million
at March 31, 2000 to $8.3 million at March 31, 2001. As previously reported,
this increase in nonperforming assets primarily reflects the movement of a
single commercial banking relationship with a local manufacturer to non-
accrual status. The Company believes that the carrying value of these loans
is adequately secured by commercial real estate, the principals' residence and
other business assets. The Company also has personal guarantees of the
principals. Annualized net charge-offs to average loans, net of unearned
income for the first quarter of 2001 were .08% as compared to .09% for the
same period in 2000. At March 31, 2001, the allowance for loan losses totaled
$7.2 million or 1.33% of loans outstanding as compared to 1.34% at March 31,
2000.
Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
company and parent company of The Columbia Bank, a commercial bank. The
Columbia Bank provides a full range of financial services to consumers and
businesses through twenty-three branch offices located in Baltimore, Howard,
Montgomery, and Prince George's Counties and Baltimore City. Columbia
Bancorp's Common Stock is traded on the National Market tier of The Nasdaq
Stock Market(SM) under the symbol "CBMD".
This press release may contain 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, actual future results may
differ materially from those expressed herein.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three Months Ended
March 31,
2001 2000 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $9,001 7,979 12.8%
Provision for credit losses 300 271 10.7%
Noninterest income 1,168 945 23.6%
Noninterest expense before
merger-related expenses 6,679 6,109 9.3%
Income tax provision 1,030 275 274.5%
Net income 2,160 56 3757.0%
Net income before merger-related
expenses 2,160 1,628 32.6%
PER SHARE DATA:
Net income:
Basic $0.30 0.01 2900.0%
Diluted 0.30 0.01 2900.0%
Net income before merger-related
expenses:
Basic 0.30 0.23 30.4%
Diluted 0.30 0.23 30.4%
Average number of shares
outstanding:
Basic 7,153,744 7,153,905 0.0%
Diluted 7,211,027 7,198,924 0.2%
Book value, at period end $9.28 8.41 10.4%
Tangible book value, at period
end 9.28 8.42 10.2%
Cash dividends declared $0.10 0.09 11.1%
PERIOD END DATA:
Assets $854,959 714,885 19.6%
Deposits 682,135 577,437 18.1%
Loans and leases, net of unearned
income 542,698 467,546 16.1%
Investment securities and
securities available-for-sale 157,327 158,386 -0.7%
Stockholders' equity 66,507 60,267 10.4%
PERFORMANCE RATIOS:
Return on average assets 1.09% 0.03%
Return on average assets before
merger-related expenses 1.09% 0.94%
Return on average stockholders'
equity 13.39% 0.36%
Return on average stockholders'
equity before merger-related
expenses 13.39% 10.50%
Net interest margin 4.89% 5.02%
Efficiency ratio before merger-
related expenses 65.68% 68.46%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 10.38% 11.38%
Total 11.51% 12.60%
Period-end tier 1 leverage ratio 8.28% 8.36%
ASSET QUALITY:
Net charge-offs $108 100 8.0%
Nonperforming assets:
Nonaccrual loans 4,959 869 470.7%
Restructured loans 285 - 0.0%
Loans 90+ days past due and
accruing 270 182 48.4%
Other real estate owned 2,738 3,867 -29.2%
Total nonperforming
assets and past due
loans 8,252 4,918 67.8%
Allowance for credit losses to
loans, net of unearned income,
at period-end 1.33% 1.34%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 1.02% 0.22%
Nonperforming assets and past-due
loans to total assets, at
period-end 0.97% 0.69%
Annualized net charge-offs to
average loans, net of unearned
income 0.08% 0.09%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
AVERAGE BALANCES:
Federal funds sold (a) $18,681 15,682 19.1%
Investment securities and
securities available-for-sale 181,762 160,198 13.5%
Loans and leases, net of unearned
income 546,002 462,370 18.1%
Loans originated for sale (a) 3,124 1,768 76.7%
Total earning assets 749,569 640,018 17.1%
Total assets 802,931 695,632 15.4%
Interest-bearing deposits
NOW accounts 59,837 53,893 11.0%
Savings and money market
accounts 175,718 171,283 2.6%
Time deposits 273,418 209,527 30.5%
Total deposits 627,189 548,508 14.3%
Short-term borrowings (a) 82,616 56,707 45.7%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 611,589 511,410 19.6%
Stockholders' equity 65,437 62,383 4.9%
YIELD ANALYSIS:
Federal funds sold 5.28% 5.62%
Investment securities and
securities available-for-sale 6.76% 6.21%
Loans and leases, net of unearned
income 9.34% 9.19%
Total yield on earning assets 8.61% 8.35%
Interest-bearing deposits
NOW accounts 0.64% 1.26%
Savings and money market
accounts 3.32% 3.40%
Time deposits 6.06% 5.09%
Short-term borrowings 4.89% 5.46%
Long-term borrowings 5.27% 5.33%
Total cost of interest-bearing
liabilities 4.56% 4.17%
(a) Variances reflect significant fluctuations in account
balances due to the nature of the accounts.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
March 31, March 31, December 31,
2001 2000 2000
(unaudited)
Assets
Cash and due from banks $34,198 $30,608 $31,931
Federal funds sold 88,229 30,545 15,540
Investment securities 99,686 95,409 137,674
Securities available-for-sale 57,641 62,977 61,337
Residential mortgage loans originated
for sale 8,695 2,359 1,911
Loan and lease receivables:
Commercial 164,555 147,718 170,910
Leases 1,840 1,506 1,723
Real estate development and
construction 137,769 102,207 129,336
Real estate mortgage:
Residential 18,537 18,247 18,594
Commercial 78,143 75,929 75,325
Retail, principally second
mortgage loans and residential
equity lines of credit 139,836 119,465 139,967
Credit card 2,340 2,077 2,572
Other 154 593 1,035
Total loans and leases 543,174 467,742 539,462
Less: unearned income, net of
origination costs (476) (196) (411)
allowance for credit losses (7,218) (6,252) (7,026)
Total loans and leases, net 535,480 461,294 532,025
Other real estate owned 2,738 3,867 2,996
Property and equipment, net 11,025 11,148 11,372
Prepaid expenses and other assets 17,267 16,678 17,864
Total assets $854,959 $714,885 $812,650
Liabilities
Deposits:
Noninterest-bearing $124,382 $123,859 $130,155
Interest-bearing 557,753 453,578 500,329
Total deposits 682,135 577,437 630,484
Short-term borrowings 80,551 49,265 93,184
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other
liabilities 5,766 7,916 4,462
Total liabilities 788,452 654,618 748,130
Stockholders' equity
Common stock, $.01 par value per
share; authorized 10,000,000 shares;
outstanding 7,164,964, 7,155,233 and
7,149,968 shares, respectively 72 71 71
Additional paid-in capital 48,434 48,450 48,378
Retained earnings 17,956 13,350 16,512
Accumulated other comprehensive
income 45 (1,604) (441)
Total stockholders' equity 66,507 60,267 64,520
Total liabilities and
stockholders' equity $854,959 $714,885 $812,650
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Three Months Ended
March 31,
2001 2000
(unaudited)
Interest income:
Loans and leases $12,603 10,593
Investment securities 3,030 2,473
Federal funds sold 243 219
Total interest income 15,876 13,285
Interest expense:
Deposits 5,618 4,271
Borrowings 1,257 1,035
Total interest expense 6,875 5,306
Net interest income 9,001 7,979
Provision for credit losses 300 271
Net interest income after
provision for credit losses 8,701 7,708
Noninterest income:
Fees charged for services 620 544
Gains on sales of mortgage loans,
net of costs 133 91
Net income on other real estate
owned 43 30
Gains on sale of securities
available-for-sale 0 0
Other 372 280
Total noninterest income 1,168 945
Noninterest expense:
Salaries and employee benefits 3,515 3,130
Occupancy, net 888 859
Equipment 556 461
Data processing 290 392
Marketing 116 174
Cash management services 118 96
Professional fees 269 158
Deposit insurance 45 42
Merger-related expenses 0 2,213
Other 882 797
Total noninterest expense 6,679 8,322
Income before income taxes 3,190 331
Income tax provision 1,030 275
Net income 2,160 56
Other comprehensive income, net of
tax - unrealized net gain (loss) on
securities available-for-sale 486 (457)
Comprehensive income $2,646 (401)
Per common share data:
Net income: Basic $0.30 0.01
Diluted 0.30 0.01
Cash dividends declared $0.10 0.09
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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