COLUMBIA, Md., April 25 /PRNewswire-FirstCall/ -- Columbia Bancorp
(Nasdaq: CBMD), parent company of The Columbia Bank (the "Bank"), today
announced that net income for the first quarter 2005 increased 28.4% to $3.83
million ($.53 per diluted share), from $2.98 million ($.40 per diluted share)
for the first quarter 2004. For the first quarter 2005, return on average
equity was 17.14% and return on average assets was 1.29%, compared to 13.75%
and 1.16%, respectively, for the first quarter 2004.
FIRST QUARTER FINANCIAL HIGHLIGHTS
-- Total assets ($1.24 billion), loans, net of unearned income ($978.94
million) and customer funding sources ($1.10 billion) reached record
levels at March 31, 2005 and represented growth since March 31, 2004
of 14.5%, 13.2% and 14.7%, respectively. During the first quarter
2005, loans, net of unearned income, and customer funding sources grew
at annualized rates of 12.1% and 30.9%, respectively.
-- Return on average equity increased to 17.14% for the first quarter of
2004 compared to 13.75% reported for the first quarter of 2004.
-- Net interest income (FTE) increased $2.07 million or 18.9% over the
first quarter of 2004.
-- Fully diluted earnings per share increased 32.5% from $.40 for the
first quarter of 2004 to $.53 for the first quarter of 2005.
-- Consistent with its long-term capital management strategy, the Company
repurchased 218,000 shares of common stock during the quarter.
-- The net interest margin (FTE) improved to 4.56% during the first
quarter of 2005 as compared to 4.46% during first quarter 2004.
-- The efficiency ratio (FTE) improved to 54.85% from 59.41% for the
first quarter of 2004.
-- Non-performing assets decreased to .06% of total assets at March 31,
2005 compared to .14% at quarter-end 2004.
DETAILED REVIEW OF 2005 FINANCIAL PERFORMANCE
Total assets were $1.24 billion at March 31, 2005, representing growth of
$156.70 million, or 14.5%, since March 31, 2004. Loans, net of unearned
income, totaled $978.94 million compared to $864.75 million at March 31, 2004,
representing growth of $114.19 million or 13.2%. Growth during the twelve
months since March 31, 2004 can be attributed, in large part, to the Company's
continued success in the real estate development and construction and
commercial lending markets, which netted increases in the respective
portfolios of $84.39 million (28.8%) and $17.2 million (7.8%). The consumer
loan portfolio, consisting primarily of home equity lines of credit, has also
exhibited strong growth, increasing $16.35 million, or 9.3%.
The Company's funding strategy emphasizes the development of customer-
based funding sources in the form of retail and commercial deposits and also
short-term borrowings from customers in the form of commercial paper and
repurchase agreements. This focus is evidenced by a 14.7% increase in
customer funding sources to $1.10 billion at March 31, 2005, from $963.05
million at March 31, 2004. The $141.65 million increase in total customer
funding sources was primarily due to increases in non-interest-bearing
deposits of $27.42 million and also to a $95.19 million increase in interest-
bearing deposits.
The Company's 2005 earnings improvement was fueled by a $2.07 million, or
18.9%, increase in net interest income (FTE) for the three months ended March
31, 2005 as compared to the first quarter of 2004. This increase was
primarily the result of a 17.1% increase in average earning assets and
improvement in the net interest margin (FTE) to 4.56% from 4.46%, during the
first quarter of 2005 as compared to the first quarter 2004. This increase
more than offset a decline in noninterest income of $125,000, or 7.1%,
primarily resulting from a $232,000 decline in deposit service charges,
including lower fees charged on overdraft deposit accounts and commercial
account analysis charges. The $52,000, or 37.1%, increase in commission
revenue on financial services sales served to partially offset the impact of
the decline in deposit service charges.
The Company continued to leverage its overhead structure during the first
quarter of 2005 as compared to 2004, by limiting the increase in total
noninterest expenses to $487,000, or 6.5%, while operating income (net
interest income plus noninterest income) increased $1.85 million or 14.8%.
The increase in noninterest expense during the quarter included: (i) an
increase of $281,000, or 6.9%, in salaries and employee benefits; (ii) an
increase in professional fees of $110,000, or 67.1%, primarily reflecting
increased costs associated with Sarbanes-Oxley and other regulatory compliance
matters; (iii) an increase in other noninterest expenses of $175,000, or
25.5%, due, in part, to increases in recruiting expenses and added costs
incurred to support increases in loan and deposit processing volumes; and (iv)
decreases in equipment and data processing expenses of $89,000, or 17.3%, and
$66,000, or 12.7%, reflecting a reduction from 2004 expenses incurred as part
of a core processing system conversion and the added cost efficiencies
realized from that conversion. For the first quarter, the Company's
efficiency ratio (FTE) was 54.85% as compared to 59.41% for the same period in
2004.
While the Company continued to experience growth in its loan portfolio,
asset quality remained strong as evidenced by a reduction in non-performing
assets and past due loans to $716,000 at March 31, 2005. As a percent of
total assets, non-performing assets and past due loans at March 31, 2005 were
.06% compared to .14% at March 31, 2004. At March 31, 2005, the allowance for
credit losses totaled $11.91 million, or 1.22% of total loans, compared to
$11.04 million, or 1.28% of loans, at March 31, 2004. The Company recorded
net recoveries of $73,000 during the first quarter of 2005 and also recorded
net recoveries for the years ended December 31, 2004 and 2003 of $27,000 and
$819,000, respectively.
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,
-------------------------------
2005 2004 % Change
-------------------------------
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $17,317 $13,529 28.0%
Interest expense 4,299 2,580 66.6%
Tax equivalent net interest
income 13,018 10,949 18.9%
Tax equivalent adjustment 373 274 36.1%
Net interest income 12,645 10,675 18.5%
Provision for credit losses 250 310 (19.4%)
Noninterest income 1,631 1,756 (7.1%)
Noninterest expense 8,035 7,548 6.5%
Income before taxes 5,991 4,573 31.0%
Income tax provision 2,162 1,592 35.8%
Net income 3,829 2,981 28.4%
PER SHARE DATA:
Net income:
Basic $0.55 $0.42 31.0%
Diluted 0.53 0.40 32.5%
Average number of shares
outstanding:
Basic 6,984,185 7,178,797 (2.7%)
Diluted 7,242,967 7,434,701 (2.6%)
Book value, at period end $12.74 $12.23 4.2%
Tangible book value, at period
end 12.74 12.23 4.2%
Cash dividends declared 0.17 0.15 13.3%
PERIOD END DATA:
Loans, net of unearned income $978,941 $864,753 13.2%
Investment securities held-to-
maturity and securities
available-for-sale 170,595 104,211 63.7%
Assets 1,240,496 1,083,798 14.5%
Noninterest-bearing deposits 248,122 220,700 12.4%
Interest-bearing deposits 720,503 625,311 15.2%
Total deposits 968,625 846,011 14.5%
Customer funding sources (a) 1,104,701 963,051 14.7%
Stockholders' equity 87,971 87,934 0.0%
PERFORMANCE RATIOS:
Return on average assets 1.29% 1.16%
Return on average stockholders'
equity 17.14% 13.75%
Net interest margin 4.43% 4.34%
Net interest margin (FTE) 4.56% 4.46%
Efficiency ratio (FTE)(b) 54.85% 59.41%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.62% 9.04%
Total 10.73% 10.20%
Period-end tier 1 leverage ratio 8.62% 8.34%
ASSET QUALITY:
Allowance for credit losses to
loans, net of unearned income, at
period-end 1.22% 1.28%
Net recoveries (charge-offs) $73 $(97) (175.3%)
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income 0.03% (0.05%)
Nonperforming assets:
Nonaccrual loans $588 $1,168 (49.7%)
Loans 90+ days past due and
accruing 128 69 85.5%
Other real estate owned - 250 na
---- ------
Total nonperforming
assets $716 $1,487 (51.8%)
---- ------
Nonperforming and past due loans
to total
loans, net of unearned
income, at period-end 0.07% 0.14%
Nonperforming assets and past due
loans
to total assets, at period-
end 0.06% 0.14%
COLUMBIA BANCORP
Financial Highlights
(dollars in thousands, except per share data)
(unaudited)
As of and Three Months Ended
March 31,
-------------------------------
2005 2004 % Change
-------------------------------
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $773 $1,005 (23.1%)
Gains and fees on sales of
mortgage loans, net of costs 352 351 0.3%
Net loss on other real estate
owned - (9) (100.0%)
Commissions earned on
financial services sales 192 140 37.1%
Other noninterest income 314 269 16.7%
-------------------
$1,631 $1,756 (7.1%)
-------------------
Noninterest expenses:
Salaries and employee benefits $4,327 $4,046 6.9%
Occupancy 998 976 2.3%
Equipment 424 513 (17.3%)
Data processing 452 518 (12.7%)
Marketing 357 300 19.0%
Professional fees 274 164 67.1%
Postage 123 108 13.9%
Stationery and supplies 111 115 (3.5%)
Cash management services 108 122 (11.5%)
Other noninterest expenses 861 686 25.5%
-------------------
$8,035 $7,548 6.5%
-------------------
AVERAGE BALANCES:
Federal funds sold and interest-
bearing deposits (c) $14,109 $9,513 48.3%
Investment securities held-to-
maturity and securities
available-for-sale 163,757 122,192 34.0%
Loans, net of unearned income 973,208 851,436 14.3%
Loans originated for sale (c) 5,883 5,196 13.2%
Total earning assets 1,156,957 988,337 17.1%
Total assets 1,206,651 1,033,102 16.8%
Interest-bearing deposits:
NOW accounts 86,113 85,917 0.2%
Savings and money market
accounts 192,899 194,141 (0.6%)
Time deposits 405,018 314,116 28.9%
Noninterest-bearing deposits 242,659 191,551 26.7%
Total deposits 926,689 785,725 17.9%
Short-term borrowings (c) 152,754 128,547 18.8%
Long-term borrowings 30,860 20,000 54.3%
Total interest-bearing
liabilities 867,644 742,721 16.8%
Stockholders' equity 90,592 87,180 3.9%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 2.15% 0.89%
Investment securities held-to-
maturity and
securities available-for-sale
(FTE) 3.91% 4.30%
Loans, net of unearned income
(FTE) 6.49% 5.71%
Total yield on earning assets
(FTE) 6.07% 5.49%
Interest-bearing deposits
NOW accounts 0.16% 0.13%
Savings and money market
accounts 0.52% 0.36%
Time deposits 2.77% 2.39%
Short-term borrowings 2.26% 0.77%
Long-term borrowings 5.23% 5.36%
Total cost of interest-bearing
liabilities 2.01% 1.40%
--------------------------------------------------------------------
(a) Deposits plus customer-related short-term borrowings in the
form of commercial paper and repurchase agreements.
(b) 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.
(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.
COLUMBIA BANCORP
Consolidated Statements of Condition
(dollars in thousands, except per share data)
March 31, March 31, December 31,
2005 2004 2004
----------------------------------
(unaudited) (audited)
Assets
Cash and due from banks $36,943 $38,631 $30,012
Interest-bearing deposits with banks 203 206 208
Federal funds sold 26,799 55,948 9,904
Investment securities held-to-maturity 110,166 50,636 116,170
Securities available-for-sale 60,429 53,575 47,980
Residential mortgage loans originated
for sale 8,465 5,702 8,698
Loan receivables:
Real estate - development and
construction 377,841 293,454 345,375
Commercial 237,010 219,837 226,763
Real estate - mortgage:
Residential 16,697 17,904 17,272
Commercial 154,367 157,922 163,985
Consumer, principally second
mortgage loans and residential
equity lines of credit 191,729 175,379 196,198
Other 1,354 421 668
-------------------------------
Total loans 978,998 864,917 950,261
Less: Unearned income, net of
origination costs (57) (164) (91)
Allowance for credit
losses (11,906) (11,041) (11,583)
-------------------------------
Loans, net 967,035 853,712 938,587
Other real estate owned - 250 -
Property and equipment, net 6,721 7,154 6,647
Prepaid expenses and other assets 23,735 17,984 20,800
-------------------------------
Total assets $1,240,496 $1,083,798 $1,179,006
==================================
Liabilities
Deposits:
Noninterest-bearing $248,122 $220,700 $256,132
Interest-bearing 720,503 625,311 656,446
--------------------------------
Total deposits 968,625 846,011 912,578
Short-term borrowings 139,092 123,834 135,825
Subordinated debentures 16,496 - 10,310
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other liabilities 8,312 6,019 7,945
---------------------------------
Total liabilities 1,152,525 995,864 1,086,658
---------------------------------
Stockholders' equity
Common stock, $.01 par value per
share; authorized
10,000,000 shares; outstanding
6,906,822, 7,188,628 and
7,114,267 shares, respectively 69 72 71
Additional paid-in capital 38,875 48,156 45,739
Retained earnings 49,074 39,463 46,419
Accumulated other comprehensive income
(loss) (47) 243 119
------------------------------
Total stockholders' equity 87,971 87,934 92,348
------------------------------
Total liabilities and
stockholders' equity $1,240,496 $1,083,798 $1,179,006
==================================
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,
------------------------
2005 2004
------------------------
(unaudited)
Interest income:
Loans $15,379 $12,022
Investment securities 1,492 1,212
Federal funds sold and interest-
bearing deposits with banks 73 21
------------------------
Total interest income 16,944 13,255
------------------------
Interest expense:
Deposits 3,049 2,068
Borrowings 1,250 512
------------------------
Total interest expense 4,299 2,580
------------------------
Net interest income 12,645 10,675
Provision for credit losses 250 310
------------------------
Net interest income after
provision for credit
losses 12,395 10,365
------------------------
Noninterest income:
Fees charged for services 773 1,005
Gains and fees on sales of
mortgage loans, net of costs 352 351
Net loss on other real estate
owned - (9)
Commissions earned on financial
services sales 192 140
Other 314 269
-------------------------
Total noninterest income 1,631 1,756
-------------------------
Noninterest expense:
Salaries and employee benefits 4,327 4,046
Occupancy 998 976
Equipment 424 513
Data processing 452 518
Marketing 357 300
Professional fees 274 164
Postage 123 108
Stationery and supplies 111 115
Cash management services 108 122
Other 861 686
------------------------
Total noninterest expense 8,035 7,548
------------------------
Income before income taxes 5,991 4,573
Income tax provision 2,162 1,592
-----------------------
Net income $3,829 $2,981
========================
Per common share data:
Net income: Basic $0.55 $0.42
Diluted 0.53 0.40
Cash dividends declared $0.17 $0.15
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,
----------------------
2005 2004
----------------------
(unaudited)
GAAP-based Operating Performance Measures:
Net interest income $12,645 $10,675
Provision for credit losses 250 310
Noninterest income 1,631 1,756
Noninterest expense 8,035 7,548
Income before taxes 5,991 4,573
Income tax provision 2,162 1,592
Net income 3,829 2,981
Return on average assets 1.29% 1.16%
Return on average equity 17.14% 13.75%
Net interest margin 4.43% 4.34%
Efficiency ratio 56.28% 60.72%
Net income per share - diluted $0.53 $0.40
------------------------------------------------------------------------
Non-GAAP adjustments
Tax equivalent adjustment -
net interest income $373 $274
======================
------------------------------------------------------------------------
Core Operating Performance Measures: (a)
Net interest income - tax
equivalent $13,018 $10,949
Tax equivalent adjustment (373) (274)
------------------------
Net interest income 12,645 10,675
Provision for credit losses 250 310
Noninterest income 1,631 1,756
Noninterest expense 8,035 7,548
Income before taxes 5,991 4,573
Income tax provision 2,162 1,592
Net income 3,829 2,981
Return on average assets 1.29% 1.16%
Return on average equity 17.14% 13.75%
Net interest margin (FTE) 4.56% 4.46%
Efficiency ratio (FTE) 54.85% 59.41%
Net income per share - diluted $0.53 $0.40
-----------------------------------------------------------------------
(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.
-----------------------------------------------------------------------
Certain reclassifications of information previously reported
have been made to conform with current presentation.
COLUMBIA BANCORP
Quarterly Highlights
(dollars in thousands, except per share data)
1Q05 4Q04 3Q04
-------------------------------
(unaudited)
SUMMARY OF OPERATING RESULTS:
GAAP-based:
Interest income $16,944 $16,050 $14,833
Interest expense 4,299 3,497 3,131
Net interest income 12,645 12,553 11,702
Provision for credit losses 250 36 192
Noninterest income 1,631 1,499 1,738
Noninterest expense 8,035 8,367 7,693
Income before taxes 5,991 5,649 5,555
Income tax provision 2,162 1,976 2,037
Net income 3,829 3,673 3,518
Based on core operating performance (a):
Tax-equivalent interest income $17,317 $16,376 $15,097
Interest expense 4,299 3,497 3,131
Tax-equivalent net interest
income 13,018 12,879 11,966
Tax-equivalent adjustment 373 326 264
Net interest income 12,645 12,553 11,702
Provision for credit losses 250 36 192
Noninterest income 1,631 1,499 1,738
Noninterest expense 8,035 8,367 7,693
Income before taxes 5,991 5,649 5,555
Income tax provision 2,162 1,976 2,037
Net income 3,829 3,673 3,518
------------------------------------------------------------------------
PER SHARE DATA:
Net income :
GAAP-based:
Basic $0.55 $0.52 $0.49
Diluted 0.53 0.50 0.48
Based on core operating
performance (a):
Basic $0.55 $0.52 $0.49
Diluted 0.53 0.50 0.48
Average number of shares
outstanding:
Basic 6,984,185 7,113,768 7,128,359
Diluted 7,242,967 7,371,541 7,350,901
Book value, at period end $12.74 $12.98 $12.66
Tangible book value, at period
end 12.74 12.98 12.66
Cash dividends declared 0.17 0.17 0.15
------------------------------------------------------------------------
PERIOD END DATA:
Loans, net of unearned income $978,941 $950,170 $936,000
Investment securities held-to-
maturity and
securities available-for-sale 170,595 164,150 150,604
Assets 1,240,496 1,179,006 1,179,107
Noninterest-bearing deposits 248,122 256,132 246,092
Interest-bearing deposits 720,503 656,446 669,250
Total deposits 968,625 912,578 915,342
Customer funding sources (b) 1,104,701 1,025,403 1,053,771
Stockholders' equity 87,971 92,348 90,100
------------------------------------------------------------------------
COLUMBIA BANCORP
Quarterly Highlights
(dollars in thousands, except per share data)
2Q04 1Q04
-------------------------
(unaudited)
SUMMARY OF OPERATING RESULTS:
GAAP-based:
Interest income $13,408 $13,255
Interest expense 2,755 2,580
Net interest income 10,653 10,675
Provision for credit losses 190 310
Noninterest income 1,897 1,756
Noninterest expense 7,529 7,548
Income before taxes 4,831 4,573
Income tax provision 1,718 1,592
Net income 3,113 2,981
Based on core operating performance (a):
Tax-equivalent interest income $13,681 $13,529
Interest expense 2,755 2,580
Tax-equivalent net interest
income 10,926 10,949
Tax-equivalent adjustment 273 274
Net interest income 10,653 10,675
Provision for credit losses 190 310
Noninterest income 1,897 1,756
Noninterest expense 7,529 7,548
Income before taxes 4,831 4,573
Income tax provision 1,718 1,592
Net income 3,113 2,981
------------------------------------------------------------------------
PER SHARE DATA:
Net income :
GAAP-based:
Basic $0.43 $0.42
Diluted 0.42 0.40
Based on core operating
performance (a):
Basic 0.43 0.42
Diluted 0.42 0.40
Average number of shares
outstanding:
Basic 7,170,585 7,178,797
Diluted 7,404,762 7,434,701
Book value, at period end $12.33 $12.23
Tangible book value, at period
end 12.33 12.23
Cash dividends declared 0.15 0.15
------------------------------------------------------------------------
PERIOD END DATA:
Loans, net of unearned income $900,320 $864,753
Investment securities held-to-
maturity and
securities available-for-sale 122,430 104,211
Assets 1,126,916 1,083,798
Noninterest-bearing deposits 240,117 220,700
Interest-bearing deposits 650,884 625,311
Total deposits 891,001 846,011
Customer funding sources (b) 1,001,524 963,051
Stockholders' equity 88,039 87,934
------------------------------------------------------------------------
COLUMBIA BANCORP
Quarterly Highlights
(dollars in thousands, except per share data)
1Q05 4Q04 3Q04
-------------------------------
(unaudited)
PERFORMANCE RATIOS:
GAAP-based:
Return on average assets 1.29% 1.25% 1.24%
Return on average stockholders'
equity 17.14% 15.99% 15.60%
Net interest margin 4.43% 4.46% 4.31%
Efficiency ratio 56.28% 59.54% 57.24%
Based on core operating performance
(a):
Return on average assets 1.29% 1.25% 1.24%
Return on average stockholders'
equity 17.14% 15.99% 15.60%
Net interest margin (FTE) 4.56% 4.57% 4.41%
Efficiency ratio (FTE) 54.85% 58.19% 56.14%
------------------------------------------------------------------------
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.62% 9.74% 9.23%
Total 10.73% 10.85% 10.35%
Period-end tier 1 leverage ratio 8.62% 8.75% 8.51%
------------------------------------------------------------------------
ASSET QUALITY:
Allowance for credit losses to
loans, net of unearned
income, at period-end 1.22% 1.22% 1.23%
Net recoveries (charge-offs) $73 $33 $81
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income 0.03% 0.01% 0.04%
Nonperforming assets:
Nonaccrual loans $588 $614 $635
Loans 90+ days past due and
accruing 128 31 22
Other real estate owned - - -
Total nonperforming ---- ---- ----
assets $716 $645 $657
Nonperforming and past due loans ---- ---- ----
to total loans, net
of unearned income, at period-
end 0.07% 0.07% 0.07%
Nonperforming assets and past due
loans to total
assets, at period-end 0.06% 0.05% 0.06%
------------------------------------------------------------------------
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $773 $774 $910
Gains on sales of mortgage
loans, net of costs 352 287 291
Net income (loss) on other
real estate owned - - 73
Commissions earned on
financial services sales 192 166 146
Other noninterest income 314 272 318
Total noninterest ------ ------ ------
income $1,631 $1,499 $1,738
------ ------ ------
Noninterest expenses:
Salaries and payroll taxes $3,940 $4,014 $3,718
Employee benefits - health
and welfare 365 365 248
Employee benefits -
retirement 22 486 148
Occupancy 998 1,021 1,009
Equipment 424 426 468
Data processing 452 394 525
Marketing 357 193 140
Professional fees 274 343 264
Postage 123 99 79
Stationery and supplies 111 157 121
Cash management services 108 137 131
Other noninterest expenses 861 732 842
Total noninterest ------ ------ ------
expenses $8,035 $8,367 $7,693
------ ------ ------
COLUMBIA BANCORP
Quarterly Highlights
(dollars in thousands, except per share data)
2Q04 1Q04
-------------------------
(unaudited)
PERFORMANCE RATIOS:
GAAP-based:
Return on average assets 1.16% 1.16%
Return on average stockholders'
equity 14.07% 13.75%
Net interest margin 4.18% 4.34%
Efficiency ratio 59.99% 60.72%
Based on core operating performance
(a):
Return on average assets 1.16% 1.16%
Return on average stockholders'
equity 14.07% 13.75%
Net interest margin (FTE) 4.29% 4.46%
Efficiency ratio (FTE) 58.71% 59.41%
------------------------------------------------------------------------
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.45% 9.04%
Total 10.58% 10.20%
Period-end tier 1 leverage ratio 8.79% 8.34%
------------------------------------------------------------------------
ASSET QUALITY:
Allowance for credit losses to
loans, net of unearned
income, at period-end 1.25% 1.28%
Net recoveries (charge-offs) $10 $(97)
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income - % (0.05%)
Nonperforming assets:
Nonaccrual loans $1,095 $1,168
Loans 90+ days past due and
accruing 91 69
Other real estate owned 250 250
Total nonperforming ------ ------
assets $1,436 $1,487
Nonperforming and past due loans ------ ------
to total loans, net
of unearned income, at period-
end 0.13% 0.14%
Nonperforming assets and past due
loans to total
assets, at period-end 0.13% 0.14%
------------------------------------------------------------------------
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $1,029 $1,005
Gains on sales of mortgage
loans, net of costs 508 351
Net income (loss) on other
real estate owned (5) (9)
Commissions earned on
financial services sales 137 140
Other noninterest income 228 269
Total noninterest ----- -----
income $1,897 $1,756
------ ------
Noninterest expenses:
Salaries and payroll taxes $3,628 $3,684
Employee benefits - health
and welfare 245 237
Employee benefits -
retirement 33 125
Occupancy 944 976
Equipment 505 513
Data processing 532 518
Marketing 296 300
Professional fees 174 164
Postage 93 108
Stationery and supplies 98 115
Cash management services 158 122
Other noninterest expenses 823 686
------ ------
Total noninterest
expenses $7,529 $7,548
------ ------
COLUMBIA BANCORP
Quarterly Highlights
(dollars in thousands, except per share data)
1Q05 4Q04 3Q04
-------------------------------
(unaudited)
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $14,109 $15,512 $20,056
Investment securities and
securities
available-for-sale 163,757 157,348 140,143
Loans, net of unearned income 973,208 940,368 914,052
Loans originated for sale 5,883 7,068 4,738
Total earning assets 1,156,957 1,120,296 1,078,989
Total assets 1,206,651 1,167,536 1,126,923
Interest-bearing deposits:
NOW accounts 86,113 87,742 89,532
Savings and money market
accounts 192,899 201,479 208,538
Time deposits 405,018 364,888 361,653
Noninterest-bearing deposits 242,659 245,886 228,429
Total deposits 926,689 899,995 888,152
Short-term borrowings 152,754 139,635 118,077
Long-term borrowings 30,860 26,231 26,186
Total interest-bearing
liabilities 867,644 819,975 803,986
Stockholders' equity 90,592 91,367 89,730
------------------------------------------------------------------------
YIELD ANALYSIS:
Federal funds sold and
interest bearing deposits 2.15% 1.59% 1.29%
Investment securities and
securities
available-for-sale (FTE) 3.91% 3.92% 4.07%
Loans, net of unearned income
(FTE) 6.49% 6.20% 5.89%
Total yield on earning assets
(FTE) 6.07% 5.81% 5.57%
Interest-bearing deposits
NOW accounts 0.16% 0.16% 0.15%
Savings and money market
accounts 0.52% 0.47% 0.41%
Time deposits 2.77% 2.48% 2.42%
Short-term borrowings 2.26% 1.74% 1.17%
Long-term borrowings 5.23% 5.22% 5.09%
Total cost of interest-bearing
liabilities 2.01% 1.70% 1.55%
COLUMBIA BANCORP
Quarterly Highlights
(dollars in thousands, except per share data)
2Q04 1Q04
-------------------------
(unaudited)
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $37,521 $9,513
Investment securities and
securities
available-for-sale 103,384 122,192
Loans, net of unearned income 873,278 851,436
Loans originated for sale 8,320 5,196
Total earning assets 1,022,503 988,337
Total assets 1,071,793 1,033,102
Interest-bearing deposits:
NOW accounts 89,308 85,917
Savings and money market
accounts 194,197 194,141
Time deposits 348,394 314,116
Noninterest-bearing deposits 221,033 191,551
Total deposits 852,932 785,725
Short-term borrowings 105,985 128,547
Long-term borrowings 20,462 20,000
Total interest-bearing
liabilities 758,346 742,721
Stockholders' equity 88,743 87,180
------------------------------------------------------------------------
YIELD ANALYSIS:
Federal funds sold and
interest bearing deposits 0.96% 0.89%
Investment securities and
securities
available-for-sale (FTE) 4.45% 4.30%
Loans, net of unearned income
(FTE) 5.68% 5.71%
Total yield on earning assets
(FTE) 5.38% 5.49%
Interest-bearing deposits
NOW accounts 0.15% 0.13%
Savings and money market
accounts 0.37% 0.36%
Time deposits 2.39% 2.39%
Short-term borrowings 0.77% 0.77%
Long-term borrowings 5.35% 5.36%
Total cost of interest-bearing
liabilities 1.46% 1.40%
------------------------------------------------------------------------
(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.
------------------------------------------------------------------------
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,
+1-410-423-8012 or James P. Radick, CFO, +1-410-423-8020, both of
Columbia Bancorp
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