COLUMBIA, Md., October 14, 1997 -- Columbia Bancorp (NASDAQ:CBMD), parent
company of The Columbia Bank, today reported improved net income of
$1,085,398, or $.47 per share, for the quarter ended September 30, 1997, and
$3,056,117, or $1.34 per share, for the nine months then ended. Net income was
$751,370, or $.33 per share, and $2,784,012, or $1.23, for the comparable
periods in 1996, respectively. Results for the third quarter of 1996, as
previously reported, were affected by a special one-time after-tax charge of
$299,000 as a result of the recapitalization of the Savings Association
Insurance Fund of the Federal Deposit Insurance Corporation.
Rapid growth in the Company's core business continued during the third quarter
of 1997. As compared to September 30, 1996, loans increased 17.2%, deposits
were up 20.8% and total assets grew 25.1%. The Company continues to make
substantial investments to support this growth. Other operating trends remain
essentially unchanged from those reported as of June 30, 1997.
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 thirteen banking offices and provides a full
range of financial services to consumers and businesses.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in thousands)
September 30,
--------------------- Dec 31,
1997 1996 1996
--------------------- ----------
Unaudited
ASSETS
Cash and due from banks $16,132 17,433 17,753
Federal funds sold 4,844 1,707 3,477
Investment securities 60,665 35,969 39,795
Investment securities
available-for-sale 1,691 5,403 4,354
Residential mortgages
originated for sale 3,078 904 1,551
Loans, net of unearned income 264,645 225,737 237,875
Less: allowance for
credit losses 3,624 3,401 3,293
---------- ---------- ----------
Loans, net 261,021 222,336 234,582
Other real estate owned 4,576 0 448
Property and equipment, net 8,827 7,233 7,684
Prepaid expenses and
other assets 9,478 5,047 7,590
---------- ---------- ----------
TOTAL ASSETS $370,312 296,032 317,234
========== ========== ==========
LIABILITIES
Deposits:
Noninterest-bearing $47,230 42,418 43,981
Interest-bearing 246,848 200,932 210,659
---------- ---------- ----------
Total deposits 294,078 243,350 254,640
Short-term borrowings 41,331 20,690 30,127
Accrued expenses and
other liabilities 1,515 1,742 1,492
---------- ---------- ----------
TOTAL LIABILITIES 336,924 265,782 286,259
---------- ---------- ----------
STOCKHOLDERS' EQUITY
Common stock, $.01 par value
per share; authorized 9,550,000
shares; outstanding 2,165,795
2,147,278 and 2,148,004
shares, respectively 22 21 21
Additional paid-in capital 22,726 22,592 22,599
Retained earnings 10,642 7,653 8,363
Net unrealized loss on
investment securities
available-for-sale (2) (16) (8)
---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 33,388 30,250 30,975
---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $370,312 296,032 317,234
========== ========== ==========
COLUMBIA BANCORP
Consolidated Statements of Operation
(Dollars in thousands, except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
--------------------- ---------------------
1997 1996 1997 1996
---------- ---------- ---------- ----------
Unaudited Unaudited
Interest income:
Interest and fees on loans $19,796 17,206 6,943 5,956
Interest and dividends on
investments 2,310 1,408 877 525
Interest on federal
funds sold 160 306 51 59
---------- ---------- ---------- ----------
TOTAL INTEREST INCOME 22,266 18,920 7,871 6,540
---------- ---------- ---------- ----------
Interest expense:
Interest on deposits 7,306 5,894 2,614 2,013
Interest on short-term
borrowings 1,027 436 420 202
---------- ---------- ---------- ----------
TOTAL INTEREST EXPENSE 8,333 6,330 3,034 2,215
---------- ---------- ---------- ----------
NET INTEREST INCOME 13,933 12,590 4,837 4,325
Provision for credit losses 629 550 234 190
---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 13,304 12,040 4,603 4,135
---------- ---------- ---------- ----------
Noninterest income:
Gains on sales of
mortgage loans 509 564 228 192
Fees charged for services 928 707 339 252
Other 442 238 134 74
---------- ---------- ---------- ----------
TOTAL NONINTEREST INCOME 1,879 1,509 701 518
---------- ---------- ---------- ----------
Noninterest expense:
Salaries and employee
benefits 5,221 4,300 1,874 1,457
Occupancy, net 1,021 809 358 412
Equipment 743 584 259 201
Marketing 461 378 111 119
Data processing 437 405 163 121
Cash management services 329 343 118 120
Professional fees 302 160 123 69
Deposit insurance and
assessments 81 682 28 552
Net expense (income) on other
real estate owned 167 11 148 (3)
Other 1,596 1,323 522 376
---------- ---------- ---------- ----------
TOTAL NONINTEREST EXPENSE 10,358 8,995 3,704 3,424
---------- ---------- ---------- ----------
Income before income taxes 4,825 4,554 1,600 1,229
Income tax expense 1,769 1,770 515 478
---------- ---------- ---------- ----------
NET INCOME $3,056 2,784 1,085 751
========== ========== ========== ==========
PER COMMON SHARE DATA:
Net income $1.34 1.23 .47 .33
Cash dividends declared $.36 .30 .12 .10
COLUMBIA BANCORP
Financial Highlights
(Dollars in thousands, except per share data)
As of and Nine Months As of and Three Month
Ended September 30, Ended September 30,
--------------------- ---------------------
1997 1996 1997 1996
---------- ---------- ---------- ----------
SUMMARY OF OPERATING RESULTS:
Net interest income $13,933 12,590 4,837 4,325
Provision for credit losses 629 550 234 190
Noninterest income 1,879 1,509 701 518
Noninterest expense 10,358 8,995 3,704 3,424
Income tax expense 1,769 1,770 515 478
Net income 3,056 2,784 1,085 751
PER COMMON SHARE DATA:
Net income $1.34 1.23 .47 .33
Average number of shares
outstanding 2,283,187 2,257,105 2,292,404 2,262,663
Tangible book value,
at period-end $15.32 13.95
Cash dividends declared $.36 .30 .12 .10
PERIOD END DATA:
Assets $370,312 296,032
Deposits 294,078 243,350
Loans, net of unearned income 264,645 225,737
Investment securities and
securities available-for-sale 62,356 41,372
Stockholders' equity 33,388 30,250
PERFORMANCE RATIOS:
Return on average assets 1.22% 1.36% 1.17% 1.05%
Return on average stockholders'
equity 12.82% 12.75% 12.67% 10.13%
Net interest margin 6.01% 6.68% 5.85% 6.60%
CAPITAL AND CREDIT QUALITY:
Period-end capital to period-end
risk-weighted assets:
Tier 1 10.97% 11.88%
Total 12.17% 13.13%
Period-end Tier 1 capital
leverage ratio 9.26% 10.51%
Allowance for credit losses
to loans, net of unearned
income, at period-end 1.37% 1.51%
Annualized net charge-offs
to average loans, net of
unearned income 0.16% 0.05% 0.19% 0.14%
AVERAGE BALANCES:
Federal funds sold $3,858 7,864 3,890 3,920
Investment securities and
securities available-for-sale 53,463 34,162 59,612 36,781
Loans, net of unearned
income (a) 252,770 209,315 264,489 221,237
Total earning assets 310,092 251,341 327,992 261,938
Total assets 339,018 272,530 358,494 285,161
Interest-bearing deposits 231,431 192,747 242,781 197,587
Short-term borrowings 27,487 13,614 33,096 17,215
Stockholders' equity 32,185 29,124 33,009 29,675
(a) Includes residential mortgages originated for sale
Related links:
www.columbank.com
CONTACT:
John A. Scaldara, Jr., CFO and Secretary of
Columbia Bancorp, 410-465-4800
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