COLUMBIA, Md., July 13 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
parent company of The Columbia Bank, today reported record quarterly net
income of $1,175,562 or $.25 per share (assuming dilution) for the three
months ended June 30, 1998. The record quarter was also that during which the
Company celebrated its 10th anniversary. Net income was $999,165 or $.22 per
share (assuming dilution and as adjusted for the 2-for-1 stock split-up in the
form of a 100% stock dividend paid in June, 1998) for the comparable period in
1997. Net income for the six months ended June 30, 1998 was $2,249,433,
representing a 14.1% increase over the $1,970,719 reported for the same period
during 1997. Diluted net income per share was $.49 and $.43 for the six
months ended June 30, 1998 and 1997, respectively.
Assets totaled $408.5 million at June 30, 1998, compared to $373.5 million
at December 31, 1997 and $354.7 million at June 30, 1997. Deposits increased
5.0% to $329.1 million from $313.4 million at December 31, 1997. Loan growth
remained sluggish, increasing from $265.2 million at December 31, 1997 to
$267.8 million at June 30, 1998, and reflected continued competitive pressures
and accelerated refinancing activity. During this intensely competitive
period, management has maintained conservative underwriting standards. Other
operating trends continue to reflect the Company's aggressive expansion of
core business units undertaken during 1997. Specifically, noninterest income
and noninterest expense increased 76.7% and 24.6%, respectively, during the
six months ended June 30, 1998 compared to the same period in 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 operates thirteen banking offices and provides a full range of
financial services to consumers and businesses.
COLUMBIA BANCORP
Financial Highlights
As of and Six Months Ended
June 30,
1998 1997 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $9,858,945 9,096,429 8.4%
Provision for credit losses 183,000 395,000 -53.7%
Noninterest income 2,079,521 1,177,170 76.7%
Noninterest expense 8,293,033 6,654,280 24.6%
Income tax expense 1,213,000 1,253,600 -3.2%
Net income 2,249,433 1,970,719 14.1%
PER COMMON SHARE DATA (a):
Net income:
Basic $0.50 0.46 8.7%
Diluted 0.49 0.43 14.0%
Average number of
shares outstanding:
Basic 4,486,031 4,299,546 4.3%
Diluted 4,595,923 4,556,972 0.9%
Tangible book value,
at period end $8.01 7.47 7.3%
Cash dividends declared $0.14 0.12 16.7%
PERIOD END DATA:
Assets $408,480,016 354,652,807 15.2%
Deposits 329,131,949 288,710,690 14.0%
Loans, net of
unearned income 267,816,916 257,281,256 4.1%
Investment securities
and securities
available-for-sale 73,500,197 57,632,965 27.5%
Stockholders' equity 36,777,207 32,507,335 13.1%
PERFORMANCE RATIOS:
Return on average assets 1.17% 1.21% --
Return on average
stockholders' equity 12.76% 12.51% --
Net interest margin 5.60% 6.12% --
CAPITAL AND ASSET QUALITY:
Period-end capital
to period-end
risk-weighted assets:
Tier 1 11.98% 11.46% --
Total 13.18% 12.70% --
Period-end Tier 1
capital leverage ratio 9.28% 9.49% --
Allowance for credit
losses to loans, net
of unearned income,
at period-end 1.37% 1.37% --
Nonperforming and past-
due loans to total
loans, net of unearned
income, at period-end 0.78% 1.37% --
Nonperforming assets
and past-due loans
to total assets,
at period-end 1.51% 1.37% --
Annualized net charge-
offs to average loans,
net of unearned income 0.11% 0.14% --
AVERAGE BALANCES:
Federal funds sold $6,095,074 3,842,590 58.6%(b)
Investment securities
and securities
available-for-sale 69,780,804 50,388,619 38.5%
Loans, net of
unearned income 266,545,587 245,271,501 8.7%
Loans originated
for sale 12,596,579 1,638,947 668.6%
Total earning assets 355,018,044 299,502,710 18.5%
Total assets 388,271,837 329,280,661 17.9%
Interest-bearing
deposits 263,893,776 225,755,992 16.9%
Short-term borrowings 28,365,068 24,683,024 14.9%(b)
Long-term borrowings 4,375,000 0 100.0%
Stockholders' equity 35,555,597 31,772,746 11.9%
As of and Three Months Ended
June 30,
1998 1997 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $4,944,106 4,743,789 4.2%
Provision for
credit losses 99,000 185,000 -46.5%
Noninterest income 1,105,725 614,179 80.0%
Noninterest expense 4,158,269 3,539,303 17.5%
Income tax expense 617,000 634,500 -2.8%
Net income 1,175,562 999,165 17.7%
PER COMMON SHARE DATA (a):
Net income:
Basic $0.26 0.23 13.0%
Diluted 0.25 0.22 13.6%
Average number of
shares outstanding:
Basic 4,548,573 4,302,618 5.7%
Diluted 4,666,657 4,556,972 2.4%
Tangible book value,
at period end -- -- --
Cash dividends declared -- -- --
PERIOD END DATA:
Assets -- -- --
Deposits -- -- --
Loans, net of unearned income -- -- --
Investment securities
and securities
available-for-sale -- -- --
Stockholders' equity -- -- --
PERFORMANCE RATIOS:
Return on average assets 1.19% 1.18% --
Return on average
stockholders' equity 13.03% 12.47% --
Net interest margin 5.50% 6.13% --
CAPITAL AND ASSET QUALITY:
Period-end capital
to period-end
risk-weighted assets:
Tier 1 -- -- --
Total -- -- --
Period-end Tier 1
capital leverage ratio -- -- --
Allowance for credit
losses to loans, net
of unearned income,
at period-end -- -- --
Nonperforming and past-due
loans to total loans,
net of unearned income,
at period-end -- -- --
Nonperforming assets and
past-due loans to total
assets, at period-end -- -- --
Annualized net charge-offs
to average loans, net of
unearned income 0.16% 0.19% --
AVERAGE BALANCES:
Federal funds sold $9,589,860 4,267,616 124.7%(b)
Investment securities
and securities
available-for-sale 71,682,694 53,398,348 34.2%
Loans, net of
unearned income 265,184,008 250,657,289 5.8%
Loans originated
for sale 14,373,912 2,023,304 610.4%
Total earning assets 360,830,472 310,346,557 16.3%
Total assets 394,578,256 340,389,167 15.9%
Interest-bearing
deposits 267,316,788 232,584,934 14.9%
Short-term borrowings 25,662,299 26,038,963 -1.4%(b)
Long-term borrowings 8,750,000 0 100.0%
Stockholders' equity 36,176,415 32,144,838 12.5%
(a) Per common share data for 1997 has been adjusted to reflect the
two-for-one stock split-up in the form of a 100% stock dividend paid
in June 1998.
(b) Variances caused by large daily fluctuations in the balance due to
the nature of the account.
Columbia Bancorp
Consolidated Statements of Income
Six Months Ended Three Months Ended
June 30, June 30,
1998 1997 1998 1997
(unaudited) (unaudited)
Interest income:
Interest and fees
on loans $13,968,507 12,853,002 6,945,989 6,678,236
Interest and
dividends on
investments 2,054,234 1,433,368 1,058,618 770,960
Interest on
federal funds sold 163,247 109,452 131,994 58,367
TOTAL INTEREST
INCOME 16,185,988 14,395,822 8,136,601 7,507,563
Interest expense:
Interest on
deposits 5,449,029 4,692,364 2,719,028 2,449,249
Interest on
short-term
borrowings 878,014 607,029 473,467 314,525
TOTAL INTEREST
EXPENSE 6,327,043 5,299,393 3,192,495 2,763,774
NET INTEREST INCOME 9,858,945 9,096,429 4,944,106 4,743,789
Provision for
credit losses 183,000 395,000 99,000 185,000
NET INTEREST INCOME
AFTER PROVISION FOR
CREDIT LOSSES 9,675,945 8,701,429 4,845,106 4,558,789
Noninterest income:
Gains on sales of
mortgage loans 1,058,181 280,944 582,883 155,456
Fees charged for
services 631,603 588,506 337,165 312,603
Other 389,737 307,720 185,677 146,120
TOTAL NONINTEREST
INCOME 2,079,521 1,177,170 1,105,725 614,179
Noninterest expense:
Salaries and
employee benefits 4,494,232 3,346,462 2,200,119 1,743,590
Occupancy, net 920,747 662,646 441,389 341,897
Equipment 584,056 484,539 297,672 248,245
Marketing 297,833 350,759 130,081 191,087
Data processing 383,719 273,663 203,026 140,934
Cash management
services 163,631 211,669 92,161 120,219
Professional fees 145,939 179,214 65,089 127,976
Deposit insurance
and assessments 62,443 52,324 31,873 27,286
Net expense (income)
on other real estate
owned (8,153) 19,096 (10,817) (4,590)
Other 1,248,586 1,073,908 707,676 602,659
TOTAL NONINTEREST
EXPENSE 8,293,033 6,654,280 4,158,269 3,539,303
Income before
income taxes 3,462,433 3,224,319 1,792,562 1,633,665
Income tax expense 1,213,000 1,253,600 617,000 634,500
NET INCOME 2,249,433 1,970,719 1,175,562 999,165
Other comprehensive
income, net of tax:
Unrealized gains on
securities available for
sale arising during
period 1,205 5,149 (256) 2,288
COMPREHENSIVE
INCOME $2,250,638 1,975,868 1,175,306 1,001,453
PER COMMON SHARE DATA:
Net income: Basic $0.50 0.46 0.26 0.23
Diluted 0.49 0.43 0.25 0.22
Cash dividends
declared $0.14 0.12 0.07 0.06
Note: Per common share data for 1997 has been adjusted to reflect the
two-for-one stock split-up in the form of a 100% stock dividend paid in
June 1998
Columbia Bancorp
Consolidated Statements of Condition
June 30, December 31,
1998 1997 1997
(unaudited)
ASSETS
Cash and due from banks $15,778,637 15,966,069 13,497,010
Federal funds sold 19,806,986 4,781,217 2,013,538
Investment securities 72,168,742 54,412,355 64,970,889
Securities available-
for-sale 1,331,455 3,220,610 1,674,464
Residential mortgages
originated for sale 11,632,143 2,685,771 6,557,090
Loans, net of unearned
income 267,816,916 257,281,256 265,193,513
Less: allowance for
credit losses 3,673,241 3,514,334 3,631,664
Loans, net 264,143,675 253,766,922 261,561,849
Other real estate owned 4,071,822 1,318,978 4,621,873
Property and equipment, net 8,888,299 8,781,224 9,125,396
Prepaid expenses and
other assets 10,658,257 9,719,661 9,429,002
TOTAL ASSETS $408,480,016 354,652,807 373,451,111
LIABILITIES
Deposits:
Noninterest-bearing $58,512,371 49,636,394 56,584,646
Interest-bearing 270,619,578 239,074,296 256,772,797
Total deposits 329,131,949 288,710,690 313,357,443
Short-term borrowings 40,445,554 31,175,615 23,725,237
Accrued expenses and
other liabilities 2,125,306 2,259,167 1,983,617
TOTAL LIABILITIES 371,702,809 322,145,472 339,066,297
STOCKHOLDERS' EQUITY
Common stock, $.01 par value
per share; authorized
9,550,000 shares;
outstanding 4,571,670,
2,159,937 and 2,200,165
shares, respectively 45,716 21,599 22,002
Additional paid-in capital 23,696,461 22,671,689 22,918,578
Retained earnings 13,034,942 9,817,507 11,445,351
Accumulated other
comprehensive income 88 (3,460) (1,117)
TOTAL STOCKHOLDERS' EQUITY 36,777,207 32,507,335 34,384,814
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $408,480,016 354,652,807 373,451,111
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
CONTACT:
John M. Bond, Jr., President and CEO OF
Columbia Bancorp, 410-465-4800
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