COLUMBIA, Md., July 13 /PRNewswire/ -- Columbia Bancorp (the "Company")
(Nasdaq: CBMD), today reported record earnings for the six months ended June
30, 1999. Net income for the first half of 1999 totaled $2.53 million,
compared to $2.25 million for the same period in 1998, representing an
increase of 12.4%. Earnings per share (assuming dilution) for the six months
ended June 30, 1999 and 1998 were $.55 and $.49, respectively. Net income for
the quarter ended June 30, 1999 also was strong, totaling $1.27 million during
1999 compared to $1.18 million during 1998. Earnings per share (assuming
dilution) for the period increased 12.0% from $.25 in 1998 to $.28 in 1999.
Tangible book value at June 30, 1999 increased to $8.65.
Assets totaled $457.3 million at June 30, 1999, representing a 7.0%
increase from $427.3 million at December 31, 1998. Total deposits increased
5.1% to $356.6 million from $339.3 million at December 31, 1998 while
noninterest-bearing deposits increased by 23.5% from $60.4 million to $74.6
million during the same period. Loan growth improved substantially during the
quarter, as net loans increased 4.9% since March 31, 1999 to $294.0 million,
reflecting particularly strong growth in the Company's commercial and consumer
loan portfolios. Other operating trends continue to reflect the Company's
growth in overall business activity, particularly commercial banking and
corporate cash management and the resulting leverage of existing overhead.
During the six months ended June 30, 1999, noninterest expense increased only
3.0% as compared to the same period in 1998.
The Company's net interest margin, which was significantly impacted by the
75 basis point decline in the prime rate during the period September 30, 1998
through December 31, 1998, stabilized during the six months ended June 30,
1999. The Company's net interest margin will benefit from the 25 basis point
increase in the prime rate effective July 1, 1999. Pricing for approximately
$206.0 million of the Company's loan portfolio adjusts with the prime rate.
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 fourteen banking offices and provides a full range of
financial services to consumers and businesses.
In addition to historical information, this press release contains
forward-looking statements, which are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected in the forward-looking statements. Important factors that might
cause such a difference include, but are not limited to, those discussed in
this press release. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis only as of the
date hereof. The Company undertakes no obligation to publicly revise or update
these forward-looking statements to reflect events or circumstances that arise
after the date hereof. Readers should carefully review the risk factors
described in other documents the Company files from time to time with the
Securities and Exchange Commission, including Reports on Form 1O-K and Form
10-Q to be filed by the Company in 1999.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and As of and
Six Months Ended Three Months Ended
June 30, June 30,
1999 1998 % Change 1999 1998 % Change
(unaudited) (unaudited)
SUMMARY OF OPERATING
RESULTS:
Net interest
income $10,132 9,859 2.8% $5,165 4,944 4.5%
Provision for
credit losses 227 183 24.0% 92 99 -7.1%
Noninterest
income 1,790 1,376 30.1% 798 759 5.1%
Noninterest
expense 7,816 7,589 3.0% 3,955 3,811 3.8%
Income tax
provision 1,349 1,213 11.2% 646 617 4.7%
Net income 2,530 2,250 12.4% 1,270 1,176 8.0%
PER SHARE DATA (a):
Net income:
Basic $0.56 0.50 12.0% $0.28 0.26 7.7%
Diluted 0.55 0.49 12.2% 0.28 0.25 12.0%
Average number of
shares outstanding:
Basic 4,526,158 4,486,031 0.9% 4,506,448 4,548,573 -0.9%
Diluted 4,601,221 4,597,641 0.1% 4,576,391 4,670,113 -2.0%
Tangible book value,
at period end $8.65 8.01 7.9%
Cash dividends
declared $0.16 0.14 14.3% $0.08 0.07 14.3%
PERIOD END DATA:
Assets $457,255 408,480 11.9%
Deposits 356,627 329,132 8.4%
Loans, net of
unearned
income 293,959 267,817 9.8%
Investment
securities and
securities
available-
for-sale 98,484 73,500 34.0%
Stockholders'
equity 39,021 36,777 6.1%
PERFORMANCE RATIOS:
Return on average
assets 1.17% 1.17% 1.15% 1.20%
Return on average
stockholders'
equity 13.18% 12.76% 13.12% 13.04%
Net interest
margin 5.07% 5.60% 5.05% 5.50%
CAPITAL AND ASSET QUALITY:
Period-end capital
to period-end
risk-weighted
assets:
Tier 1 11.43% 11.98%
Total 12.65% 13.18%
Period-end Tier 1
leverage ratio 8.79% 9.28%
Allowance for
credit losses
to loans, net
of unearned
income, at
period-end 1.42% 1.37%
Nonperforming and
past-due loans
to total loans,
net of unearned
income, at
period-end 0.12% 0.78%
Nonperforming assets
and past-due
loans to total
assets, at
period-end 0.84% 1.51%
Annualized net
charge-offs to
average loans,
net of unearned
income 0.01% 0.11% --% 0.16%
AVERAGE BALANCES:
Federal funds
sold $25,934 6,095 325.5%(a) $25,867 9,590 169.7%(a)
Investment securities
and securities
available-
for-sale 88,130 69,781 26.3% 91,689 71,682 27.9%
Loans, net of
unearned
income 282,432 266,546 6.0% 288,261 265,184 8.7%
Loans originated
for sale 6,821 12,596 -45.8%(a) 4,107 14,374 -71.4%(a)
Total earning
assets 403,317 355,018 13.6% 409,924 360,830 13.6%
Total assets 437,168 388,272 12.6% 443,756 394,578 12.5%
Interest-bearing
deposits 281,067 263,894 6.5% 281,283 267,317 5.2%
Short-term
borrowings 29,293 28,365 3.3% 32,106 25,662 25.1%(a)
Long-term
borrowings 20,000 4,375 na 20,000 8,750 na
Stockholders'
equity 38,714 35,555 8.9% 38,830 36,176 7.3%
(a) Variances reflect significant fluctuations in account balances due to
the nature of the accounts.
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at June 30, 1999.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
June 30, December 3l,
1999 1998 1998
(unaudited)
Assets
Cash and due from banks $17,352 $15,779 $15,430
Federal funds sold 24,600 19,807 17,099
Investment securities 88,118 72,169 73,782
Securities available-for-sale 10,366 1,331 10,234
Residential mortgage loans
originated for sale 4,797 11,632 17,387
Loans, net of unearned income293,959 267,817 274,413
Less: allowance for
credit losses 4,181 3,673 3,965
Loans, net 289,778 264,144 270,448
Other real estate owned 3,462 4,072 4,043
Property and equipment, net 8,240 8,888 8,616
Prepaid expenses and
other assets 10,542 10,658 10,296
Total assets $457,255 $408,480 $427,335
Liabilities
Deposits:
Noninterest-bearing $74,628 $58,512 $60,372
Interest-bearing 281,999 270,620 278,964
Total deposits 356,627 329,132 339,336
Short-term borrowings 39,296 25,446 27,012
Long-term borrowings 20,000 15,000 20,000
Accrued expenses and
other liabilities 2,311 2,125 2,633
Total liabilities 418,234 371,703 388,981
Stockholders' equity
Common stock, $.01 par value
per share; authorized 9,550,000
shares; outstanding 4,505,639,
4,571,670 and 4,561,650 shares,
respectively 45 46 46
Additional paid-in capital 22,367 23,696 23,491
Retained earnings 16,653 13,035 14,846
Accumulated other
comprehensive income (44) -- (29)
Total stockholders' equity 39,021 36,777 38,354
Total liabilities and
stockholders' equity $457,255 $408,480 $427,335
COLUMBIA BANCORP
Consolidated Statements of Income
(Dollars in Thousands Except Per-Share Data)
Six Months Ended Three Months Ended
June 30, June 30,
1999 1998 1999 1998
(unaudited) (unaudited)
Interest income:
Loans $13,297 13,969 6,684 6,947
Investment securities 2,576 2,054 1,343 1,058
Federal funds sold 536 163 266 132
Total interest income 16,409 16,186 8,293 8,137
Interest expense:
Deposits 5,152 5,449 2,526 2,719
Borrowings 1,125 878 602 474
Total interest expense 6,277 6,327 3,128 3,193
Net interest income 10,132 9,859 5,165 4,944
Provision for credit losses 227 183 92 99
Net interest income after
provision for credit losses 9,905 9,676 5,073 4,845
Noninterest income:
Fees charged for services 783 632 411 337
Gains on sales of mortgage
loans, net of costs 608 354 198 236
Other 399 390 189 186
Total noninterest income 1,790 1,376 798 759
Noninterest expense:
Salaries and employee benefits3,971 3,754 2,082 1,834
Occupancy, net 992 921 498 442
Equipment 638 584 315 298
Data processing 446 384 227 203
Marketing 242 298 118 130
Cash management services 172 164 104 93
Professional fees 110 146 39 65
Net income on other
real estate owned (10) (8) (50) (11)
Deposit insurance 69 62 35 31
Other 1,186 1,284 587 726
Total noninterest expense 7,816 7,589 3,955 3,811
Income before income taxes 3,879 3,463 1,916 1,793
Income tax provision 1,349 1,213 646 617
Net income 2,530 2,250 1,270 1,176
Other comprehensive income,
net of tax - unrealized
gain on securities
available-for-sale (15) 1 (45) --
Comprehensive income $2,515 2,251 1,225 1,176
Per common share data (a):
Net income: Basic $0.56 0.50 0.28 0.26
Diluted 0.55 0.49 0.28 0.25
Cash dividends declared $0.16 0.14 0.08 0.07
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at June 30, 1999.
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 M. Bond, Jr., CEO of Columbia Bancorp,
410-465-4800
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