COLUMBIA, Md., July 15 /PRNewswire-FirstCall/ -- Columbia Bancorp
(Nasdaq: CBMD), parent company of The Columbia Bank (the "Bank"), today
announced net income for the six months ended June 30, 2004 of $6.09 million
($.82 per diluted share) compared to $5.33 million ($.73 per diluted share)
for the same period during 2003, an increase of 14.4%. Returns on average
equity were 13.93% and 13.60% for the six months ended June 30, 2004 and 2003,
respectively. Return on average assets was 1.16% for the six months ended
June 30, 2004 compared to 1.14% for the same period in 2003.
Net income for the second quarter 2004 totaled $3.11 million ($.42 per
diluted share) compared to $2.84 million ($.39 per diluted share) for the
second quarter 2003, a 9.7% increase. Returns on average equity for the
second quarter 2004 and 2003 were 14.07% and 14.26%, respectively. Returns on
average assets for the second quarter 2004 and 2003 were 1.16% and 1.18%,
respectively.
SECOND QUARTER FINANCIAL HIGHLIGHTS
-- Loans reached a record level of $900.32 million, increasing $149.81
million, or 20.0%, since June 30, 2003. Since December 31, 2003,
loans grew $64.84 million, representing an annualized rate of
growth of 15.5%.
-- Customer funding sources (deposits and other short-term borrowings
from core customers) grew $63.77 million, or 6.8%, since June 30,
2003.
-- Assets grew to a record level, totaling $1.13 billion at June 30,
2004.
-- Credit quality remained strong with nonperforming assets and past
due loans totaling only $1.44 million, or .13% of total assets.
Net recoveries during the quarter totaled $10,000.
-- As anticipated, because of increasing interest rates and a
corresponding decrease in loan origination volume, income from
mortgage-banking activities declined $326,000, or 39.1%, compared
to the second quarter 2003.
-- On June 24, 2004, the Company completed a private offering of $6.0
million of trust preferred securities.
DETAILED REVIEW OF FINANCIAL PERFORMANCE
Total assets at June 30, 2004 were $1.13 billion, representing growth of
$66.59 million, or 6.3%, since June 30, 2003. Loans, net of unearned income,
totaled $900.32 million compared to $750.51 million at June 30, 2003,
representing growth of $149.81 million, or 20.0%. Growth in the loan
portfolio since June 30, 2003 was supported by strength in all lending
activities. Specifically, the real estate development and construction
portfolio increased $77.67 million (32.8%), the commercial portfolio,
inclusive of commercial mortgage loans, increased $38.41 million (11.1%) and
the consumer portfolio increased $33.20 million (22.2%). Customer funding
sources, representing deposits plus other short-term borrowings from core
customers, increased 6.8% to $1.00 billion at June 30, 2004. Shareholders'
equity climbed 9.3% to $88.04 million at June 30, 2004.
Operating performance through June 30, 2004 was primarily driven by growth
in net interest income and containment of noninterest expense. Net interest
income increased 5.8% during the second quarter 2004 and 9.2% during the six
months ended June 30, 2004 as compared to the corresponding periods of 2003,
as a result of continued growth in earning assets, most specifically, the loan
portfolio. Modest margin pressure mitigated the impact of growth in earning
assets. The net interest margin (FTE) declined .16% during the second quarter
2004 as compared to the second quarter 2003 and .04% during the six months
ended June 30, 2004 as compared to the same period in 2003. The pressure on
the net interest margin resulted from the Federal Reserve's previous actions
to lower short-term rates and, more recently, market driven increases in the
cost of funding sources in anticipation of the Federal Reserve's increase in
its fed funds target rate of .25% on June 30, 2004. The Company remained
asset sensitive at June 30, 2004 and should benefit from the Federal Reserve's
action to increase short-term rates. The potential benefit the Company might
achieve as a result of a rising interest rate environment may be reduced
depending upon the rate at which its cost of funds increases. Noninterest
expense rose modestly, increasing 2.3% and 3.4% for the second quarter 2004
and six months ended June 30, 2004, respectively, as compared to the
corresponding periods in 2003. The efficiency ratio (FTE) improved to 59.0%
during the six months ended June 30, 2004 as the Company continued to
effectively leverage its overhead infrastructure. As expected, noninterest
income fell $571,000, or 23.4%, during the second quarter 2004 and $768,000,
or 17.5%, during the six months ended June 30, 2004, compared to the
corresponding periods of 2003 primarily, as a result of a decline in mortgage
banking activity. Specifically, mortgage-banking revenue declined $326,000
and $606,000 during the second quarter 2004 and six months ended June 30,
2004, respectively. The Company sold first mortgage loans totaling $44.77
million during the second quarter 2004, compared to $75.22 million during the
same period in 2003, and $74.34 million during the six months of 2004,
compared to $139.51 million in 2003.
Asset quality remained very strong at June 30, 2004, with nonperforming
assets and past-due loans totaling $1.44 million. As of June 30, 2004,
nonperforming assets and past-due loans represented only .13% of total assets.
The ratio of nonperforming loans and past-due loans to total loans improved
from .20% at June 30, 2003 to .13% at June 30, 2004. Net recoveries totaled
$10,000 during the second quarter. Net charge-offs for the six months ended
June 30, 2004 totaled $87,000, or .02% of average loans. Reflecting strong
asset quality, the provision for loan losses decreased from $1.05 million in
2003 to $500,000 in 2004. At June 30, 2004, the allowance for credit losses
totaled $11.24 million, or 1.25% of loans, compared to $9.86 million, or 1.31%
of loans at June 30, 2003.
On June 24, 2004 the Company completed a private offering of $6.0 million
of trust preferred securities through a statutory trust formed for that
purpose. The Company intends to use the proceeds of the offering for general
corporate purposes, including the repurchase of the Company's common stock.
During the second quarter 2004, the Company repurchased 55,596 shares of its
common stock at a weighted average price per share of $28.64.
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 a net interest
margin and an efficiency ratio reported on a fully tax-equivalent basis
("FTE"). These 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 nonperforming 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 Six Months Ended
June 30,
2004 2003 % Change
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $27,211 $25,434 7.0%
Interest expense 5,335 5,670 (5.9%)
Tax equivalent net interest
income 21,876 19,764 10.7%
Tax equivalent adjustment 548 233 135.2%
Net interest income 21,328 19,531 9.2%
Provision for credit losses 500 1,050 (52.4%)
Noninterest income 3,609 4,377 (17.5%)
Noninterest expense 15,033 14,534 3.4%
Income before taxes 9,404 8,324 13.0%
Income tax provision 3,310 2,996 10.5%
Net income 6,094 5,328 14.4%
PER SHARE DATA:
Net income:
Basic $0.85 $0.75 13.2%
Diluted $0.82 $0.73 12.5%
Average number of shares
outstanding:
Basic 7,175,939 7,116,714 0.8%
Diluted 7,421,715 7,337,212 1.2%
Book value, at period end $12.33 $11.31 9.1%
Tangible book value, at period end 12.33 11.31 9.1%
Cash dividends declared $0.30 $0.25 20.0%
PERIOD END DATA:
Loans, net of unearned income $900,320 $750,509 20.0%
Investment securities and
securities available-for-sale 122,430 140,552 (12.9%)
Assets 1,126,916 1,060,141 6.3%
Noninterest-bearing deposits 240,117 197,490 21.6%
Interest-bearing deposits 650,884 586,507 11.0%
Total deposits 891,001 783,997 13.6%
Customer funding sources (a) 1,001,524 937,758 6.8%
Stockholders' equity 88,039 80,538 9.3%
PERFORMANCE RATIOS:
Return on average assets 1.16% 1.14%
Return on average stockholders'
equity 13.93% 13.60%
Net interest margin 4.27% 4.37%
Net interest margin (FTE) 4.38% 4.42%
Efficiency ratio (FTE)(c) 58.99% 60.20%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.45% 9.20%
Total 10.58% 10.33%
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% 1.31%
Net recoveries (charge-offs) $(87) $(24) (262.5%)
Annualized net recoveries
(charge-offs) to average loans, net
of unearned income (0.02%) (0.01%)
Nonperforming assets:
Nonaccrual loans $1,095 $720 52.1%
Restructured loans -- 643 (100.0%)
Loans 90+ days past due and
accruing 91 112 (18.8%)
Other real estate owned 250 -- na
Total nonperforming assets $1,436 $1,475 (2.6%)
Nonperforming and past due loans
to total loans, net of unearned
income, at period-end 0.13% 0.20%
Nonperforming assets and past due
loans to total assets, at period-end 0.13% 0.14%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands, Except Per-Share Data)
(Unaudited)
As of and Three Months Ended
June 30,
2004 2003 % Change
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $13,681 $12,941 5.7%
Interest expense 2,755 2,758 (0.1%)
Tax equivalent net interest
income 10,926 10,183 7.3%
Tax equivalent adjustment 273 113 141.6%
Net interest income 10,653 10,070 5.8%
Provision for credit losses 190 745 (74.5%)
Noninterest income 1,872 2,443 (23.4%)
Noninterest expense 7,504 7,335 2.3%
Income before taxes 4,831 4,433 9.0%
Income tax provision 1,718 1,596 7.6%
Net income 3,113 2,837 9.7%
PER SHARE DATA:
Net income:
Basic $0.43 $0.40 8.5%
Diluted 0.42 0.39 7.8%
Average number of shares
outstanding:
Basic 7,170,585 7,117,805 0.7%
Diluted 7,404,762 7,346,462 0.8%
Book value, at period end
Tangible book value, at period end
Cash dividends declared $0.15 $0.125 20.0%
PERIOD END DATA:
Loans, net of unearned income
Investment securities and securities
available-for-sale
Assets
Noninterest-bearing deposits
Interest-bearing deposits
Total deposits
Customer funding sources (a)
Stockholders' equity
PERFORMANCE RATIOS:
Return on average assets 1.16% 1.18%
Return on average stockholders'
equity 14.07% 14.26%
Net interest margin 4.18% 4.40%
Net interest margin (FTE) 4.29% 4.45%
Efficiency ratio (FTE) (c) 58.63% 58.09%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1
Total
Period-end tier 1 leverage ratio
ASSET QUALITY:
Allowance for credit losses to
loans, net of unearned income, at
period-end
Net recoveries (charge-offs) $10 $21 (52.4%)
Annualized net recoveries
(charge-offs) to average loans, net
of unearned income 0.00% 0.01%
Nonperforming assets:
Nonaccrual loans
Restructured loans
Loans 90+ days past due and
accruing
Other real estate owned
Total nonperforming
assets
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
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands, Except Per-Share Data)
(Unaudited)
As of and Six Months Ended
June 30,
2004 2003 % Change
NONINTEREST INCOME AND EXPENSE BREAKDOWN:
Noninterest income:
Fees charged for services $2,034 $1,932 5.3%
Gains and fees on sales of
mortgage loans, net of costs 859 1,465 (41.4%)
Net income (loss) on other
real estate owned (14) 41 (134.1%)
Commission earned on
financial services sales 277 248 11.7%
Other noninterest income 453 691 (34.4%)
3,609 4,377 (17.5%)
Noninterest expenses:
Salaries and employee
benefits 7,952 7,835 1.5%
Occupancy, net 1,920 1,844 4.1%
Equipment 1,018 944 7.8%
Data processing 1,050 894 17.4%
Marketing 596 567 5.1%
Other noninterest expenses 2,497 2,450 1.9%
15,033 14,534 3.4%
AVERAGE BALANCES:
Federal funds sold and
interest-bearing deposits (b) $23,517 $34,501 (31.8%)
Investment securities and
securities available-for-sale 112,788 151,530 (25.6%)
Loans, net of unearned income 862,357 698,940 23.4%
Loans originated for sale (b) 6,758 15,931 (57.6%)
Total earning assets 1,005,420 900,902 11.6%
Total assets 1,052,448 946,332 11.2%
Interest-bearing deposits:
NOW accounts 87,612 89,078 (1.6%)
Savings and money market
accounts 194,169 192,332 1.0%
Time deposits 331,255 281,217 17.8%
Noninterest-bearing deposits 206,292 164,501 25.4%
Total deposits 795,257 727,128 9.4%
Short-term borrowings (b) 117,267 111,364 5.3%
Long-term borrowings 20,231 20,000 1.2%
Total interest-bearing
liabilities 750,534 693,991 8.1%
Stockholders' equity 87,960 78,979 11.4%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 0.95% 1.19%
Investment securities and securities
available-for-sale (FTE) 4.38% 4.64%
Loans, net of unearned income (FTE) 5.70% 6.13%
Total yield on earning assets (FTE) 5.44% 5.69%
Interest-bearing deposits
NOW accounts 0.14% 0.15%
Savings and money market
accounts 0.37% 0.73%
Time deposits 2.38% 2.84%
Short-term borrowings 0.77% 0.75%
Long-term borrowings 5.34% 5.42%
Total cost of interest-bearing
liabilities 1.43% 1.65%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands, Except Per-Share Data)
(Unaudited)
As of and Three Months Ended
June 30,
2004 2003 % Change
NONINTEREST INCOME AND EXPENSE BREAKDOWN:
Noninterest income:
Fees charged for services $1,029 $994 3.5%
Gains and fees on sales of
mortgage loans, net of costs 508 834 (39.1%)
Net income (loss) on other
real estate owned (5) 30 (116.7%)
Commission earned on
financial services sales 137 125 9.6%
Other noninterest income 203 460 (55.9%)
1,872 2,443 (23.4%)
Noninterest expenses:
Salaries and employee
benefits 3,906 3,865 1.1%
Occupancy, net 944 920 2.6%
Equipment 505 495 2.0%
Data processing 532 484 9.9%
Marketing 296 335 (11.6%)
Other noninterest expenses 1,321 1,236 6.9%
7,504 7,335 2.3%
AVERAGE BALANCES:
Federal funds sold and
interest-bearing deposits (b) $37,521 $25,995 44.3%
Investment securities and
securities
available-for-sale 103,384 151,508 (31.8%)
Loans, net of unearned income 873,278 721,274 21.1%
Loans originated for sale (b) 8,320 19,945 (58.3%)
Total earning assets 1,022,503 918,722 11.3%
Total assets 1,071,793 965,980 11.0%
Interest-bearing deposits:
NOW accounts 89,308 93,717 (4.7%)
Savings and money market
accounts 194,197 198,470 (2.2%)
Time deposits 348,394 280,242 24.3%
Noninterest-bearing deposits 221,033 168,554 31.1%
Total deposits 852,932 740,983 15.1%
Short-term borrowings (b) 105,985 115,939 (8.6%)
Long-term borrowings 20,462 20,000 2.3%
Total interest-bearing
liabilities 758,346 708,368 7.1%
Stockholders' equity 88,743 79,775 11.2%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 0.96% 1.18%
Investment securities and
securities
available-for-sale (FTE) 4.45% 4.59%
Loans, net of unearned income
(FTE) 5.68% 6.02%
Total yield on earning assets
(FTE) 5.38% 5.65%
Interest-bearing deposits
NOW accounts 0.15% 0.10%
Savings and money market
accounts 0.37% 0.64%
Time deposits 2.39% 2.78%
Short-term borrowings 0.77% 0.69%
Long-term borrowings 5.35% 5.50%
Total cost of interest-bearing
liabilities 1.46% 1.56%
(a) Deposits plus customer-related short-term borrowings in the form
of commercial paper and repurchase agreements.
(b) Variances reflect significant fluctuations in account balances
due to the nature of the accounts.
(c) 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.
Certain reclassifications of information previously reported have been
made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
June 30, June 30, December 31,
2004 2003 2003
(unaudited) (audited)
Assets
Cash and due from banks $38,014 $55,410 $35,846
Interest-bearing deposits with banks 207 217 205
Federal funds sold 43,547 72,128 3,292
Investment securities 69,803 92,302 77,344
Securities available-for-sale 52,627 48,250 56,583
Residential mortgage loans originated
for sale 7,307 23,766 6,046
Loan receivables:
Real estate - development and
construction 314,480 236,813 283,599
Commercial 218,623 198,216 221,374
Real estate - mortgage:
Residential 17,197 17,434 16,349
Commercial 166,963 148,965 143,723
Retail, principally second
mortgage loans
and residential equity lines
of credit 182,560 149,360 169,298
Other 707 156 1,504
Total loans 900,530 750,944 835,847
Less: unearned income, net of
origination costs (210) (435) (363)
allowance for credit
losses (11,241) (9,864) (10,828)
Loans, net 889,079 740,645 824,656
Other real estate owned 250 -- --
Property and equipment, net 6,948 7,882 7,332
Prepaid expenses and other assets 19,134 19,541 17,951
Total assets $1,126,916 $1,060,141 $1,029,255
Liabilities
Deposits:
Noninterest-bearing $240,117 $197,490 $206,323
Interest-bearing 650,884 586,507 581,285
Total deposits 891,001 783,997 787,608
Short-term borrowings 115,523 169,990 128,844
Subordinated debentures 6,186 -- --
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other liabilities 6,167 5,616 7,354
Total liabilities 1,038,877 979,603 943,806
Stockholders' equity
Common stock, $.01 par value per
share; authorized
10,000,000 shares; outstanding
7,137,692, 7,118,529 and 7,170,882
shares, respectively 71 71 72
Additional paid-in capital 46,626 47,553 47,886
Retained earnings 41,506 32,957 37,561
Accumulated other comprehensive income
(loss) (164) (43) (70)
Total stockholders' equity 88,039 80,538 85,449
Total liabilities and
stockholders' equity $1,126,916 $1,060,141 $1,029,255
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)
Six Months Ended Three Months Ended
June 30, June 30,
2004 2003 2004 2003
(unaudited) (unaudited)
Interest income:
Loans $24,289 $21,587 $12,267 $11,075
Investment securities 2,263 3,408 1,051 1,675
Federal funds sold and interest-
bearing deposits with banks 111 206 90 78
Total interest income 26,663 25,201 13,408 12,828
Interest expense:
Deposits 4,346 4,721 2,278 2,285
Borrowings 989 949 477 473
Total interest expense 5,335 5,670 2,755 2,758
Net interest income 21,328 19,531 10,653 10,070
Provision for credit losses 500 1,050 190 745
Net interest income after
provision for credit losses 20,828 18,481 10,463 9,325
Noninterest income:
Fees charged for services 2,034 1,932 1,029 994
Gains and fees on sales of
mortgage loans, net of costs 859 1,465 508 834
Net income (loss) on other real
estate owned (14) 41 (5) 30
Commissions earned on financial
services sales 277 248 137 125
Other 453 691 203 460
Total noninterest income 3,609 4,377 1,872 2,443
Noninterest expense:
Salaries and employee benefits 7,952 7,835 3,906 3,865
Occupancy, net 1,920 1,844 944 920
Equipment 1,018 944 505 495
Data processing 1,050 894 532 484
Marketing 596 567 296 335
Professional fees 338 394 174 136
Cash management services 280 290 158 149
Deposit insurance 99 98 50 49
Other 1,780 1,668 939 902
Total noninterest expense 15,033 14,534 7,504 7,335
Income before income taxes 9,404 8,324 4,831 4,433
Income tax provision 3,310 2,996 1,718 1,596
Net income $6,094 $5,328 $3,113 $2,837
Per common share data:
Net income: Basic $0.85 $0.75 $0.43 $0.40
Diluted 0.82 0.73 0.42 0.39
Cash dividends declared $0.30 $0.25 $0.15 $0.125
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)
Six Months Ended Three Months Ended
June 30, June 30,
2004 2003 2004 2003
(unaudited) (unaudited)
GAAP-based Operating Performance
Measures:
Net interest income $21,328 $19,531 $10,653 $10,070
Provision for credit losses 500 1,050 190 745
Noninterest income 3,609 4,377 1,872 2,443
Noninterest expense 15,033 14,534 7,504 7,335
Income before taxes 9,404 8,324 4,831 4,433
Income tax provision 3,310 2,996 1,718 1,596
Net income 6,094 5,328 3,113 2,837
Return on average assets 1.16% 1.14% 1.16% 1.18%
Return on average equity 13.93% 13.60% 14.07% 14.26%
Net interest margin 4.27% 4.37% 4.18% 4.40%
Efficiency ratio 60.28% 60.79% 59.91% 58.62%
Net income per share - diluted $0.82 $0.73 $0.42 $0.39
Non-GAAP adjustments
Tax equivalent adjustment -
net interest income $548 $233 $273 $113
Core Operating Performance Measures
Net interest income - tax
equivalent $21,876 $19,764 $10,926 $10,183
Tax equivalent adjustment (548) (233) (273) (113)
Net interest income 21,328 19,531 10,653 10,070
Provision for credit losses 500 1,050 190 745
Noninterest income 3,609 4,377 1,872 2,443
Noninterest expense 15,033 14,534 7,504 7,335
Income before taxes 9,404 8,324 4,831 4,433
Income tax provision 3,310 2,996 1,718 1,596
Net income 6,094 5,328 3,113 2,837
Return on average assets 1.16% 1.14% 1.16% 1.18%
Return on average equity 13.93% 13.60% 14.07% 14.26%
Net interest margin (FTE) 4.38% 4.42% 4.29% 4.45%
Efficiency ratio (FTE) 58.98% 60.20% 58.63% 58.09%
Net income per share - diluted $0.82 $0.73 $0.42 $0.39
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 1,872 1,737
Noninterest expense 7,504 7,529
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 1,872 1,737
Noninterest expense 7,504 7,529
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 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 (a) 1,001,524 963,051
Stockholders' equity 88,039 87,934
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 59.91% 60.66%
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) 58.63% 59.35%
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 0.00% (0.05%)
Nonperforming assets:
Nonaccrual loans $1,095 $1,168
Restructured loans -- --
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 203 250
Total noninterest
income $1,872 $1,737
Noninterest expenses:
Salaries and payroll taxes $3,618 $3,684
Employee benefits 288 362
Occupancy, net 944 976
Equipment 505 513
Data processing 532 518
Marketing 296 300
Other noninterest expenses 1,321 1,176
Total noninterest
expenses $7,504 $7,529
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 (b) 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 (b) 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.
COLUMBIA BANCORP
Quarterly Highlights
(Dollars in Thousands, Except Per-Share Data)
4Q03 3Q03 2Q03 1Q03
SUMMARY OF OPERATING RESULTS:
GAAP-based:
Interest income $13,151 $13,051 $12,828 $12,373
Interest expense 2,507 2,559 2,758 2,912
Net interest income 10,644 10,492 10,070 9,461
Provision for credit
losses 120 -- 745 305
Noninterest income 1,848 2,737 2,444 1,934
Noninterest expense 7,587 7,849 7,335 7,199
Income before taxes 4,785 5,380 4,434 3,891
Income tax provision 1,652 1,937 1,597 1,400
Net income 3,133 3,443 2,837 2,491
Based on core operating
performance (a):
Tax-equivalent interest
income $13,339 $13,169 $12,941 $12,493
Interest expense 2,507 2,559 2,758 2,912
Tax-equivalent net
interest income 10,832 10,610 10,183 9,581
Tax-equivalent adjustment 188 118 113 120
Net interest income 10,644 10,492 10,070 9,461
Provision for credit losses 120 -- 745 305
Noninterest income 1,848 2,737 2,444 1,934
Noninterest expense 7,587 7,849 7,335 7,199
Income before taxes 4,785 5,380 4,434 3,891
Income tax provision 1,652 1,937 1,597 1,400
Net income 3,133 3,443 2,837 2,491
PER SHARE DATA:
Net income :
GAAP-based:
Basic $0.44 $0.48 $0.40 $0.35
Diluted 0.42 0.47 0.39 0.34
Based on core operating
performance (a):
Basic 0.44 0.48 0.40 0.35
Diluted 0.42 0.47 0.39 0.34
Average number of shares
outstanding:
Basic 7,164,091 7,137,668 7,117,805 7,115,612
Diluted 7,413,256 7,387,088 7,346,462 7,290,541
Book value, at period end $11.92 $11.65 $11.31 $11.02
Tangible book value, at
period end 11.92 11.65 11.31 11.02
Cash dividends declared 0.150 0.125 0.125 0.125
PERIOD END DATA:
Loans, net of unearned
income $835,484 $797,108 $750,509 $696,322
Investment securities and
securities
available-for-sale 133,927 142,048 140,552 145,714
Assets 1,029,255 1,013,492 1,060,141 993,570
Noninterest-bearing
deposits 206,323 190,576 197,490 182,421
Interest-bearing deposits 581,285 584,401 586,507 565,106
Total deposits 787,608 774,977 783,997 747,527
Customer funding sources
(a) 887,930 897,860 937,758 877,955
Stockholders' equity 85,449 83,132 80,538 78,422
COLUMBIA BANCORP
Quarterly Highlights
(Dollars in Thousands, Except Per-Share Data)
4Q03 3Q03 2Q03 1Q03
PERFORMANCE RATIOS:
GAAP-based:
Return on average assets 1.23% 1.36% 1.18% 1.09%
Return on average
stockholders' equity 14.55% 16.56% 14.26% 12.92%
Net interest margin 4.36% 4.34% 4.40% 4.35%
Efficiency ratio 60.73% 59.33% 58.61% 63.18%
Based on core operating
performance (a):
Return on average assets 1.23% 1.36% 1.18% 1.09%
Return on average
stockholders' equity 14.55% 16.56% 14.26% 12.92%
Net interest margin (FTE) 4.43% 4.39% 4.45% 4.40%
Efficiency ratio (FTE) 59.83% 58.81% 58.09% 62.52%
CAPITAL RATIOS:
Period-end capital to
risk-weighted assets:
Tier 1 9.28% 9.31% 9.20% 9.62%
Total 10.45% 10.49% 10.33% 10.73%
Period-end tier 1 leverage
ratio 8.43% 8.30% 8.34% 8.49%
ASSET QUALITY:
Allowance for credit
losses to loans, net
of unearned income,
at period-end 1.30% 1.32% 1.31% 1.31%
Net recoveries (charge-
offs) $148 $695 $21 $(45)
Annualized net recoveries
(charge-offs) to
average loans, net
of unearned income 0.07% 0.36% 0.01% (0.03%)
Nonperforming assets:
Nonaccrual loans $892 $974 $720 $806
Restructured loans -- -- 643 --
Loans 90+ days past
due and accruing 72 127 112 164
Other real estate
owned -- -- -- --
Total
nonperforming
assets $964 $1,101 $1,475 $970
Nonperforming and past due
loans to total loans,
net of unearned
income, at period-
end 0.12% 0.14% 0.20% 0.14%
Nonperforming assets and
past due loans
to total assets, at
period-end 0.09% 0.11% 0.14% 0.10%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for
deposit services $1,006 $1,056 $994 $938
Gains on sales of
mortgage loans, net
of costs 322 1,168 834 630
Net income (loss) on
other real estate
owned 2 (21) 30 11
Gain on sale of
investment securities -- 28 -- --
Gain (loss) on sale of
other assets, net (3) (6) -- (1)
Commissions earned on
financial services
sales 150 208 125 123
Other noninterest
income 371 304 461 233
Total
noninterest
income $1,848 $2,737 $2,444 $1,934
Noninterest expenses:
Salaries and payroll
taxes $3,583 $3,717 $3,610 $3,440
Employee benefits 718 598 255 530
Occupancy, net 1,000 974 920 924
Equipment 514 500 495 449
Data processing 498 563 484 410
Marketing 199 272 335 232
Other noninterest
expenses 1,075 1,225 1,236 1,214
Total
noninterest
expenses $7,587 $7,849 $7,335 $7,199
COLUMBIA BANCORP
Quarterly Highlights
(Dollars in Thousands, Except Per-Share Data)
4Q03 3Q03 2Q03 1Q03
AVERAGE BALANCES:
Federal funds sold and
interest bearing deposits $8,584 $23,355 $25,995 $43,101
Investment securities and
securities available
-for-sale 135,749 139,201 151,508 151,552
Loans, net of unearned
income 818,038 772,604 721,274 676,358
Loans originated for sale (b) 6,891 24,081 19,945 11,872
Total earning assets 969,262 959,241 918,722 882,883
Total assets 1,012,865 1,003,752 965,980 926,466
Interest-bearing deposits:
NOW accounts 86,806 92,491 93,717 84,388
Savings and money
market accounts 207,351 205,166 198,470 186,126
Time deposits 292,383 280,345 280,242 282,201
Noninterest-bearing
deposits 192,030 182,221 168,554 160,133
Total deposits 778,570 760,223 740,983 712,848
Short-term borrowings (b) 124,563 137,021 115,939 106,739
Long-term borrowings 20,000 20,000 20,000 20,000
Total interest-bearing
liabilities 731,103 735,023 708,368 679,454
Stockholders' equity 85,420 82,502 79,775 78,182
YIELD ANALYSIS:
Federal funds sold and
interest bearing deposits 0.88% 0.95% 1.18% 1.20%
Investment securities and
securities
available-for-sale
(FTE) 3.96% 4.34% 4.59% 4.69%
Loans, net of unearned
income (FTE) 5.75% 5.77% 6.02% 6.25%
Total yield on earning
assets (FTE) 5.46% 5.45% 5.65% 5.74%
Interest-bearing deposits
NOW accounts 0.10% 0.10% 0.10% 0.19%
Savings and money market
accounts 0.37% 0.37% 0.64% 0.82%
Time deposits 2.46% 2.62% 2.78% 2.90%
Short-term borrowings 0.68% 0.57% 0.69% 0.81%
Long-term borrowings 5.34% 5.71% 5.50% 5.34%
Total cost of interest-
bearing liabilities 1.36% 1.38% 1.56% 1.74%
(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,
Columbia Bancorp, +1-410-423-8012
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