COLUMBIA, Md., July 16 /PRNewswire-FirstCall/ --
Columbia Bancorp (Nasdaq: CBMD), parent company of The Columbia Bank (the
"Bank"), today announced net income for the second quarter of 2003 of $2.84
million ($.39 per diluted share) compared to $2.32 million ($.32 per diluted
share) for the second quarter 2002, a 22.4% increase. Returns on average
equity for the second quarter 2003 and 2002 were 14.3% and 13.0%,
respectively. Returns on average assets for the second quarter 2003 and 2002
were 1.18% and 1.06%, respectively.
Net income for the six months ended June 30, 2003 totaled $5.33 million
($.73 per diluted share) compared to $4.66 million ($.64 per diluted share),
an increase of 14.5%. Return on average equity was 13.6% and 13.2% for the
six months ended June 30, 2003 and 2002, respectively. Return on average
assets was 1.14% for the six months ended June 30, 2003 compared to 1.09% for
the same period in 2002.
SECOND QUARTER FINANCIAL HIGHLIGHTS
-- Assets surpassed $1 billion for the first time in the Company's
fifteen-year history, totaling $1.06 billion at June 30, 2003.
-- Loans increased $84.0 million or 12.6% since June 30, 2002. Since
December 31, 2002, loans grew $85.7 million, representing an
annualized rate of growth of 25.8%.
-- Customer funding sources (deposits and other short-term borrowings
from core customers) grew $127.2 million or 15.4% since June 30, 2002.
-- Credit quality remained exceptionally strong with nonperforming assets
and past due loans totaling only $1.48 million or .14% of total
assets. Net recoveries during the quarter totaled $21,000 or .01% of
average loans.
-- Mortgage banking services remained very active with gains on sales of
mortgage loans totaling $834,000, representing an increase of 148.2%
compared to the second quarter 2002. Originations of retail
construction and mortgage loans totaled $110.4 million during the
second quarter 2003, up from $48.4 million during the same period in
2002.
DETAILED REVIEW OF FINANCIAL PERFORMANCE
Total assets at June 30, 2003 were $1.06 billion, representing growth of
$134.0 million or 14.5% since June 30, 2002. Loans, net of unearned income,
totaled $750.5 million compared to $666.5 million at June 30, 2002,
representing growth of $84.0 million or 12.6%. Growth in the loan portfolio
since the end of the second quarter 2002 was primarily supported by strength
in the Company's commercial, commercial mortgage, and real estate development
and construction portfolios, which increased $39.9 million (21.4%),
$23.0 million (21.2%), and $17.7 million (8.5%), respectively. Activity in
the Company's consumer loan portfolio was also strong during the one-year
period. Net growth, however, was mitigated by excessive payoff activity
associated with mortgage refinancing, and totaled $5.6 million or 3.5%.
Customer funding sources, representing deposits plus other short-term
borrowings from core customers, increased 15.4% to $954.0 million at June 30,
2003. Shareholders' equity climbed 11.3% to $80.5 million at June 30, 2003.
Operating performance through June 30, 2003 has primarily been driven by
growth in net interest income and improved fee income. Net interest income
increased 8.8% during the second quarter 2003 and 9.4% during the six months
ended June 30, 2003 as compared to the corresponding periods of 2002 as a
result of continued growth in the loan portfolio. Modest margin pressure
resulting from the extraordinary rate environment mitigated the impact of
growth in earning assets. The net interest margin (FTE) declined only eight
basis points during the second quarter 2003 as compared to the second quarter
2002 and only six basis points during the six months ended June 30, 2003 as
compared to the same period in 2002 as a result of successful efforts to
aggressively lower the cost of interest-bearing customer funding sources. The
Company remained asset sensitive at June 30, 2003. Action taken by the
Federal Reserve on June 25, 2003 to reduce short-term rates twenty-five basis
points will have a negative impact on the Company's net interest margin.
While variable rate and selected fixed rate loans will reprice downward and
maturing/called investment securities will be re-invested at lower yields,
opportunities to further reduce deposit rates are limited. Any resulting
decrease in the net interest margin must be offset by continued strong growth
in the loan portfolio in order to maintain the growth in net interest income
experienced in the first half of 2003. Growth in noninterest income during
2003 reflected continued strength in fee-based services, including growth in
gains on sales of mortgage loans (up $498,000 and $667,000 during the quarter
and six months of 2003 compared to 2002), fees charged for deposit services
(up $124,000 and $201,000 for the quarter and six months) and commissions on
the sales of financial services (up $43,000 and $127,000 during the quarter
and six months of 2003). Noninterest expense increased 11.3% and 10.1% for
the second quarter 2003 and six months ended June 30, 2003, respectively, as
compared to the corresponding periods in 2002. As previously disclosed,
noninterest expense in 2002 was reduced by recoveries of professional fees
totaling $307,000. Exclusive of these recoveries, noninterest expense
increased 6.3% and 7.6% for the second quarter 2003 and six months ended
June 30, 2003, respectively, as compared to 2002. The efficiency ratio (FTE)
improved to 58.1% during the quarter ended June 30, 2003 and 60.2% during the
six months ended June 30, 2003 as the Company continued to effectively
leverage its overhead infrastructure.
Asset quality remained very strong at June 30, 2003, with nonperforming
assets totaling $1.48 million. As of June 30, 2003, nonperforming assets
represented only .14% of total assets. Net recoveries totaled $21,000, or
.01% of average loans, during the second quarter. Net charge-offs for the six
months ended June 30, 2003 totaled $24,000, or .01% of average loans. As a
result of the significant loan growth during the first six months of 2003, the
provision for loan losses increased from $758,000 in 2002 to $1.05 million in
2003. At June 30, 2003, the allowance for credit losses totaled
$9.86 million, or 1.31% of loans, compared to $8.86 million, or 1.33% of
loans, at June 30, 2002.
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 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 and noninterest expenses. The GAAP-based net
interest margin is calculated as net interest income divided by average
earning assets. The GAAP-based efficiency ratio is calculated as noninterest
expense divided by the sum of net interest income and noninterest income. The
net interest margin (FTE) and efficiency ratio (FTE) add a tax-equivalent
adjustment to net interest income to reflect the added benefit of tax-free
loans and investments. The non-GAAP net interest margin (FTE) was 4.45% and
4.53% for the quarters ended June 30, 2003 and 2002, respectively. The
comparable GAAP-based net interest margins were 4.40% and 4.49%. The non-GAAP
net interest margin (FTE) was 4.42% and 4.48% for the six months ended
June 30, 2003 and 2002, respectively. The GAAP-based net interest margin was
4.37% and 4.45% for the comparable periods. The non-GAAP efficiency ratio
(FTE) was 58.1% and 60.1% for the quarters ended June 30, 2003 and 2002,
respectively. The GAAP-based efficiency ratio was 58.6% and 60.5% for the
same periods. The non-GAAP efficiency ratio (FTE) was 60.2% and 62.1% for the
six months ended June 30, 2003 and 2002, respectively. The GAAP-based
efficiency ratio was 60.8% and 62.5% for the same periods. 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
This press release contains forward-looking statements of goals,
intentions and expectations concerning or based upon economic conditions,
interest rates and other matters which are subject to significant
uncertainties. Because of these uncertainties and the assumptions on which
the statements in this press release are based, Columbia Bancorp's actual
future results may differ materially from those expressed herein. Investors
are cautioned not to place undue reliance on any forward-looking statements.
Also, past results of operations may not be indicative of future results.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Six Months Ended
June 30,
2003 2002 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $25,434 $26,013 -2.2%
Interest expense 5,670 8,028 -29.4%
Tax equivalent net interest
income 19,764 17,985 9.9%
Tax equivalent adjustment 233 136 71.3%
Net interest income 19,531 17,849 9.4%
Provision for credit losses 1,050 758 38.5%
Noninterest income 4,378 3,266 34.0%
Noninterest expense 14,534 13,200 10.1%
Income before taxes 8,325 7,157 16.3%
Income tax provision 2,997 2,502 19.8%
Net income 5,328 4,655 14.5%
PER SHARE DATA:
Net income:
Basic $0.75 $0.66 13.6%
Diluted $0.73 $0.64 14.1%
Average number of shares
outstanding:
Basic 7,116,714 7,097,742 0.3%
Diluted 7,337,212 7,247,591 1.2%
Book value, at period end $11.31 $10.19 11.0%
Tangible book value, at period
end 11.31 10.19 11.0%
Cash dividends declared 0.25 0.22 13.6%
PERIOD END DATA:
Loans, net of unearned income $750,509 $666,504 12.6%
Investment securities and
securities
available-for-sale 140,552 178,040 -21.1%
Assets 1,060,141 926,166 14.5%
Noninterest-bearing deposits 197,490 168,737 17.0%
Interest-bearing deposits 586,507 532,159 10.2%
Total deposits 783,997 700,896 11.9%
Customer funding sources (a) 953,987 826,823 15.4%
Stockholders' equity 80,538 72,345 11.3%
PERFORMANCE RATIOS:
Return on average assets 1.14% 1.09%
Return on average stockholders'
equity 13.60% 13.21%
Net interest margin (FTE) 4.42% 4.48%
Efficiency ratio (FTE)(c) 60.20% 62.11%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.20% 9.43%
Total 10.33% 10.59%
Period-end tier 1 leverage ratio 8.34% 8.24%
ASSET QUALITY:
Net recoveries (charge-offs) $(24) $76 -131.6%
Nonperforming assets:
Nonaccrual loans 720 1,126 -36.1%
Restructured loans 643 - na
Loans 90+ days past due and
accruing 112 242 -53.7%
Other real estate owned - 619 -100.0%
Total nonperforming
assets and past due
loans 1,475 1,987 -25.8%
Allowance for credit losses to
loans, net of unearned income, at
period-end 1.31% 1.33%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.20% 0.21%
Nonperforming assets and past-due
loans to total assets, at period-
end 0.14% 0.21%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income -0.01% 0.02%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $1,932 $1,731 11.6%
Gains on sales of mortgage
loans, net of costs 1,465 798 83.6%
Net income on other real
estate owned 41 81 -49.4%
Other noninterest income 940 656 43.3%
4,378 3,266 34.0%
Noninterest expenses:
Salaries and employee
benefits 7,835 7,278 7.7%
Occupancy, net 1,845 1,639 12.6%
Equipment 944 959 -1.6%
Data processing 894 763 17.2%
Marketing 567 488 16.2%
Other noninterest expenses 2,449 2,073 18.1%
14,534 13,200 10.1%
AVERAGE BALANCES:
Federal funds sold and
interest-bearing deposits(b) $34,501 $5,655 510.1%
Investment securities and
securities
available-for-sale 151,530 174,996 -13.4%
Loans, net of unearned income 698,940 626,071 11.6%
Loans originated for sale (b) 15,931 2,818 465.3%
Total earning assets 900,902 809,540 11.3%
Total assets 946,332 860,151 10.0%
Interest-bearing deposits
NOW accounts 89,078 70,348 26.6%
Savings and money market
accounts 192,332 165,266 16.4%
Time deposits 281,217 266,345 5.6%
Total deposits 727,128 643,399 13.0%
Short-term borrowings (b) 111,364 120,835 -7.8%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 693,991 642,794 8.0%
Stockholders' equity 78,979 71,051 11.2%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 1.19% 1.68%
Investment securities and
securities
available-for-sale (FTE) 4.64% 5.16%
Loans, net of unearned income
(FTE) 6.13% 6.89%
Total yield on earning assets
(FTE) 5.69% 6.48%
Interest-bearing deposits
NOW accounts 0.15% 0.24%
Savings and money market
accounts 0.73% 1.37%
Time deposits 2.84% 4.01%
Short-term borrowings 0.75% 1.67%
Long-term borrowings 5.42% 5.34%
Total cost of interest-bearing
liabilities 1.65% 2.52%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three Months Ended
June 30,
2003 2002 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $12,941 $13,293 -2.6%
Interest expense 2,757 3,967 -30.5%
Tax equivalent net interest
income 10,184 9,326 9.2%
Tax equivalent adjustment 113 73 54.8%
Net interest income 10,071 9,253 8.8%
Provision for credit losses 745 681 9.4%
Noninterest income 2,443 1,640 49.0%
Noninterest expense 7,336 6,591 11.3%
Income before taxes 4,433 3,621 22.4%
Income tax provision 1,596 1,304 22.4%
Net income 2,837 2,317 22.4%
PER SHARE DATA:
Net income:
Basic $0.40 $0.33 21.2%
Diluted $0.39 $0.32 21.9%
Average number of shares
outstanding:
Basic 7,117,805 7,097,964 0.3%
Diluted 7,346,462 7,274,443 1.0%
Book value, at period end na na na
Tangible book value, at period
end na na na
Cash dividends declared $0.125 $0.110 13.6%
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 1.18% 1.06%
Return on average stockholders'
equity 14.26% 12.95%
Net interest margin (FTE) 4.45% 4.53%
Efficiency ratio (FTE)(c) 58.10% 60.10%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1
Total
Period-end tier 1 leverage ratio
ASSET QUALITY:
Net recoveries (charge-offs) $21 $(43) 148.8%
Nonperforming assets:
Nonaccrual loans
Restructured loans
Loans 90+ days past due and
accruing
Other real estate owned
Total nonperforming
assets and past due
loans
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 recoveries
(charge-offs) to average
loans, net of unearned
income 0.01% -0.03%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $994 $870 14.3%
Gains on sales of mortgage
loans, net of costs 834 336 148.2%
Net income on other real
estate owned 30 94 -68.1%
Other noninterest income 585 340 72.1%
2,443 1,640 49.0%
Noninterest expenses:
Salaries and employee
benefits 3,865 3,726 3.7%
Occupancy, net 920 812 13.3%
Equipment 495 488 1.4%
Data processing 484 385 25.7%
Marketing 335 273 22.7%
Other noninterest expenses 1,237 907 36.4%
7,336 6,591 11.3%
AVERAGE BALANCES:
Federal funds sold and
interest-bearing deposits(b) $25,995 $6,046 330.0%
Investment securities and
securities
available-for-sale 151,508 178,178 -15.0%
Loans, net of unearned income 721,274 639,537 12.8%
Loans originated for sale (b) 19,945 2,406 729.0%
Total earning assets 918,722 826,167 11.2%
Total assets 965,980 877,436 10.1%
Interest-bearing deposits
NOW accounts 93,717 71,863 30.4%
Savings and money market
accounts 198,470 167,238 18.7%
Time deposits 280,242 275,511 1.7%
Total deposits 740,983 660,967 12.1%
Short-term borrowings (b) 115,939 120,366 -3.7%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 708,368 654,978 8.2%
Stockholders' equity 79,775 71,786 11.1%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 1.18% 1.79%
Investment securities and
securities
available-for-sale (FTE) 4.59% 5.10%
Loans, net of unearned income
(FTE) 6.02% 6.87%
Total yield on earning assets
(FTE) 5.65% 6.45%
Interest-bearing deposits
NOW accounts 0.10% 0.24%
Savings and money market
accounts 0.64% 1.38%
Time deposits 2.78% 3.76%
Short-term borrowings 0.69% 1.67%
Long-term borrowings 5.50% 5.33%
Total cost of interest-bearing
liabilities 1.56% 2.43%
(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 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)
December
June 30, June 30, 31,
2003 2002 2002
(unaudited) (audited)
Assets
Cash and due from banks $55,410 $41,580 $37,909
Interest-bearing deposits with banks 217 210 214
Federal funds sold 72,128 13,172 101,248
Investment securities 92,302 134,547 112,545
Securities available-for-sale 48,250 43,493 38,953
Residential mortgage loans originated
for sale 23,766 8,223 10,515
Loan receivables:
Commercial 226,747 186,842 198,223
Real estate development and
construction 225,581 207,872 187,063
Real estate mortgage:
Residential 17,434 13,074 13,779
Commercial 131,666 108,618 122,458
Retail, principally second
mortgage loans
and residential equity lines
of credit 149,360 148,102 143,359
Other 156 2,648 388
Total loans 750,944 667,156 665,270
Less: unearned income, net of
origination costs (435) (652) (444)
allowance for credit
losses (9,864) (8,859) (8,839)
Total loans, net 740,645 657,645 655,987
Other real estate owned - 619 178
Property and equipment, net 7,882 9,786 6,974
Prepaid expenses and other assets 19,541 16,891 17,479
Total assets $1,060,141 $926,166 $982,002
Liabilities
Deposits:
Noninterest-bearing $197,490 $168,737 $171,182
Interest-bearing 586,507 532,159 559,431
Total deposits 783,997 700,896 730,613
Short-term borrowings 169,990 125,927 147,903
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other
liabilities 5,616 6,998 6,563
Total liabilities 979,603 853,821 905,079
Stockholders' equity
Common stock, $.01 par value per
share; authorized
10,000,000 shares; outstanding
7,118,529,
7,099,135 and 7,109,607 shares,
respectively 71 71 71
Additional paid-in capital 47,553 47,382 47,439
Retained earnings 32,957 24,862 29,408
Accumulated other comprehensive
income (43) 30 5
Total stockholders' equity 80,538 72,345 76,923
Total liabilities and
stockholders' equity $1,060,141 $926,166 $982,002
Certain reclassifications of information previously reported have been
made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Six Months Ended Three Months Ended
June 30, June 30,
2003 2002 2003 2002
(unaudited) (unaudited)
Interest income:
Loans $21,587 $21,393 $11,075 $10,945
Investment securities 3,408 4,437 1,675 2,250
Federal funds sold and interest-
bearing deposits with banks 206 47 78 25
Total interest income 25,201 25,877 12,828 13,220
Interest expense:
Deposits 4,721 6,500 2,285 3,201
Borrowings 949 1,528 472 766
Total interest expense 5,670 8,028 2,757 3,967
Net interest income 19,531 17,849 10,071 9,253
Provision for credit losses 1,050 758 745 681
Net interest income after
provision
for credit losses 18,481 17,091 9,326 8,572
Noninterest income:
Fees charged for deposit
services 1,932 1,731 994 870
Gains on sales of mortgage
loans, net of costs 1,465 798 834 336
Net income on other real estate
owned 41 81 30 94
Other 940 656 585 340
Total noninterest income 4,378 3,266 2,443 1,640
Noninterest expense:
Salaries and employee benefits 7,835 7,278 3,865 3,726
Occupancy, net 1,845 1,639 920 812
Equipment 944 959 495 488
Data processing 894 763 484 385
Marketing 567 488 335 273
Cash management services 290 298 149 159
Professional fees 394 10 136 (155)
Deposit insurance 98 89 49 44
Other 1,667 1,676 903 859
Total noninterest expense 14,534 13,200 7,336 6,591
Income before income taxes 8,325 7,157 4,433 3,621
Income tax provision 2,997 2,502 1,596 1,304
Net income 5,328 4,655 2,837 2,317
Other comprehensive income, net of
tax -
unrealized net gain (loss) on
securities available-for-sale (48) 26 154 185
Comprehensive income $5,280 $4,681 $2,991 $2,502
Per common share data:
Net income: Basic $0.75 $0.66 $0.40 $0.33
Diluted 0.73 0.64 0.39 0.32
Cash dividends declared $0.25 $0.22 $0.125 $0.11
Certain reclassifications of information previously reported have been
made to conform with current presentation.
Columbia Bancorp
2003 Quarterly Highlights
2Q03 1Q03
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $12,941 $12,493
Interest expense 2,757 2,912
Tax-equivalent net interest
income 10,184 9,581
Tax-equivalent adjustment 113 120
Net interest income 10,071 9,461
Provision for credit losses 745 305
Noninterest income 2,443 1,934
Noninterest expense 7,336 7,199
Income before taxes 4,433 3,891
Income tax provision 1,596 1,400
Net income 2,837 2,491
PER SHARE DATA:
Net income:
Basic $0.40 $0.35
Diluted $0.39 0.34
Average number of shares
outstanding:
Basic 7,117,805 7,115,612
Diluted 7,346,462 7,290,541
Book value, at period end $11.31 $11.02
Tangible book value, at period
end 11.31 11.02
Cash dividends declared 0.125 0.125
PERIOD END DATA:
Loans, net of unearned income $750,509 $696,322
Investment securities and
securities
available-for-sale 140,552 145,714
Assets 1,060,141 993,570
Noninterest-bearing deposits 197,490 182,421
Interest-bearing deposits 586,507 565,106
Total deposits 783,997 747,527
Customer funding sources (a) 953,987 890,197
Stockholders' equity 80,538 78,422
PERFORMANCE RATIOS:
Return on average assets 1.18% 1.09%
Return on average stockholders'
equity 14.26% 12.92%
Net interest margin (FTE) 4.45% 4.40%
Efficiency ratio (FTE) (c) 58.10% 62.52%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.20% 9.62%
Total 10.33% 10.73%
Period-end tier 1 leverage ratio 8.34% 8.49%
ASSET QUALITY:
Net recoveries (charge-offs) $21 $(45)
Nonperforming assets:
Nonaccrual loans 720 806
Restructured loans 643 -
Loans 90+ days past due and
accruing 112 164
Other real estate owned - -
Total nonperforming
assets and past due
loans 1,475 970
Allowance for credit losses to
loans, net of unearned income, at
period-end 1.31% 1.31%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.20% 0.14%
Nonperforming assets and past-due
loans to total assets, at period-
end 0.14% 0.10%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income 0.01% -0.03%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $994 $938
Gains on sales of mortgage
loans, net of costs 834 630
Net income on other real
estate owned 30 11
Other noninterest income 585 355
Total noninterest
income 2,443 1,934
Noninterest expenses:
Salaries and employee
benefits 3,865 3,970
Occupancy, net 920 924
Equipment 495 448
Data processing 484 410
Marketing 335 232
Other noninterest expenses 1,237 1,215
Total noninterest
expenses 7,336 7,199
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $25,995 $43,101
Investment securities and
securities
available-for-sale 151,508 151,552
Loans, net of unearned income 721,274 688,230
Total earning assets 918,722 882,883
Total assets 965,980 926,466
Interest-bearing deposits:
NOW accounts 93,717 84,388
Savings and money market
accounts 198,470 186,126
Time deposits 280,242 282,201
Total deposits 740,983 712,848
Short-term borrowings (b) 115,939 106,739
Long-term borrowings 20,000 20,000
Total interest-bearing
liabilities 708,368 679,454
Stockholders' equity 79,775 78,182
YIELD ANALYSIS:
Federal funds sold and interest
bearing deposits 1.18% 1.20%
Investment securities and
securities
available-for-sale 4.59% 4.69%
Loans, net of unearned income
(FTE) 6.02% 6.25%
Total yield on earning assets
(FTE) 5.65% 5.74%
Interest-bearing deposits
NOW accounts 0.10% 0.19%
Savings and money market
accounts 0.64% 0.82%
Time deposits 2.78% 2.90%
Short-term borrowings 0.69% 0.81%
Long-term borrowings 5.50% 5.34%
Total cost of interest-bearing
liabilities 1.56% 1.74%
(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 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
2002 Quarterly Highlights
4Q02 3Q02 2Q02 1Q02
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest
income $13,364 $13,490 $13,293 $12,720
Interest expense 3,490 3,961 3,967 4,061
Tax-equivalent net
interest income 9,874 9,529 9,326 8,659
Tax-equivalent adjustment 76 89 73 63
Net interest income 9,798 9,440 9,253 8,596
Provision for credit
losses 35 42 681 77
Noninterest income 2,979 1,700 1,640 1,626
Noninterest expense 7,250 6,716 6,591 6,609
Income before taxes 5,492 4,382 3,621 3,536
Income tax provision 2,015 1,643 1,304 1,198
Net income 3,477 2,739 2,317 2,338
PER SHARE DATA:
Net income :
Basic $0.49 $0.39 $0.33 $0.33
Diluted 0.48 0.38 0.32 0.32
Average number of shares
outstanding:
Basic 7,102,582 7,099,666 7,097,964 7,106,850
Diluted 7,284,434 7,271,809 7,274,443 7,229,773
Book value, at period end $10.82 $10.48 $10.19 $9.95
Tangible book value, at
period end 10.82 10.48 10.19 9.95
Cash dividends declared 0.125 0.11 0.11 0.11
PERIOD END DATA:
Loans, net of unearned
income $664,826 $664,688 $666,504 $616,528
Investment securities and
securities
available-for-sale 151,498 178,112 178,040 181,195
Assets 982,002 990,902 926,166 864,276
Noninterest-bearing
deposits 171,182 169,726 168,737 150,975
Interest-bearing deposits 559,431 557,675 532,159 501,508
Total deposits 730,613 727,401 700,896 652,483
Customer funding sources(a) 878,516 890,807 826,823 759,379
Stockholders' equity 76,923 74,385 72,345 70,606
PERFORMANCE RATIOS:
Return on average assets 1.45% 1.17% 1.06% 1.13%
Return on average
stockholders' equity 18.39% 14.73% 12.95% 13.48%
Net interest margin (FTE) 4.36% 4.33% 4.53% 4.43%
Efficiency ratio (FTE) (c) 56.41% 59.81% 60.10% 64.26%
CAPITAL RATIOS:
Period-end capital to
risk-weighted assets:
Tier 1 9.95% 9.50% 9.43% 9.93%
Total 11.10% 10.63% 10.59% 11.08%
Period-end tier 1 leverage
ratio 8.48% 8.00% 8.24% 8.41%
ASSET QUALITY:
Net (charge-offs)
recoveries $(36) $(61) $(43) $119
Nonperforming assets:
Nonaccrual loans 563 710 1,126 1,501
Loans 90+ days past
due and accruing 168 219 242 323
Other real estate
owned 178 443 619 1,182
Total
nonperforming
assets and past
due loans 909 1,372 1,987 3,006
Allowance for credit
losses to loans, net
of unearned income,
at period-end 1.33% 1.33% 1.33% 1.33%
Nonperforming and past-due
loans to total
loans, net of unearned
income, at period-end 0.11% 0.14% 0.21% 0.30%
Nonperforming assets and
past-due loans
to total assets, at
period-end 0.09% 0.14% 0.21% 0.35%
Annualized net (charge-
offs) recoveries to
average
loans, net of
unearned income -0.02% -0.04% -0.03% 0.08%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for
deposit services $953 $886 $870 $861
Gains on sales of
mortgage loans, net
of costs 890 410 336 462
Gains (losses) on
sales of other
assets, net 708 53 - (4)
Net income on other
real estate owned 12 17 94 (13)
Other noninterest
income 416 334 340 320
Total
noninterest
income 2,979 1,700 1,640 1,626
Noninterest expenses:
Salaries and employee
benefits 4,011 3,495 3,726 3,552
Occupancy, net 858 844 812 826
Equipment 454 439 488 471
Data processing 493 399 385 379
Marketing 197 202 273 215
Other noninterest
expenses 1,237 1,337 907 1,166
Total
noninterest
expenses 7,250 6,716 6,591 6,609
AVERAGE BALANCES:
Federal funds sold and
interest bearing deposits $51,423 $21,830 $6,046 $5,258
Investment securities and
securities
available-for-sale 169,630 176,965 178,178 171,778
Loans, net of unearned
income 688,092 675,066 641,943 615,691
Total earning assets 909,145 873,861 826,167 792,727
Total assets 964,230 928,204 877,436 842,674
Interest-bearing deposits:
NOW accounts 84,025 75,194 71,863 68,818
Savings and money
market accounts 186,087 178,603 167,238 163,272
Time deposits 290,054 291,825 275,511 257,076
Total deposits 720,357 700,275 660,967 625,837
Short-term borrowings (b) 136,391 126,933 120,366 121,310
Long-term borrowings 20,000 20,000 20,000 20,000
Total interest-bearing
liabilities 716,557 692,555 654,978 630,476
Stockholders' equity 75,826 73,788 71,786 70,315
YIELD ANALYSIS:
Federal funds sold and
interest bearing deposits 1.33% 1.69% 1.79% 1.70%
Investment securities and
securities
available-for-sale 4.77% 4.86% 5.10% 5.21%
Loans, net of unearned
income (FTE) 6.43% 6.60% 6.87% 6.91%
Total yield on earning
assets (FTE) 5.83% 6.12% 6.45% 6.51%
Interest-bearing deposits
NOW accounts 0.21% 0.24% 0.24% 0.24%
Savings and money
market accounts 1.02% 1.30% 1.38% 1.36%
Time deposits 3.15% 3.53% 3.76% 4.27%
Short-term borrowings 1.15% 1.46% 1.67% 1.66%
Long-term borrowings 5.34% 5.34% 5.33% 5.35%
Total cost of interest-
bearing liabilities 1.93% 2.27% 2.43% 2.61%
(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 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.
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/127921.html
CONTACT:
John A. Scaldara, Jr., CFO, Columbia Bancorp,
+1-410-423-8012
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