COLUMBIA, Md., July 21 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
parent company of The Columbia Bank, announced second quarter core earnings of
$1.81 million, representing a 26.6% increase as compared to $1.43 million for
the same period in 1999. Core earnings per diluted share for the two periods
were $.25 and $.20, respectively. For the six months ended June 30, 2000,
core earnings equaled $3.43 million or $.48 per diluted share as compared to
$2.98 million or $.41 per diluted share for the same period in 1999. Reported
earnings for the six months ended June 30, 2000, were $1.82 million and
reflect pre-tax one-time merger-related charges of $2.31 million recorded in
connection with the completion of the merger of Suburban Bancshares into
Columbia Bancorp effective March 8, 2000. All results have been restated to
reflect the merger, which was accounted for as a pooling of interests.
Total operating income for the second quarter 2000 increased 13.9% as
compared to the same period in 1999. Growth in operating income during the
second quarter reflected a 20.5% increase in net interest income as compared
to the same period in 1999. The increase in net interest income was fueled by
both growth in the loan portfolio and an improving net interest margin. The
net interest margin for the second quarter 2000 increased to 5.2% as compared
to 4.7% for the same period in 1999.
Total non-interest expense for the second quarter 2000, exclusive of
merger-related expenses, increased by 8.2%, growing more slowly than total
operating income as the Company effectively leveraged existing corporate
resources.
Total assets at June 30, 2000 reached a record high to $740.8 million.
Loans and lease receivables, net of unearned income, totaled $498.1 million at
the end of the second quarter 2000, reflecting growth on a year-to-year basis
of 16.1%. Loan portfolio growth was fueled particularly by strong growth in
consumer and traditional middle-market commercial banking activity. Deposits
totaled $601.2 million at June 30, 2000, increasing 10.7% on a year-to-year
basis.
Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
company and parent company of The Columbia Bank, a commercial bank. The
Columbia Bank provides a full range of financial services to consumers and
businesses through twenty-three branch offices located in Baltimore, Howard,
Montgomery, and Prince George's Counties and Baltimore City. Columbia
Bancorp's Common Stock is traded on the National Market tier of The Nasdaq
Stock Market(SM) under the symbol "CBMD".
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Six Months Ended
June 30,
2000 1999 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $16,584 13,978 18.6%
Provision for credit losses 812 491 65.4%
Noninterest income 1,821 2,283 -20.2%
Noninterest expense 14,595 11,213 30.2%
Income tax provision 1,176 1,574 -25.3%
Net income 1,822 2,983 -38.9%
Net income before merger-related
expenses 3,435 2,983 15.2%
PER SHARE DATA:
Net income (a):
Basic $0.26 0.42 -38.1%
Diluted 0.25 0.41 -39.0%
Net income before
merger-related expenses:
Basic 0.48 0.42 14.3%
Diluted 0.48 0.41 17.1%
Average number of shares
outstanding:
Basic 7,154,876 7,167,907 -0.2%
Diluted 7,196,513 7,243,634 -0.7%
Tangible book value,
at period end $8.64 8.34 3.5%
Cash dividends declared (b) $0.18 0.10 80.0%
PERIOD END DATA:
Assets $740,763 680,140 8.9%
Deposits 601,241 543,204 10.7%
Loans and leases, net of
unearned income 498,084 429,154 16.1%
Investment securities and
securities available-
for-sale 157,299 147,048 7.0%
Stockholders' equity 61,798 59,686 3.5%
PERFORMANCE RATIOS:
Return on average assets 0.52% 0.92%
Return on average assets before
merger-related expenses 0.98% 0.92%
Return on average stockholders'
equity 5.91% 9.57%
Return on average stockholders'
equity before merger-related
expenses 11.14% 9.57%
Net interest margin 5.15% 4.54%
CAPITAL AND ASSET QUALITY:
Period-end capital to period-end
risk-weighted assets:
Tier 1 10.49% 12.66%
Total 11.59% 13.91%
Period-end Tier 1 leverage
ratio 8.83% 9.14%
Allowance for credit
losses to loans, net
of unearned income, at
period-end 1.32% 1.39%
Nonperforming and past-due
loans to total loans, net
of unearned income,
at period-end 0.36% 0.59%
Nonperforming assets
and past-due loans
to total assets, at
period-end 0.73% 0.94%
Annualized net charge-offs
to average loans, net
of unearned income 0.14% 0.01%
AVERAGE BALANCES:
Federal funds sold (c) $14,029 41,061 -65.8%
Investment securities and
securities available-
for-sale 158,096 157,304 0.5%
Loans and leases, net of
unearned income 473,945 414,534 14.3%
Loans originated for sale (c) 1,889 6,146 -69.3%
Total earning assets 647,959 619,045 4.7%
Total assets 704,419 650,311 8.3%
lnterest-bearing deposits 448,770 413,049 8.6%
Short-term borrowings (c) 53,066 37,167 42.8%
Long-term borrowings 20,000 20,000 0.0%
Stockholders' equity 62,010 62,539 -0.8%
(a)Pro-forma net income per share, basic and diluted, for the six
months and three months ended June 30, 1999 represents historical net
income divided by the number of shares of Columbia Bancorp common
stock which would have been issued and outstanding had the merger
merger taken place on June 30, 1999,including the effects of dilutive
securities in the case of diluted pro-forma income per common share,
adjusted based on the conversion factor of .2338.
(b)Pro-forma cash dividends per share declared during the six months
and three months ended June 30, 1999 is calculated by dividing the
historical amount of dividends declared by Columbia Bancorp
(no dividends were declared by Suburban Bancshares during the periods
presented) by the sum of (1) the total number of shares of Columbia
Bancorp common stock outstanding at such date and (2) the total of
shares of Suburban Bancshares common stock outstanding at such
date multiplied by the conversion factor of .2338.
(c)Variances reflect significant fluctuations in account balances
due to the nature of the accounts.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three Months Ended
June 30,
2000 1999 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $8,605 7,142 20.5%
Provision for credit losses 541 281 92.5%
Noninterest income 906 1,017 -10.9%
Noninterest expense 6,303 5,734 9.9%
Income tax provision 901 717 25.7%
Net income 1,766 1,427 23.8%
Net income before merger
-related expenses 1,807 1,427 26.6%
PER SHARE DATA:
Net income (a):
Basic $0.25 0.20 25.0%
Diluted 0.25 0.20 25.0%
Net income before merger
-related expenses:
Basic 0.25 0.20 25.0%
Diluted 0.25 0.20 25.0%
Average number of
shares outstanding:
Basic 7,155,847 7,148,197 0.1%
Diluted 7,194,100 7,218,615 -0.3%
Cash dividends declared (b) $0.09 0.05 80.0%
PERFORMANCE RATIOS:
Return on average assets 0.99% 0.87%
Return on average assets before
merger-related expenses 1.02% 0.87%
Return on average stockholders'
equity 11.37% 9.41%
Return on average stockholders'
equity before merger-related
expenses 11.63% 9.41%
Net interest margin 5.20% 4.68%
ASSET QUALITY:
Annualized net charge-offs
to average loans, net of
unearned income 0.19% 0.01%
AVERAGE BALANCES:
Federal funds sold (c) $12,376 37,524 -67.0%
Investment securities
and securities available
-for-sale 155,993 143,303 8.9%
Loans and leases, net of
unearned income 485,521 421,626 15.2%
Loans originated for sale (c) 2,010 3,209 -37.4%
Total earning assets 655,900 605,662 8.3%
Total assets 713,206 655,723 8.8%
Interest-bearing deposits 462,857 426,380 8.6%
Short-term borrowings (c) 49,424 40,094 23.3%
Long-term borrowings 20,000 20,000 0.0%
Stockholders' equity 61,636 60,154 2.5%
(a) Pro-forma net income per share, basic and diluted, for the six
months and three months ended June 30, 1999 represents historical net
income divided by the number of shares of Columbia Bancorp common
stock which would have been issued and outstanding had the merger
merger taken place on June 30, 1999, including the effects of dilutive
securities in the case of diluted pro-forma income per common share,
adjusted based on the conversion factor of .2338.
(b) Pro-forma cash dividends per share declared during the six months
and three months ended June 30, 1999 is calculated by dividing the
historical amount of dividends declared by Columbia Bancorp
(no dividends were declared by Suburban Bancshares during the periods
presented) by the sum of (1) the total number of shares of Columbia
Bancorp common stock outstanding at such date and (2) the total of
shares of Suburban Bancshares common stock outstanding at such
date multiplied by the conversion factor of .2338.
(c) Variances reflect significant fluctuations in account balances
due to the nature of the accounts.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
June 30, June 30, Dec 31,
2000 1999 1999
(unaudited)
Assets
Cash and due from banks $41,787 $29,111 $37,108
Federal funds sold 16,719 44,978 22,507
Investment securities 94,893 88,118 93,412
Securities available-for-sale 62,406 58,930 57,492
Residential mortgage loans
originated for sale 2,127 5,341 2,707
Loans and leases, net
of unearned income 498,084 429,154 452,432
Less: allowance for
credit losses 6,560 5,956 6,071
Loans and leases, net 491,524 423,198 446,361
Other real estate owned 3,620 3,826 4,035
Property and equipment, net 11,272 10,417 10,473
Prepaid expenses and
other assets 16,415 16,221 17,142
Total assets $740,763 $680,140 $691,237
Liabilities
Deposits:
Noninterest-bearing $120,717 $111,859 $120,165
Interest-bearing 480,524 431,345 434,402
Total deposits 601,241 543,204 554,567
Short-term borrowings 53,376 50,021 51,728
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and
other liabilities 4,348 7,229 3,656
Total liabilities 678,965 620,454 629,951
Stockholders' equity
Common stock, $.01 par value per
share; authorized 10,000,000 shares;
outstanding 7,156,025, 7,147,385
and 7,150,371 shares,
respectively 71 71 71
Additional paid-in capital 48,454 43,125 48,424
Retained earnings 14,472 17,086 13,938
Accumulated other comprehensive
income (1,199) (596) (1,147)
Total stockholders' equity 61,798 59,686 61,286
Total liabilities and
stockholders' equity $740,763 $680,140 $691,237
COLUMBIA BANCORP
Consolidated Statements of Income
and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Six Months Ended
June 30,
2000 1999
(unaudited)
Interest income:
Loans and leases $22,068 18,440
Investment securities 4,919 4,033
Federal funds sold 558 984
Total interest income 27,545 23,457
Interest expense:
Deposits 8,961 8,197
Borrowings 2,000 1,282
Total interest expense 10,961 9,479
Net interest income 16,584 13,978
Provision for credit losses 812 491
Net interest income after provision
for credit losses 15,772 13,487
Noninterest income:
Fees charged for services 1,160 1,087
Gains on sales of mortgage loans,
net of costs 167 660
Other 494 536
Total noninterest income 1,821 2,283
Noninterest expense:
Salaries and employee benefits 6,074 5,831
Occupancy, net 1,754 1,428
Equipment 965 780
Data processing 816 794
Marketing 495 292
Cash management services 215 172
Professional fees 322 189
Net expense (income) on other
real estate owned (56) 5
Deposit insurance 84 89
Merger-related expenses 2,309 ---
Other 1,617 1,633
Total noninterest expense 14,595 11,213
Income before income taxes 2,998 4,557
Income tax provision 1,176 1,574
Net income 1,822 2,983
Other comprehensive income, net of tax -
unrealized net loss on securities
available-for-sale (52) (861)
Comprehensive income $1,770 2,122
Per common share data:
Net income: Basic $0.26 0.42
Diluted 0.25 0.41
Cash dividends declared $0.18 0.10
COLUMBIA BANCORP
Consolidated Statements of Income
and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Three Months Ended
June 30,
2000 1999
(unaudited)
Interest income:
Loans and leases 11,475 9,316
Investment securities 2,446 2,088
Federal funds sold 339 456
Total interest income 14,260 11,860
Interest expense:
Deposits 4,690 4,036
Borrowings 965 682
Total interest expense 5,655 4,718
Net interest income 8,605 7,142
Provision for credit losses 541 281
Net interest income after provision
for credit losses 8,064 6,861
Noninterest income:
Fees charged for services 616 563
Gains on sales of mortgage loans,
net of costs 76 208
Other 214 246
Total noninterest income 906 1,017
Noninterest expense:
Salaries and employee benefits 2,944 3,046
Occupancy, net 895 711
Equipment 504 396
Data processing 424 417
Marketing 321 144
Cash management services 119 104
Professional fees 164 98
Net expense (income) on other
real estate owned (44) (50)
Deposit insurance 42 46
Merger-related expenses 96 ---
Other 838 822
Total noninterest expense 6,303 5,734
Income before income taxes 2,667 2,144
Income tax provision 901 717
Net income 1,766 1,427
Other comprehensive income, net of tax -
unrealized net loss on securities
available-for-sale 405 (571)
Comprehensive income 2,171 856
Per common share data:
Net income: Basic 0.25 0.20
Diluted 0.25 0.20
Cash dividends declared 0.09 0.05
SOURCE Columbia Bancorp
 back to top
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 A. Scaldara, Jr., CFO, of Columbia
Bancorp, 410-465-4800
|
