COLUMBIA, Md., Oct. 14 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
parent company of The Columbia Bank, today reported record quarterly net
income of $1,291,345 or $.28 per share (assuming dilution) for the three
months ended September 30, 1998. The quarter marked the second consecutive
quarter for which the Company reported record earnings and represented an
increase of 19.0% over the comparable period of 1997. Net income was
$1,085,398 or $.24 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 nine months
ended September 30, 1998 was $3,540,778, representing a 15.9% increase over
the $3,056,117 reported for the same period during 1997. Diluted net income
per share was $.77 and $.67 for the nine months ended September 30, 1998 and
1997, respectively.
Assets totaled $415.1 million at September 30, 1998, compared to
$373.5 million at December 31, 1997 and $370.3 million at September 30, 1997.
Deposits increased 5.5% to $330.7 million from $313.4 million at December 31,
1997. Loan growth remained sluggish, increasing from $265.2 million at
December 31, 1997 to $268.2 million at September 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, primarily on the strength of mortgage
banking activity, and noninterest expense increased 52.5% and 13.8%,
respectively, during the nine months ended September 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 Nine Months Ended As of and Three Months Ended
September 30, September 30,
1998 1997 % Change 1998 1997 % Change
(unaudited) (unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest
income $15,001,667 13,933,317 7.7% $5,142,722 4,836,888 6.3%
Provision for
credit losses 517,000 629,000 -17.8% 334,000 234,000 42.7%
Noninterest
income 2,421,138 1,587,273 52.5% 1,045,874 559,930 86.8%
Noninterest
expense 11,455,027 10,066,473 13.8% 3,866,251 3,562,020 8.5%
Income tax
expense 1,910,000 1,769,000 8.0% 697,000 515,400 35.2%
Net income 3,540,778 3,056,117 15.9% 1,291,345 1,085,398 19.0%
PER COMMON SHARE DATA (a):
Net income:
Basic $0.78 0.71 9.9% $0.28 0.25 12.0%
Diluted 0.77 0.67 14.9% 0.28 0.24 16.7%
Average number of
shares outstanding:
Basic 4,514,949 4,309,502 4.8% 4,571,841 4,329,096 5.6%
Diluted 4,617,567 4,566,360 1.1% 4,660,149 4,584,838 1.6%
Tangible book value,
at period end $8.23 7.66 7.4%
Cash dividends
declared $0.21 0.18 16.7% $0.07 0.06 16.7%
PERIOD END DATA:
Assets $415,089,058 370,312,140 12.1%
Deposits 330,671,659 294,077,787 12.4%
Loans, net
of unearned
income 268,214,539 264,645,836 1.3%
Investment securities
and securities
available-for
-sale 76,721,061 62,356,617 23.0%
Stockholders'
equity 37,750,418 33,388,287 13.1%
PERFORMANCE RATIOS:
Return on average
assets 1.20% 1.21% 1.26% 1.21%
Return on average
stockholders'
equity 13.09% 12.70% 13.87% 13.19%
Net interest
margin 5.54% 6.01% 5.46% 5.91%
CAPITAL AND ASSET QUALITY:
Period-end capital
to period-end
risk-weighted assets:
Tier 1 12.03% 10.97%
Total 13.28% 12.17%
Period-end Tier 1
capital leverage
ratio 9.54% 9.26%
Allowance for credit
losses to loans, net
of unearned income,
at period-end 1.46% 1.37%
Nonperforming and
past-due loans
to total loans,
net of unearned
income, at
period-end 0.32% 0.23%
Nonperforming assets
and past-due loans
to total assets,
at period-end 1.20% 1.40%
Annualized net
charge-offs to average
loans, net of unearned
income 0.12% 0.16% 0.15% 0.19%
AVERAGE BALANCES:
Federal funds
sold $9,866,432 3,858,467 155.7%*$18,664,640 3,890,220 379.8%*
Investment securities
and securities
available-for
-sale 73,298,671 53,463,138 37.1% 79,652,62359,612,177 33.6%
Loans, net of
unearned
income 267,220,135 250,408,695 6.7% 268,079,217 260,683,082 2.8%
Loans originated
for sale 11,830,323 2,361,368 401.0%*11,083,444 3,806,209 191.2%*
Total earning
assets 362,215,561 310,091,668 16.8% 377,479,924 327,991,688 15.1%
Total
assets 395,628,675 339,018,486 16.7% 412,527,591 358,494,137 15.1%
Interest
-bearing
deposits 266,924,759 231,430,973 15.3% 273,908,342 242,780,938 12.8%
Short-term
borrowings 27,887,543 27,487,487 1.5%* 27,477,114 33,096,410 -17.0%*
Long-term
borrowings 8,000,000 -- na 15,000,000 -- na
Stockholders'
equity 36,172,712 32,184,802 12.4% 37,347,867 33,008,913 13.1%
(a) Per common share data for 1997 has been adjusted to reflect the
2-for-1 stock split-up in the form of a 100% stock dividend paid in
June 1998.
* Variances caused by large daily fluctuations in the balance due to
the nature of the account.
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at September 30, 1998.
COLUMBIA BANCORP
Consolidated Statements of Condition
September 30, December 31,
1998 1997 1997
(unaudited)
ASSETS
Cash and due from banks $14,788,244 16,131,913 13,497,010
Federal funds sold 24,280,201 4,843,578 2,013,538
Investment securities 72,590,247 60,665,132 64,970,889
Securities available-for-sale 4,130,814 1,691,485 1,674,464
Residential mortgages
originated for sale 11,731,659 3,078,022 6,557,090
Loans, net of unearned income 268,214,539 264,645,836 265,193,513
Less: allowance
for credit losses 3,906,652 3,624,445 3,631,664
Loans, net 264,307,887 261,021,391 261,561,849
Other real estate owned 4,144,722 4,576,430 4,621,873
Property and equipment, net 8,786,743 8,826,518 9,125,396
Prepaid expenses
and other assets 10,328,541 9,477,671 9,429,002
TOTAL ASSETS $415,089,058 370,312,140 373,451,111
LIABILITIES
Deposits:
Noninterest-bearing $53,652,431 47,229,799 56,584,646
Interest-bearing 277,019,228 246,847,988 256,772,797
Total deposits 330,671,659 294,077,787 313,357,443
Short-term borrowings 29,087,767 41,331,150 23,725,237
Long-term borrowings 15,000,000 -- --
Accrued expenses and
other liabilities 2,579,214 1,514,916 1,983,617
TOTAL LIABILITIES 377,338,640 336,923,853 339,066,297
STOCKHOLDERS' EQUITY
Common stock, $.01 par value
per share; authorized 9,550,000
shares; outstanding 4,572,110,
4,331,590 and 4,400,330
shares, respectively 45,721 43,316 44,003
Additional paid-in capital 23,698,458 22,725,880 22,918,578
Retained earnings 14,006,239 10,620,960 11,423,350
Accumulated other
comprehensive income -- (1,869) (1,117)
TOTAL STOCKHOLDERS' EQUITY 37,750,418 33,388,287 34,384,814
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $415,089,058 370,312,140 373,451,111
COLUMBIA BANCORP
Consolidated Statements of Income
Nine Months Ended Three Months Ended
September 30, September 30,
1998 1997 1998 1997
(unaudited) (unaudited)
Interest income:
Interest and fees
on loans $21,013,922 19,796,219 7,045,415 6,943,217
Interest and dividends
on investments 3,281,231 2,309,836 1,226,997 876,468
Interest on federal
funds sold 412,734 160,629 249,487 51,177
TOTAL INTEREST
INCOME 24,707,887 22,266,684 8,521,899 7,870,862
Interest expense:
Interest on deposits8,292,233 7,306,006 2,843,204 2,613,642
Interest on
borrowings 1,413,987 1,027,361 535,973 420,332
TOTAL INTEREST
EXPENSE 9,706,220 8,333,367 3,379,177 3,033,974
NET INTEREST INCOME 15,001,667 13,933,317 5,142,722 4,836,888
Provision for
credit losses 517,000 629,000 334,000 234,000
NET INTEREST INCOME
AFTER PROVISION
FOR CREDIT LOSSES 14,484,667 13,304,317 4,808,722 4,602,888
Noninterest income:
Gains on sales of mortgage
loans, net of costs 836,648 217,688 482,724 86,571
Fees charged for
services 1,005,831 927,501 374,228 338,995
Other 578,659 442,084 188,922 134,364
TOTAL NONINTEREST
INCOME 2,421,138 1,587,273 1,045,874 559,930
Noninterest expense:
Salaries and employee
benefits 5,787,327 4,890,913 2,032,892 1,716,018
Occupancy, net 1,405,574 1,020,690 484,827 358,044
Equipment 892,642 742,983 308,586 258,444
Marketing 404,882 461,488 107,049 110,729
Data processing 575,731 437,060 192,012 163,397
Cash management
services 255,034 329,457 91,403 117,788
Professional fees 265,519 302,394 119,580 123,180
Deposit insurance
and assessments 94,416 80,799 31,973 28,475
Net expense (income)
on other real estate
owned (38,879) 166,784 (30,726) 147,688
Other 1,812,781 1,633,905 528,655 538,257
TOTAL NONINTEREST
EXPENSE 11,455,027 10,066,473 3,866,251 3,562,020
Income before income
taxes 5,450,778 4,825,117 1,988,345 1,600,798
Income tax expense 1,910,000 1,769,000 697,000 515,400
NET INCOME 3,540,778 3,056,117 1,291,345 1,085,398
Other comprehensive
income, net of tax:
Unrealized gains
on securities available
for sale arising
during period 1,117 6,740 (88) 1,591
COMPREHENSIVE INCOME$3,541,895 3,062,857 1,291,257 1,086,989
PER COMMON SHARE DATA (a):
Net income: Basic $0.78 0.71 0.28 0.25
Diluted 0.77 0.67 0.28 0.24
Cash dividends
declared $0.21 0.18 0.07 0.06
(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.
Note: Certain amounts for prior periods have been reclassified to conform
to the presentation at September 30, 1998.
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
CONTACT:
John A. Scaldara, Jr., CFO of Columbia
Bancorp, 410-465-4800
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