COLUMBIA, Md., Oct. 14 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD)
announced today record net income for the quarter ending September 30, 1999 of
$1,336,748, or $.29 per diluted common share. For the nine months ending
September 30, 1999, net income increased to $3,866,732, or $.84 per diluted
common share. Return on average shareholders' equity for the three months
ended September 30, 1999 was 13.41%.
At September 30, 1999, total assets were $460.1 million representing a
10.8% year-to-year increase. During the third quarter, the Company benefited
from continued strong loan demand with total loans increasing 13.8% year-to-
year coupled with an improving net interest margin which increased from 5.05%
in the second quarter of 1999 to 5.25%. Commercial and consumer second
mortgage loans continued to be the fastest growing segments of the loan
portfolio.
Total deposits increased to $354.0 million fueled by a 32.2% year-to-year
growth in demand deposits, which reached $70.9 million at quarter end.
The Company's asset quality remains strong. As compared to the first nine
months of 1998, the ratio of annualized net charge-offs to average loans
decreased from 0.12% to 0.01% and nonperforming loans and past due loans to
total loans decreased from 0.32% to 0.11%.
On September 28, 1999, the Company announced a definitive agreement
whereby Suburban Bancshares (Nasdaq: SBNK) will merge into Columbia Bancorp.
Suburban had $222.6 million in total assets at June 30, 1999 and has eight
branches in the Washington suburban region of Maryland. Completion of the
merger is anticipated in the first quarter of 2000. This merger represents
another important strategic step towards achieving the Company's long-term
goal of positioning itself as the premier community bank in the
Baltimore/Washington Corridor.
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 fourteen banking offices 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".
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Nine Months Ended As of and Three Months Ended
September 30, September 30,
1999 1998 % Change 1999 1998 % Change
(unaudited) (unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest
income $15,703 15,002 4.7% $5,571 5,143 8.3%
Provision for
credit losses 290 517 -43.9% 63 334 -81.1%
Noninterest
income 2,569 2,421 6.1% 779 1,045 -25.5%
Noninterest
expense 12,073 11,455 5.4% 4,257 3,866 10.1%
Income tax
provision 2,042 1,910 6.9% 693 697 -0.6%
Net income 3,867 3,541 9.2% 1,337 1,291 3.6%
PER SHARE DATA:
Net income:
Basic $0.86 0.78 10.3% $0.30 0.28 7.1%
Diluted 0.84 0.77 9.1% 0.29 0.28 3.6%
Average number
of shares
outstanding:
Basic 4,519,283 4,514,949 0.1% 4,505,756 4,571,841 -1.4%
Diluted 4,589,588 4,617,567 -0.6% 4,566,701 4,660,149 -2.0%
Tangible book
value, at
period end $8.85 8.23 7.5% - - -
Cash dividends
declared $0.24 0.21 14.3% $0.08 0.07 14.3%
PERIOD END DATA:
Assets $460,087 415,089 10.8% - - -
Deposits 354,024 330,672 7.1% - - -
Loans, net
of unearned
income 305,339 268,215 13.8% - - -
Investment
Securities
and securities
available-
for-sale 109,719 76,721 43.0% - - -
Stockholders'
equity 39,911 37,750 5.7% - - -
PERFORMANCE RATIOS:
Return on
average assets 1.17% 1.20% - 1.16% 1.24%
Return on
average stockholders'
equity 13.25% 13.09% - 13.41% 13.71% -
Net interest
margin 5.15% 5.54% - 5.25% 5.41% -
CAPITAL AND ASSET QUALITY:
Period-end
capital to
period-end
risk-weighted
assets:
Tier 1 11.29% 11.82% - - - -
Total 12.49% 13.05% - - - -
Period-end
Tier 1
leverage ratio 8.77% 9.54% - - - -
Allowance for
credit losses
to loans, net
of unearned
income, at
period-end 1.38% 1.46% - - - -
Nonperforming and
past-due loans
to total
loans, net
of unearned
income, at
period-end 0.11% 0.32% - - - -
Nonperforming
assets and
past-due loans
to total assets,
at period-end 0.74% 1.20% - - - -
Annualized net
charge-offs
to average
loans, net
of unearned
income 0.01% 0.12% - 0.02% 0.15% -
AVERAGE BALANCES:
Federal funds
sold $18,468 9,866 87.2%(a) $10,328 18,665 -44.7%
Investment
Securities
and securities
available
-for-sale 94,934 73,299 29.5% 107,107 79,653 34.5%
Loans, net
of unearned
income 288,269 267,220 7.9% 299,355 268,079 11.7%
Loans originated
for sale 6,298 11,830 -46.8%(a) 4,165 11,083 -62.4%
Total earning
assets 407,969 362,215 12.6% 420,955 377,480 11.5%
Total assets 442,386 395,629 11.8% 456,324 412,528 10.6%
lnterest-bearing
deposits 281,906 266,925 5.6% 283,883 273,908 3.6%
Short-term
borrowings 31,553 27,888 13.1% 37,611 27,477 36.9%
Long-term
borrowings 20,000 8,000 150.0%(a) 20,000 15,000 33.3%
Stockholders'
equity 39,027 36,173 7.9% 39,555 37,348 5.9%
(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 September 30, 1999.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
September 30, December 31,
1999 1998 1998
(unaudited)
Assets
Cash and due from banks $19,929 $14,788 $15,430
Federal funds sold 4,451 24,280 17,099
Investment securities 98,624 72,590 73,782
Securities available-for-sale 11,095 4,131 10,234
Residential mortgage
loans originated for sale 2,994 11,732 17,387
Loans, net of unearned income 305,339 268,215 274,413
Less: allowance for
credit losses 4,227 3,907 3,965
Loans, net 301,112 264,308 270,448
Other real estate owned 3,086 4,145 4,043
Property and equipment, net 8,114 8,787 8,616
Prepaid expenses
and other assets 10,682 10,328 10,296
Total assets $460,087 $415,089 $427,335
Liabilities
Deposits:
Noninterest-bearing $70,914 $53,653 $60,372
Interest-bearing 283,110 277,019 278,964
Total deposits 354,024 330,672 339,336
Short-term borrowings 43,660 29,088 27,012
Long-term borrowings 20,000 15,000 20,000
Accrued expenses and
other liabilities 2,492 2,579 2,633
Total liabilities 420,176 377,339 388,981
Stockholders' equity
Common stock, $.01 par value
per share; authorized
10,000,000 shares;
outstanding 4,506,035,
4,572,110 and 4,561,650
shares, respectively 45 46 46
Additional paid-in capital 22,370 23,698 23,491
Retained earnings 17,629 14,006 14,846
Accumulated other
comprehensive income (133) -- (29)
Total stockholders' equity 39,911 37,750 38,354
Total liabilities and
stockholders' equity $460,087 $415,089 $427,335
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Nine Months Ended Three Months Ended
September 30, September 30,
1999 1998 1999 1998
(unaudited) (unaudited)
Interest income:
Loans $20,380 21,014 7,083 7,045
Investment
securities 4,179 3,281 1,603 1,227
Federal funds
sold 636 413 100 250
Total interest
income 25,195 24,708 8,786 8,522
Interest expense:
Deposits 7,661 8,292 2,509 2,843
Borrowings 1,831 1,414 706 536
Total interest
expense 9,492 9,706 3,215 3,379
Net interest
income 15,703 15,002 5,571 5,143
Provision for
credit losses 290 517 63 334
Net interest
income after
provision
for credit losses 15,413 14,485 5,508 4,809
Noninterest income:
Fees charged
for services 1,235 1,006 452 374
Gains on sales
of mortgage
loans, net
of costs 757 837 149 483
Other 577 578 178 188
Total noninterest
income 2,569 2,421 779 1,045
Noninterest expense:
Salaries and
employee benefits 6,097 5,787 2,126 2,033
Occupancy, net 1,498 1,406 506 485
Equipment 934 893 296 309
Data processing 700 576 254 192
Marketing 397 405 155 107
Cash management
services 304 255 132 91
Professional fees 177 265 67 119
Net expense
(income) on
other real estate
owned (2) (39) 8 (31)
Deposit insurance 104 94 35 32
Other 1,864 1,813 678 529
Total noninterest
expense 12,073 11,455 4,257 3,866
Income before
income taxes 5,909 5,451 2,030 1,988
Income tax provision 2,042 1,910 693 697
Net income 3,867 3,541 1,337 1,291
Other comprehensive
income, net of tax -
unrealized gain
(loss) on
securities available
-for-sale (104) 1 (89) --
Comprehensive
income $3,763 3,542 1,248 1,291
Per common share data:
Net income: Basic $0.86 0.78 0.30 0.28
Diluted 0.84 0.77 0.29 0.28
Cash dividends
declared $0.24 0.21 0.08 0.07
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 M. Bond, Jr., CEO of Columbia Bancorp,
410-465-4800
|
