COLUMBIA, Md., Oct. 15 /PRNewswire-FirstCall/ --
Columbia Bancorp (Nasdaq: CBMD), parent company of The Columbia Bank (the
"Bank"), today announced net income for the third quarter of 2002 of
$2.74 million ($.38 per diluted share) compared to $2.04 million ($.28 per
diluted share) for the same period in 2001, representing a 34.2% increase.
Return on average equity was 14.6% for the third quarter 2002 and 11.9% for
the corresponding period in 2001. Return on average assets was 1.17% for the
third quarter 2002 and 1.00% for the same period in 2001. Net income for the
nine months ended September 30, 2002 totaled $7.39 million ($1.02 per diluted
share) compared to $6.14 million ($.85 per diluted share), representing an
increase of 20.4%. Returns on average equity for the nine months ended
September 30, 2002 and 2001 were 13.7% and 12.3%, respectively. Returns on
average assets were 1.12% and 1.01%, respectively.
Assets grew to a record level, totaling $990.9 million at September 30,
2002 and representing an increase of 20.1% since September 30, 2001. Customer
funding sources, representing deposits plus other short-term borrowings from
customers, fueled the growth in assets, increasing 22.0% to $890.81 million
during the one-year period ending September 30, 2002. Increased deposit
balances maintained by the Bank's customers engaged in mortgage banking
activities, namely title companies, contributed to the growth in customer
funding sources. Also, during the period since September 30, 2001, total
loans grew 15.3% to $664.69 million. Loan growth has been supported by the
strong real estate market, with real estate development and construction loans
increasing 21.1% to $193.80 million and commercial mortgages increasing 13.4%
to $111.68 million. Commercial loan activity has also been strong, with
commercial loans increasing 31.5% to $196.31 million during the period. Since
June 30, 2002, total loans declined modestly from $667.16 million. While new
business activity during the third quarter remained consistent with that
during the first and second quarters of 2002, payoff activity, which included
the sale of the Bank's credit card portfolio, increased. In addition,
advances on existing loans and lines of credit declined. Stockholders equity
increased 7.6% to $74.39 million since September 30, 2001.
Third quarter performance included an increase in operating income,
representing net interest income and non-interest income, from $9.89 million
in 2001 to $11.14 million in 2002, or 12.7%. Net interest income grew
$1.11 million, or 13.3%, during the third quarter 2002 as compared to the
third quarter 2001, consistent with growth in average earning assets of 15.7%
during the same periods. The net interest margin during the third quarter
2002 was 4.33%, declining slightly compared to 4.40% for the prior year
period. Non-interest income improved $142,000 or 9.1% during the third
quarter 2002 when compared to the same period in 2001 primarily as a result of
increases in gains on the sales of mortgage loans of $135,000. While
operating income grew 12.7% when comparing the third quarter 2002 to the same
period in 2001, non-interest expense increased only 1.5%, or $97,000,
reflecting continued leverage of the existing overhead structure and the
success of cost containment initiatives.
Asset quality remained strong at September 30, 2002, with non-performing
assets and past-due loans declining from $5.77 million at September 30, 2001
to $1.37 million at September 30, 2002, a 76.2% decline. As of September 30,
2002, non-performing assets represented only .14% of total assets. Net
charge-offs during the three months ended September 30, 2002 totaled $61,000
or .04% of average loans compared to $190,000 or .13% during the same period
in 2001. For the nine months ended September 30, 2002, the Company recorded
net recoveries of $15,000 or less than .01% of average loans as compared to
net charge-offs of $377,000 or .09% during the same period of 2001. At
September 30, 2002, the allowance for credit losses totaled $8.84 million or
1.33% of loans.
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-four 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".
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, actual future results may
differ materially from those expressed herein.
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Nine Months Ended
September 30,
2002 2001 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $39,503 $45,122 -12.5%
Interest expense 11,989 19,111 -37.3%
Tax-equivalent net interest
income 27,514 26,011 5.8%
Tax-equivalent adjustment 225 169 33.3%
Net interest income 27,289 25,842 5.6%
Provision for credit losses 800 1,010 -20.8%
Noninterest income 4,966 4,156 19.5%
Noninterest expense 19,916 19,779 0.7%
Income before taxes 11,539 9,209 25.3%
Income tax provision 4,145 3,070 35.0%
Net income 7,394 6,139 20.4%
PER SHARE DATA:
Net income :
Basic $1.04 $0.86 21.2%
Diluted 1.02 0.85 19.9%
Average number of shares
outstanding:
Basic 7,098,390 7,151,447 -0.7%
Diluted 7,255,752 7,216,089 0.5%
Book value, at period end $10.48 $9.67 8.3%
Tangible book value, at period
end 10.48 9.67 8.3%
Cash dividends declared 0.33 0.30 10.0%
PERIOD END DATA:
Loans, net of unearned income $664,688 $576,456 15.3%
Investment securities and
securities
available-for-sale 178,112 154,896 15.0%
Assets 990,902 824,810 20.1%
Noninterest-bearing deposits 169,726 136,156 24.7%
Interest-bearing deposits 557,675 494,999 12.7%
Total deposits 727,401 631,155 15.2%
Customer funding sources (a) 890,807 730,138 22.0%
Stockholders' equity 74,385 69,104 7.6%
PERFORMANCE RATIOS:
Return on average assets 1.12% 1.01%
Return on average stockholders'
equity 13.72% 12.27%
Net interest margin (FTE) 4.43% 4.60%
Efficiency ratio (FTE) 61.32% 65.57%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.50% 10.34%
Total 10.63% 11.49%
Period-end tier 1 leverage ratio 8.02% 8.50%
ASSET QUALITY:
Net recoveries (charge-offs) $15 $(377) -104.0%
Nonperforming assets:
Nonaccrual loans 710 3,469 -79.5%
Restructured loans - 244 0.0%
Loans 90+ days past due and
accruing 219 297 -26.3%
Other real estate owned 443 1,764 -74.9%
Total nonperforming
assets and past due
loans 1,372 5,774 -76.2%
Allowance for credit losses to
loans, net
of unearned income, at
period-end 1.33% 1.33%
Nonperforming and past-due loans
to total
loans, net of unearned
income, at period-end 0.14% 0.70%
Nonperforming assets and past-due
loans
to total assets, at period-
end 0.14% 0.70%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income 0.00% -0.09%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $2,617 $2,170 20.6%
Gains on sales of mortgage
loans, net of costs 1,208 668 80.8%
Net income on other real
estate owned 98 228 -57.0%
Other noninterest income 1,043 1,090 -4.3%
4,966 4,156 19.5%
Noninterest expenses:
Salaries and employee
benefits 10,773 10,287 4.7%
Occupancy, net 2,542 2,698 -5.8%
Equipment 1,398 1,682 -16.9%
Data processing 1,103 945 16.7%
Marketing 690 341 102.3%
Other noninterest expenses 3,410 3,826 -10.9%
19,916 19,779 0.7%
AVERAGE BALANCES:
Federal funds sold (b) $11,105 $28,960 -61.7%
Investment securities and
securities
available-for-sale 175,660 159,950 9.8%
Loans, net of unearned income 643,853 566,535 13.6%
Total earning assets 830,618 755,445 10.0%
Total assets 882,487 809,229 9.1%
Interest-bearing deposits:
NOW accounts 71,981 60,728 18.5%
Savings and money market
accounts 169,761 173,665 -2.2%
Time deposits 274,931 271,932 1.1%
Total deposits 662,632 628,618 5.4%
Short-term borrowings (b) 122,890 85,911 43.0%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 659,563 612,236 7.7%
Stockholders' equity 72,033 66,899 7.7%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 1.69% 4.39%
Investment securities and
securities
available-for-sale 5.06% 6.38%
Loans, net of unearned income
(FTE) 6.79% 8.62%
Total yield on earning assets
(FTE) 6.36% 7.99%
Interest-bearing deposits
NOW accounts 0.24% 0.53%
Savings and money market
accounts 1.35% 2.78%
Time deposits 3.83% 5.90%
Short-term borrowings 1.59% 3.79%
Long-term borrowings 5.34% 5.44%
Total cost of interest-bearing
liabilities 2.43% 4.17%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three Months Ended
September 30,
2002 2001 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $13,490 $14,283 -5.6%
Interest expense 3,961 5,898 -32.8%
Tax-equivalent net interest
income 9,529 8,385 13.6%
Tax-equivalent adjustment 89 56 58.9%
Net interest income 9,440 8,329 13.3%
Provision for credit losses 42 182 -76.9%
Noninterest income 1,700 1,558 9.1%
Noninterest expense 6,716 6,619 1.5%
Income before taxes 4,382 3,086 42.0%
Income tax provision 1,643 1,045 57.2%
Net income 2,739 2,041 34.2%
PER SHARE DATA:
Net income :
Basic $0.39 $0.29 34.5%
Diluted 0.38 0.28 35.4%
Average number of shares
outstanding:
Basic 7,099,666 7,144,925 -0.6%
Diluted 7,271,809 7,229,231 0.6%
Book value, at period end na na na
Tangible book value, at period
end na na na
Cash dividends declared $0.11 $0.10 10.0%
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 1.17% 1.00%
Return on average stockholders'
equity 14.62% 11.87%
Net interest margin (FTE) 4.34% 4.40%
Efficiency ratio (FTE) 59.81% 66.57%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1
Total
Period-end tier 1 leverage ratio
ASSET QUALITY:
Net recoveries (charge-offs) $(61) $(190) -67.9%
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 -0.04% -0.13%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $886 $827 7.1%
Gains on sales of mortgage
loans, net of costs 410 275 49.1%
Net income on other real
estate owned 17 51 -66.7%
Other noninterest income 387 405 -4.4%
1,700 1,558 9.1%
Noninterest expenses:
Salaries and employee
benefits 3,495 3,469 0.7%
Occupancy, net 864 949 -9.0%
Equipment 439 562 -21.9%
Data processing 379 339 11.8%
Marketing 202 58 248.3%
Other noninterest expenses 1,337 1,242 7.6%
6,716 6,619 1.5%
AVERAGE BALANCES:
Federal funds sold (b) $21,830 $28,725 -24.0%
Investment securities and
securities
available-for-sale 176,965 146,365 20.9%
Loans, net of unearned income 673,294 580,249 16.0%
Total earning assets 872,089 755,339 15.5%
Total assets 926,432 808,303 14.6%
Interest-bearing deposits:
NOW accounts 75,194 60,151 25.0%
Savings and money market
accounts 178,603 160,982 10.9%
Time deposits 291,825 270,782 7.8%
Total deposits 700,275 617,796 13.4%
Short-term borrowings (b) 126,933 96,164 32.0%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 692,555 608,079 13.9%
Stockholders' equity 74,335 68,204 9.0%
YIELD ANALYSIS:
Federal funds sold and interest-
bearing deposits 1.69% 3.55%
Investment securities and
securities
available-for-sale 4.86% 5.86%
Loans, net of unearned income
(FTE) 6.62% 8.11%
Total yield on earning assets
(FTE) 6.14% 7.50%
Interest-bearing deposits
NOW accounts 0.24% 0.46%
Savings and money market
accounts 1.30% 2.22%
Time deposits 3.53% 5.70%
Short-term borrowings 1.46% 3.09%
Long-term borrowings 5.34% 5.79%
Total cost of interest-bearing
liabilities 2.27% 3.85%
(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.
COLUMBIA BANCORP
Consolidated Statements of Condition
(Dollars in Thousands)
September September December
30, 30, 31,
2002 2001 2001
(unaudited) (audited)
Assets
Cash and due from banks $55,365 $27,913 $39,435
Interest-bearing deposits with banks 212 215 218
Federal funds sold 59,823 32,951 6,277
Investment securities 136,569 102,529 121,689
Securities available-for-sale 41,543 52,367 48,359
Residential mortgage loans originated
for sale 14,385 10,793 11,411
Loan receivables:
Commercial 196,312 149,268 153,782
Real estate development and
construction 193,795 160,022 174,091
Real estate mortgage:
Residential 13,856 16,029 15,648
Commercial 111,683 98,495 109,975
Retail, principally second
mortgage loans
and residential equity lines
of credit 149,173 150,888 146,379
Credit card 6 2,179 2,389
Other 443 167 463
Total loans 665,268 577,048 602,727
Less: unearned income, net of
origination costs (580) (592) (640)
allowance for credit
losses (8,840) (7,659) (8,024)
Total loans, net 655,848 568,797 594,063
Other real estate owned 443 1,764 1,187
Property and equipment, net 9,508 10,822 10,400
Prepaid expenses and other assets 17,206 16,659 16,610
Total assets $990,902 $824,810 $849,649
Liabilities
Deposits:
Noninterest-bearing $169,726 $136,156 $145,844
Interest-bearing 557,675 494,999 492,157
Total deposits 727,401 631,155 638,001
Short-term borrowings 163,406 98,983 117,352
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other liabilities 5,710 5,568 4,934
Total liabilities 916,517 755,706 780,287
Stockholders' equity
Common stock, $.01 par value per
share; authorized
10,000,000 shares; outstanding
7,099,835,
7,143,376 and 7,105,238 shares,
respectively 71 71 71
Additional paid-in capital 47,390 48,155 47,520
Retained earnings 26,821 20,506 21,768
Accumulated other comprehensive income 103 372 3
Total stockholders' equity 74,385 69,104 69,362
Total liabilities and
stockholders' equity $990,902 $824,810 $849,649
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,
2002 2001 2002 2001
(unaudited) (unaudited)
Interest income:
Loans $32,552 $36,424 $11,159 $11,827
Investment securities 6,586 7,578 2,149 2,143
Federal funds sold and interest-
bearing deposits with banks 140 951 93 257
Total interest income 39,278 44,953 13,401 14,227
Interest expense:
Deposits 9,724 15,860 3,224 4,856
Borrowings 2,265 3,251 737 1,042
Total interest expense 11,989 19,111 3,961 5,898
Net interest income 27,289 25,842 9,440 8,329
Provision for credit losses 800 1,010 42 182
Net interest income after
provision
for credit losses 26,489 24,832 9,398 8,147
Noninterest income:
Fees charged for services 2,617 2,170 886 827
Gains on sales of mortgage
loans, net of costs 1,208 668 410 275
Net income on other real estate
owned 98 228 17 51
Other 1,043 1,090 387 405
Total noninterest income 4,966 4,156 1,700 1,558
Noninterest expense:
Salaries and employee benefits 10,773 10,287 3,495 3,469
Occupancy, net 2,542 2,698 864 949
Equipment 1,398 1,682 439 562
Data processing 1,103 945 379 339
Marketing 690 341 202 58
Cash management services 464 470 166 207
Professional fees 154 676 144 199
Deposit insurance 133 138 44 48
Other 2,659 2,542 983 788
Total noninterest expense 19,916 19,779 6,716 6,619
Income before income taxes 11,539 9,209 4,382 3,086
Income tax provision 4,145 3,070 1,643 1,045
Net income 7,394 6,139 2,739 2,041
Other comprehensive income, net of
tax -
unrealized net gain on
securities available-for-sale 100 813 74 264
Comprehensive income $7,494 $6,952 $2,813 $2,305
Per common share data:
Net income: Basic $1.04 $0.86 $0.39 $0.29
Diluted 1.02 0.85 0.38 0.28
Cash dividends declared $0.33 $0.30 $0.11 $0.10
Columbia Bancorp
2002 Quarterly Highlights
3Q02 2Q02 1Q02
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $13,490 $13,294 $12,720
Interest expense 3,961 3,967 4,061
Tax-equivalent net interest
income 9,529 9,326 8,659
Tax-equivalent adjustment 89 73 63
Net interest income 9,440 9,253 8,596
Provision for credit losses 42 681 77
Noninterest income 1,700 1,640 1,626
Noninterest expense 6,716 6,591 6,609
Income before taxes 4,382 3,621 3,536
Income tax provision 1,643 1,304 1,198
Net income 2,739 2,317 2,338
PER SHARE DATA:
Net income :
Basic $0.39 $0.33 $0.33
Diluted 0.38 0.32 0.32
Average number of shares
outstanding:
Basic 7,099,666 7,097,964 7,106,850
Diluted 7,271,809 7,274,443 7,229,773
Book value, at period end $10.48 $10.19 $9.95
Tangible book value, at period
end 10.48 10.19 9.95
Cash dividends declared 0.11 0.11 0.11
PERIOD END DATA:
Loans, net of unearned income $664,688 $666,504 $616,528
Investment securities and
securities
available-for-sale 178,112 178,040 181,195
Assets 990,902 926,166 864,276
Noninterest-bearing deposits 169,726 168,737 150,975
Interest-bearing deposits 557,675 532,159 501,508
Total deposits 727,401 700,896 652,483
Customer funding sources (a) 890,807 826,823 759,379
Stockholders' equity 74,385 72,345 70,606
PERFORMANCE RATIOS:
Return on average assets 1.17% 1.06% 1.13%
Return on average stockholders'
equity 14.62% 12.88% 13.64%
Net interest margin (FTE) 4.34% 4.53% 4.43%
Efficiency ratio (FTE) 59.81% 60.10% 64.26%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.50% 9.43% 9.93%
Total 10.63% 10.59% 11.08%
Period-end tier 1 leverage ratio 8.02% 8.24% 8.41%
ASSET QUALITY:
Net recoveries (charge-offs) $(61) $(42) $119
Nonperforming assets:
Nonaccrual loans 710 1,126 1,501
Restructured loans - - -
Loans 90+ days past due and
accruing 219 242 323
Other real estate owned 443 619 1,182
Total nonperforming
assets and past due
loans 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%
Nonperforming and past-due loans
to total
loans, net of unearned
income, at period-end 0.14% 0.21% 0.30%
Nonperforming assets and past-due
loans
to total assets, at period-
end 0.14% 0.21% 0.35%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income -0.04% -0.03% 0.08%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for services $886 $870 $861
Gains on sales of mortgage
loans, net of costs 410 336 462
Net income on other real
estate owned 17 94 (13)
Other noninterest income 387 340 316
Total noninterest income 1,700 1,640 1,626
Noninterest expenses:
Salaries and employee
benefits 3,495 3,726 3,552
Occupancy, net 864 832 846
Equipment 439 488 471
Data processing 379 365 359
Marketing 202 273 215
Other noninterest expenses 1,337 907 1,166
Total noninterest expenses 6,716 6,591 6,609
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $21,830 $6,046 $5,258
Investment securities and
securities
available-for-sale 176,965 178,178 171,778
Loans, net of unearned income 673,294 641,943 615,691
Total earning assets 872,089 826,167 792,727
Total assets 926,432 877,436 842,674
Interest-bearing deposits:
NOW accounts 75,194 71,863 68,818
Savings and money market
accounts 178,603 167,238 163,272
Time deposits 291,825 275,511 257,076
Total deposits 700,275 660,967 625,837
Short-term borrowings (b) 126,933 120,366 121,310
Long-term borrowings 20,000 20,000 20,000
Total interest-bearing
liabilities 692,555 654,978 630,476
Stockholders' equity 74,335 72,173 69,538
YIELD ANALYSIS:
Federal funds sold and interest
bearing deposits 1.69% 1.79% 1.70%
Investment securities and
securities
available-for-sale 4.86% 5.10% 5.21%
Loans, net of unearned income
(FTE) 6.62% 6.87% 6.91%
Total yield on earning assets
(FTE) 6.14% 6.45% 6.51%
Interest-bearing deposits
NOW accounts 0.24% 0.24% 0.24%
Savings and money market
accounts 1.30% 1.38% 1.36%
Time deposits 3.53% 3.76% 4.27%
Short-term borrowings 1.46% 1.67% 1.66%
Long-term borrowings 5.34% 5.33% 5.35%
Total cost of interest-bearing
liabilities 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.
Columbia Bancorp
2001 Quarterly Highlights
4Q01 3Q01 2Q01 1Q01
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest
income $13,198 $14,283 $14,926 $15,913
Interest expense 4,872 5,898 6,338 6,875
Tax-equivalent net
interest income 8,326 8,385 8,588 9,038
Tax-equivalent adjustment 90 56 76 37
Net interest income 8,236 8,329 8,512 9,001
Provision for credit
losses 524 182 528 300
Noninterest income 1,774 1,558 1,430 1,168
Noninterest expense 6,413 6,619 6,481 6,679
Income before taxes 3,073 3,086 2,933 3,190
Income tax provision 1,030 1,045 995 1,030
Net income 2,043 2,041 1,938 2,160
PER SHARE DATA:
Net income :
Basic $0.29 $0.29 $0.27 $0.30
Diluted 0.28 0.28 0.27 0.30
Average number of shares
outstanding:
Basic 7,127,296 7,144,925 7,155,768 7,153,744
Diluted 7,206,717 7,229,231 7,207,807 7,211,027
Book value, at period end $9.76 $9.67 $9.45 $9.28
Tangible book value, at
period end 9.76 9.67 9.45 9.28
Cash dividends declared 0.11 0.10 0.10 0.10
PERIOD END DATA:
Loans, net of unearned
income $602,087 $576,456 $576,440 $542,698
Investment securities and
securities
available-for-sale 170,048 154,896 137,954 157,327
Assets 849,649 824,810 832,831 854,959
Noninterest-bearing
deposits 145,844 136,156 137,598 124,382
Interest-bearing deposits 492,157 494,999 506,049 557,753
Total deposits 638,001 631,155 643,647 682,135
Customer funding sources
(a) 741,353 730,138 736,960 762,686
Stockholders' equity 69,362 69,104 67,542 66,507
PERFORMANCE RATIOS:
Return on average assets 0.98% 1.00% 0.95% 1.09%
Return on average
stockholders' equity 11.66% 11.87% 11.60% 13.39%
Net interest margin (FTE) 4.27% 4.41% 4.52% 4.89%
Efficiency ratio (FTE) 63.50% 66.57% 64.69% 65.44%
CAPITAL RATIOS:
Period-end capital to
risk-weighted assets:
Tier 1 9.92% 10.34% 10.13% 10.38%
Total 11.07% 11.49% 11.28% 11.51%
Period-end tier 1 leverage
ratio 8.42% 8.50% 8.26% 8.28%
ASSET QUALITY:
Net recoveries (charge-
offs) $(159) $(190) $(79) $(108)
Nonperforming assets:
Nonaccrual loans 3,230 3,469 4,228 4,959
Restructured loans - 244 254 285
Loans 90+ days past
due and accruing 819 297 472 270
Other real estate
owned 1,187 1,764 2,018 2,738
Total
nonperforming
assets and past
due loans 5,236 5,774 6,972 8,252
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 0.67% 0.70% 0.86% 1.02%
Nonperforming assets and
past-due loans
to total assets, at
period-end 0.62% 0.70% 0.84% 0.97%
Annualized net recoveries
(charge-offs) to average
loans, net of
unearned income -0.11% -0.13% -0.03% -0.08%
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for
services $911 $827 $723 $620
Gains on sales of
mortgage loans, net
of costs 458 275 260 133
Net income on other
real estate owned 12 51 134 43
Other noninterest
income 393 405 313 372
Total noninterest income 1,774 1,558 1,430 1,168
Noninterest expenses:
Salaries and employee
benefits 3,419 3,469 3,303 3,515
Occupancy, net 864 949 861 888
Equipment 498 562 564 556
Data processing 341 339 316 290
Marketing 47 58 167 116
Other noninterest
expenses 1,244 1,242 1,270 1,314
Total noninterest expenses 6,413 6,619 6,481 6,679
AVERAGE BALANCES:
Federal funds sold and
interest bearing deposits $26,919 $28,725 $39,160 $18,889
Investment securities and
securities
available-for-sale 154,606 146,365 152,110 181,762
Loans, net of unearned
income 592,592 580,249 569,887 549,126
Total earning assets 774,117 755,339 791,157 749,777
Total assets 823,754 808,303 816,395 802,931
Interest-bearing deposits:
NOW accounts 63,887 60,151 62,192 59,837
Savings and money
market accounts 164,822 160,982 184,456 175,718
Time deposits 266,600 270,782 271,626 273,418
Total deposits 628,381 617,796 640,973 627,189
Short-term borrowings (b) 100,640 96,164 78,804 82,616
Long-term borrowings 20,000 20,000 20,000 20,000
Total interest-bearing
liabilities 615,949 608,079 617,078 611,589
Stockholders' equity 69,511 68,204 67,025 65,437
YIELD ANALYSIS:
Federal funds sold and
interest bearing deposits 2.17% 3.55% 4.59% 5.28%
Investment securities and
securities
available-for-sale 5.37% 5.86% 6.40% 6.75%
Loans, net of unearned
income (FTE) 7.34% 8.11% 8.47% 9.34%
Total yield on earning
assets (FTE) 6.76% 7.50% 7.85% 8.61%
Interest-bearing deposits
NOW accounts 0.25% 0.46% 0.50% 0.64%
Savings and money
market accounts 1.66% 2.22% 2.78% 3.32%
Time deposits 5.09% 5.70% 5.95% 6.06%
Short-term borrowings 1.79% 3.09% 3.51% 4.89%
Long-term borrowings 5.34% 5.79% 5.25% 5.27%
Total cost of interest-
bearing liabilities 3.14% 3.85% 4.12% 4.56%
(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.
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 of Columbia
Bancorp, +1-410-465-4800
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