COLUMBIA, Md., Oct. 16 /PRNewswire-FirstCall/ -- Columbia Bancorp
(Nasdaq: CBMD), parent company of The Columbia Bank (the "Bank"), today
announced net income for the third quarter 2003 of $3.44 million ($.47 per
diluted share) compared to $2.74 million ($.38 per diluted share) for the
third quarter 2002, a 25.7% increase. Returns on average equity for the third
quarter 2003 and 2002 were 16.56% and 14.62%, respectively. Returns on
average assets for the third quarter 2003 and 2002 were 1.36% and 1.17%,
respectively.
Net income for the nine months ended September 30, 2003 totaled $8.77
million ($1.19 per diluted share) compared to $7.39 million ($1.02 per diluted
share) for 2002, an increase of 18.6%. Returns on average equity were 14.63%
and 13.72% for the nine months ended September 30, 2003 and 2002,
respectively. Returns on average assets were 1.21% and 1.12% for the nine-
month periods of 2003 and 2002, respectively.
THIRD QUARTER FINANCIAL HIGHLIGHTS
-- Loans grew to $797.1 million at September 30, 2003, an increase of
$132.4 million or 19.9% since September 30, 2002.
-- Net recoveries during the quarter totaled $695,000, or .36% of
average loans, and included a single recovery totaling $746,000
which related to a commercial loan relationship partially charged-
off in a prior year.
-- Credit quality remained strong with nonperforming assets and past
due loans totaling only $1.1 million, or .11% of total assets.
-- Mortgage banking activity was exceptionally strong with gains on
sales of mortgage loans reaching a record quarterly level of $1.2
million, an increase of 184.9% compared to the third quarter 2002.
Originations of retail construction and mortgage loans totaled
$124.3 million during the third quarter 2003, up from $73.7 during
the same period in 2002. Growth in mortgage banking revenue has
been substantially fueled by refinancing activity, which is heavily
dependent on mortgage interest rates. The Company expects
refinancing activity to slow over time as the number of homeowners
who may benefit from refinancing declines and mortgage interest
rates rise. However, the Company anticipates continued relative
strength in originations of construction and first mortgage loans as
a result of its focus on core residential real estate business
development activities.
DETAILED REVIEW OF FINANCIAL PERFORMANCE
Total assets at September 30, 2003 were $1.01 billion, representing growth
of $22.6 million or 2.3% since September 30, 2002. Loans, net of unearned
income, totaled $797.1 million compared to $664.7 million at September 30,
2002, representing growth of $132.4 million or 19.9%. Growth in the loan
portfolio since the end of the third quarter 2002 was supported by strength in
the Company's real estate development and construction, commercial, and
commercial mortgage portfolios, which increased $56.0 million (28.9%), $46.7
million (23.8%) and $18.0 million (16.1%), respectively. Activity in the
Company's consumer loan portfolio was also strong during the one-year period
in spite of unusual payoff activity associated with mortgage refinancing. Net
growth in the consumer portfolio totaled $9.8 million or 6.6%. Customer
funding sources, representing deposits plus other short-term borrowings from
core customers, increased 1.3% to $902.2 million at September 30, 2003. As
anticipated, balances maintained by title companies declined at quarter-end as
mortgage rates increased from historically low levels and mortgage refinancing
activity slowed. Shareholders' equity climbed 11.8% to $83.1 million at
September 30, 2003.
Operating performance through September 30, 2003 was primarily influenced
by growth in net interest income and improved fee income. Net interest income
increased 11.1% during the third quarter 2003 and 10.0% during the nine months
ended September 30, 2003 as compared to the corresponding periods of 2002 as a
result of continued growth in the loan portfolio. Also, as a result of a
change in mix of earning assets and successful efforts to aggressively lower
the cost of interest-bearing customer funding sources, the net interest margin
(FTE) increased five basis points to 4.39% during the third quarter 2003 as
compared to the third quarter 2002. The Company remained asset sensitive at
September 30, 2003. Growth in noninterest income during 2003 reflected
continued strength in fee-based services, and included growth in gains on
sales of mortgage loans (up $758,000 and $1.4 million during the quarter and
nine months of 2003 compared to 2002), fees charged for deposit services (up
$170,000 and $371,000 for the quarter and nine months 2003) and commissions on
the sales of financial services (up $119,000 and $246,000 during the quarter
and nine months 2003). Total operating income, representing net interest
income plus noninterest income, increased 18.8% and 15.1% during the quarter
and nine months ended September 30, 2003, respectively, as compared to the
corresponding periods of 2002, while noninterest expense increased a lesser
16.9% and 12.4% during each period. As a result of the successful leveraging
of the Company's overhead infrastructure, the efficiency ratio (FTE) improved
to 58.8% during the quarter ended September 30, 2003 and 59.7% during the nine
months ended September 30, 2003.
Asset quality remained very strong at September 30, 2003, with
nonperforming assets totaling $1.1 million. As of September 30, 2003,
nonperforming assets represented only .11% of total assets. Net recoveries
totaled $695,000, or .36% (annualized) of average loans, during the third
quarter. Net recoveries for the nine months ended September 30, 2003 totaled
$671,000, or .12% (annualized) of average loans. As a result of the
significant loan growth during the first nine months of 2003, mitigated by the
recovery of $746,000 during the third quarter, the provision for loan losses
increased from $800,000 in 2002 to $1.1 million in 2003. At September 30,
2003, the allowance for credit losses totaled $10.6 million, or 1.32% of
loans, compared to $8.8 million, or 1.33% of loans, at September 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 4.39% and
4.34% for the quarters ended September 30, 2003 and 2002, respectively. The
comparable GAAP-based net interest margins were 4.34% and 4.29%. The non-GAAP
net interest margin (FTE) was 4.41% and 4.43% for the nine months ended
September 30, 2003 and 2002, respectively. The GAAP-based net interest margin
was 4.36% and 4.39% for the comparable periods. The non-GAAP efficiency ratio
(FTE) was 58.81% and 59.81% for the quarters ended September 30, 2003 and
2002, respectively. The GAAP-based efficiency ratio was 59.33% and 60.29% for
the same periods. The non-GAAP efficiency ratio (FTE) was 59.70% and 61.32%
for the nine months ended September 30, 2003 and 2002, respectively. The
GAAP-based efficiency ratio was 60.27% and 61.75% 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 Nine Months Ended
September 30,
2003 2002 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $38,604 $39,503 (2.3%)
Interest expense 8,229 11,989 (31.4%)
Tax equivalent net interest
income 30,375 27,514 10.4%
Tax equivalent adjustment 352 225 56.4%
Net interest income 30,023 27,289 10.0%
Provision for credit losses 1,050 800 31.3%
Noninterest income 7,115 4,966 43.3%
Noninterest expense 22,383 19,916 12.4%
Income before taxes 13,705 11,539 18.8%
Income tax provision 4,934 4,145 19.0%
Net income 8,771 7,394 18.6%
PER SHARE DATA:
Net income:
Basic $1.23 $1.04 18.3%
Diluted $1.19 $1.02 16.7%
Average number of shares
outstanding:
Basic 7,123,776 7,098,390 0.4%
Diluted 7,351,233 7,255,752 1.3%
Book value, at period end $11.65 $10.48 11.1%
Tangible book value, at
period end 11.65 10.48 11.1%
Cash dividends declared $0.375 0.33 13.6%
PERIOD END DATA:
Loans, net of unearned income $797,108 $664,688 19.9%
Investment securities and
securities available-for-sale 142,048 178,112 (20.2%)
Assets 1,013,492 990,902 2.3%
Noninterest-bearing deposits 190,576 169,726 12.3%
Interest-bearing deposits 584,401 557,675 4.8%
Total deposits 774,977 727,401 6.5%
Customer funding sources (a) 902,188 890,807 1.3%
Stockholders' equity 83,132 74,385 11.8%
PERFORMANCE RATIOS:
Return on average assets 1.21% 1.12%
Return on average stockholders'
equity 14.63% 13.72%
Net interest margin (FTE) 4.41% 4.43%
Efficiency ratio (FTE)(c) 59.70% 61.32%
CAPITAL RATIOS:
Period-end capital to
risk-weighted assets:
Tier 1 9.31% 9.50%
Total 10.49% 10.63%
Period-end tier 1 leverage ratio 8.30% 8.00%
ASSET QUALITY:
Net recoveries (charge-offs) $671 $15 4373.3%
Nonperforming assets:
Nonaccrual loans 974 710 37.2%
Restructured loans - - na
Loans 90+ days past due and
accruing 127 219 (42.0%)
Other real estate owned - 443 (100.0%)
Total nonperforming assets and
past due loans 1,101 1,372 (19.8%)
Allowance for credit losses to
loans, net of unearned income,
at period-end 1.32% 1.33%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.14% 0.14%
Nonperforming assets and past-due
loans to total assets, at
period-end 0.11% 0.14%
Annualized net recoveries
(charge-offs) to average loans,
net of unearned income 0.12% 0.00%
As of and Three Months Ended
September 30,
2003 2002 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Tax equivalent interest income $13,169 $13,490 (2.4%)
Interest expense 2,559 3,961 (35.4%)
Tax equivalent net interest
income 10,610 9,529 11.3%
Tax equivalent adjustment 118 89 32.6%
Net interest income 10,492 9,440 11.1%
Provision for credit losses - 42 (100.0%)
Noninterest income 2,737 1,700 61.0%
Noninterest expense 7,849 6,716 16.9%
Income before taxes 5,380 4,382 22.8%
Income tax provision 1,937 1,643 17.9%
Net income 3,443 2,739 25.7%
PER SHARE DATA:
Net income:
Basic $0.48 $0.39 23.1%
Diluted $0.47 $0.38 23.7%
Average number of shares
outstanding:
Basic 7,137,668 7,099,666 0.5%
Diluted 7,387,088 7,271,809 1.6%
Book value, at period end na na na
Tangible book value, at period end na na na
Cash dividends declared $0.125 0.11 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 1.36% 1.17%
Return on average stockholders'
equity 16.56% 14.62%
Net interest margin (FTE) 4.39% 4.34%
Efficiency ratio (FTE)(c) 58.81% 59.81%
CAPITAL RATIOS:
Period-end capital to risk-weighted assets:
Tier 1
Total
Period-end tier 1 leverage ratio
ASSET QUALITY:
Net recoveries (charge-offs) $695 $(61) 1239.3%
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 0.36% (0.04%)
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Nine Months Ended
September 30,
2003 2002 % Change
(unaudited)
NONINTEREST INCOME AND EXPENSE BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $2,988 $2,617 14.2%
Gains on sales of mortgage
loans, net of costs 2,633 1,208 118.0%
Net income (loss) on other real
estate owned 20 98 (79.6%)
Gain on sale of investment
securities 28 - 0.0%
Financial Services sales 456 210 117.1%
Other noninterest income 990 833 18.8%
7,115 4,966 43.3%
Noninterest expenses:
Salaries and employee benefits 12,150 10,773 12.8%
Occupancy, net 2,818 2,481 13.6%
Equipment 1,444 1,398 3.3%
Data processing 1,457 1,164 25.2%
Marketing 839 690 21.6%
Other noninterest expenses 3,675 3,410 7.8%
22,383 19,916 12.4%
AVERAGE BALANCES:
Federal funds sold and
interest-bearing deposits(b) $30,745 $11,105 176.9%
Investment securities and
securities available-for-sale 147,375 175,660 (16.1%)
Loans, net of unearned income 723,764 636,987 13.6%
Loans originated for sale (b) 18,678 6,866 172.0%
Total earning assets 920,562 830,618 10.8%
Total assets 965,682 882,487 9.4%
Interest-bearing deposits:
NOW accounts 90,228 71,981 25.3%
Savings and money market
accounts 196,657 169,761 15.8%
Time deposits 276,680 274,931 0.6%
Noninterest-bearing deposits 170,472 145,959 16.8%
Total deposits 734,037 662,632 10.8%
Short-term borrowings (b) 120,011 122,890 (2.3%)
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 703,576 659,563 6.7%
Stockholders' equity 80,168 72,033 11.3%
YIELD ANALYSIS:
Federal funds sold and
interest-bearing deposits 1.14% 1.69%
Investment securities and securities
available-for-sale (FTE) 4.55% 5.06%
Loans, net of unearned
income (FTE) 6.00% 6.79%
Total yield on earning
assets (FTE) 5.61% 6.36%
Interest-bearing deposits
NOW accounts 0.13% 0.24%
Savings and money market
accounts 0.60% 1.35%
Time deposits 2.81% 3.83%
Short-term borrowings 0.70% 1.59%
Long-term borrowings 5.27% 5.34%
Total cost of interest-bearing
liabilities 1.56% 2.43%
As of and Three Months Ended
September 30,
2003 2002 % Change
(unaudited)
NONINTEREST INCOME AND EXPENSE BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $1,056 $886 19.2%
Gains on sales of mortgage
loans, net of costs 1,168 410 184.9%
Net income (loss) on other real
estate owned (21) 17 (223.5%)
Gain on sale of investment
securities 28 - 0.0%
Financial Services sales 208 89 133.7%
Other noninterest income 298 298 0.0%
2,737 1,700 61.0%
Noninterest expenses:
Salaries and employee benefits 4,315 3,495 23.5%
Occupancy, net 973 843 15.4%
Equipment 500 439 13.9%
Data processing 563 400 40.8%
Marketing 272 202 34.7%
Other noninterest expenses 1,226 1,337 (8.3%)
7,849 6,716 16.9%
AVERAGE BALANCES:
Federal funds sold and
interest-bearing deposits(b) $23,355 $21,830 7.0%
Investment securities and
securities
available-for-sale 139,201 176,965 (21.3%)
Loans, net of unearned income 772,604 658,158 17.4%
Loans originated for sale (b) 24,081 15,136 59.1%
Total earning assets 959,241 872,089 10.0%
Total assets 1,003,752 926,432 8.3%
Interest-bearing deposits:
NOW accounts 92,491 75,194 23.0%
Savings and money market
accounts 205,166 178,603 14.9%
Time deposits 280,345 291,825 (3.9%)
Noninterest-bearing deposits 182,221 154,653 17.8%
Total deposits 760,223 700,275 8.6%
Short-term borrowings (b) 137,021 126,933 7.9%
Long-term borrowings 20,000 20,000 0.0%
Total interest-bearing
liabilities 735,023 692,555 6.1%
Stockholders' equity 82,502 74,335 11.0%
YIELD ANALYSIS:
Federal funds sold and
interest-bearing deposits 0.95% 1.69%
Investment securities and securities
available-for-sale (FTE) 4.34% 4.86%
Loans, net of unearned
income (FTE) 5.77% 6.62%
Total yield on earning
assets (FTE) 5.45% 6.14%
Interest-bearing deposits
NOW accounts 0.10% 0.24%
Savings and money market
accounts 0.37% 1.30%
Time deposits 2.62% 3.53%
Short-term borrowings 0.57% 1.46%
Long-term borrowings 5.71% 5.34%
Total cost of interest-bearing
liabilities 1.38% 2.27%
(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)
Sept. 30, Sept. 30, Dec. 31,
2003 2002 2002
(unaudited) (audited)
Assets
Cash and due from banks $39,131 $55,365 $37,909
Interest-bearing deposits with banks 204 212 214
Federal funds sold 5,527 59,823 101,248
Investment securities 85,233 136,569 112,545
Securities available-for-sale 56,815 41,543 38,953
Residential mortgage loans originated
for sale 14,138 14,385 10,515
Loan receivables:
Commercial 243,222 196,485 198,223
Real estate development and
construction 249,828 193,795 187,063
Real estate mortgage:
Residential 15,776 13,856 13,779
Commercial 129,472 111,510 122,458
Retail, principally second
mortgage loans
and residential equity lines
of credit 158,993 149,173 143,359
Other 258 449 388
Total loans 797,549 665,268 665,270
Less: unearned income, net of
origination costs (441) (580) (444)
allowance for credit
losses (10,559) (8,840) (8,839)
Total loans, net 786,549 655,848 655,987
Other real estate owned - 443 178
Property and equipment, net 7,689 9,508 6,974
Prepaid expenses and other assets 18,206 17,206 17,479
Total assets $1,013,492 $990,902 $982,002
Liabilities
Deposits:
Noninterest-bearing $190,576 $169,726 $171,182
Interest-bearing 584,401 557,675 559,431
Total deposits 774,977 727,401 730,613
Short-term borrowings 129,211 163,406 147,903
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and other
liabilities 6,172 5,710 6,563
Total liabilities 930,360 916,517 905,079
Stockholders' equity
Common stock, $.01 par value per
share; authorized
10,000,000 shares; outstanding
7,142,349,
7,099,835 and 7,109,607 shares,
respectively 71 71 71
Additional paid-in capital 47,732 47,390 47,439
Retained earnings 35,506 26,821 29,408
Accumulated other comprehensive
income (loss) (177) 103 5
Total stockholders' equity 83,132 74,385 76,923
Total liabilities and
stockholders' equity $1,013,492 $990,902 $982,002
Certain reclassifications of information previously reported have been
made to conform with current presentation.
COLUMBIA BANCORP
Consolidated Statements of Income
(Dollars in Thousands Except Per-Share Data)
Nine Months Ended Three Months Ended
September 30, September 30,
2003 2002 2003 2002
(unaudited) (unaudited)
Interest income:
Loans $33,121 $32,552 $11,534 $11,159
Investment securities 4,869 6,586 1,461 2,149
Federal funds sold and interest-
bearing deposits with banks 262 140 56 93
Total interest income 38,252 39,278 13,051 13,401
Interest expense:
Deposits 6,790 9,724 2,069 3,224
Borrowings 1,439 2,265 490 737
Total interest expense 8,229 11,989 2,559 3,961
Net interest income 30,023 27,289 10,492 9,440
Provision for credit losses 1,050 800 - 42
Net interest income after
provision
for credit losses 28,973 26,489 10,492 9,398
Noninterest income:
Fees charged for deposit
services 2,988 2,617 1,056 886
Gains on sales of mortgage
loans, net of costs 2,633 1,208 1,168 410
Net income (loss) on other real
estate owned 20 98 (21) 17
Gain on sale of investment
securities 28 - 28 -
Financial Services sales 456 210 208 89
Other 990 833 298 298
Total noninterest income 7,115 4,966 2,737 1,700
Noninterest expense:
Salaries and employee benefits 12,150 10,773 4,315 3,495
Occupancy, net 2,818 2,481 973 843
Equipment 1,444 1,398 500 439
Data processing 1,457 1,164 563 400
Marketing 839 690 272 202
Cash management services 439 464 149 166
Professional fees 568 154 174 144
Deposit insurance 147 133 49 44
Other 2,521 2,659 854 983
Total noninterest expense 22,383 19,916 7,849 6,716
Income before income taxes 13,705 11,539 5,380 4,382
Income tax provision 4,934 4,145 1,937 1,643
Net income 8,771 7,394 3,443 2,739
Per common share data:
Net income: Basic $1.23 $1.04 $0.48 $0.39
Diluted 1.19 1.02 0.47 0.38
Cash dividends declared $0.375 $0.33 $0.125 $0.11
Certain reclassifications of information previously reported have been
made to conform with current presentation.
COLUMBIA BANCORP
2003 Quarterly Highlights
(Dollars in Thousands, Except Per-Share Data)
3Q03 2Q03 1Q03
SUMMARY OF OPERATING RESULTS:
Tax-equivalent interest income $13,169 $12,941 $12,493
Interest expense 2,559 2,757 2,912
Tax-equivalent net interest
income 10,610 10,184 9,581
Tax-equivalent adjustment 118 113 120
Net interest income 10,492 10,071 9,461
Provision for credit losses - 745 305
Noninterest income 2,737 2,443 1,934
Noninterest expense 7,849 7,336 7,199
Income before taxes 5,380 4,433 3,891
Income tax provision 1,937 1,596 1,400
Net income 3,443 2,837 2,491
PER SHARE DATA:
Net income:
Basic $0.48 $0.40 $0.35
Diluted $0.47 $0.39 0.34
Average number of shares
outstanding:
Basic 7,137,668 7,117,805 7,115,612
Diluted 7,387,088 7,346,462 7,290,541
Book value, at period end $11.65 $11.31 $11.02
Tangible book value, at period
end $11.65 $11.31 $11.02
Cash dividends declared 0.125 0.125 0.125
PERIOD END DATA:
Loans, net of unearned income $797,108 $750,509 $696,322
Investment securities and
securities
available-for-sale 142,048 140,552 145,714
Assets 1,013,492 1,060,141 993,570
Noninterest-bearing deposits 190,576 197,490 182,421
Interest-bearing deposits 584,401 586,507 565,106
Total deposits 774,977 783,997 747,527
Customer funding sources (a) 902,188 953,987 890,197
Stockholders' equity 83,132 80,538 78,422
PERFORMANCE RATIOS:
Return on average assets 1.36% 1.18% 1.09%
Return on average stockholders'
equity 16.56% 14.26% 12.92%
Net interest margin (FTE) 4.39% 4.45% 4.40%
Efficiency ratio (FTE) (c) 58.81% 58.10% 62.52%
CAPITAL RATIOS:
Period-end capital to risk-
weighted assets:
Tier 1 9.31% 9.20% 9.62%
Total 10.49% 10.33% 10.73%
Period-end tier 1 leverage ratio 8.30% 8.34% 8.49%
ASSET QUALITY:
Net recoveries (charge-offs) $695 $21 $(45)
Nonperforming assets:
Nonaccrual loans 974 720 806
Restructured loans - 643 -
Loans 90+ days past due and
accruing 127 112 164
Other real estate owned - - -
Total nonperforming
assets and past due
loans 1,101 1,475 970
Allowance for credit losses to
loans, net of unearned income, at
period-end 1.32% 1.31% 1.31%
Nonperforming and past-due loans
to total loans, net of unearned
income, at period-end 0.14% 0.20% 0.14%
Nonperforming assets and past-due
loans to total assets, at period-
end 0.11% 0.14% 0.10%
Annualized net recoveries
(charge-offs) to average
loans, net of unearned
income 0.36% 0.01% (0.03%)
COLUMBIA BANCORP
2003 Quarterly Highlights
(Dollars in Thousands, Except Per-Share Data)
NONINTEREST INCOME AND EXPENSE
BREAKDOWN:
Noninterest income:
Fees charged for deposit
services $1,056 $994 $938
Gains on sales of mortgage
loans, net of costs 1,168 834 630
Net income (loss) on other
real estate owned (21) 30 11
Gain on sale of investment
securities 28 - -
Financial Services sales 208 125 123
Other noninterest income 298 460 232
Total noninterest
income 2,737 2,443 1,934
Noninterest expenses:
Salaries and employee
benefits 4,315 3,865 3,970
Occupancy, net 973 920 924
Equipment 500 495 448
Data processing 563 484 410
Marketing 272 335 232
Other noninterest expenses 1,226 1,237 1,215
Total noninterest
expenses 7,849 7,336 7,199
AVERAGE BALANCES:
Federal funds sold and interest
bearing deposits $23,355 $25,995 $43,101
Investment securities and
securities
available-for-sale 139,201 151,508 151,552
Loans, net of unearned income 796,685 721,274 688,230
Total earning assets 959,241 918,722 882,883
Total assets 1,003,752 965,980 926,466
Interest-bearing deposits:
NOW accounts 92,491 93,717 84,388
Savings and money market
accounts 205,166 198,470 186,126
Time deposits 280,345 280,242 282,201
Noninterest-bearing deposits 182,221 168,554 160,133
Total deposits 760,223 740,983 712,848
Short-term borrowings (b) 137,021 115,939 106,739
Long-term borrowings 20,000 20,000 20,000
Total interest-bearing
liabilities 735,023 708,368 679,454
Stockholders' equity 82,502 79,775 78,182
YIELD ANALYSIS:
Federal funds sold and interest
bearing deposits 0.95% 1.18% 1.20%
Investment securities and
securities
available-for-sale 4.34% 4.59% 4.69%
Loans, net of unearned income
(FTE) 5.77% 6.02% 6.25%
Total yield on earning assets
(FTE) 5.45% 5.65% 5.74%
Interest-bearing deposits
NOW accounts 0.10% 0.10% 0.19%
Savings and money market
accounts 0.37% 0.64% 0.82%
Time deposits 2.62% 2.78% 2.90%
Short-term borrowings 0.57% 0.69% 0.81%
Long-term borrowings 5.71% 5.50% 5.34%
Total cost of interest-bearing
liabilities 1.38% 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
(Dollars in Thousands, Except Per Share Data)
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% 14.62% 12.95% 13.48%
Net interest margin (FTE) 4.36% 4.34% 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%
COLUMBIA BANCORP
2002 Quarterly Highlights
(Dollars in Thousands, Except Per Share Data)
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)
Financial Services
sales 90 89 82 39
Other noninterest
income 326 245 258 281
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 688,092 673,294 641,943 615,691
Total earning assets 909,145 872,089 826,167 792,727
Total assets 964,230 926,432 877,436 842,674
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
Noninterest-bearing
deposits 160,191 154,653 146,355 136,671
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 74,335 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% 6.62% 6.87% 6.91%
Total yield on earning
assets (FTE) 5.83% 6.14% 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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http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/comp/127921.html
CONTACT:
John A. Scaldara, Jr., CFO, Columbia Bancorp,
+1-410-423-8012
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