COLUMBIA, Md., Oct. 17 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
parent company of The Columbia Bank, announced third quarter core earnings of
$2.08 million, representing a 30.5% increase as compared to $1.59 million for
the same period in 1999. Core earnings per diluted share for the two periods
were $.29 and $.22, respectively. For the nine months ended September 30,
2000, core earnings equaled $5.52 million or $.77 per diluted share as
compared to $4.58 million or $.63 per diluted share for the same period in
1999. Reported earnings for the nine months ended September 30, 2000, were
$3.90 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 third quarter 2000 increased 12.0% as
compared to the same period in 1999. Growth in operating income during the
third quarter reflected an 18.6% 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 improved net interest margin. The
net interest margin for the third quarter 2000 increased to 5.3% as compared
to 4.9% for the same period in 1999.
Total noninterest expense for the third quarter 2000, exclusive of merger-
related expenses, increased by 4.7%, growing more slowly than total operating
income as the Company effectively leveraged existing corporate resources.
Total assets at September 30, 2000 reached a record high to $764.7
million. Loans and lease receivables, net of unearned income, totaled $515.1
million at the end of the third quarter 2000, reflecting growth on a year-to-
year basis of 17.1%. Loan portfolio growth was fueled particularly by strong
growth in consumer and traditional middle-market commercial banking activity.
Deposits totaled $607.0 million at September 30, 2000, increasing 12.5% 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 Nine Months Ended
September 30,
2000 1999 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $25,710 21,674 18.6%
Provision for credit losses 1,430 659 117.0%
Noninterest income 2,924 3,287 -11.0%
Noninterest expense before
merger-related expenses 18,741 17,326 8.2%
Income tax provision 2,252 2,399 -6.1%
Net income 3,901 4,577 -14.8%
Net income before merger-
related expenses 5,515 4,577 20.5%
PER SHARE DATA:
Net income (a):
Basic $0.55 0.64 -13.9%
Diluted 0.54 0.63 -14.7%
Net income before merger-
related expenses:
Basic 0.77 0.64 20.5%
Diluted 0.77 0.63 21.7%
Average number of shares
outstanding:
Basic 7,155,262 7,161,029 -0.1%
Diluted 7,197,459 7,231,334 -0.5%
Tangible book value, at
period end $8.89 8.49 4.8%
Cash dividends declared (b) $0.27 0.15 80.0%
PERIOD END DATA:
Assets $764,654 680,899 12.3%
Deposits 606,958 539,416 12.5%
Loans and leases, net of
unearned income 515,119 439,815 17.1%
Investment securities and
securities available-
for-sale 163,273 156,163 4.6%
Stockholders' equity 63,636 60,650 4.9%
PERFORMANCE RATIOS:
Return on average assets 0.72% 0.93%
Return on average assets before
merger-related expenses 1.02% 0.93%
Return on average stockholders'
equity 8.44% 10.17%
Return on average stockholders'
equity before merger-related
expenses 11.93% 10.17%
Net interest margin 5.18% 4.78%
Efficiency ratio before
merger-related expenses 65.45% 69.41%
CAPITAL AND ASSET QUALITY:
Period-end capital to risk-
weighted assets:
Tier 1 10.81% 12.94%
Total 11.95% 14.18%
Period-end Tier 1 leverage
ratio 8.71% 9.12%
Allowance for credit losses to
loans, net of unearned income,
at period-end 1.31% 1.34%
Nonperforming and past-due
loans to total loans, net of
unearned income, at period-end 0.33% 0.45%
Nonperforming assets and
past-due loans to total assets,
at period-end 0.64% 0.81%
Annualized net charge-offs to
average loans, net of unearned
income 0.21% 0.09%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Nine Months Ended
September 30,
2000 1999 % Change
(unaudited)
AVERAGE BALANCES:
Federal funds sold $17,865 35,321 -49.4% (c)
Investment securities and
securities available-
for-sale 157,787 144,732 9.0%
Loans and leases, net of
unearned income 486,199 421,184 15.4%
Loans originated for sale 1,712 5,308 -67.7% (c)
Total earning assets 663,563 606,545 9.4%
Total assets 718,828 656,501 9.5%
Interest-bearing deposits 456,682 426,272 7.1%
Short-term borrowings 54,808 40,781 34.4% (c)
Long-term borrowings 20,000 20,000 0.0%
Stockholders' equity 61,746 60,174 2.6%
(a) Pro-forma net income per share, basic and diluted, for the nine
months and three months ended September 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
taken place on September 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 nine months and
three months ended September 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 number
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
September 30,
2000 1999 % Change
(unaudited)
SUMMARY OF OPERATING RESULTS:
Net interest income $9,126 7,696 18.6%
Provision for credit losses 618 168 267.9%
Noninterest income 1,047 1,002 4.5%
Noninterest expense before
merger-related expenses 6,399 6,111 4.7%
Income tax provision 1,076 825 30.4%
Net income 2,079 1,594 30.4%
Net income before merger-
related expenses 2,080 1,594 30.5%
PER SHARE DATA:
Net income (a):
Basic $0.29 0.22 31.8%
Diluted 0.29 0.22 31.8%
Net income before merger-
related expenses:
Basic 0.29 0.22 31.8%
Diluted 0.29 0.22 31.8%
Average number of shares
outstanding:
Basic 7,156,025 7,147,502 0.1%
Diluted 7,198,427 7,208,447 -0.1%
Tangible book value,
at period end na na na
Cash dividends declared (b) $0.09 0.05 80.0%
PERIOD END DATA:
Assets
Deposits
Loans and leases, net of
unearned income
Investment securities
and securities available-
for-sale
Stockholders' equity
PERFORMANCE RATIOS:
Return on average assets 1.12% 0.94%
Return on average assets before
merger-related expenses 1.12% 0.94%
Return on average stockholders'
equity 13.11% 10.41%
Return on average stockholders'
equity before merger-related
expenses 13.12% 10.41%
Net interest margin 5.30% 4.91%
Efficiency ratio before
merger-related expenses 62.90% 70.26%
CAPITAL AND ASSET QUALITY:
Period-end capital to risk-
weighted assets:
Tier 1
Total
Period-end Tier 1 leverage
ratio
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 charge-offs
to average loans, net of
unearned income 0.34% 0.23%
COLUMBIA BANCORP
Financial Highlights
(Dollars in Thousands Except Per-Share Data)
As of and Three Months Ended
September 30,
2000 1999 % Change
(unaudited)
AVERAGE BALANCES:
Federal funds sold $16,418 24,027 -31.7% (c)
Investment securities and
securities available-
for-sale 156,935 157,304 -0.2%
Loans and leases, net of
unearned income 510,443 437,285 16.7%
Loans originated for sale 1,362 3,659 -62.8% (c)
Total earning assets 685,158 622,275 10.1%
Total assets 739,567 672,686 9.9%
Interest-bearing deposits 472,410 428,797 10.2%
Short-term borrowings 56,850 47,893 18.7% (c)
Long-term borrowings 20,000 20,000 0.0%
Stockholders' equity 63,081 60,763 3.8%
(a) Pro-forma net income per share, basic and diluted, for the nine months
and three months ended September 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
taken place on September 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 nine months and
three months ended September 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 number
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)
September 30, September 30, December 31,
2000 1999 1999
(unaudited)
Assets
Cash and due from banks $34,015 $29,111 $37,108
Federal funds sold 26,296 28,301 22,507
Investment securities 101,780 98,624 93,412
Securities available-for-sale 61,493 57,539 57,492
Residential mortgage loans
originated for sale 1,423 3,254 2,707
Loans and leases, net of
unearned income 515,119 439,815 449,225
Less: allowance for
credit losses 6,737 5,873 6,071
Loans and leases, net 508,382 433,942 443,154
Other real estate owned 3,233 3,544 4,035
Property and equipment, net 10,899 10,325 10,473
Prepaid expenses and
other assets 17,133 16,259 17,142
Total assets $764,654 $680,899 $688,030
Liabilities
Deposits:
Noninterest-bearing $127,021 $111,149 $120,165
Interest-bearing 479,937 428,267 431,195
Total deposits 606,958 539,416 551,360
Short-term borrowings 69,172 56,611 51,728
Long-term borrowings 20,000 20,000 20,000
Accrued expenses and
other liabilities 4,888 4,222 3,656
Total liabilities 701,018 620,249 626,744
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 48,449 48,410 48,424
Retained earnings 15,906 13,036 13,938
Accumulated other comprehensive
income (790) (867) (1,147)
Total stockholders' equity 63,636 60,650 61,286
Total liabilities and
stockholders' equity $764,654 $680,899 $688,030
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Nine Months Ended
September 30,
2000 1999
(unaudited)
Interest income:
Loans and leases $34,572 $28,350
Investment securities 7,495 6,361
Federal funds sold 833 1,294
Total interest income 42,900 36,005
Interest expense:
Deposits 14,085 12,234
Borrowings 3,105 2,097
Total interest expense 17,190 14,331
Net interest income 25,710 21,674
Provision for credit losses 1,430 659
Net interest income after provision
for credit losses 24,280 21,015
Noninterest income:
Fees charged for services 1,750 1,685
Gains on sales of mortgage loans, net of costs 270 812
Net income on other real estate owned 174 24
Gains on sale of available for sale securities --- 23
Other 730 743
Total noninterest income 2,924 3,287
Noninterest expense:
Salaries and employee benefits 9,492 8,866
Occupancy, net 2,548 2,217
Equipment 1,459 1,194
Data processing 1,134 1,189
Marketing 659 480
Cash management services 356 304
Professional fees 489 291
Deposit insurance 127 135
Merger-related expenses 2,310 ---
Other 2,477 2,650
Total noninterest expense 21,051 17,326
Income before income taxes 6,153 6,976
Income tax provision 2,252 2,399
Net income 3,901 4,577
Other comprehensive income, net of tax
- unrealized net gain (loss) on securities
available-for-sale 356 (1,132)
Comprehensive income $4,257 $3,445
Per common share data:
Net income: Basic $0.55 $0.64
Diluted 0.54 $0.63
Cash dividends declared $0.27 $0.15
COLUMBIA BANCORP
Consolidated Statements of Income and Comprehensive Income
(Dollars in Thousands Except Per-Share Data)
Three Months Ended
September 30,
2000 1999
(unaudited)
Interest income:
Loans and leases $12,504 $9,910
Investment securities 2,576 2,328
Federal funds sold 275 310
Total interest income 15,355 12,548
Interest expense:
Deposits 5,124 4,037
Borrowings 1,105 815
Total interest expense 6,229 4,852
Net interest income 9,126 7,696
Provision for credit losses 618 168
Net interest income after provision
for credit losses 8,508 7,528
Noninterest income:
Fees charged for services 590 598
Gains on sales of mortgage loans, net of costs 103 152
Net income on other real estate owned 118 22
Gains on sale of available for sale securities --- ---
Other 236 230
Total noninterest income 1,047 1,002
Noninterest expense:
Salaries and employee benefits 3,418 3,109
Occupancy, net 794 769
Equipment 494 414
Data processing 318 395
Marketing 164 188
Cash management services 141 132
Professional fees 167 102
Deposit insurance 43 46
Merger-related expenses 1 ---
Other 860 956
Total noninterest expense 6,400 6,111
Income before income taxes 3,155 2,419
Income tax provision 1,076 825
Net income 2,079 1,594
Other comprehensive income, net of
tax - unrealized net gain (loss) on
securities available-for-sale 408 (271)
Comprehensive income $2,487 $1,323
Per common share data:
Net income: Basic $0.29 $0.22
Diluted $0.29 $0.22
Cash dividends declared $0.09 $0.05
SOURCE Columbia Bancorp
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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
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