Columbia Bancorp Reports a 17% Increase in Fourth Quarter 2004
Earnings And Record Earnings for the Year 2004 COLUMBIA, Md., Jan.
27 /PRNewswire-FirstCall/ -- Columbia Bancorp (NASDAQ:CBMD), parent
company of The Columbia Bank (the "Bank"), today announced that net
income for the fourth quarter 2004 increased 17.2% to $3.67 million
($.50 per diluted share), from $3.13 million ($.42 per diluted
share) for the fourth quarter 2003. For the fourth quarter 2004,
return on average equity was 15.99% and return on average assets
was 1.25%, compared to 14.55% and 1.23%, respectively, for the
fourth quarter 2003. Net income for the year ended December 31,
2004 was a record $13.29 million ($1.80 per diluted share),
representing an increase of 11.6% over the $11.90 million ($1.62
per diluted share) reported for the comparable period in 2003. The
Company's return on average equity improved to 14.88% for 2004 from
14.63% for 2003. Return on average assets was 1.21% for 2004,
compared to 1.22% for 2003. FOURTH QUARTER FINANCIAL HIGHLIGHTS --
Net interest income (FTE) increased $2.05 million or 18.9% over the
fourth quarter of 2003. -- The net interest margin (FTE) improved
to 4.57% during the fourth quarter of 2004 compared to 4.43% during
the fourth quarter 2003. -- Non-performing assets decreased to .05%
of total assets at December 31, 2004 compared to .09% at year-end
2003. -- Quarterly cash dividends declared increased 13.3% from
$.15 per share for the third quarter of 2004 to $.17 per share for
the fourth quarter of 2004. DETAILED REVIEW OF 2004 FINANCIAL
PERFORMANCE Total assets at December 31, 2004 were $1.18 billion
compared to $1.03 billion at December 31, 2003, representing growth
of 14.6%. Loan production continued to be strong during 2004,
resulting in an overall increase in total loans, net of unearned
income, during the year of 13.7%, or $114.69 million, to $950.17
million. Loan growth during 2004 can be attributed, in large part,
to the Company's continued success in the real estate development
and construction and commercial real estate lending markets, which
netted increases in the respective portfolios of $61.78 million
(21.8%) and $20.26 million (14.1%). The consumer loan portfolio,
consisting primarily of home equity lines of credit, also exhibited
strong growth during the year, increasing $26.90 million, or 15.9%.
The Company continued to focus on funding loan growth with
customer-based funding sources during 2004 in the form of retail
and commercial deposits and also short-term borrowings from
customers in the form of commercial paper and repurchase
agreements. As a result, customer funding sources increased 16.2%
to $1.03 billion at December 31, 2004, from $882.71 million at
December 31, 2003. The $142.69 million increase in total customer
funding sources during 2004 was primarily due to the increase in
noninterest-bearing deposits of $49.81 million and also to the
$75.16 million increase in interest-bearing deposits. Stockholders'
equity increased 8.1% to $92.35 million at December 31, 2004 from
$85.45 million at December 31, 2003, representing a tangible book
value per share of $12.98. Cash dividends declared of $.62 per
share for the year ended December 31, 2004 represented an increase
of 18.1% over 2003 dividends declared of $.525 per share. The
principal driver of the Company's 2004 earnings improvement was an
increase of $5.51 million, or 13.4%, in net interest income (FTE)
as compared to 2003. This increase was primarily the result of a
12.9% increase in average earning assets during 2004 as compared to
2003 and improvement in the net interest margin (FTE) to 4.44% for
2004, from 4.42% in 2003. This increase more than offset a decline
in noninterest income of $2.17 million, or 24.2%, which was
attributable, in part, to a decline in residential mortgage loan
production associated with a slowdown in refinancing activity.
Specifically, decreased mortgage origination volume resulted in a
decline of $1.52 million, or 51.4%, in gains and fees realized on
sales of mortgage loans, net of costs. The Company continued to
leverage its overhead structure by limiting the increase in total
noninterest expenses to $1.08 million, or 3.6%, for 2004 as
compared to 2003, while operating income (net interest income plus
noninterest income) increased $2.75 million or 5.5%. The increase
in noninterest expense during the year included: (i) an increase of
$480,000, or 2.9%, in salaries and employee benefits; (ii) an
increase in occupancy costs of $132,000, or 3.5%, reflecting normal
escalations in lease payments and costs to maintain business
properties; and (iii) an increase in other noninterest expenses of
$604,000, or 12.7%, primarily reflecting added consulting, legal
and audit expenses related to Sarbanes-Oxley compliance and added
costs incurred to support increases in loan and deposit processing
volumes. While the Company continued to experience growth in its
loan portfolio, asset quality remained strong as evidenced by a
reduction in non-performing assets and past due loans to $645,000
at December 31, 2004. As a percent of total assets, non-performing
assets and past due loans at December 31, 2004 were .05% compared
to .09% at December 31, 2003. At December 31, 2004, the allowance
for credit losses totaled $11.58 million, or 1.22% of total loans,
compared to $10.83 million, or 1.30% of loans, at December 31,
2003. The Company recorded net recoveries during 2004 and 2003 of
$27,000 and $819,000, respectively. 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"). This press release also includes
disclosure and discussion of net income, noninterest income, the
efficiency ratio, earnings per share, and return on average equity,
exclusive of non-recurring income. These amounts and 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, noninterest income, and
noninterest expenses. A complete reconciliation of the GAAP-based
and non-GAAP information included in this press release is provided
in the following schedules. 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 Certain statements contained in this
Press Release are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The
forward-looking statements are based on Columbia Bancorp's current
intent, belief and expectations. These statements are not
guarantees of future performance and are subject to certain risks
and uncertainties that are difficult to predict. Actual results may
differ materially from these forward-looking statements because of
interest rate fluctuations, a deterioration of economic conditions
in the Baltimore/Washington metropolitan area, a downturn in the
real estate market, losses from impaired loans, an increase in
non-performing assets, potential exposure to environmental laws,
federal and state bank laws and regulations, the highly competitive
nature of the banking industry, a loss of key personnel, changes in
accounting standards and other risks described in this filing and
the Company's other filings with the Securities and Exchange
Commission. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of today's date. Columbia Bancorp undertakes no
obligation to update or revise the information contained in this
filing whether as a result of new information, future events or
circumstances or otherwise. Past results of operations may not be
indicative of future results. COLUMBIA BANCORP Financial Highlights
(Dollars in Thousands, Except Per-Share Data) (Unaudited) As of and
Twelve Months Ended December 31, 2004 2003 % Change SUMMARY OF
OPERATING RESULTS: Tax equivalent interest income $58,683 $51,942
13.0% Interest expense 11,963 10,736 11.4% Tax equivalent net
interest income 46,720 41,206 13.4% Tax equivalent adjustment 1,137
539 110.9% Net interest income 45,583 40,667 12.1% Provision for
credit losses 728 1,170 (37.8%) Noninterest income 6,798 8,963
(24.2%) Noninterest expense 31,045 29,970 3.6% Income before taxes
20,608 18,490 11.5% Income tax provision 7,323 6,586 11.2% Net
income 13,285 11,904 11.6% PER SHARE DATA: Net income: Basic $1.86
$1.67 11.4% Diluted 1.80 1.62 11.1% Average number of shares
outstanding: Basic 7,148,420 7,133,937 0.2% Diluted 7,391,371
7,369,736 0.3% Book value, at period end $12.98 $11.92 8.9%
Tangible book value, at period end 12.98 11.92 8.9% Cash dividends
declared $0.62 $0.525 18.1% PERIOD END DATA: Loans, net of unearned
income $950,170 $835,484 13.7% Investment securities and securities
available-for-sale 164,150 133,927 22.6% Assets 1,179,006 1,029,255
14.5% Noninterest-bearing deposits 256,132 206,323 24.1%
Interest-bearing deposits 656,446 581,285 12.9% Total deposits
912,578 787,608 15.9% Customer funding sources (a) 1,025,403
882,710 16.2% Stockholders' equity 92,348 85,449 8.1% PERFORMANCE
RATIOS: Return on average assets 1.21% 1.22% Return on average
stockholders' equity 14.88% 14.63% Net interest margin 4.33% 4.36%
Net interest margin (FTE) 4.44% 4.42% Efficiency ratio (FTE)(c)
58.01% 59.74% CAPITAL RATIOS: Period-end capital to risk- weighted
assets: Tier 1 9.74% 9.28% Total 10.85% 10.45% Period-end tier 1
leverage ratio 8.75% 8.43% ASSET QUALITY: Allowance for credit
losses to loans, net of unearned income, at period-end 1.22% 1.30%
Net recoveries $27 $819 (96.7%) Annualized net recoveries to
average loans, net of unearned income 0.00% 0.11% Nonperforming
assets: Nonaccrual loans $614 $892 (31.2%) Restructured loans - -
na Loans 90+ days past due and accruing 31 72 (56.9%) Other real
estate owned - - na Total nonperforming assets $645 $964 (33.1%)
Nonperforming and past due loans to total loans, net of unearned
income, at period-end 0.07% 0.12% Nonperforming assets and past due
loans to total assets, at period-end 0.05% 0.09% As of and Twelve
Months Ended December 31, 2004 2003 % Change NONINTEREST INCOME AND
EXPENSE BREAKDOWN: Noninterest income: Fees charged for services
$3,718 $3,994 (6.9%) Gains and fees on sales of mortgage loans, net
of costs 1,437 2,955 (51.4%) Net income on other real estate owned
59 22 168.2% Gain on sale of available for sale securities - 28
(100.0%) Commissions earned on financial services sales 589 606
(2.8%) Other noninterest income 995 1,358 (26.7%) 6,798 8,963
(24.2%) Noninterest expenses: Salaries and employee benefits 16,931
16,451 2.9% Occupancy, net 3,950 3,818 3.5% Equipment 1,912 1,958
(2.3%) Data processing 1,969 1,955 0.7% Marketing 929 1,038 (10.5%)
Other noninterest expenses 5,354 4,750 12.7% 31,045 29,970 3.6%
AVERAGE BALANCES: Federal funds sold and interest-bearing deposits
(b) $20,635 $25,158 (18.0%) Investment securities and securities
available-for-sale 130,865 144,445 (9.4%) Loans, net of unearned
income 894,961 747,153 19.8% Loans originated for sale (b) 6,328
15,707 (59.7%) Total earning assets 1,052,789 932,463 12.9% Total
assets 1,100,098 977,201 12.6% Interest-bearing deposits: NOW
accounts 88,127 89,366 (1.4%) Savings/money market accounts 199,618
199,352 0.1% Time deposits 347,351 280,638 23.8%
Noninterest-bearing deposits 221,810 175,906 26.1% Total deposits
856,906 745,262 15.0% Short-term borrowings (b) 123,092 121,158
1.6% Long-term borrowings 23,236 20,000 16.2% Total
interest-bearing liabilities 781,424 710,514 10.0% Stockholders'
equity 89,262 81,377 9.7% YIELD ANALYSIS: Federal funds sold and
interest-bearing deposits 1.16% 1.11% Investment securities and
securities available-for-sale (FTE) 4.16% 4.41% Loans, net of
unearned income (FTE) 5.88% 5.94% Total yield on earning assets
(FTE) 5.57% 5.57% Interest-bearing deposits NOW accounts 0.15%
0.12% Savings/money market accounts 0.40% 0.54% Time deposits 2.42%
2.72% Short-term borrowings 1.14% 0.71% Long-term borrowings 5.24%
5.34% Total cost of interest-bearing liabilities 1.53% 1.51% As of
and Three Months Ended December 31, 2004 2003 % Change SUMMARY OF
OPERATING RESULTS: Tax equivalent interest income $16,376 $13,339
22.8% Interest expense 3,497 2,507 39.5% Tax equivalent net
interest income 12,879 10,832 18.9% Tax equivalent adjustment 326
188 73.4% Net interest income 12,553 10,644 17.9% Provision for
credit losses 36 120 (70.0%) Noninterest income 1,475 1,848 (20.2%)
Noninterest expense 8,343 7,587 10.0% Income before taxes 5,649
4,785 18.1% Income tax provision 1,976 1,652 19.6% Net income 3,673
3,133 17.2% PER SHARE DATA: Net income: Basic $0.52 $0.44 18.2%
Diluted 0.50 0.42 19.0% Average number of shares outstanding: Basic
7,113,768 7,164,091 (0.7%) Diluted 7,371,541 7,413,256 (0.6%) Book
value, at period end Tangible book value, at period end Cash
dividends declared $0.17 $0.15 13.3% 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 1.25% 1.23% Return on average stockholders' equity 15.99%
14.55% Net interest margin 4.46% 4.36% Net interest margin (FTE)
4.57% 4.43% Efficiency ratio (FTE)(c) 58.12% 59.83% CAPITAL RATIOS:
Period-end capital to risk- weighted assets: Tier 1 Total
Period-end tier 1 leverage ratio ASSET QUALITY: Allowance for
credit losses to loans, net of unearned income, at period-end Net
recoveries $33 $148 (77.7%) Annualized net recoveries to average
loans, net of unearned income 0.01% 0.07% Nonperforming assets:
Nonaccrual loans Restructured loans Loans 90+ days past due and
accruing Other real estate owned Total nonperforming assets
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 As of and Three Months Ended December
31, 2004 2003 % Change NONINTEREST INCOME AND EXPENSE BREAKDOWN:
Noninterest income: Fees charged for services $774 $1,006 (23.1%)
Gains and fees on sales of mortgage loans, net of costs 287 322
(10.9%) Net income on other real estate owned - 2 (100.0%) Gain on
sale of available for sale securities - - na Commissions earned on
financial services sales 166 150 10.7% Other noninterest income 248
368 (32.6%) 1,475 1,848 (20.2%) Noninterest expenses: Salaries and
employee benefits 4,865 4,301 13.1% Occupancy, net 1,112 1,000
11.2% Equipment 426 514 (17.1%) Data processing 394 498 (20.9%)
Marketing 193 199 (3.0%) Other noninterest expenses 1,353 1,075
25.9% 8,343 7,587 10.0% AVERAGE BALANCES: Federal funds sold and
interest-bearing deposits (b) $15,512 $8,584 80.7% Investment
securities and securities available-for-sale 157,348 135,749 15.9%
Loans, net of unearned income 940,368 818,038 15.0% Loans
originated for sale (b) 7,068 6,891 2.6% Total earning assets
1,120,296 969,262 15.6% Total assets 1,167,536 1,012,865 15.3%
Interest-bearing deposits: NOW accounts 87,742 86,806 1.1%
Savings/money market accounts 201,479 207,351 (2.8%) Time deposits
364,888 292,383 24.8% Noninterest-bearing deposits 245,886 192,030
28.0% Total deposits 899,995 778,570 15.6% Short-term borrowings
(b) 139,635 124,563 12.1% Long-term borrowings 26,231 20,000 31.2%
Total interest-bearing liabilities 819,975 731,103 12.2%
Stockholders' equity 91,367 85,420 7.0% YIELD ANALYSIS: Federal
funds sold and interest-bearing deposits 1.59% 0.88% Investment
securities and securities available-for-sale (FTE) 3.92% 3.96%
Loans, net of unearned income (FTE) 6.20% 5.75% Total yield on
earning assets (FTE) 5.81% 5.46% Interest-bearing deposits NOW
accounts 0.16% 0.10% Savings/money market accounts 0.47% 0.37% Time
deposits 2.48% 2.46% Short-term borrowings 1.74% 0.68% Long-term
borrowings 5.22% 5.34% Total cost of interest-bearing liabilities
1.70% 1.36% (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 (FTE) is defined as total 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) December 31, 2004 2003 (unaudited) (audited) Assets Cash
and due from banks $30,012 $35,846 Interest-bearing deposits with
banks 208 205 Federal funds sold 9,904 3,292 Investment securities
held-to-maturity 116,170 77,344 Securities available-for-sale
47,980 56,583 Residential mortgage loans originated for sale 8,698
6,046 Loan receivables: Real estate - development and construction
345,375 283,599 Commercial 226,763 221,374 Real estate - mortgage:
Residential 17,272 16,349 Commercial 163,985 143,723 Retail,
principally second mortgage loans and residential equity lines of
credit 196,198 169,298 Other 668 1,504 Total loans 950,261 835,847
Less: unearned income, net of origination costs (91) (363)
allowance for credit losses (11,583) (10,828) Loans, net 938,587
824,656 Property and equipment, net 6,647 7,332 Prepaid expenses
and other assets 20,800 17,951 Total assets $1,179,006 $1,029,255
Liabilities Deposits: Noninterest-bearing $256,132 $206,323
Interest-bearing 656,446 581,285 Total deposits 912,578 787,608
Short-term borrowings 135,825 128,844 Subordinated debentures
10,310 --- Long-term borrowings 20,000 20,000 Accrued expenses and
other liabilities 7,945 7,354 Total liabilities 1,086,658 943,806
Stockholders' equity Common stock, $.01 par value per share;
authorized 10,000,000 shares; outstanding 7,114,267 and 7,170,882
shares, respectively 71 72 Additional paid-in capital 45,739 47,886
Retained earnings 46,419 37,561 Accumulated other comprehensive
income (loss) 119 (70) Total stockholders' equity 92,348 85,449
Total liabilities and stockholders' equity $1,179,006 $1,029,255
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) Twelve Months Ended Three Months Ended December 31,
December 31, 2004 2003 2004 2003 (unaudited) (unaudited)(unaudited)
(unaudited) Interest income: Loans $52,245 $44,962 $14,528 $11,841
Investment securities 5,062 6,161 1,459 1,292 Federal funds sold
and interest- bearing deposits with banks 239 280 63 18 Total
interest income 57,546 51,403 16,050 13,151 Interest expense:
Deposits 9,340 8,814 2,544 2,024 Borrowings 2,623 1,922 953 483
Total interest expense 11,963 10,736 3,497 2,507 Net interest
income 45,583 40,667 12,553 10,644 Provision for credit losses 728
1,170 36 120 Net interest income after provision for credit losses
44,855 39,497 12,517 10,524 Noninterest income: Fees charged for
services 3,718 3,994 774 1,006 Gains and fees on sales of mortgage
loans, net of costs 1,437 2,955 287 322 Net income on other real
estate owned 59 22 --- 2 Gain on sale of investment securities ---
28 --- --- Commissions earned on financial services sales 589 606
166 150 Other 995 1,358 248 368 Total noninterest income 6,798
8,963 1,475 1,848 Noninterest expense: Salaries and employee
benefits 16,931 16,451 4,865 4,301 Occupancy, net 3,950 3,818 1,112
1,000 Equipment 1,912 1,958 426 514 Data processing 1,969 1,955 394
498 Marketing 929 1,038 193 199 Professional fees 945 663 344 95
Cash management services 548 579 137 140 Deposit insurance 202 196
52 49 Other 3,659 3,312 820 791 Total noninterest expense 31,045
29,970 8,343 7,587 Income before income taxes 20,608 18,490 5,649
4,785 Income tax provision 7,323 6,586 1,976 1,652 Net income
$13,285 $11,904 $3,673 $3,133 Per common share data: Net income:
Basic $1.86 $1.67 $0.52 $0.44 Diluted 1.80 1.62 0.50 0.42 Cash
dividends declared $0.62 $0.525 $0.17 $0.15 Certain
reclassifications of information previously reported have been made
to conform with current presentation. COLUMBIA BANCORP
Reconciliation of GAAP-based Operating Performance Measures and
Core Operating Performance Measures (Dollars in Thousands, Except
Per-Share Data) (unaudited) Twelve Months Ended Three Months Ended
December 31, December 31, 2004 2003 2004 2003 GAAP-based Operating
Performance Measures: Net interest income $45,583 $40,667 $12,553
$10,644 Provision for credit losses 728 1,170 36 120 Noninterest
income 6,798 8,963 1,475 1,848 Noninterest expense 31,045 29,970
8,343 7,587 Income before taxes 20,608 18,490 5,649 4,785 Income
tax provision 7,323 6,586 1,976 1,652 Net income 13,285 11,904
3,673 3,133 Return on average assets 1.21% 1.22% 1.25% 1.23% Return
on average equity 14.88% 14.63% 15.99% 14.55% Net interest margin
4.33% 4.36% 4.46% 4.36% Efficiency ratio 59.27% 60.39% 59.47%
60.73% Net income per share - diluted $1.80 $1.62 $0.50 $0.42
Non-GAAP adjustments Tax equivalent adjustment - net interest
income $1,137 $539 $326 $188 Core Operating Performance Measures
Net interest income - tax equivalent $46,720 $41,206 $12,879
$10,832 Tax equivalent adjustment (1,137) (539) (326) (188) Net
interest income 45,583 40,667 12,553 10,644 Provision for credit
losses 728 1,170 36 120 Noninterest income 6,798 8,963 1,475 1,848
Noninterest expense 31,045 29,970 8,343 7,587 Income before taxes
20,608 18,490 5,649 4,785 Income tax provision 7,323 6,586 1,976
1,652 Net income 13,285 11,904 3,673 3,133 Return on average assets
1.21% 1.22% 1.25% 1.23% Return on average equity 14.88% 14.63%
15.99% 14.55% Net interest margin (FTE) 4.44% 4.42% 4.57% 4.43%
Efficiency ratio (FTE) 58.01% 59.74% 58.12% 59.83% Net income per
share - diluted $1.80 $1.62 $0.50 $0.42 COLUMBIA BANCORP Quarterly
Highlights (Dollars in Thousands, Except Per-Share Data) 4Q04 3Q04
2Q04 1Q04 (unaudited) SUMMARY OF OPERATING RESULTS: GAAP-based:
Interest income $16,050 $14,833 $13,408 $13,255 Interest expense
3,497 3,131 2,755 2,580 Net interest income 12,553 11,702 10,653
10,675 Provision for credit losses 36 192 190 310 Noninterest
income 1,475 1,714 1,872 1,737 Noninterest expense 8,343 7,669
7,504 7,529 Income before taxes 5,649 5,555 4,831 4,573 Income tax
provision 1,976 2,037 1,718 1,592 Net income 3,673 3,518 3,113
2,981 Based on core operating performance (a): Tax-equivalent
interest income $16,376 $15,097 $13,681 $13,529 Interest expense
3,497 3,131 2,755 2,580 Tax-equivalent net interest income 12,879
11,966 10,926 10,949 Tax-equivalent adjustment 326 264 273 274 Net
interest income 12,553 11,702 10,653 10,675 Provision for credit
losses 36 192 190 310 Noninterest income 1,475 1,714 1,872 1,737
Noninterest expense 8,343 7,669 7,504 7,529 Income before taxes
5,649 5,555 4,831 4,573 Income tax provision 1,976 2,037 1,718
1,592 Net income 3,673 3,518 3,113 2,981 PER SHARE DATA: Net income
: GAAP-based: Basic $0.52 $0.49 $0.43 $0.42 Diluted 0.50 0.48 0.42
0.40 Based on core operating performance (a): Basic $0.52 $0.49
0.43 0.42 Diluted 0.50 0.48 0.42 0.40 Average number of shares
outstanding: Basic 7,113,768 7,128,359 7,170,585 7,178,797 Diluted
7,371,541 7,350,901 7,404,762 7,434,701 Book value, at period end
$12.98 $12.65 $12.33 $12.23 Tangible book value, at period end
12.98 12.66 12.33 12.23 Cash dividends declared 0.17 0.15 0.15 0.15
PERIOD END DATA: Loans, net of unearned income $950,170 $936,000
$900,320 $864,753 Investment securities and securities
available-for-sale 164,150 150,604 122,430 104,211 Assets 1,179,006
1,179,107 1,126,916 1,083,798 Noninterest-bearing deposits 256,132
246,092 240,117 220,700 Interest-bearing deposits 656,446 669,250
650,884 625,311 Total deposits 912,578 915,342 891,001 846,011
Customer funding sources (a) 1,025,403 1,053,771 1,001,524 963,051
Stockholders' equity 92,348 90,100 88,039 87,934 PERFORMANCE
RATIOS: GAAP-based: Return on average assets 1.25% 1.24% 1.16%
1.16% Return on average stockholders' equity 15.99% 15.60% 14.07%
13.75% Net interest margin 4.46% 4.31% 4.18% 4.34% Efficiency ratio
59.47% 57.16% 59.91% 60.66% Based on core operating performance
(a): Return on average assets 1.25% 1.24% 1.16% 1.16% Return on
average stockholders' equity 15.99% 15.60% 14.07% 13.75% Net
interest margin (FTE) 4.57% 4.41% 4.29% 4.46% Efficiency ratio
(FTE) 58.12% 56.06% 58.63% 59.35% CAPITAL RATIOS: Period-end
capital to risk-weighted assets: Tier 1 9.74% 9.23% 9.45% 9.04%
Total 10.85% 10.35% 10.58% 10.20% Period-end tier 1 leverage ratio
8.75% 8.51% 8.79% 8.34% ASSET QUALITY: Allowance for credit losses
to loans, net of unearned income, at period-end 1.22% 1.23% 1.25%
1.28% Net recoveries (charge-offs) $33 $81 $10 $(97) Annualized net
recoveries (charge-offs) to average loans, net of unearned income
0.01% 0.04% ---% (0.05%) Nonperforming assets: Nonaccrual loans
$614 $635 $1,095 $1,168 Restructured loans --- --- --- --- Loans
90+ days past due and accruing 31 22 91 69 Other real estate owned
--- --- 250 250 Total nonperforming assets $645 $657 $1,436 $1,487
Nonperforming and past due loans to total loans,net of unearned
income, at period-end 0.07% 0.07% 0.13% 0.14% Nonperforming assets
and past due loans to total assets, at period-end 0.05% 0.06% 0.13%
0.14% NONINTEREST INCOME AND EXPENSE BREAKDOWN: Noninterest income:
Fees charged for deposit services $774 $910 $1,029 $1,005 Gains on
sales of mortgage loans, net of costs 287 291 508 351 Net income
(loss) on other real estate owned - 73 (5) (9) Commissions earned
on financial services sales 166 146 137 140 Other noninterest
income 248 294 203 250 Total noninterest income $1,475 $1,714
$1,872 $1,737 Noninterest expenses: Salaries and payroll taxes
$4,014 $3,718 $3,618 $3,684 Employee benefits 851 396 288 362
Occupancy, net 1,112 918 944 976 Equipment 426 468 505 513 Data
processing 394 525 532 518 Marketing 193 140 296 300 Other
noninterest expenses 1,353 1,504 1,321 1,176 Total noninterest
expenses $8,343 $7,669 $7,504 $7,529 AVERAGE BALANCES: Federal
funds sold and interest bearing deposits $15,512 $20,056 $37,521
$9,513 Investment securities and securities available-for-sale
157,348 140,143 103,384 122,192 Loans, net of unearned income
940,368 914,052 873,278 851,436 Loans originated for sale (b) 7,068
4,738 8,320 5,196 Total earning assets 1,120,296 1,078,989
1,022,503 988,337 Total assets 1,167,536 1,126,923 1,071,793
1,033,102 Interest-bearing deposits: NOW accounts 87,742 89,532
89,308 85,917 Savings/money market accounts 201,479 208,538 194,197
194,141 Time deposits 364,888 361,653 348,394 314,116
Noninterest-bearing deposits 245,886 228,429 221,033 191,551 Total
deposits 899,995 888,152 852,932 785,725 Short-term borrowings (b)
139,635 118,077 105,985 128,547 Long-term borrowings 26,231 26,186
20,462 20,000 Total interest-bearing liabilities 819,975 803,986
758,346 742,721 Stockholders' equity 91,367 89,730 88,743 87,180
YIELD ANALYSIS: Federal funds sold and interest bearing deposits
1.59% 1.29% 0.96% 0.89% Investment securities and securities
available- for-sale (FTE) 3.92% 4.07% 4.45% 4.30% Loans, net of
unearned income (FTE) 6.20% 5.89% 5.68% 5.71% Total yield on
earning assets (FTE) 5.81% 5.57% 5.38% 5.49% Interest-bearing
deposits NOW accounts 0.16% 0.15% 0.15% 0.13% Savings/money market
accounts 0.47% 0.41% 0.37% 0.36% Time deposits 2.48% 2.42% 2.39%
2.39% Short-term borrowings 1.74% 1.17% 0.77% 0.77% Long-term
borrowings 5.22% 5.09% 5.35% 5.36% Total cost of interest- bearing
liabilities 1.70% 1.55% 1.46% 1.40% (a) Core operating performance
reflects GAAP-based performance presented on a fully tax-equivalent
basis, exclusive of non- recurring items, where applicable. There
were no non-recurring items in the periods presented. (b) Deposits
plus customer-related short-term borrowings in the form of
commercial paper and repurchase agreements. Certain
reclassifications of information previously reported have been made
to conform with current presentation. COLUMBIA BANCORP Quarterly
Highlights (Dollars in Thousands, Except Per-Share Data) 4Q03 3Q03
2Q03 1Q03 (unaudited) SUMMARY OF OPERATING RESULTS: GAAP-based:
Interest income $13,151 $13,051 $12,828 $12,373 Interest expense
2,507 2,559 2,758 2,912 Net interest income 10,644 10,492 10,070
9,461 Provision for credit losses 120 --- 745 305 Noninterest
income 1,848 2,737 2,444 1,934 Noninterest expense 7,587 7,849
7,335 7,199 Income before taxes 4,785 5,380 4,434 3,891 Income tax
provision 1,652 1,937 1,597 1,400 Net income 3,133 3,443 2,837
2,491 Based on core operating performance (a): Tax-equivalent
interest income $13,339 $13,169 $12,941 $12,493 Interest expense
2,507 2,559 2,758 2,912 Tax-equivalent net interest income 10,832
10,610 10,183 9,581 Tax-equivalent adjustment 188 118 113 120 Net
interest income 10,644 10,492 10,070 9,461 Provision for credit
losses 120 --- 745 305 Noninterest income 1,848 2,737 2,444 1,934
Noninterest expense 7,587 7,849 7,335 7,199 Income before taxes
4,785 5,380 4,434 3,891 Income tax provision 1,652 1,937 1,597
1,400 Net income 3,133 3,443 2,837 2,491 PER SHARE DATA: Net income
: GAAP-based: Basic $0.44 $0.48 $0.40 $0.35 Diluted 0.42 0.47 0.39
0.34 Based on core operating performance (a): Basic 0.44 0.48 0.40
0.35 Diluted 0.42 0.47 0.39 0.34 Average number of shares
outstanding: Basic 7,164,091 7,137,668 7,117,805 7,115,612 Diluted
7,413,256 7,387,088 7,346,462 7,290,541 Book value, at period end
$11.92 $11.65 $11.31 $11.02 Tangible book value, at period end
11.92 11.65 11.31 11.02 Cash dividends declared 0.150 0.125 0.125
0.125 PERIOD END DATA: Loans, net of unearned income $835,484
$797,108 $750,509 $696,322 Investment securities and securities
available-for-sale 133,927 142,048 140,552 145,714 Assets 1,029,255
1,013,492 1,060,141 993,570 Noninterest-bearing deposits 206,323
190,576 197,490 182,421 Interest-bearing deposits 581,285 584,401
586,507 565,106 Total deposits 787,608 774,977 783,997 747,527
Customer funding sources (a) 887,930 897,860 937,758 877,955
Stockholders' equity 85,449 83,132 80,538 78,422 PERFORMANCE
RATIOS: GAAP-based: Return on average assets 1.23% 1.36% 1.18%
1.09% Return on average stockholders' equity 14.55% 16.56% 14.26%
12.92% Net interest margin 4.36% 4.34% 4.40% 4.35% Efficiency ratio
60.73% 59.33% 58.61% 63.18% Based on core operating performance
(a): Return on average assets 1.23% 1.36% 1.18% 1.09% Return on
average stockholders' equity 14.55% 16.56% 14.26% 12.92% Net
interest margin (FTE) 4.43% 4.39% 4.45% 4.40% Efficiency ratio
(FTE) 59.83% 58.81% 58.09% 62.52% CAPITAL RATIOS: Period-end
capital to risk-weighted assets: Tier 1 9.28% 9.31% 9.20% 9.62%
Total 10.45% 10.49% 10.33% 10.73% Period-end tier 1 leverage ratio
8.43% 8.30% 8.34% 8.49% ASSET QUALITY: Allowance for credit losses
to loans, net of unearned income, at period-end 1.30% 1.32% 1.31%
1.31% Net recoveries (charge-offs) $148 $695 $21 $(45) Annualized
net recoveries (charge-offs) to average loans, net of unearned
income 0.07% 0.36% 0.01% (0.03%) Nonperforming assets: Nonaccrual
loans $892 $974 $720 $806 Restructured loans --- --- 643 - Loans
90+ days past due and accruing 72 127 112 164 Other real estate
owned --- --- --- --- Total nonperforming assets $964 $1,101 $1,475
$970 Nonperforming and past due loans to total loans, net of
unearned income, at period-end 0.12% 0.14% 0.20% 0.14%
Nonperforming assets and past due loans to total assets, at
period-end 0.09% 0.11% 0.14% 0.10% NONINTEREST INCOME AND EXPENSE
BREAKDOWN: Noninterest income: Fees charged for deposit services
$1,006 $1,056 $994 $938 Gains on sales of mortgage loans, net of
costs 322 1,168 834 630 Net income (loss) on other real estate
owned 2 (21) 30 11 Gain on sale of investment securities --- 28 ---
--- Gain (loss) on sale of other assets, net (3) (6) --- (1)
Commissions earned on financial services sales 150 208 125 123
Other noninterest income 371 304 461 233 Total noninterest income
$1,848 $2,737 $2,444 $1,934 Noninterest expenses: Salaries and
payroll taxes $3,583 $3,717 $3,610 $3,440 Employee benefits 718 598
255 530 Occupancy, net 1,000 974 920 924 Equipment 514 500 495 449
Data processing 498 563 484 410 Marketing 199 272 335 232 Other
noninterest expenses 1,075 1,225 1,236 1,214 Total noninterest
expenses $7,587 $7,849 $7,335 $7,199 AVERAGE BALANCES: Federal
funds sold and interest bearing deposits $8,584 $23,355 $25,995
$43,101 Investment securities and securities available-for-sale
135,749 139,201 151,508 151,552 Loans, net of unearned income
818,038 772,604 721,274 676,358 Loans originated for sale (b) 6,891
24,081 19,945 11,872 Total earning assets 969,262 959,241 918,722
882,883 Total assets 1,012,865 1,003,752 965,980 926,466
Interest-bearing deposits: NOW accounts 86,806 92,491 93,717 84,388
Savings and money market accounts 207,351 205,166 198,470 186,126
Time deposits 292,383 280,345 280,242 282,201 Noninterest-bearing
deposits 192,030 182,221 168,554 160,133 Total deposits 778,570
760,223 740,983 712,848 Short-term borrowings (b) 124,563 137,021
115,939 106,739 Long-term borrowings 20,000 20,000 20,000 20,000
Total interest-bearing liabilities 731,103 735,023 708,368 679,454
Stockholders' equity 85,420 82,502 79,775 78,182 YIELD ANALYSIS:
Federal funds sold and interest bearing deposits 0.88% 0.95% 1.18%
1.20% Investment securities and securities available- for-sale
(FTE) 3.96% 4.34% 4.59% 4.69% Loans, net of unearned income (FTE)
5.75% 5.77% 6.02% 6.25% Total yield on earning assets (FTE) 5.46%
5.45% 5.65% 5.74% Interest-bearing deposits NOW accounts 0.10%
0.10% 0.10% 0.19% Savings and money market accounts 0.37% 0.37%
0.64% 0.82% Time deposits 2.46% 2.62% 2.78% 2.90% Short-term
borrowings 0.68% 0.57% 0.69% 0.81% Long-term borrowings 5.34% 5.71%
5.50% 5.34% Total cost of interest- bearing liabilities 1.36% 1.38%
1.56% 1.74% (a) Core operating performance reflects GAAP-based
performance presented on a fully tax-equivalent basis, exclusive of
non- recurring items, where applicable. There were no non-recurring
items in the periods presented. (b) Deposits plus customer-related
short-term borrowings in the form of commercial paper and
repurchase agreements. Certain reclassifications of information
previously reported have been made to conform with current
presentation. DATASOURCE: Columbia Bancorp CONTACT: John A.
Scaldara, Jr., President and COO, +1-410-423-8012, or James P.
Radick, CFO, +1-410-423-8020, both of Columbia Bancorp Web site:
http://www.columbank.com/ Company News On-Call:
http://www.prnewswire.com/comp/127921.html
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