Columbia Bancorp Reports a 28% Increase in First Quarter 2005
Earnings COLUMBIA, Md., April 25 /PRNewswire-FirstCall/ -- Columbia
Bancorp (NASDAQ:CBMD), parent company of The Columbia Bank (the
"Bank"), today announced that net income for the first quarter 2005
increased 28.4% to $3.83 million ($.53 per diluted share), from
$2.98 million ($.40 per diluted share) for the first quarter 2004.
For the first quarter 2005, return on average equity was 17.14% and
return on average assets was 1.29%, compared to 13.75% and 1.16%,
respectively, for the first quarter 2004. FIRST QUARTER FINANCIAL
HIGHLIGHTS -- Total assets ($1.24 billion), loans, net of unearned
income ($978.94 million) and customer funding sources ($1.10
billion) reached record levels at March 31, 2005 and represented
growth since March 31, 2004 of 14.5%, 13.2% and 14.7%,
respectively. During the first quarter 2005, loans, net of unearned
income, and customer funding sources grew at annualized rates of
12.1% and 30.9%, respectively. -- Return on average equity
increased to 17.14% for the first quarter of 2004 compared to
13.75% reported for the first quarter of 2004. -- Net interest
income (FTE) increased $2.07 million or 18.9% over the first
quarter of 2004. -- Fully diluted earnings per share increased
32.5% from $.40 for the first quarter of 2004 to $.53 for the first
quarter of 2005. -- Consistent with its long-term capital
management strategy, the Company repurchased 218,000 shares of
common stock during the quarter. -- The net interest margin (FTE)
improved to 4.56% during the first quarter of 2005 as compared to
4.46% during first quarter 2004. -- The efficiency ratio (FTE)
improved to 54.85% from 59.41% for the first quarter of 2004. --
Non-performing assets decreased to .06% of total assets at March
31, 2005 compared to .14% at quarter-end 2004. DETAILED REVIEW OF
2005 FINANCIAL PERFORMANCE Total assets were $1.24 billion at March
31, 2005, representing growth of $156.70 million, or 14.5%, since
March 31, 2004. Loans, net of unearned income, totaled $978.94
million compared to $864.75 million at March 31, 2004, representing
growth of $114.19 million or 13.2%. Growth during the twelve months
since March 31, 2004 can be attributed, in large part, to the
Company's continued success in the real estate development and
construction and commercial lending markets, which netted increases
in the respective portfolios of $84.39 million (28.8%) and $17.2
million (7.8%). The consumer loan portfolio, consisting primarily
of home equity lines of credit, has also exhibited strong growth,
increasing $16.35 million, or 9.3%. The Company's funding strategy
emphasizes the development of customer- based funding sources in
the form of retail and commercial deposits and also short-term
borrowings from customers in the form of commercial paper and
repurchase agreements. This focus is evidenced by a 14.7% increase
in customer funding sources to $1.10 billion at March 31, 2005,
from $963.05 million at March 31, 2004. The $141.65 million
increase in total customer funding sources was primarily due to
increases in non-interest-bearing deposits of $27.42 million and
also to a $95.19 million increase in interest- bearing deposits.
The Company's 2005 earnings improvement was fueled by a $2.07
million, or 18.9%, increase in net interest income (FTE) for the
three months ended March 31, 2005 as compared to the first quarter
of 2004. This increase was primarily the result of a 17.1% increase
in average earning assets and improvement in the net interest
margin (FTE) to 4.56% from 4.46%, during the first quarter of 2005
as compared to the first quarter 2004. This increase more than
offset a decline in noninterest income of $125,000, or 7.1%,
primarily resulting from a $232,000 decline in deposit service
charges, including lower fees charged on overdraft deposit accounts
and commercial account analysis charges. The $52,000, or 37.1%,
increase in commission revenue on financial services sales served
to partially offset the impact of the decline in deposit service
charges. The Company continued to leverage its overhead structure
during the first quarter of 2005 as compared to 2004, by limiting
the increase in total noninterest expenses to $487,000, or 6.5%,
while operating income (net interest income plus noninterest
income) increased $1.85 million or 14.8%. The increase in
noninterest expense during the quarter included: (i) an increase of
$281,000, or 6.9%, in salaries and employee benefits; (ii) an
increase in professional fees of $110,000, or 67.1%, primarily
reflecting increased costs associated with Sarbanes-Oxley and other
regulatory compliance matters; (iii) an increase in other
noninterest expenses of $175,000, or 25.5%, due, in part, to
increases in recruiting expenses and added costs incurred to
support increases in loan and deposit processing volumes; and (iv)
decreases in equipment and data processing expenses of $89,000, or
17.3%, and $66,000, or 12.7%, reflecting a reduction from 2004
expenses incurred as part of a core processing system conversion
and the added cost efficiencies realized from that conversion. For
the first quarter, the Company's efficiency ratio (FTE) was 54.85%
as compared to 59.41% for the same period in 2004. 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 $716,000 at March 31,
2005. As a percent of total assets, non-performing assets and past
due loans at March 31, 2005 were .06% compared to .14% at March 31,
2004. At March 31, 2005, the allowance for credit losses totaled
$11.91 million, or 1.22% of total loans, compared to $11.04
million, or 1.28% of loans, at March 31, 2004. The Company recorded
net recoveries of $73,000 during the first quarter of 2005 and also
recorded net recoveries for the years ended December 31, 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"). 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 Three Months Ended March 31,
------------------------------- 2005 2004 % Change
------------------------------- SUMMARY OF OPERATING RESULTS: Tax
equivalent interest income $17,317 $13,529 28.0% Interest expense
4,299 2,580 66.6% Tax equivalent net interest income 13,018 10,949
18.9% Tax equivalent adjustment 373 274 36.1% Net interest income
12,645 10,675 18.5% Provision for credit losses 250 310 (19.4%)
Noninterest income 1,631 1,756 (7.1%) Noninterest expense 8,035
7,548 6.5% Income before taxes 5,991 4,573 31.0% Income tax
provision 2,162 1,592 35.8% Net income 3,829 2,981 28.4% PER SHARE
DATA: Net income: Basic $0.55 $0.42 31.0% Diluted 0.53 0.40 32.5%
Average number of shares outstanding: Basic 6,984,185 7,178,797
(2.7%) Diluted 7,242,967 7,434,701 (2.6%) Book value, at period end
$12.74 $12.23 4.2% Tangible book value, at period end 12.74 12.23
4.2% Cash dividends declared 0.17 0.15 13.3% PERIOD END DATA:
Loans, net of unearned income $978,941 $864,753 13.2% Investment
securities held-to- maturity and securities available-for-sale
170,595 104,211 63.7% Assets 1,240,496 1,083,798 14.5%
Noninterest-bearing deposits 248,122 220,700 12.4% Interest-bearing
deposits 720,503 625,311 15.2% Total deposits 968,625 846,011 14.5%
Customer funding sources (a) 1,104,701 963,051 14.7% Stockholders'
equity 87,971 87,934 0.0% PERFORMANCE RATIOS: Return on average
assets 1.29% 1.16% Return on average stockholders' equity 17.14%
13.75% Net interest margin 4.43% 4.34% Net interest margin (FTE)
4.56% 4.46% Efficiency ratio (FTE)(b) 54.85% 59.41% CAPITAL RATIOS:
Period-end capital to risk- weighted assets: Tier 1 9.62% 9.04%
Total 10.73% 10.20% Period-end tier 1 leverage ratio 8.62% 8.34%
ASSET QUALITY: Allowance for credit losses to loans, net of
unearned income, at period-end 1.22% 1.28% Net recoveries
(charge-offs) $73 $(97) (175.3%) Annualized net recoveries
(charge-offs) to average loans, net of unearned income 0.03%
(0.05%) Nonperforming assets: Nonaccrual loans $588 $1,168 (49.7%)
Loans 90+ days past due and accruing 128 69 85.5% Other real estate
owned - 250 na ---- ------ Total nonperforming assets $716 $1,487
(51.8%) ---- ------ Nonperforming and past due loans to total
loans, net of unearned income, at period-end 0.07% 0.14%
Nonperforming assets and past due loans to total assets, at period-
end 0.06% 0.14% COLUMBIA BANCORP Financial Highlights (dollars in
thousands, except per share data) (unaudited) As of and Three
Months Ended March 31, ------------------------------- 2005 2004 %
Change ------------------------------- NONINTEREST INCOME AND
EXPENSE BREAKDOWN: Noninterest income: Fees charged for services
$773 $1,005 (23.1%) Gains and fees on sales of mortgage loans, net
of costs 352 351 0.3% Net loss on other real estate owned - (9)
(100.0%) Commissions earned on financial services sales 192 140
37.1% Other noninterest income 314 269 16.7% -------------------
$1,631 $1,756 (7.1%) ------------------- Noninterest expenses:
Salaries and employee benefits $4,327 $4,046 6.9% Occupancy 998 976
2.3% Equipment 424 513 (17.3%) Data processing 452 518 (12.7%)
Marketing 357 300 19.0% Professional fees 274 164 67.1% Postage 123
108 13.9% Stationery and supplies 111 115 (3.5%) Cash management
services 108 122 (11.5%) Other noninterest expenses 861 686 25.5%
------------------- $8,035 $7,548 6.5% ------------------- AVERAGE
BALANCES: Federal funds sold and interest- bearing deposits (c)
$14,109 $9,513 48.3% Investment securities held-to- maturity and
securities available-for-sale 163,757 122,192 34.0% Loans, net of
unearned income 973,208 851,436 14.3% Loans originated for sale (c)
5,883 5,196 13.2% Total earning assets 1,156,957 988,337 17.1%
Total assets 1,206,651 1,033,102 16.8% Interest-bearing deposits:
NOW accounts 86,113 85,917 0.2% Savings and money market accounts
192,899 194,141 (0.6%) Time deposits 405,018 314,116 28.9%
Noninterest-bearing deposits 242,659 191,551 26.7% Total deposits
926,689 785,725 17.9% Short-term borrowings (c) 152,754 128,547
18.8% Long-term borrowings 30,860 20,000 54.3% Total
interest-bearing liabilities 867,644 742,721 16.8% Stockholders'
equity 90,592 87,180 3.9% YIELD ANALYSIS: Federal funds sold and
interest- bearing deposits 2.15% 0.89% Investment securities
held-to- maturity and securities available-for-sale (FTE) 3.91%
4.30% Loans, net of unearned income (FTE) 6.49% 5.71% Total yield
on earning assets (FTE) 6.07% 5.49% Interest-bearing deposits NOW
accounts 0.16% 0.13% Savings and money market accounts 0.52% 0.36%
Time deposits 2.77% 2.39% Short-term borrowings 2.26% 0.77%
Long-term borrowings 5.23% 5.36% Total cost of interest-bearing
liabilities 2.01% 1.40%
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(a) Deposits plus customer-related short-term borrowings in the
form of commercial paper and repurchase agreements. (b) The
efficiency ratio (FTE) is defined as total noninterest expense as a
percentage of net interest income, on a tax-equivalent basis, plus
noninterest income. (c) Variances reflect significant fluctuations
in account balances due to the nature of the accounts.
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Certain reclassifications of information previously reported have
been made to conform with current presentation. COLUMBIA BANCORP
Consolidated Statements of Condition (dollars in thousands, except
per share data) March 31, March 31, December 31, 2005 2004 2004
---------------------------------- (unaudited) (audited) Assets
Cash and due from banks $36,943 $38,631 $30,012 Interest-bearing
deposits with banks 203 206 208 Federal funds sold 26,799 55,948
9,904 Investment securities held-to-maturity 110,166 50,636 116,170
Securities available-for-sale 60,429 53,575 47,980 Residential
mortgage loans originated for sale 8,465 5,702 8,698 Loan
receivables: Real estate - development and construction 377,841
293,454 345,375 Commercial 237,010 219,837 226,763 Real estate -
mortgage: Residential 16,697 17,904 17,272 Commercial 154,367
157,922 163,985 Consumer, principally second mortgage loans and
residential equity lines of credit 191,729 175,379 196,198 Other
1,354 421 668 ------------------------------- Total loans 978,998
864,917 950,261 Less: Unearned income, net of origination costs
(57) (164) (91) Allowance for credit losses (11,906) (11,041)
(11,583) ------------------------------- Loans, net 967,035 853,712
938,587 Other real estate owned - 250 - Property and equipment, net
6,721 7,154 6,647 Prepaid expenses and other assets 23,735 17,984
20,800 ------------------------------- Total assets $1,240,496
$1,083,798 $1,179,006 ==================================
Liabilities Deposits: Noninterest-bearing $248,122 $220,700
$256,132 Interest-bearing 720,503 625,311 656,446
-------------------------------- Total deposits 968,625 846,011
912,578 Short-term borrowings 139,092 123,834 135,825 Subordinated
debentures 16,496 - 10,310 Long-term borrowings 20,000 20,000
20,000 Accrued expenses and other liabilities 8,312 6,019 7,945
--------------------------------- Total liabilities 1,152,525
995,864 1,086,658 --------------------------------- Stockholders'
equity Common stock, $.01 par value per share; authorized
10,000,000 shares; outstanding 6,906,822, 7,188,628 and 7,114,267
shares, respectively 69 72 71 Additional paid-in capital 38,875
48,156 45,739 Retained earnings 49,074 39,463 46,419 Accumulated
other comprehensive income (loss) (47) 243 119
------------------------------ Total stockholders' equity 87,971
87,934 92,348 ------------------------------ Total liabilities and
stockholders' equity $1,240,496 $1,083,798 $1,179,006
================================== 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) Three Months
Ended March 31, ------------------------ 2005 2004
------------------------ (unaudited) Interest income: Loans $15,379
$12,022 Investment securities 1,492 1,212 Federal funds sold and
interest- bearing deposits with banks 73 21
------------------------ Total interest income 16,944 13,255
------------------------ Interest expense: Deposits 3,049 2,068
Borrowings 1,250 512 ------------------------ Total interest
expense 4,299 2,580 ------------------------ Net interest income
12,645 10,675 Provision for credit losses 250 310
------------------------ Net interest income after provision for
credit losses 12,395 10,365 ------------------------ Noninterest
income: Fees charged for services 773 1,005 Gains and fees on sales
of mortgage loans, net of costs 352 351 Net loss on other real
estate owned - (9) Commissions earned on financial services sales
192 140 Other 314 269 ------------------------- Total noninterest
income 1,631 1,756 ------------------------- Noninterest expense:
Salaries and employee benefits 4,327 4,046 Occupancy 998 976
Equipment 424 513 Data processing 452 518 Marketing 357 300
Professional fees 274 164 Postage 123 108 Stationery and supplies
111 115 Cash management services 108 122 Other 861 686
------------------------ Total noninterest expense 8,035 7,548
------------------------ Income before income taxes 5,991 4,573
Income tax provision 2,162 1,592 ----------------------- Net income
$3,829 $2,981 ======================== Per common share data: Net
income: Basic $0.55 $0.42 Diluted 0.53 0.40 Cash dividends declared
$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) Three Months Ended March 31,
---------------------- 2005 2004 ---------------------- (unaudited)
GAAP-based Operating Performance Measures: Net interest income
$12,645 $10,675 Provision for credit losses 250 310 Noninterest
income 1,631 1,756 Noninterest expense 8,035 7,548 Income before
taxes 5,991 4,573 Income tax provision 2,162 1,592 Net income 3,829
2,981 Return on average assets 1.29% 1.16% Return on average equity
17.14% 13.75% Net interest margin 4.43% 4.34% Efficiency ratio
56.28% 60.72% Net income per share - diluted $0.53 $0.40
------------------------------------------------------------------------
Non-GAAP adjustments Tax equivalent adjustment - net interest
income $373 $274 ======================
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Core Operating Performance Measures: (a) Net interest income - tax
equivalent $13,018 $10,949 Tax equivalent adjustment (373) (274)
------------------------ Net interest income 12,645 10,675
Provision for credit losses 250 310 Noninterest income 1,631 1,756
Noninterest expense 8,035 7,548 Income before taxes 5,991 4,573
Income tax provision 2,162 1,592 Net income 3,829 2,981 Return on
average assets 1.29% 1.16% Return on average equity 17.14% 13.75%
Net interest margin (FTE) 4.56% 4.46% Efficiency ratio (FTE) 54.85%
59.41% Net income per share - diluted $0.53 $0.40
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(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.
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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)
1Q05 4Q04 3Q04 ------------------------------- (unaudited) SUMMARY
OF OPERATING RESULTS: GAAP-based: Interest income $16,944 $16,050
$14,833 Interest expense 4,299 3,497 3,131 Net interest income
12,645 12,553 11,702 Provision for credit losses 250 36 192
Noninterest income 1,631 1,499 1,738 Noninterest expense 8,035
8,367 7,693 Income before taxes 5,991 5,649 5,555 Income tax
provision 2,162 1,976 2,037 Net income 3,829 3,673 3,518 Based on
core operating performance (a): Tax-equivalent interest income
$17,317 $16,376 $15,097 Interest expense 4,299 3,497 3,131
Tax-equivalent net interest income 13,018 12,879 11,966
Tax-equivalent adjustment 373 326 264 Net interest income 12,645
12,553 11,702 Provision for credit losses 250 36 192 Noninterest
income 1,631 1,499 1,738 Noninterest expense 8,035 8,367 7,693
Income before taxes 5,991 5,649 5,555 Income tax provision 2,162
1,976 2,037 Net income 3,829 3,673 3,518
------------------------------------------------------------------------
PER SHARE DATA: Net income : GAAP-based: Basic $0.55 $0.52 $0.49
Diluted 0.53 0.50 0.48 Based on core operating performance (a):
Basic $0.55 $0.52 $0.49 Diluted 0.53 0.50 0.48 Average number of
shares outstanding: Basic 6,984,185 7,113,768 7,128,359 Diluted
7,242,967 7,371,541 7,350,901 Book value, at period end $12.74
$12.98 $12.66 Tangible book value, at period end 12.74 12.98 12.66
Cash dividends declared 0.17 0.17 0.15
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PERIOD END DATA: Loans, net of unearned income $978,941 $950,170
$936,000 Investment securities held-to- maturity and securities
available-for-sale 170,595 164,150 150,604 Assets 1,240,496
1,179,006 1,179,107 Noninterest-bearing deposits 248,122 256,132
246,092 Interest-bearing deposits 720,503 656,446 669,250 Total
deposits 968,625 912,578 915,342 Customer funding sources (b)
1,104,701 1,025,403 1,053,771 Stockholders' equity 87,971 92,348
90,100
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COLUMBIA BANCORP Quarterly Highlights (dollars in thousands, except
per share data) 2Q04 1Q04 ------------------------- (unaudited)
SUMMARY OF OPERATING RESULTS: GAAP-based: Interest income $13,408
$13,255 Interest expense 2,755 2,580 Net interest income 10,653
10,675 Provision for credit losses 190 310 Noninterest income 1,897
1,756 Noninterest expense 7,529 7,548 Income before taxes 4,831
4,573 Income tax provision 1,718 1,592 Net income 3,113 2,981 Based
on core operating performance (a): Tax-equivalent interest income
$13,681 $13,529 Interest expense 2,755 2,580 Tax-equivalent net
interest income 10,926 10,949 Tax-equivalent adjustment 273 274 Net
interest income 10,653 10,675 Provision for credit losses 190 310
Noninterest income 1,897 1,756 Noninterest expense 7,529 7,548
Income before taxes 4,831 4,573 Income tax provision 1,718 1,592
Net income 3,113 2,981
------------------------------------------------------------------------
PER SHARE DATA: Net income : GAAP-based: Basic $0.43 $0.42 Diluted
0.42 0.40 Based on core operating performance (a): Basic 0.43 0.42
Diluted 0.42 0.40 Average number of shares outstanding: Basic
7,170,585 7,178,797 Diluted 7,404,762 7,434,701 Book value, at
period end $12.33 $12.23 Tangible book value, at period end 12.33
12.23 Cash dividends declared 0.15 0.15
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PERIOD END DATA: Loans, net of unearned income $900,320 $864,753
Investment securities held-to- maturity and securities
available-for-sale 122,430 104,211 Assets 1,126,916 1,083,798
Noninterest-bearing deposits 240,117 220,700 Interest-bearing
deposits 650,884 625,311 Total deposits 891,001 846,011 Customer
funding sources (b) 1,001,524 963,051 Stockholders' equity 88,039
87,934
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COLUMBIA BANCORP Quarterly Highlights (dollars in thousands, except
per share data) 1Q05 4Q04 3Q04 -------------------------------
(unaudited) PERFORMANCE RATIOS: GAAP-based: Return on average
assets 1.29% 1.25% 1.24% Return on average stockholders' equity
17.14% 15.99% 15.60% Net interest margin 4.43% 4.46% 4.31%
Efficiency ratio 56.28% 59.54% 57.24% Based on core operating
performance (a): Return on average assets 1.29% 1.25% 1.24% Return
on average stockholders' equity 17.14% 15.99% 15.60% Net interest
margin (FTE) 4.56% 4.57% 4.41% Efficiency ratio (FTE) 54.85% 58.19%
56.14%
------------------------------------------------------------------------
CAPITAL RATIOS: Period-end capital to risk- weighted assets: Tier 1
9.62% 9.74% 9.23% Total 10.73% 10.85% 10.35% Period-end tier 1
leverage ratio 8.62% 8.75% 8.51%
------------------------------------------------------------------------
ASSET QUALITY: Allowance for credit losses to loans, net of
unearned income, at period-end 1.22% 1.22% 1.23% Net recoveries
(charge-offs) $73 $33 $81 Annualized net recoveries (charge-offs)
to average loans, net of unearned income 0.03% 0.01% 0.04%
Nonperforming assets: Nonaccrual loans $588 $614 $635 Loans 90+
days past due and accruing 128 31 22 Other real estate owned - - -
Total nonperforming ---- ---- ---- assets $716 $645 $657
Nonperforming and past due loans ---- ---- ---- to total loans, net
of unearned income, at period- end 0.07% 0.07% 0.07% Nonperforming
assets and past due loans to total assets, at period-end 0.06%
0.05% 0.06%
------------------------------------------------------------------------
NONINTEREST INCOME AND EXPENSE BREAKDOWN: Noninterest income: Fees
charged for deposit services $773 $774 $910 Gains on sales of
mortgage loans, net of costs 352 287 291 Net income (loss) on other
real estate owned - - 73 Commissions earned on financial services
sales 192 166 146 Other noninterest income 314 272 318 Total
noninterest ------ ------ ------ income $1,631 $1,499 $1,738 ------
------ ------ Noninterest expenses: Salaries and payroll taxes
$3,940 $4,014 $3,718 Employee benefits - health and welfare 365 365
248 Employee benefits - retirement 22 486 148 Occupancy 998 1,021
1,009 Equipment 424 426 468 Data processing 452 394 525 Marketing
357 193 140 Professional fees 274 343 264 Postage 123 99 79
Stationery and supplies 111 157 121 Cash management services 108
137 131 Other noninterest expenses 861 732 842 Total noninterest
------ ------ ------ expenses $8,035 $8,367 $7,693 ------ ------
------ COLUMBIA BANCORP Quarterly Highlights (dollars in thousands,
except per share data) 2Q04 1Q04 -------------------------
(unaudited) PERFORMANCE RATIOS: GAAP-based: Return on average
assets 1.16% 1.16% Return on average stockholders' equity 14.07%
13.75% Net interest margin 4.18% 4.34% Efficiency ratio 59.99%
60.72% Based on core operating performance (a): Return on average
assets 1.16% 1.16% Return on average stockholders' equity 14.07%
13.75% Net interest margin (FTE) 4.29% 4.46% Efficiency ratio (FTE)
58.71% 59.41%
------------------------------------------------------------------------
CAPITAL RATIOS: Period-end capital to risk- weighted assets: Tier 1
9.45% 9.04% Total 10.58% 10.20% Period-end tier 1 leverage ratio
8.79% 8.34%
------------------------------------------------------------------------
ASSET QUALITY: Allowance for credit losses to loans, net of
unearned income, at period-end 1.25% 1.28% Net recoveries
(charge-offs) $10 $(97) Annualized net recoveries (charge-offs) to
average loans, net of unearned income - % (0.05%) Nonperforming
assets: Nonaccrual loans $1,095 $1,168 Loans 90+ days past due and
accruing 91 69 Other real estate owned 250 250 Total nonperforming
------ ------ assets $1,436 $1,487 Nonperforming and past due loans
------ ------ to total loans, net of unearned income, at period-
end 0.13% 0.14% Nonperforming assets and past due loans to total
assets, at period-end 0.13% 0.14%
------------------------------------------------------------------------
NONINTEREST INCOME AND EXPENSE BREAKDOWN: Noninterest income: Fees
charged for deposit services $1,029 $1,005 Gains on sales of
mortgage loans, net of costs 508 351 Net income (loss) on other
real estate owned (5) (9) Commissions earned on financial services
sales 137 140 Other noninterest income 228 269 Total noninterest
----- ----- income $1,897 $1,756 ------ ------ Noninterest
expenses: Salaries and payroll taxes $3,628 $3,684 Employee
benefits - health and welfare 245 237 Employee benefits -
retirement 33 125 Occupancy 944 976 Equipment 505 513 Data
processing 532 518 Marketing 296 300 Professional fees 174 164
Postage 93 108 Stationery and supplies 98 115 Cash management
services 158 122 Other noninterest expenses 823 686 ------ ------
Total noninterest expenses $7,529 $7,548 ------ ------ COLUMBIA
BANCORP Quarterly Highlights (dollars in thousands, except per
share data) 1Q05 4Q04 3Q04 -------------------------------
(unaudited) AVERAGE BALANCES: Federal funds sold and interest
bearing deposits $14,109 $15,512 $20,056 Investment securities and
securities available-for-sale 163,757 157,348 140,143 Loans, net of
unearned income 973,208 940,368 914,052 Loans originated for sale
5,883 7,068 4,738 Total earning assets 1,156,957 1,120,296
1,078,989 Total assets 1,206,651 1,167,536 1,126,923
Interest-bearing deposits: NOW accounts 86,113 87,742 89,532
Savings and money market accounts 192,899 201,479 208,538 Time
deposits 405,018 364,888 361,653 Noninterest-bearing deposits
242,659 245,886 228,429 Total deposits 926,689 899,995 888,152
Short-term borrowings 152,754 139,635 118,077 Long-term borrowings
30,860 26,231 26,186 Total interest-bearing liabilities 867,644
819,975 803,986 Stockholders' equity 90,592 91,367 89,730
------------------------------------------------------------------------
YIELD ANALYSIS: Federal funds sold and interest bearing deposits
2.15% 1.59% 1.29% Investment securities and securities
available-for-sale (FTE) 3.91% 3.92% 4.07% Loans, net of unearned
income (FTE) 6.49% 6.20% 5.89% Total yield on earning assets (FTE)
6.07% 5.81% 5.57% Interest-bearing deposits NOW accounts 0.16%
0.16% 0.15% Savings and money market accounts 0.52% 0.47% 0.41%
Time deposits 2.77% 2.48% 2.42% Short-term borrowings 2.26% 1.74%
1.17% Long-term borrowings 5.23% 5.22% 5.09% Total cost of
interest-bearing liabilities 2.01% 1.70% 1.55% COLUMBIA BANCORP
Quarterly Highlights (dollars in thousands, except per share data)
2Q04 1Q04 ------------------------- (unaudited) AVERAGE BALANCES:
Federal funds sold and interest bearing deposits $37,521 $9,513
Investment securities and securities available-for-sale 103,384
122,192 Loans, net of unearned income 873,278 851,436 Loans
originated for sale 8,320 5,196 Total earning assets 1,022,503
988,337 Total assets 1,071,793 1,033,102 Interest-bearing deposits:
NOW accounts 89,308 85,917 Savings and money market accounts
194,197 194,141 Time deposits 348,394 314,116 Noninterest-bearing
deposits 221,033 191,551 Total deposits 852,932 785,725 Short-term
borrowings 105,985 128,547 Long-term borrowings 20,462 20,000 Total
interest-bearing liabilities 758,346 742,721 Stockholders' equity
88,743 87,180
------------------------------------------------------------------------
YIELD ANALYSIS: Federal funds sold and interest bearing deposits
0.96% 0.89% Investment securities and securities available-for-sale
(FTE) 4.45% 4.30% Loans, net of unearned income (FTE) 5.68% 5.71%
Total yield on earning assets (FTE) 5.38% 5.49% Interest-bearing
deposits NOW accounts 0.15% 0.13% Savings and money market accounts
0.37% 0.36% Time deposits 2.39% 2.39% Short-term borrowings 0.77%
0.77% Long-term borrowings 5.35% 5.36% Total cost of
interest-bearing liabilities 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. 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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