Columbia Bancorp Reports Record Net Income for the Fourth Quarter and Year-End 2001.Business Editors THE DALLES dalles pl.n. The rapids of a river that runs between the steep precipices of a gorge or narrow valley. [French, pl. of dalle, gutter, from Old French, from Old Norse dæla.] , Ore.--(BUSINESS WIRE)--Jan. 23, 2002 Columbia Bancorp (Nasdaq:CBBO) today reported fourth quarter 2001 net income of $2.09 million, or $0.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of 32% compared to $1.58 million, or $0.20 per diluted share in the fourth quarter of 2000. "Net income for year 2001 was $7.37 million, or $0.89 per diluted share, an increase of 31% compared to $5.62 million, or $0.70 per diluted share for year 2000," states Roger Christensen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This represents our 14th consecutive year of increased net income. It's impressive to witness the focus and dedication of every employee into a common goal to deliver exceptional service and performance." "We are pleased with the direction in the fourth quarter," said Greg Spear, Chief Financial Officer. "Some positive highlights of the fourth quarter included improvement in the efficiency ratio to end the year at 60.2%, the upward trend in the net interest margin ratio to end the year at 5.92% and the brisk Brisk as a proper name may refer to:
The Company's assets ended the year 2001 at $482.2 million, compared to $416.9 million at December 31, 2000. This represents a 16% increase in assets for the year. "During the third quarter, management implemented initiatives that resulted in protection and improvement to the net interest margin," stated Spear. "The fourth quarter earnings were enhanced by an 11% increase in net interest margin, equating e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to a $668,000 improvement over third quarter performance." In addition to the increase in earnings, CBBO stock has continued to rise. On December 29, 2000 the stock closed at $6.00 per share, on December 31, 2001 the stock closed at $10.15 per share. This represents a 69% increase in value for the year. Still, Columbia believes this price to be undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. as compared with our peer group. "Deposit growth, which has been a challenge for many banks over the past few years, will continue to be a focus for Columbia River Columbia River River, southwestern Canada and northwestern U.S. Rising in the Canadian Rockies, it flows through Washington state, entering the Pacific Ocean at Astoria, Ore.; it has a total length of 1,240 mi (2,000 km). Bank," affirms Craig Ortega, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition and Head of Community Banking. "Overall, deposits increased 13.9% in 2001. Our branches did a tremendous job with non-interest bearing deposits exceeding budget in 2001. Our deposit growth is due to a focused and experienced staff, offering competitive products and services." During 2001, Columbia opened two new branches, one in Canby, Oregon Canby is a city in Clackamas County, Oregon, United States. The population was 12,790 at the 2000 census. Canby is best known locally (in the greater Portland, Oregon metro area) as the home of the Clackamas County Fairgrounds. and one in a retirement center in McMinnville, Oregon McMinnville is the county seat and largest city of Yamhill County, Oregon, United States. According to Oregon Geographic Names, it was named by its founder, William T. Newby, an early immigrant on the Oregon Trail, for his hometown of McMinnville, Tennessee. . Columbia will continue to seek branch opportunities in new and existing markets. "Loans for 2001 increased $78,000,000 to $378,000.000. This represents a growth rate of 26.18%. A majority of our loan growth is attributed to the branch system," declares Britt britt n. Variant of brit. Noun 1. britt - the young of a herring or sprat or similar fish brit young fish - a fish that is young 2. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , EVP and Chief Credit Officer. "As of year-end, 53% of the bank's portfolio was secured by real estate, with 23% in non-real estate secured commercial loans and 15% in non-real estate secured agricultural loans. The agricultural loan portfolio remains well diversified diversified (di·verˑ·s with over 20 different commodity types. Loan quality remains good with 30 to 89 day past dues at .56% by dollar and non performing assets Non Performing Asset Any asset that is not effectively producing income. Notes: For example, an overdue loan would be considered non-performing. See also: Asset, Charge Off, Non-Performing Loan to total assets improving from .31% to .28% during 2001." The bank expanded the mortgage delivery network by opening an office in Newport, Oregon Newport is a city in Lincoln County, Oregon, United States. It was incorporated in 1882, though the name dates back to the establishment of a post office in 1868. As of the 2000 census, the city had a total population of 9,532, a growth of nearly 13% over its 1990 population. . "We hired experienced loan officers in a good mortgage market to compliment Not to be confused with Complement. Compliment may be
Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , EVP of CRB CRB See: Commodity Research Bureau. Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . "This office along with our established offices tripled our servicing portfolio from $116,000,000 at the beginning of the year to $416,000,000 at year-end 2001." Columbia experienced improvements in the efficiency ratio, which fell 190 basis points from 62.10% to 60.20% year over year. "We will continue to experience an efficiency ratio that is higher than peers due to our concentration in mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and sales. The business is definitely a low margin -- high volume business which has made a significant contribution to this year's record earnings," concluded Jim McCall, EVP and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Columbia Bancorp will conduct a teleconference and WebCast on Thursday, January 24, 2002 at 12:00 noon PT (3:00 p.m. ET) at which time management will discuss the fourth quarter and year-end results. To participate, the conference number is 1-877-840-9175. The conference ID number to access the call is 2842582 and the leader is Roger Christensen. The live WebCast can be viewed on Columbia Bancorp's Web site at www.columbiabancorp.com under the Corporate Profile section. This event will be archived on Columbia Bancorp's Web site. The WebCast will also be distributed over CCBN's Investor Distribution Network to both institutional and individuals investors. Individual investors can listen to the call through CCBN's individual investor center at www.companyboardroom.com. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. can access the call via CCBN's password protected event management site, StreetEvents (www.streetevents.com). There will be a playback Playback could mean:
Columbia Bancorp (www.columbiabancorp.com) is the financial holding company for Columbia River Bank, which operates 16 branches located in The Dalles (2), Hood River The Hood River is a tributary of the Columbia River in northwestern Oregon in the United States. Approximately 25 mi (40 km) long from its mouth to its farthest headwaters on the East Fork, the river descends from wilderness areas in the Cascade Range on Mount Hood and flows , Bend (2), Madras Madras. 1 State and former province, India: see Tamil Nadu. 2 City, India: see Chennai. , Redmond, Pendleton, Hermiston, McMinnville (3), Canby and Newberg, Oregon Newberg is a city in Yamhill County, Oregon, United States. A tradition holds that this town was named by its first postmaster, Sebastian Brutscher, for his former hometown of Neuberg in Germany. One of the current streets, Brutscher Street, is named after him. , and in Goldendale and White Salmon, Washington White Salmon is a census-designated place (CDP) in Klickitat County, Washington, United States. The population was 2,193 at the 2000 census. History White Salmon was officially incorporated on June 3, 1907. . To supplement its community banking services, Columbia River Bank also provides mortgage-lending services through its Columbia River Bank Mortgage Group and brokerage services through its affiliations with LaSalle St. Securities and CRB Financial Services. In addition, Columbia Bancorp's news releases, 10-Qs and 10-Ks for the last twelve months are available via Fax-on-Demand. Call 800/683-0074 to request documents. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to the financial condition, results of operations and the business of Columbia are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. These include, without limitation, Columbia's ability to manage new and acquired branches, the impact of competition on revenues and margins, and other risks and uncertainties, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the year 2001, as may be detailed from time to time in Columbia's public announcements and filings with the SEC. Forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "will", "should", "expect", "anticipate", "estimate", "continue", "plans", "intends", or other similar terminology. Columbia does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of the Report, other than in its periodic filings with the SEC, or to reflect the occurrence of unanticipated events.
FINANCIAL HIGHLIGHTS (in thousands, except per share data and ratios)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
INCOME STATEMENT 2001 2000 2001 2000
---------------- -----------------------------------------
Interest Income $ 8,882 $ 8,956 $35,078 $33,367
Interest Expense $ 2,263 $ 3,267 $11,583 $12,256
Provision for Loan
Losses $ 575 $ 380 $ 1,450 $ 1,697
------- ------- ------- -------
Net Interest Income
After Provision
for Loan Loss $ 6,044 $ 5,310 $22,045 $19,414
Non-Interest Income $ 2,727 $ 1,976 $ 9,668 $ 6,978
Non-Interest Expense $ 5,405 $ 4,818 $19,962 $17,463
Provision for Income
Taxes $ 1,277 $ 889 $ 4,377 $ 3,305
------- ------- ------- -------
Net Income $ 2,089 $ 1,579 $ 7,374 $ 5,624
======= ======= ======= =======
Earnings Per Share
Basic $ 0.26 $ 0.20 $ 0.92 $ 0.70
Diluted $ 0.25 $ 0.20 $ 0.89 $ 0.70
Cumulative Dividend
Per Share $ 0.08 $ 0.08 $ 0.32 $ 0.29
Weighted Average
Shares Outstanding
Basic 8,030 8,024 8,033 8,017
Diluted 8,226 8,084 8,244 8,080
Efficiency Ratio(1) 57.83% 62.85% 60.20% 62.17%
BALANCE SHEET Dec. 31, 2001 Dec. 31, 2000
------------- --------------------------------
Total Assets $482,207 $416,859
Securities $ 41,459 $ 58,906
Loans Held for Sale $ 18,960 $ 5,318
Loans, Net $359,437 $294,563
Goodwill(2) $ 7,389 $ 8,018
Deposits $394,636 $346,427
Borrowings $ 35,905 $ 26,369
Equity $ 46,445 $ 41,326
Book Value Per Share $ 5.78 $ 5.15
(1) Non-interest expense/revenue
(2) From the purchase of Valley Community Bancorp
ADDITIONAL FINANCIAL INFORMATION
(in thousands, except per share data and ratios)
(unaudited)
NON-PERFORMING ASSETS: Dec. 31, 2001 Dec. 31, 2000
----------------------- -----------------------------
Delinquent Loans on Non-Accrual
Status $ 890 $1,163
Delinquent Loans on Accrual
Status $ -- $ 7
Restructured Loans $ 113 $ 116
------ ------
Total Non-Performing Loans $1,003 $1,286
Other Real Estate Owned $ 349 $ --
------ ------
Total Non-Performing Assets $1,352 $1,286
====== ======
Total Non-Performing Assets/
Total Assets 0.28% 0.31%
Twelve Months Ended
CHANGE IN THE ALLOWANCE FOR LOAN LOSSES: Dec. 31, 2001 Dec. 31, 2000
----------------------------------------- ----------------------------
Balance at Beginning of Period $ 4,578 $ 3,298
Provision for Loan Losses $ 1,450 $ 1,697
Recoveries $ 83 $ 42
Charge Offs $ (799) $ (460)
------- -------
Balance at End of Period $ 5,312 $ 4,577
======= =======
Loan Loss Allowance/
Gross Loans 1.38% 1.50%
Non-performing Loans/
Loan Loss Allowance 18.88% 28.09%
Twelve Months Ended
OPERATING PERFORMANCE: Dec. 31, 2001 Dec. 31, 2000
---------------------- -----------------------------
Average Interest-Earning Assets $404,324 $356,806
Average-Non-Interest Earning
Assets $ 45,937 $ 41,616
-------- --------
Total Average Assets $450,261 $398,422
======== ========
Average Interest-Bearing Liabilities $311,283 $277,320
Average Non-Interest-Bearing
Liabilities $ 94,988 $ 82,040
-------- --------
Total Average Liabilities $406,271 $359,360
Average Equity $ 43,990 $ 39,062
-------- --------
Total Average Liabilities and
Equity $450,261 $398,422
======== ========
RATIOS: Dec. 31, 2001 Dec. 31, 2000
------- ------------------------------
Interest Rate Yield on
Interest-Earning Assets (TE) 8.79% 9.48%
Interest Rate Expense on
Interest-Bearing Liabilities 3.72% 4.42%
Interest Rate Spread 5.07% 5.06%
Net Interest Margin 5.92% 6.05%
Return on Average Assets 1.64% 1.41%
Return on Average Equity 16.76% 14.40%
Average Equity/Average Assets 9.77% 9.80%
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