Columbia Bancorp Reports Strong Core Earnings in the Second Quarter 2002.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)--July 24, 2002 Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. Bancorp (Nasdaq:CBBO): -- YTD Return on Equity (ROE) Increases to 18.96% -- YTD Net Interest Margin Reported at 6.39% -- YTD Efficiency Ratio Drops to 56.64% -- Net Income up 17.93%, year-to-date over same period last year Columbia Bancorp (Nasdaq:CBBO) today reported second quarter 2002 net income of $2.42 million, or $0.29 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 17.97% compared to $2.05 million, or $0.25 per diluted share in the second quarter of 2001. Total assets increased 18.99% to $537.2 million from $451.5 million at June June: see month. 30, 2002. Loans totaled $429.9 million, up 20.80%. Deposits of $445.0 million were up 19.68% over the period. As of June 30, 2002, Columbia Bancorp had total equity of $50.16 million, an increase of 14.88% over June 20, 2001. During the previous four quarters ending June 30, 2002, cash dividends in the amount of $2.58 million were paid to shareholders. "We are pleased to report record earnings for the second quarter. We remain focused on our strategic plan which takes into account our winning formula of shareholder value, customer service and employee satisfaction. The market performance of our stock reflects this strategy as well as the resulting earnings," remarked Roger Christensen Christensen may refer to:
The period beginning at the start of the calendar year up to the current date. . When compared to the NASDAQ composite The Nasdaq Composite is a stock market index of all of the common stocks and similar securities (e.g. ADRs, tracking stocks, limited partnership interests) listed on the NASDAQ stock market, meaning that it has over 3,000 components. It is highly followed in the U.S. , which was down 26.1% during the same period, investors in Columbia Bancorp have certainly been well rewarded with their holdings." "The net income for the second quarter set another record for Columbia. We continue to leverage capital and grow assets, which adds to our net interest margin. These are ideal times to arbitrage arbitrage: see foreign exchange. arbitrage Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price quality loan growth with short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing frequencies and match them with long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than ," states Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Spear, Chief Financial Officer. "The exciting part of the first half of the year is that we are beating our internal projections for growth and earnings while at the same time balancing the risk management side of the business; asset quality, liquidity and remaining well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. ." Gross loans were up 6% for the quarter. This increase, however, did not occur without attention to loan quality. The percentage of total non-performing assets to total assets improved from .47% on March 31, 2002 to 0.28% on June 30, 2002. Columbia will conduct a teleconference and Web Cast on Thursday Thursday: see week. , July 25, 2002 at 12:00 noon Pacific Time (3:00 p.m. Eastern Time) at which time management will discuss the second quarter results. To participate, the conference number is 1-877/840-9175. The conference ID number to access the call is 4910131 and the leader is Roger Christensen. The live Web Cast can be viewed on Columbia Bancorp's Web Site at www.columbiabancorp.com under Corporate Profile section. This event will be archived on Columbia Bancorp's Web Site. There will be a playback Playback could mean:
Columbia Bancorp (www.columbiabancorp.com) is the financial holding company 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, 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 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. . In addition, Columbia Bancorp's news releases, 10-Qs and 10-Ks for the last twelve months are available via Fax-on-Demand. Call 1-800/683-0074 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, the impact of competition and interest rates 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 2002, as may be detailed from time to time in Columbia's public announcements and filings with the Securities and Exchange Commission ("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 this press release, other than in its periodic filings with the SEC, or to reflect the occurrence of unanticipated events.
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share data and ratios)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------------
INCOME STATEMENT 2002 2001 2002 2001
----------------------------------------------------------------------
Interest income $ 9,439 $ 8,711 $ 18,026 $ 17,249
Interest expense 2,013 3,063 3,796 6,326
Provision for loan losses 700 375 1,100 625
---------------------------------------
Net interest income
After provision for loan
losses 6,726 5,273 13,130 10,298
Non-interest income 2,760 2,986 4,854 5,003
Non-interest expense 5,711 4,944 10,809 9,575
Provision for income taxes 1,353 1,262 2,572 2,161
---------------------------------------
Net income $ 2,422 $ 2,053 $ 4,603 $ 3,565
=======================================
Earnings per share
Basic $ 0.30 $ 0.25 $ 0.57 $ 0.44
Diluted 0.29 0.25 0.55 0.44
Cumulative dividend per share 0.08 0.08 0.16 0.16
Weighted average shares
outstanding
Basic 8,106 8,054 8,085 8,044
Diluted 8,349 8,215 8,339 8,179
June 30, Dec. 31, June 30,
BALANCE SHEET 2002 2001 2001
-------------------------------------------------------------
Total assets $ 537,155 $ 482,207 $ 451,454
Securities 38,312 43,532 46,027
Loans held for sale 10,628 18,960 19,600
Loans, gross 419,331 367,829 336,337
Goodwill (1) 7,389 7,389 7,703
Deposits 445,031 394,636 371,859
Borrowings 37,445 35,905 33,029
Equity 50,164 46,445 43,666
Book value per share $ 6.17 $ 5.78 $ 5.41
(1) From the purchase of Valley Bancorp
ADDITIONAL FINANCIAL INFORMATION
(Unaudited)
(In thousands, except per share data and ratios)
NON-PERFORMING ASSETS June 30, June 30,
2002 2001
-------------------------
Delinquent loans on
non-accrual status $ 1,403 $ 1,018
-------------------------
Delinquent loans on accrual
status 8 2
-------------------------
Restructured loans 110 -
-------------------------
Total non-performing loans 1,521 1,020
-------------------------
Other real estate owned - 291
-------------------------
Total non-performing assets $ 1,521 $ 1,311
=========================
Total non-performing
assets / total assets 0.28% 0.29%
Quarter Ended Year to Date
-----------------------------------------
CHANGE IN THE ALLOWANCE FOR June 30, June 30, June 30, June 30,
LOAN LOSSES 2002 2001 2002 2001
-----------------------------------------
Balance at beginning of period $ 5,569 $ 4,819 $ 5,312 $ 4,578
Provision for loan losses 700 375 1,100 625
Recoveries 102 6 146 23
Charge offs (241) (70) (428) (96)
Balance at end of period $ 6,130 $ 5,130 $ 6,130 $ 5,130
=========================================
Loan loss allowance / gross
loans 1.43% 1.44%
Non-performing loans / loan
loss allowance 24.81% 19.88%
Quarter Ended Year to Date
-----------------------------------------
OPERATING PERFORMANCE June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-----------------------------------------
Average interest-earning
assets $ 467,602 $ 397,142 $ 452,080 $ 387,585
Average gross loans 416,015 344,045 403,754 328,310
Average assets 515,409 438,237 499,211 428,356
Average interest-bearing
liabilities 353,967 301,662 343,280 297,402
Average interest-bearing
deposits 318,444 275,261 305,219 268,147
Average deposits 425,980 362,155 408,247 351,981
Total average liabilities 465,607 394,804 450,673 385,586
Average equity 49,803 43,433 48,539 42,770
Quarter Ended Year to Date
-----------------------------------------
RATIOS June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-----------------------------------------
Interest rate yield on
interest-earning assets (TE) 8.16% 8.89% 8.07% 9.02%
Interest rate expense on
interest-bearing liabilities 2.27% 4.06% 2.21% 4.25%
Interest rate spread 5.89% 4.83% 5.86% 4.76%
Net interest margin (TE) 6.44% 5.80% 6.39% 5.75%
Efficiency ratio (1) 56.07% 57.26% 56.64% 60.12%
Return on average assets 1.88% 1.87% 1.84% 1.66%
Return on average equity 19.45% 18.91% 18.96% 16.67%
Average equity / average
assets 9.66% 9.91% 9.72% 9.98%
(1) Non-interest expense / revenue
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