Columbia Bancorp Second Quarter Income Up 17%; Loans Up 34% in Year.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 26, 2000 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) today reported second quarter net income of $1.35 million, or $.17 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% as compared to $1.16 million, or $.14 per diluted share in the second quarter of 1999. Cash earnings in the second quarter -- earnings before the amortization of goodwill -- were $.19 per diluted share compared to $.16 per diluted share in the like quarter a year ago. Results for the first six months of 2000 are net income of $2.63 million, or $.32 per diluted share, an increase of 16% as compared to $2.26 million, or $.28 per diluted share in the first half of 1999. Cash earnings were $.36 versus $.32 in the first half of 1999. "We continued to increase earnings in another quarter of strong growth," said Terry Cochran, 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. . "Assets have now grown from $361 million to $408 million in the first half of 2000. The loan portfolio has grown from $244 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. to $286 million on June June: see month. 30th. Deposits grew from $311 million to $341 million in the same period." Over the past twelve months, the Company reported asset growth of 20%, loan growth of 34%, and deposit growth of 16% as of June 30th. "Our geographic expansion, especially into the healthy economies of Central and Northeastern Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , allowed us to increase our net interest income by 15%, from $7.9 million to $9.1 million, in the first half of 2000, as compared to the same period in 1999. We also expensed $853 thousand to the provision for loan loss compared to $685 thousand in the first half of 1999. This increased the reserve to 1.39% of loans compared to 1.37% a year earlier. More significantly, total non-performing assets were 0.15% of total assets on this June 30th compared to 0.50% on June 30, 1999." "The growth of the Bank is also reflected in the increase in non-interest expense, up 14% for the quarter and 13% for the six months compared to year ago numbers. Our efficiency improved only slightly in the quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ratios versus 1999 (60% in the second quarter when goodwill expense is excluded). However, I am still confident this figure will improve as new branches increase business volume," said Cochran. "Also, I was very pleased to see non-interest income recover in the second quarter. Year-to-date mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. revenue is now 33% higher than on June 30, 1999." Second quarter non-interest income totaled $1.75 million versus $1.45 million in the second quarter last year, an increase of 20%. Columbia's quarterly return on average assets was 1.38% and return on average equity was 14.06%, both improvements over the 1.35% return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). and the 13.07% return on equity as of June 30, 1999. Stockholder equity increased 8.5% to $38.8 million, from $35.7 million a year ago. Tangible book value at June 30, 2000 was $3.80 per share compared to $3.58 per share at December December: see month. 31, 1999 and $3.35 per share at June 30, 1999. The Company will pay its quarterly dividend, $.07 per share, on August 1st, to shareholders of record July July: see month. 15th. Columbia Bancorp (www.columbiabancorp.com) is the 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 13 branches located in The Dalles, 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, Madras Madras. 1 State and former province, India: see Tamil Nadu. 2 City, India: see Chennai. , Redmond Redmond, city (1990 pop. 35,800), King co., W Wash., a suburb of Seattle, on Lake Sammamish; inc. 1912. Its economy centers around computer software (Microsoft Corp. , Pendleton Pendleton, city (1990 pop. 15,126), seat of Umatilla co., NE Oreg., on the Umatilla River, in the foothills of the Blue Mts.; founded 1869 on the old Oregon Trail, inc. 1889. , Hermiston, McMinnville McMinnville, city (1990 pop. 17,894), seat of Yamhill co., NW Oreg.; inc. 1876. It is a trade and processing center in the fertile Willamette valley. Foods, textiles, and building materials are produced, and there are wineries. Linfield College is in McMinnville. 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. . In addition to 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 PrimeVest 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. and LaSalle Lasalle (ləsăl`) or Ville Lasalle (vēl), city (1991 pop. 73,804), S Que., Canada, SW of Montreal on the St. Lawrence River at the head of the Lachine Rapids. It is a suburb of Montreal. St. Securities. 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 2000, 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 Three Months Ended Six Months Ended
(unaudited)($ and shares
in thousands) June 30, June 30,
INCOME STATEMENT 2000 1999 2000 1999
Interest Income $8,165 $ 6,587 $ 15,690 $ 12,756
Interest Expense $3,066 $ 2,092 $ 5,697 $ 4,132
Provision For Loan Losses $ 454 $ 335 $ 853 $ 685
Net Interest Income
After Provision for Loan Loss $4,645 $ 4,160 $ 9,140 $ 7,939
Non-Interest Income $1,751 $ 1,453 $ 3,128 $ 2,812
Non-Interest Expense $4,268 $ 3,731 $ 8,073 $ 7,175
Provision for Income Taxes $ 778 $ 724 $ 1,569 $ 1,319
Net Income $1,350 $ 1,158 $ 2,626 $ 2,257
Earnings Per Share
Basic $ 0.17 $ 0.15 $ 0.33 $ 0.28
Diluted $ 0.17 $ 0.14 $ 0.32 $ 0.28
Cumulative Dividend Per Share $ 0.07 $ 0.06 $ 0.14 $ 0.12
Cash Earnings Per Share (2)
Basic $ 0.19 $ 0.16 $ 0.37 $ 0.32
Diluted $ 0.19 $ 0.16 $ 0.36 $ 0.32
Weighted Average Shares
Outstanding
Basic 8,013 7,975 8,013 7,967
Diluted 8,088 8,103 8,088 8,099
Efficiency Ratio (Non-Interest
Expense/Revenue)
Excludes amortization of costs
in excess of net assets
acquired (Goodwill) 60.01% 60.08% 59.13% 59.99%
Includes amortization of costs
in excess of net assets
acquired (Goodwill) 62.30% 62.72% 61.53% 62.74%
BALANCE SHEET June 30, Dec. 31, June 30,
2000 1999 1999
Total Assets $407,859 $361,241 $340,834
Securities Available For Sale $ 40,680 $ 41,111 $ 39,285
Securities Held To Maturity $ 19,116 $ 20,125 $ 22,689
Loans Receivable Held For Sale $ 5,580 $ 3,283 $ 4,632
Loans Receivable, Net $285,971 $243,692 $212,978
Costs In Excess of Net Assets Acquired $ 8,332 $ 8,646 $ 8,961
Deposits $341,115 $310,910 $293,895
Borrowings $ 25,559 $ 10,598 $ 8,630
Equity $ 38,769 $ 37,322 $ 35,722
Book Value Per Share (3) $ 4.84 $ 4.66 $ 4.48
Tangible Book Value Per Share (3) $ 3.80 $ 3.58 $ 3.35
(1) Certain amounts in the prior periods' financial statements
have been reclassified to conform to the current period's
presentation. These reclassifications have affected certain ratios for
the prior periods. The effect of such reclassifications is immaterial.
(2)Earnings per share excluding Goodwill.
(3) Calculation is based on number of shares outstanding at the
end of the period.
ADDITIONAL FINANCIAL INFORMATION
(unaudited)($ in thousands)
Quarter Ended
NON-PERFORMING ASSETS: June 30, Dec. 31, June 30,
2000 1999 1999
Delinquent Loans on Non-Accrual Status $ 491 $ 394 $ 849
Delinquent Loans on Accrual Status $ - $ - $ -
Restructured Loans $ 119 $ 202 $ 568
Total Non-performing Loans $ 610 $ 596 $ 1,417
REO $ - $ - $ 280
Total Non-performing Assets $ 610 $ 596 $ 1,697
Total Non-performing Assets /
Total Assets 0.15% 0.16% 0.50%
Quarter Ended
CHANGE IN THE ALLOWANCE
FOR LOAN LOSSES: June 30, Dec. 31, June 30,
2000 1999 1999
Balance at Beginning of Period $ 3,689 $ 3,206 $ 2,694
Provision for Loan Losses $ 454 $ 150 $ 335
Recoveries $ 19 $ 8 $ 29
Charge Offs $ (58) $ (66) $ (29)
Balance at End of Period $ 4,104 $ 3,298 $ 3,029
Loan Loss Allowance / Gross Loans 1.39% 1.32% 1.37%
Loan Loss Allowance /
Non-performing Loans 672.31% 553.45% 178.46%
Quarter Ended
OPERATING PERFORMANCE: June 30, Dec. 31, June 30,
2000 1999 1999
Average Interest-Earning Assets $ 350,717 $ 317,584 $ 301,877
Average-Non-Interest Earning
Assets $ 41,702 $ 45,196 $ 40,580
Total Average Assets $ 392,419 $ 362,780 $ 342,457
Average Interest-Bearing
Liabilities $ 274,315 $ 245,871 $ 236,492
Average Non-Interest-Bearing
Liabilities $ 79,689 $ 79,757 $ 70,524
Total Average Liabilities $ 354,004 $ 325,628 $ 307,016
Average Equity $ 38,415 $ 37,152 $ 35,441
Total Average Liabilities
and Equity $ 392,419 $ 362,780 $ 342,457
RATIOS: June 30, Dec. 31, June 30,
2000 1999 1999
Interest Rate Yield on
Interest-Earning Assets 9.45% 9.13% 8.90%
Interest Rate Expense on
Interest-Bearing Liabilities 4.47% 3.72% 3.54%
Interest Rate Spread 4.98% 5.41% 5.36%
Net Interest Margin 5.95% 6.25% 6.13%
Return on Average Assets 1.38% 1.49% 1.35%
Return on Average Equity 14.06% 14.52% 13.07%
Average Equity / Average Assets 9.79% 10.24% 10.35%
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion