COLUMBIA, Md., Jan. 26 /PRNewswire-FirstCall/ -- Columbia Bancorp
(NASDAQ:CBMD), parent company of The Columbia Bank (the "Bank"),
today announced net income for the year ended December 31, 2005 of
$16.17 million compared to $13.29 million for the same period
during 2004, an increase of 21.7%. Fully diluted earnings per share
increased 24.4%, from $1.80 in 2004 to $2.24 in 2005. Returns on
average equity were 17.48% and 14.88% for the years ended December
31, 2005 and 2004, respectively. Return on average assets was 1.28%
for the year ended December 31, 2005 compared to 1.21% for the same
period in 2004. Exclusive of one-time charges related to the
Company's pending merger with Fulton Financial Corporation and to
employment restructuring initiatives, net income, diluted earnings
per share, return on average equity and return on average assets
for the year ended December 31, 2005 were $16.98 million, $2.35 per
diluted share, 18.36% and 1.35%, respectively. Compared to 2004,
net income and diluted earnings per share, exclusive of one-time
charges, increased 27.8% and 30.6%, respectively. Net income for
the fourth quarter 2005 totaled $4.33 million compared to $3.67
million for the fourth quarter 2004, a 17.9% increase. Fully
diluted earnings per share for the quarter increased 20.0% to $.60
for 2005 from $.50 for 2004. Returns on average equity for the
fourth quarter 2005 and 2004 were 17.93% and 15.99%, respectively.
Returns on average assets for the fourth quarter 2005 and 2004 were
1.32% and 1.25%, respectively. Exclusive of one-time charges
previously noted, net income for the fourth quarter 2005 totaled
$4.99 million, or $.69 per diluted share, representing an increase
of 35.9% compared to the same period in 2004. Return on average
equity and return on average assets for the fourth quarter 2005
exclusive of one-time charges were 20.68% and 1.52%. FOURTH QUARTER
FINANCIAL HIGHLIGHTS -- Net interest income (FTE) increased $2.91
million, or 22.6%, over the fourth quarter of 2004. -- Return on
average equity and return on average assets, exclusive of one-time
charges, increased to 20.68% and 1.52%, respectively, for the
fourth quarter of 2005 compared to 15.99% and 1.25%, reported for
the fourth quarter of 2004. -- The net interest margin (FTE)
improved to 5.02% during the fourth quarter of 2005 as compared to
4.57% during fourth quarter 2004 and 4.75% during the third quarter
of 2005. -- The efficiency ratio (FTE), exclusive of one-time
charges, improved to 50.76% for the fourth quarter of 2005 compared
to 58.12% for the same period of 2004. -- Total assets ($1.32
billion), loans, net of unearned income ($1.05 billion) and
customer funding sources ($1.16 billion) reached record levels at
December 31, 2005 and represented growth on a year-to-year basis of
11.7%, 10.7% and 12.9%, respectively. -- Non-performing assets
decreased to .02% of total assets at December 31, 2005 compared to
.05% at December 31, 2004. DETAILED REVIEW OF FINANCIAL PERFORMANCE
Total assets at December 31, 2005 were $1.32 billion, representing
growth of $137.76 million, or 11.7%, since December 31, 2004.
Loans, net of unearned income, totaled $1.05 billion compared to
$950.17 million at December 31, 2004, representing growth of
$102.11 million, or 10.7%. Growth in the loan portfolio during 2005
was driven by the Company's continued success in the real estate
development and construction and commercial and industrial lending
markets, which netted increases in the respective portfolios of
$65.08 million (18.8%) and $51.29 million (22.6%). Growth in the
consumer loan portfolio, mainly consisting of second mortgage and
real estate equity lines of credit, contributed an additional $2.42
million (1.2%). The commercial real estate portfolio declined by
$19.08 million (11.6%), primarily due to aggressive market
competition relative to pricing terms and deal structuring.
Customer funding sources, representing deposits plus other
short-term borrowings from core customers, increased 12.9% to $1.16
billion at December 31, 2005. Shareholders' equity rose to $97.32
million, or 5.4%, at December 31, 2005. Operating performance
during 2005 was primarily driven by an increase in net interest
income (FTE) of 22.6% during the fourth quarter 2005 and 22.8%
during the year ended December 31, 2005 as compared to the
corresponding periods of 2004. The increase in net interest income
resulted from continued growth in earning assets, most
specifically, the loan portfolio. The Company remained asset
sensitive at December 31, 2005 and benefited from a series of
short-term rate increases during the quarter and throughout the
year. As a result, the net interest margin (FTE) increased .45%
during the fourth quarter 2005 as compared to the fourth quarter
2004 and .31% during the year ended December 31, 2005 as compared
to 2004. The potential ongoing benefit to the Company from a rising
interest rate environment may be muted by the increasing pressure
of market forces on the Company's overall cost of funding sources.
Non-interest income increased $121,000, or 8.2%, for the fourth
quarter and $36,000, or .5%, for the year 2005 as compared to the
same periods in 2004. The modest performance was influenced by a
decline in deposit service charges, including lower fees charged on
overdraft deposit accounts and commercial account analysis charges.
Gains on sales of mortgage loans, net of costs increased $89,000
during the fourth quarter 2005 and $108,000 during the year 2005
compared to the same periods in 2004. Commission revenue on
financial services sales declined $37,000 compared to the fourth
quarter 2004, but was up $60,000, or 10.2%, for the year compared
to 2004. Other non- interest income increased $78,000 and $430,000
for the fourth quarter and year 2005, respectively, compared to
2004, principally due to fees generated from the prepayment of
several large commercial loan relationships. Non-interest expense
rose 19.0% and 15.4% for the fourth quarter and year ended December
31, 2005, respectively, as compared to the corresponding periods in
2004. The increase for the quarter and the year was primarily due
to an increase in salary and benefit expense reflecting additional
staffing costs and increased costs associated with the Company's
Deferred Compensation Plan, which are largely determined by
appreciation in the Company's stock. Expenses incurred in
preparation for the Company's merger with Fulton Financial
Corporation totaling $271,000 for the quarter and $517,000 for the
year also contributed to the overall non-interest expense increase.
In addition, the Company recorded $828,000 in compensation costs
during the fourth quarter 2005 as a result of employment
restructuring. Despite the overall increase in operating expenses,
the efficiency ratio (FTE) improved to 55.80% (53.70% exclusive of
one-time charges) for the year ended December 31, 2005 compared to
58.01% for the same period in 2004. Asset quality remained strong
at December 31, 2005, with non-performing assets and past-due loans
totaling $292,000. As of December 31, 2005, non- performing assets
and past-due loans represented only .02% of total assets. The ratio
of non-performing loans and past-due loans to total loans improved
from .07% at December 31, 2004 to .03% at December 31, 2005. Net
charge-offs totaled $323,000 during the fourth quarter of 2005. Net
charge-offs for the year ended December 31, 2005 totaled $792,000
compared to net recoveries of $27,000 for the year ended December
31, 2004. At December 31, 2005, the allowance for credit losses
totaled $12.73 million, or 1.21% of loans, net of unearned income,
compared to $11.58 million, or 1.22% of net loans at December 31,
2004. 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-five 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". On July 26, 2005, the Company entered into a
definitive Agreement and Plan of Merger (the "Merger Agreement")
with Fulton Financial Corporation ("Fulton"). Pursuant to the
Merger Agreement, the Company will merge (the "Merger") with and
into Fulton, with Fulton surviving, and all of the outstanding
shares of common stock of the Company ("Company Common Stock") will
be converted into the right to receive shares of common stock of
Fulton ("Fulton Common Stock"), cash, or a combination of both.
Following the Merger, the Company's wholly-owned banking
subsidiary, The Columbia Bank, a Maryland corporation (the "Bank")
and certain other subsidiaries of the Company and the Bank will
continue operations as subsidiaries of Fulton. Under the terms of
the Merger Agreement, each share of Company Common Stock will be,
at the Effective Time (as defined in the Merger Agreement) of the
Merger and at the election of the holder exchanged for (i) 2.325
shares of Fulton Common Stock; (ii) cash of $42.48; or (iii) a
combination of (i) and (ii). This election is subject to proration
so that, in the aggregate, a minimum of 20% and a maximum of 50% of
total consideration for the shares of Company Common Stock will be
paid in cash. Completion of the Merger is subject to customary
conditions. In connection with the execution and delivery of the
Merger Agreement, the Company issued Fulton a warrant to acquire up
to 1,881,809 shares (subject to adjustment) of Company Common Stock
at an exercise price of $37.26 per share, such warrant to be
exercisable only upon the occurrence of certain events in
connection with a competing acquisition proposal. Assuming that all
remaining conditions are satisfied without unexpected delay, it is
anticipated that the Merger will be consummated on February 1,
2006. NON-GAAP PRESENTATION This press release includes disclosure
and discussion of the net interest margin and efficiency ratio that
are reported on a fully tax-equivalent basis ("FTE"). In addition,
net income, diluted earnings per share, the efficiency ratio,
return on average assets and return on average equity are presented
exclusive of one-time charges. 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, non-interest income, and
non-interest 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, --------------------------------
2005 2004 % Change -------------------------------- SUMMARY OF
OPERATING RESULTS: Tax equivalent interest income $79,185 $58,683
34.9% Interest expense 21,835 11,963 82.5% Tax equivalent net
interest income 57,350 46,720 22.8% Tax equivalent adjustment 1,358
1,137 19.4% Net interest income 55,992 45,583 22.8% Provision for
credit losses 1,941 728 166.6% Noninterest income 6,834 6,798 0.5%
Noninterest expense 35,813 31,045 15.4% Noninterest expense before
one-time charges (a) 34,468 31,045 11.0% Income before taxes 25,072
20,608 21.7% Income tax provision 8,906 7,323 21.6% Net income
16,166 13,285 21.7% Net income before one-time charges (a) 16,980
13,285 27.8% PER SHARE DATA: Net income: Basic $2.33 $1.86 25.3%
Diluted 2.24 1.80 24.4% Net income before one-time charges (a):
Basic $2.44 $1.86 31.2% Diluted 2.35 1.80 30.6% Average number of
shares outstanding: Basic 6,945,118 7,148,420 (2.8%) Diluted
7,225,638 7,391,371 (2.2%) Book value, at period end $14.02 $12.98
8.0% Tangible book value, at period end 14.02 12.98 8.0% Cash
dividends declared $0.70 $0.62 12.9% PERIOD END DATA: Loans, net of
unearned income $1,052,276 $950,170 10.7% Investment securities
held-to- maturity and securities available-for-sale 188,854 164,150
15.0% Assets 1,316,763 1,179,006 11.7% Noninterest-bearing deposits
270,073 256,132 5.4% Interest-bearing deposits 715,756 656,446 9.0%
Total deposits 985,829 912,578 8.0% Customer funding sources (b)
1,157,357 1,025,403 12.9% Stockholders' equity 97,318 92,348 5.4%
PERFORMANCE RATIOS: Return on average assets 1.28% 1.21% Return on
average assets before one-time charges (a) 1.35% 1.21% Return on
average stockholders' equity 17.48% 14.88% Return on average
stockholders' equity before one-time charges (a) 18.36% 14.88% Net
interest margin 4.64% 4.33% Net interest margin (FTE) 4.75% 4.44%
Efficiency ratio (FTE)(c) 55.80% 58.01% Efficiency ratio (FTE),
before one-time charges (a)(c) 53.70% 58.01% CAPITAL RATIOS:
Period-end capital to risk- weighted assets: Tier 1 10.05% 9.74%
Total 11.19% 10.85% Period-end tier 1 leverage ratio 8.68% 8.75%
ASSET QUALITY: Allowance for credit losses to loans, net of
unearned income, at period-end 1.21% 1.22% Net recoveries
(charge-offs) $(792) $27 (100.0%) Annualized net recoveries
(charge-offs) to average loans, net of unearned income (0.08%)
0.00% Nonperforming assets: Nonaccrual loans $137 $614 (77.7%)
Loans 90+ days past due and accruing 155 31 400.0% Other real
estate owned - - na ----------------- Total nonperforming assets
$292 $645 (54.7%) ----------------- Nonperforming and past due
loans to total loans, net of unearned income, at period-end 0.03%
0.07% Nonperforming assets and past due loans to total assets, at
period- end 0.02% 0.05% NONINTEREST INCOME AND EXPENSE BREAKDOWN:
Noninterest income: Fees charged for services $3,215 $3,718 (13.5%)
Gains on sales of mortgage loans, net of costs 1,545 1,437 7.5% Net
gain on other real estate owned - 59 (100.0%) Commissions earned on
financial services sales 649 589 10.2% Other noninterest income
1,425 995 43.2% -------------------- $6,834 $6,798 0.5%
-------------------- Noninterest expenses: Salaries and employee
benefits $20,790 $16,931 22.8% Occupancy 3,893 3,829 1.7% Equipment
1,729 1,912 (9.6%) Data processing 1,774 1,969 (9.9%) Marketing
1,275 929 37.2% Professional fees 1,283 945 35.8% Postage 408 379
7.7% Stationery and supplies 439 491 (10.6%) Cash management
services 469 548 (14.4%) Other noninterest expenses 3,753 3,112
20.6% --------------------- $35,813 $31,045 15.4%
--------------------- AVERAGE BALANCES: Federal funds sold and
interest-bearing deposits (d) $13,522 $20,635 (34.5%) Investment
securities held-to- maturity and securities available-for-sale
176,094 130,865 34.6% Loans, net of unearned income 1,010,537
894,961 12.9% Loans originated for sale (d) 7,857 6,328 24.2% Total
earning assets 1,208,010 1,052,789 14.7% Total assets 1,261,426
1,100,098 14.7% Interest-bearing deposits: NOW accounts 85,808
88,127 (2.6%) Savings / money market 181,572 199,618 (9.0%) Time
deposits 440,998 347,351 27.0% Noninterest-bearing deposits 249,896
221,810 12.7% Total deposits 958,274 856,906 11.8% Short-term
borrowings (d) 168,057 123,092 36.5% Long-term borrowings 35,106
23,236 51.1% Total interest-bearing liabilities 911,541 781,424
16.7% Stockholders' equity 92,472 89,262 3.6% YIELD ANALYSIS:
Federal funds sold and interest-bearing deposits (d) 2.94% 1.16%
Investment securities held-to- maturity and securities
available-for-sale (FTE) 3.86% 4.16% Loans, net of unearned income
(FTE) 7.07% 5.88% Total yield on earning assets (FTE) 6.55% 5.57%
Interest-bearing deposits NOW accounts 0.17% 0.15% Savings and
money market accounts 0.86% 0.40% Time deposits 3.00% 2.42%
Short-term borrowings 2.95% 1.14% Long-term borrowings 5.46% 5.24%
Total cost of interest-bearing liabilities 2.40% 1.53%
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(a) One-time charges include year-to-date merger-related expenses
of $313,000, net of tax, related to the pending merger of Columbia
Bancorp with and into Fulton Financial Corporation, and $501,000,
net of tax, related to employment restructuring costs incurred in
the fourth quarter of 2005. Merger-related expenses totaled
$164,000 in the fourth quarter of 2005, net of tax. (b) Deposits
plus customer-related short-term borrowings in the form of
commercial paper and repurchase agreements. (c) 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. (d) 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
Financial Highlights (dollars in thousands, except per share data)
(unaudited) As of and Three Months Ended December 31,
-------------------------------- 2005 2004 % Change
-------------------------------- SUMMARY OF OPERATING RESULTS: Tax
equivalent interest income $22,275 $16,376 36.0% Interest expense
6,486 3,497 85.5% Tax equivalent net interest income 15,789 12,879
22.6% Tax equivalent adjustment 372 326 14.1% Net interest income
15,417 12,553 22.8% Provision for credit losses 500 36 1288.9%
Noninterest income 1,596 1,475 8.2% Noninterest expense 9,924 8,343
19.0% Noninterest expense before one-time charges (a) 8,825 8,343
5.8% Income before taxes 6,589 5,649 16.6% Income tax provision
2,260 1,976 14.4% Net income 4,329 3,673 17.9% Net income before
one-time charges (a) 4,993 3,673 35.9% PER SHARE DATA: Net income:
Basic $0.62 $0.52 19.2% Diluted 0.60 0.50 20.0% Net income before
one-time charges (a): Basic $0.72 $0.52 38.5% Diluted 0.69 0.50
38.0% Average number of shares outstanding: Basic 6,938,097
7,113,768 (2.5%) Diluted 7,244,939 7,371,541 (1.7%) Book value, at
period end Tangible book value, at period end Cash dividends
declared $0.19 $0.17 11.8% PERIOD END DATA: Loans, net of unearned
income Investment securities held-to- maturity and securities
available-for-sale Assets Noninterest-bearing deposits
Interest-bearing deposits Total deposits Customer funding sources
(b) Stockholders' equity PERFORMANCE RATIOS: Return on average
assets 1.32% 1.25% Return on average assets before one-time charges
(a) 1.52% 1.25% Return on average stockholders' equity 17.93%
15.99% Return on average stockholders' equity before one-time
charges (a) 20.68% 15.99% Net interest margin 4.90% 4.46% Net
interest margin (FTE) 5.02% 4.57% Efficiency ratio (FTE)(c) 57.08%
58.12% Efficiency ratio (FTE), before one-time charges (a)(c)
50.76% 58.12% 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 (charge-offs) $(323) $33
(100.0%) Annualized net recoveries (charge-offs) to average loans,
net of unearned income (0.12%) 0.01% Nonperforming assets:
Nonaccrual 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 NONINTEREST INCOME AND EXPENSE BREAKDOWN: Noninterest income:
Fees charged for services $765 $774 (1.2%) Gains on sales of
mortgage loans, net of costs 376 287 31.0% Net gain on other real
estate owned - - na Commissions earned on financial services sales
129 166 (22.3%) Other noninterest income 326 248 31.5%
--------------------- $1,596 $1,475 8.2% ---------------------
Noninterest expenses: Salaries and employee benefits $6,060 $4,865
24.6% Occupancy 1,002 1,082 (7.4%) Equipment 421 426 (1.2%) Data
processing 479 394 21.6% Marketing 269 193 39.4% Professional fees
386 344 12.2% Postage 84 99 (15.2%) Stationery and supplies 95 157
(39.5%) Cash management services 121 137 (11.7%) Other noninterest
expenses 1,007 646 55.9% --------------------- $9,924 $8,343 19.0%
--------------------- AVERAGE BALANCES: Federal funds sold and
interest-bearing deposits (d) $10,854 $15,512 (30.0%) Investment
securities held-to- maturity and securities available-for-sale
188,742 157,348 20.0% Loans, net of unearned income 1,040,649
940,368 10.7% Loans originated for sale (d) 8,303 7,068 17.5% Total
earning assets 1,248,548 1,120,296 11.4% Total assets 1,304,728
1,167,536 11.8% Interest-bearing deposits: NOW accounts 83,363
87,742 (5.0%) Savings / money market 174,987 201,479 (13.1%) Time
deposits 463,582 364,888 27.0% Noninterest-bearing deposits 258,528
245,886 5.1% Total deposits 980,460 899,995 8.9% Short-term
borrowings (d) 183,328 139,635 31.3% Long-term borrowings 36,496
26,231 39.1% Total interest-bearing liabilities 941,756 819,975
14.9% Stockholders' equity 95,797 91,367 4.8% YIELD ANALYSIS:
Federal funds sold and interest-bearing deposits (d) 3.80% 1.59%
Investment securities held-to- maturity and securities
available-for-sale (FTE) 3.92% 3.92% Loans, net of unearned income
(FTE) 7.68% 6.20% Total yield on earning assets (FTE) 7.08% 5.81%
Interest-bearing deposits NOW accounts 0.17% 0.16% Savings and
money market accounts 1.19% 0.47% Time deposits 3.20% 2.48%
Short-term borrowings 3.58% 1.74% Long-term borrowings 5.75% 5.22%
Total cost of interest-bearing liabilities 2.73% 1.70%
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(a) One-time charges include year-to-date merger-related expenses
of $313,000, net of tax, related to the pending merger of Columbia
Bancorp with and into Fulton Financial Corporation, and $501,000,
net of tax, related to employment restructuring costs incurred in
the fourth quarter of 2005. Merger-related expenses totaled
$164,000 in the fourth quarter of 2005, net of tax. (b) Deposits
plus customer-related short-term borrowings in the form of
commercial paper and repurchase agreements. (c) 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. (d) 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) December 31, December 31, 2005 2004
-------------------------------- (unaudited) (audited) Assets Cash
and due from banks $42,223 $30,012 Interest-bearing deposits with
banks 206 208 Federal funds sold 6,867 9,904 Investment securities
held-to- maturity 107,826 116,170 Securities available-for-sale
81,028 47,980 Residential mortgage loans originated for sale 7,760
8,698 Loan receivables: Real estate - development and construction
410,457 345,375 Commercial 278,053 226,763 Real estate - mortgage:
Residential 20,088 17,272 Commercial 144,908 163,985 Consumer,
principally second mortgage loans and residential equity lines of
credit 198,622 196,198 Other 578 668 ------------------------------
Total loans 1,052,706 950,261 Less: Unearned income, net of
origination costs (430) (91) Allowance for credit losses (12,732)
(11,583) ------------------------------- Loans, net 1,039,544
938,587 Property and equipment, net 6,914 6,647 Prepaid expenses
and other assets 24,395 20,800 -------------------------------
Total assets $1,316,763 $1,179,006 ===============================
Liabilities Deposits: Noninterest-bearing demand deposits $270,073
$256,132 Interest-bearing deposits 715,756 656,446
------------------------------- Total deposits 985,829 912,578
Short-term borrowings 189,083 135,825 Subordinated debentures
16,496 10,310 Long-term borrowings 20,000 20,000 Accrued expenses
and other liabilities 8,037 7,945 -------------------------------
Total liabilities 1,219,445 1,086,658
------------------------------- Stockholders' equity Common stock,
$.01 par value per share; authorized 10,000,000 shares; outstanding
6,940,705 and 7,114,267 shares, respectively 69 71 Additional
paid-in capital 39,449 45,739 Retained earnings 57,735 46,419
Accumulated other comprehensive income 65 119
------------------------------- Total stockholders' equity 97,318
92,348 ------------------------------- Total liabilities and
stockholders' equity $1,316,763 $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) Twelve Months
Ended Three Months Ended December 31, December 31,
------------------------------------------- 2005 2004 2005 2004
------------------------------------------- (unaudited)
(audited)(unaudited)(unaudited) Interest income: Loans $70,983
$52,245 $20,024 $14,528 Investment securities 6,446 5,062 1,775
1,459 Federal funds sold and interest-bearing deposits with banks
398 239 104 63 ------------------------------------------- Total
interest income 77,827 57,546 21,903 16,050
------------------------------------------- Interest expense:
Deposits 14,954 9,340 4,304 2,544 Borrowings 6,881 2,623 2,182 953
------------------------------------------- Total interest expense
21,835 11,963 6,486 3,497
------------------------------------------- Net interest income
55,992 45,583 15,417 12,553 Provision for credit losses 1,941 728
500 36 ------------------------------------------- Net interest
income after provision for credit losses 54,051 44,855 14,917
12,517 ------------------------------------------- Noninterest
income: Fees charged for services 3,215 3,718 765 774 Gains on
sales of mortgage loans, net of costs 1,545 1,437 376 287 Net gain
on other real estate owned - 59 - - Commissions earned on financial
services sales 649 589 129 166 Other 1,425 995 326 248 Total
noninterest income 6,834 6,798 1,596 1,475 Noninterest expense:
Salaries and employee benefits 20,790 16,931 6,060 4,865 Occupancy
3,893 3,829 1,002 1,082 Equipment 1,729 1,912 421 426 Data
processing 1,774 1,969 479 394 Marketing 1,275 929 269 193
Professional fees 1,283 945 386 344 Postage 408 379 84 99
Stationery and supplies 439 491 95 157 Cash management services 469
548 121 137 Other 3,753 3,112 1,007 646
------------------------------------------- Total noninterest
expense 35,813 31,045 9,924 8,343
------------------------------------------- Income before income
taxes 25,072 20,608 6,589 5,649 Income tax provision 8,906 7,323
2,260 1,976 ------------------------------------------- Net income
$16,166 $13,285 $4,329 $3,673
=========================================== Per common share data:
Net income: Basic $2.33 $1.86 $0.62 $0.52 Diluted 2.24 1.80 0.60
0.50 Cash dividends declared $0.70 $0.62 $0.19 $0.17 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) Twelve Months Ended Three Months Ended December 31,
December 31, ------------------------------------------- 2005 2004
2005 2004 ------------------------------------------- (unaudited)
(unaudited) GAAP-based Operating Performance Measures: Net interest
income $55,992 $45,583 $15,417 $12,553 Provision for credit losses
1,941 728 500 36 Noninterest income 6,834 6,798 1,596 1,475
Noninterest expense 35,813 31,045 9,924 8,343 Income before taxes
25,072 20,608 6,589 5,649 Income tax provision 8,906 7,323 2,260
1,976 Net income 16,166 13,285 4,329 3,673 Return on average assets
1.28% 1.21% 1.32% 1.25% Return on average equity 17.48% 14.88%
17.93% 15.99% Net interest margin 4.64% 4.33% 4.90% 4.46%
Efficiency ratio 57.00% 59.27% 58.33% 59.47% Net income per share -
diluted $2.24 $1.80 $0.60 $0.50
--------------------------------------------------------------------------
Non-GAAP adjustments Interest income on tax-exempt loans $1,001
$759 $283 $234 Interest income on tax-exempt securities 357 378 89
92 ------------------- ------------------- Total tax equivalent
adjustment - net interest income $1,358 $1,137 $372 $326
=================== =================== Merger-related expenses
$517 $ - $271 $ - Less related taxes 204 - 107 -
------------------- ------------------- Merger-related expenses,
net of tax 313 - 164 - ------------------- -------------------
Employment restructuring costs 828 - 828 - Less related taxes 327 -
327 - ------------------- ------------------- Employment
restructuring costs 501 - 501 - -------------------
------------------- One-time charges, net of tax $814 $ - $665 $ -
=================== ===================
--------------------------------------------------------------------------
Core Operating Performance Measures:(a)(b) Net interest income -
tax equivalent $57,350 $46,720 $15,789 $12,879 Tax equivalent
adjustment (1,358) (1,137) (372) (326) ------------------
-------------------- Net interest income 55,992 45,583 15,417
12,553 Provision for credit losses 1,941 728 500 36 Noninterest
income 6,834 6,798 1,596 1,475 Noninterest expense, before one-time
charges 34,468 31,045 8,825 8,343 Income before taxes 26,417 20,608
7,688 5,649 Income tax provision, before tax effect of one-time
charges 9,437 7,323 2,695 1,976 Net income, before one-time charges
16,980 13,285 4,993 3,673 Return on average assets, before
merger-related expenses 1.35% 1.21% 1.52% 1.25% Return on average
equity, before merger-related expenses 18.36% 14.88% 20.68% 15.99%
Net interest margin (FTE) 4.75% 4.44% 5.02% 4.57% Efficiency ratio
(FTE) 55.80% 58.01% 57.08% 58.12% Efficiency ratio (FTE), before
one- time charges 53.70% 58.01% 50.76% 58.12% Net income per share,
before merger- related expenses - diluted $2.35 $1.80 $0.69 $0.50
--------------------------------------------------------------------------
(a) Core operating performance reflects GAAP-based performance
presented on a fully tax-equivalent basis, exclusive of
non-recurring items, where applicable. Non-recurring items in 2005
represent merger- related expenses associated with the pending
merger of Columbia Bancorp with and into Fulton Financial
Corporation, as well as expenses related to employment
restructuring that took place in the fourth quarter of 2005. (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.
--------------------------------------------------------------------------
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
of Columbia Bancorp, +1-410-423-8012 Web site:
http://www.columbank.com/ Company News On-Call:
http://www.prnewswire.com/comp/127921.html
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