Pennsylvania Commerce Bancorp, Inc. (NASDAQ Global Select Market
Symbol: COBH), parent company of Commerce Bank/Harrisburg, reported
increased total assets, loans, and deposits for the first quarter
of 2009 announced Gary L. Nalbandian, Chairman, President and
CEO.
� � �
First Quarter Financial
Highlights
� � � � �
�
Quarter Ended
% 03/31/09 03/31/08
Change Total assets $ 2.12
Billion $ 1.96 Billion 8
% �
Total deposits $ 1.67
Billion $ 1.58 Billion 6
% �
Total loans (net) $ 1.43
Billion $ 1.20 Billion 19
% � � � � � � � � � � �
Total revenues $
24.8 Million $ 24.6 Million
1 % �
Net income $ 837,000
$ 3.2 Million (74 )% �
Diluted net income per share $ 0.13 $
0.49 (73 )% � � � � � � � � � � �
Chairman�s
Statement
In commenting on the Company�s financial results, Chairman
Nalbandian stated �our focus on community banking produced a 25%
increase in core consumer deposits and a 19% increase in loans as
we continued to support the credit needs of our communities.�
2009 is our last year under the Commerce Bank network as we
embark on an exciting new plan to expand into the metro
Philadelphia market. In June 2009, Commerce Bank/Harrisburg will
rebrand to become Metro Bank. We continue to prepare for our merger
with Republic First Bancorp. The new company will have $3.2 billion
in assets and 45 offices in Pennsylvania and New Jersey.
Mr. Nalbandian noted the following highlights from the first
quarter ended March 31, 2009:
- In this extremely difficult
credit environment, net loans grew $226.9 million, or 19%, over the
past twelve months to a total of $1.43 billion.
- We increased our allowance for
loan losses by $4.6 million, or 40%, over the past twelve
months.
- Total core deposits increased
$112.5 million, or 7%, to $1.66 million.
- Core consumer deposits increased
by $159.8 million, or 25%, over the previous twelve months to
$802.1 million.
- Total assets reached $2.12
billion, an increase of 8%.
- Stockholders� equity increased
$8.7 million, or 8%, over the past twelve months to $119.0
million.
- Net income was $837,000 for the
first quarter, compared to $3.2 million for the first quarter one
year ago. Net income was impacted by a higher provision for loan
losses and increased expense levels associated with our pending
core system conversion as well as our pending merger with Republic
First Bancorp.
- Diluted net income per share was
$0.13 for the quarter, vs. $0.49 for the first quarter of 2008.
This was a direct result of the lower net income recorded for the
quarter.
- Total revenues grew $260,000, or
1%, for the first quarter of 2009 over the same quarter one year
ago.
- Net interest income on a fully
taxable basis for the quarter increased $947,000, or 5%, over the
same period in 2008.
- The Company�s net interest
margin for the first quarter of 2009 was 3.83%, down slightly from
4.07% for the same period one year ago.
- Core noninterest income
increased by $133,000, or 2%, over the first quarter of 2008.
- Both the Company and its
subsidiary bank continue to be �well-capitalized� under various
regulatory capital guidelines as required by federal banking
agencies.
- On November 7, 2008, the Company
entered into an Agreement and Plan of Merger with Republic First
Bancorp, Inc. (NASDAQ Market Symbol: FRBK) located in Philadelphia,
PA. The merger is expected to close in 2009 upon regulatory
approval and the combined company will have total assets of
approximately $3.2 billion.
- Effective with the rebranding,
the Company�s stock will trade on the NASDAQ Global Select Market
under the ticker symbol METR.
- On December 30, 2008, the
Company entered into a Transition Agreement with TD Bank, N.A. and
Commerce Bancorp, LLC (formerly Commerce Bancorp, Inc.) which
terminates the Network Agreement and Master Services Agreement
between the Company and TD Bank for data processing, item
processing, branding and other ancillary services. If all services
are transitioned away from TD Bank by July 15, 2009, Commerce
Bank/Harrisburg will receive a fee of $6 million from TD Bank which
will substantially defray the costs of such transition.
- On November 10, 2008, the
Company entered into a services agreement with Fiserv Solutions,
Inc. to provide various services including: core system hosting,
item processing, deposit and loan processing, electronic banking,
data warehousing and other banking functions.
Income Statement
� � � � Three months ended March 31,
(dollars in thousands, exceptper
share data)
� 2009 � 2008 � %Change Total revenues $ 24,836 � $ 24,576 �
1
%
Total expenses 20,627 18,901
9
%
Net income 837 3,206 (74
)%
Diluted net income per share � $ 0.13 � $ 0.49 � (73
)%
�
Total revenues (net interest income plus noninterest income) for
the first quarter increased $260,000 to $24.8 million, up 1% over
the first quarter of 2008.
Net income totaled $837,000 for the first quarter of 2009, a
decrease of $2.4 million, or 74%, from net income of $3.2 million
for the first quarter of 2008. Net income per fully diluted share
for the quarter was $0.13, a 73% decrease from the $0.49 recorded
for the same period a year ago.
The decrease in net income is a direct result of higher
provisions to the Bank�s allowance for loan losses combined with an
increase in noninterest expenses associated with planning and
training for the conversion of core processing, item processing and
network infrastructure services to a new service provider. Also
impacting first quarter 2009 results were expenses associated with
our pending acquisition of and merger with Republic First
Bancorp.
Net Interest Income and Net
Interest Margin
Net interest income for the first quarter of 2009 totaled $19.3
million, an increase of $754,000, or 4%, over the $18.6 million
recorded a year ago.
The net interest margin for the first quarter of 2009 was 3.83%,
down 24 basis points from the first quarter of 2008. Average
interest earning assets for the quarter were up $202 million, or
11%, over the first quarter of 2008; however, the interest income
associated with this increase was offset by a decrease in the yield
on those earning assets as a result of a 200 basis point (bp)
reduction in short-term market interest rates by the Federal
Reserve Bank.
Average interest-bearing liabilities for the first quarter of
2009 were up $159 million, or 10%, over the same period one year
ago. Total interest expense for the quarter was down $3.6 million,
or 38%, from the first quarter of 2008 as a result of a 91 bp
reduction in the Company�s cost of funds.
Net interest income, on a tax equivalent basis, totaled $19.9
million in the first quarter of 2009, an increase of $947,000, or
5%, over the first quarter one year ago. Net interest margin on a
fully-taxable equivalent basis was 3.94% for the first quarter vs.
4.15% for the same period one year ago.
Net Interest Income and
Rate/Volume Analysis
As shown below, the increase in net interest income on a tax
equivalent basis was due primarily to volume increases in the
Company�s earning assets, as well as a decrease in the cost of
funding sources.
� � �
(dollars in thousands)
� Net Interest Income March 31 � Volume � Rate � Total � % 2009 vs.
2008 � Increase � Change � Increase � Increase Quarter $ 851 $ 96 $
947 5 % �
Noninterest
Income
Noninterest income for the first quarter of 2009 totaled $5.5
million, down $494,000, or 8%, from $6.0 million a year ago.
� � � � Three months ended March 31, (dollars in thousands) � 2009
� 2008 � % Change Deposit charges and service fees $ 5,646 � $
5,676 � (1 )% Other income � � 480 � � � 317 � 51 � Subtotal � �
6,126 � � � 5,993 � 2 % Loss on sale of student loans � � (627 ) �
� 0 � - � Total noninterest income � $ 5,499 � � $ 5,993 � (8 )% �
The decline in total noninterest income compared to the same
period one year ago is the result of a $627,000 loss recognized on
the sale of $12.2 million of student loans during the first quarter
of 2009. Excluding this loss, core noninterest income increased by
$133,000, or 2%, over the first quarter of 2008.
Non-interest
Expenses
Non-interest expenses for the first quarter of 2009 were $20.6
million, up $1.7 million, or 9%, over $18.9 million recorded one
year ago. The breakdown of non-interest expenses for the quarter
are shown in the following table:
� � � � Three months ended March 31, (dollars in thousands) � 2009
� 2008 � % Change Salaries and employee benefits $ 9,999 � $ 8,881
� 13 % Occupancy and equipment 3,035 3,126 (3 )% Advertising and
marketing 520 837 (38 )% Data Processing 2,034 1,705 19 %
Regulatory assessments and related fees 782 1,138 (31 )% Core
system/conversion/branding 588 - Merger/acquisition 230 - Other
expenses � � 3,439 � � 3,214 � 7 % Total noninterest expenses � $
20,627 � $ 18,901 � 9 % �
Included in non-interest expenses for the first quarter of 2009
was $588,000 related to planning and training for the conversion of
core processing, item processing and network infrastructure
services from our current service provider, TD Bank, to our new
service provider, Fiserv Solutions, Inc. This conversion is planned
for mid-2009. Also included in non-interest expenses for the
quarter was $230,000 associated with the Company�s pending
acquisition of Republic First Bancorp which is expected to close
upon regulatory approval. The increase in salary and benefit
expenses includes the impact of additional staffing in operations
and information technology to handle the conversion processes as
well as functions that are currently performed by TD Bank but will
be performed in-house, post-conversion. Of particular note is that
regulatory assessment costs were down $356,000, or 31%, for the
first quarter of 2009 from the level incurred for the same period
one year ago. The above-listed totals for regulatory assessments
and related fees include FDIC Insurance assessments of $735,000 and
$427,000 for the first quarters of 2009 and 2008, respectively.
This represents an increase of $308,000, or 72%. Excluding these
assessments, all other regulatory related expenses decreased by
$664,000, or 94%.
Balance Sheet
� � � � � � March 31, �
�
(dollars in thousands) � 2009 � 2008 � %
Increase
Total assets $ 2,115,301 � $ 1,957,843 8 % � Total loans (net)
1,430,105 1,203,231 19 % � Total deposits 1,668,617 1,580,099 6 % �
Total core deposits � � 1,658,100 � � 1,545,575 � 7 % �
Lending
Total gross loans increased $231.5 million, or 19%, to $1.45
billion from $1.21 billion one year ago, with the growth
represented across all loan categories. The composition of the
Company�s loan portfolio is as follows:
� � � � � � � � � � � � � � � % of � � % of � $ � %
(dollars in thousands)
� 03/31/09 � Total � 03/31/08 � Total � Increase � Increase
Commercial $ 448,898 31 % $ 377,149 31 % $ 71,749 19 % Owner
occupied � � 271,151 � 19 � � � 269,629 � 22 � � � 1,522 � 1 %
Total commercial 720,049 50 646,778 53 73,271 11 %
Consumer/residential 318,476 22 309,873 26 8,603 3 % Commercial
real estate � � 407,811 � 28 � � � 258,207 � 21 � � � 149,604 � 58
% Gross loans � $ 1,446,336 � 100 % � $ 1,214,858 � 100 % � $
231,478 � 19 % �
Asset Quality
The Company�s asset quality ratios are highlighted below:
� � � � � � � � Quarter Ended March 31, � December 31, � March 31,
� � 2009 � 2008 � 2008 Non-performing assets/total assets 1.44 %
1.30 % 0.22 % Net loan charge-offs/average total loans 0.26 % 0.04
% 0.01 % Loan loss allowance/gross loans 1.12 % 1.16 % 0.96 %
Non-performing loan coverage 55 % 62 % 309 % Non-performing
assets/capital and reserves � 22 % � 21 % � 4 % �
Non-performing assets and loans past due 90 days at March 31,
2009 totaled $30.4 million, or 1.44%, of total assets, as compared
to $27.9 million, or 1.30% of total assets, at December 31, 2008
and $4.3 million, or 0.22%, of total assets one year ago. The
Company�s first quarter provision for loan losses totaled $3.2
million, as compared to $975,000 recorded in the first quarter of
2008. The increase in the provision for loan losses over the prior
year is a result of the Company�s strong loan growth of $232
million over the past twelve months as well as the increase in the
level of non-performing loans from March 31, 2008 to March 31,
2009. The allowance for loan losses totaled $16.2 million as of
March 31, 2009, an increase of $4.6 million, or 40%, over the total
allowance at March 31, 2008. The allowance represented 1.12% and
0.96% of gross loans outstanding at March 31, 2009 and 2008,
respectively.
Total net charge-offs for the first quarter were $3.7 million
vs. $90,000 for the first quarter of 2008. Two separate loan
charge-offs, totaling $3.6 million, accounted for 97% of total net
charge-offs for the quarter. The Bank had made a specific reserve
allocation of $1.8 million on one those loans during the fourth
quarter of 2008.
Core Deposits
Change in core deposits by type of account is as follows:
� � � � � � � � March 31, � � �
1st Quarter
% 2009 Cost of
(dollars in thousands)
� 2009 � 2008 � Change � Funds Demand non-interest-bearing $
310,219 $ 295,340 5 % 0.00 % Demand interest-bearing 749,760
693,514 8 0.93 Savings � � 337,660 � � 368,557 � (8 ) � 0.65 �
Subtotal 1,397,639 1,357,411 3 0.66 Time � � 260,461 � � 188,164 �
38 � � 3.33 � Total core deposits � $ 1,658,100 � $ 1,545,575 � 7 %
� 1.08 % �
Change in core deposits by type of customer is as follows:
� � � � � � � � � � � � March 31, � % of � March 31, � % of � %
(dollars in thousands) � 2009 � Total � 2008 � Total � Change
Consumer $ 802,077 48 % $ 642,235 42 % 25 % Commercial 528,375 32
560,568 36 (6 )% Government � � 327,648 � 20 � � � 342,772 � 22 � �
(4 )% Total � $ 1,658,100 � 100 % � $ 1,545,575 � 100 % � 7 % �
Consumer core deposits grew by $159.8 million, or 25%, over the
past twelve months.
Investments
At March 31, 2009, the Company�s investment portfolio totaled
$470.6 million. Detailed below is information regarding the
composition and characteristics of the Company�s investment
portfolio at March 31, 2009:
� � � � � � � � Available � Held to � Product Description � for
Sale � Maturity � Total (in thousands) Mortgage-backed securities:
Federal government agencies pass through certificates $ 61,786 $
68,647 $ 130,433
Collateralized mortgage
obligations (government agency or investment grade rated)
262,080 39,478 301,558 U.S. Government agencies/other � � 5,002 � �
� 33,617 � � � 38,619 � Total � $ 328,868 � � $ 141,742 � � $
470,610 � Duration (in years) 3.4 3.0 3.3 Average life (in years)
4.2 3.5 4.0 Quarterly average yield � � 4.06 % � � 5.02 % � � 4.18
%
At March 31, 2009, the after tax depreciation of the Company�s
available for sale portfolio was $14.6 million as compared to $17.3
million at December 31, 2008 and $9.6 million at March 31, 2008.
The improvement in the unrealized pre-tax loss from year end was
the result of improving fair values in both agency and non agency
securities.
Capital
Stockholders� equity at March 31, 2009 totaled $119.0 million,
an increase of $8.7 million, or 8%, over stockholders� equity of
$110.3 million at March 31, 2008. Return on average stockholders�
equity (ROE) for the first quarter of March 31, 2009 and 2008,
respectively, is shown below:
� Three Months Ended
March 31,
2009 � 2008 2.91 % � 11.39 % �
The Company�s capital ratios at March 31, 2009 were as
follows:
� � � � � � � Regulatory Guidelines Commerce � �Well Capitalized�
Leverage Ratio 7.59 % 5.00 % Tier 1 9.51 % 6.00 Total Capital �
10.46 % � 10.00 � �
Stockholder
Returns
� � � � � As of March 31, 2009 � � � Russell 2000 � NASDAQ Bank
Financial
S & P 500
� � Commerce � Index � Services Index �
Index
1 Year (31 )% (39 )% (40 )% (38 )% 5 Years ( 6 )% (10 )% ( 9 )% ( 5
)% 10 Years � 5 % � 1 % � 3 % � ( 3 )% �
FORWARD-LOOKING STATEMENTS AND
OTHER INFORMATION
The Company may, from time to time, make written or oral
�forward-looking statements�, including statements contained in the
Company�s filings with the Securities and Exchange Commission
(including the annual report on Form 10-K and the exhibits
thereto), in its reports to stockholders and in other
communications by the Company, which are made in good faith by the
Company pursuant to the �safe harbor� provisions of the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect
to the Company�s beliefs, plans, objectives, goals, expectations,
anticipations, estimates and intentions that are subject to
significant risks and uncertainties and are subject to change based
on various factors (some of which are beyond the Company�s
control). The words �may�, �could�, �should�, �would�, �believe�,
�anticipate�, �estimate�, �expect�, �intend�, �plan� and similar
expressions are intended to identify forward-looking statements.
The following factors, among others, including those discussed in
the Company�s Form 10-K, could cause the Company�s financial
performance to differ materially from that expressed in such
forward-looking statements:
- the Company�s ability to
successfully transition all services currently provided to it, by
TD Bank, N.A. and Commerce Bancorp LLC (formerly Commerce Bancorp,
Inc.) to the Company�s new service provider, Fiserv Solutions,
Inc.
- the receipt of a $6 million fee
from TD Bank if the transition of all services is completed by the
required dates as called for in the Transition Agreement between
the two parties;
- whether the transactions
contemplated by the merger agreement with Republic First will be
approved by the applicable federal, state and local regulatory
authorities;
- the Company�s ability to
complete the proposed merger with Republic First Bancorp, Inc., to
integrate successfully Republic First�s assets, liabilities,
customers, systems and management personnel into the Company�s
operations, and to realize expected cost savings and revenue
enhancements within expected timeframes;
- the possibility that expected
Republic First merger-related charges are materially greater than
forecasted or that final purchase price allocations based on fair
value of the acquired assets and liabilities at the effective date
of the merger and related adjustments to yield and/or amortization
of the acquired assets and liabilities are materially different
from those forecasted;
- adverse changes in the Company�s
or Republic First�s loan portfolios and the resulting credit
risk-related losses and expenses;
- the effects of, and changes in,
trade, monetary and fiscal policies, including interest rate
policies of the Board of Governors of the Federal Reserve
System;
- general economic or business
conditions, either nationally, regionally or in the communities in
which either the Company or Republic First does business, may be
less favorable than expected, resulting in, among other things, a
deterioration in credit quality or a reduced demand for
credit;
- continued levels of loan quality
and volume origination;
- the adequacy of loss
reserves;
- the impact of changes in
financial services� laws and regulations (including laws concerning
taxes, banking, securities and insurance);
- the willingness of customers to
substitute competitors� products and services for the Company�s
products and services and vice versa;
- unanticipated regulatory or
judicial proceedings;
- interest rate, market and
monetary fluctuations;
- the timely development of
competitive new products and services by the Company and the
acceptance of such products and services by customers;
- changes in consumer spending and
saving habits relative to the financial services we provide;
- effect of terrorists attacks and
threats of actual war;
- and the success of the Company
at managing the risks involved in the foregoing.
Because such forward-looking statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such statements. The foregoing list of
important factors is not exclusive and you are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this document. The Company does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time by or on behalf of the
Company. For information, concerning events or circumstances after
the date of this report, refer to the Company�s filings with the
Securities and Exchange Commission (�SEC�).
�
Pennsylvania Commerce Bancorp, Inc. Selected
Consolidated Financial Data (Unaudited) � �
At or for
the Three Months Ended March 31,
�
%
(in thousands, except per share amounts) � �
2009 � � � 2008
� � Change �
Income Statement Data: Net interest income
$ 19,337 $ 18,583 4 % Provision for loan losses
3,200 975 228 Noninterest income
5,499 5,993 (8 )
Total revenues
24,836 24,576 1 Noninterest operating
expenses
20,627 18,901 9 Net income
837 3,206 (74 ) �
Per Common Share Data: Net income: Basic
$
0.13 $ 0.50 (74 )% Net income: Diluted
0.13 0.49 (73
) � Book Value
$ 18.17 $ 17.26 5 % � Weighted average
shares outstanding: Basic
6,465 6,327 Diluted
6,518
6,495 �
Balance Sheet Data: Total assets
$
2,115,301 $ 1,957,843 8 % Loans (net)
1,430,105
1,203,231 19 Allowance for loan losses
16,231 11,627 40
Investment securities
470,610 555,604 (15 ) Total deposits
1,668,617 1,580,099 6 Core deposits
1,658,100
1,545,575 7 Stockholders' equity
118,997 110,336 8 �
Capital: Stockholders' equity to total assets
5.63
% 5.64 % Leverage ratio
7.59 7.59 Risk based capital
ratios: Tier 1
9.51 9.99 Total Capital
10.46 10.77 �
Performance Ratios: Cost of funds
1.20 % 2.11
% Deposit cost of funds
0.87 1.43 Net interest margin
3.83 4.07 Return on average assets
0.16 0.66 Return
on average total stockholders' equity
2.91 11.39 �
Asset
Quality: Net charge-offs to average loans outstanding
0.26 % 0.01 % Nonperforming assets to total
period-end assets
1.44 0.22 Allowance for loan losses to
total period-end loans
1.12 0.96 Allowance for loan losses
to nonperforming loans
55 309 Nonperforming assets to
capital and reserves
22 % 4 % �
Pennsylvania
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net
Interest Income (unaudited) � � �
Quarter ending,
� � � � �
March 2009 �
December 2008 �
March
2008 Average � �
Average Average � � Average
Average � � Average
Balance �
Interest �
Rate
Balance � Interest � Rate Balance � Interest � Rate (dollars in
thousands)
Earning Assets Investment securities: Taxable
$ 525,370 $ 5,477 4.17 % $
546,047 $ 6,467 4.74 % $ 616,294 $ 7,927 5.14 % Tax-exempt � �
1,623 � �
26 �
6.41 � � � 1,622 � � 25 � 6.17
� � � 1,621 � � 25 � 6.17 � Total securities
526,993
5,503 4.18 547,669 6,492 4.74 617,915 7,952 5.15
Federal funds sold
0 0 0.00 0 0 0.00 0 0 0.00
Loans receivable: Mortgage and construction
753,190
10,740 5.70 723,049 11,153 6.05 579,577 9,992 6.83
Commercial loans and lines of credit
369,236 4,663
5.05 373,748 5,268 5.52 332,486 5,865 6.98 Consumer
270,078 3,409 5.12 265,847 3,909 5.85 226,889
3,717 6.59 Tax-exempt � �
96,328 � �
1,536 �
6.38 � � � 99,502 � � 1,617 � 6.50 � � � 56,742 � � 985 �
6.94 � Total loans receivable � �
1,488,832 � �
20,348 �
5.48 � � � 1,462,146 � � 21,947 � 5.91 � � �
1,195,694 � � 20,559 � 6.83 � Total earning assets �
$
2,015,825 �
$ 25,851 �
5.14 % � $
2,009,815 � $ 28,439 � 5.59 % � $ 1,813,609 � $ 28,511 � 6.26 % �
Sources of Funds Interest-bearing deposits: Regular savings
$ 345,498 $ 552 0.65 % $ 363,773
$ 761 0.83 % $ 349,976 $ 1,200 1.38 % Interest checking and money
market
722,248 1,663 0.93 753,670 2,249 1.19
706,625 3,360 1.91 Time deposits
249,374 2,047
3.33 193,063 1,575 3.25 166,221 1,650 3.99 Public funds time
� �
10,307 � �
70 �
2.75 � � � 8,830 � � 72 �
3.24 � � � 22,920 � � 237 � 4.16 � Total interest-bearing deposits
1,327,427 4,332 1.32 1,319,336 4,657 1.40
1,245,742 6,447 2.08 Short-term borrowings
308,065
426 0.55 325,477 603 0.72 230,749 1,911 3.28 Other
borrowed money
50,000 548 4.38 50,000 561 4.39
50,000 555 4.39 Junior subordinated debt � �
29,400 � �
661 �
8.99 � � � 29,400 � � 661 � 8.99 � � � 29,400 �
� 661 � 8.99 � Total interest-bearing liabilities
1,714,892
5,967 1.41 1,724,213 6,482 1.49 1,555,891 9,574 2.46
Noninterest-bearing funds (net) � �
300,933 � � � � � � �
285,602 � � � � � � � 257,718 � � � � � Total sources to fund
earning assets �
$ 2,015,825 �
$ 5,967
�
1.20 % � $ 2,009,815 � $ 6,482 � 1.28 % � $ 1,813,609 � $
9,574 � 2.11 %
Net interest income and margin on
a tax-equivalent basis
$ 19,884 3.94 % $ 21,957 4.31 % $ 18,937 4.15
% Tax-exempt adjustment �
547 � 574 � 354 Net interest
income and margin � � �
$ 19,337 �
3.83 % � �
� $ 21,383 � 4.20 % � � � $ 18,583 � 4.07 % � � � Other Balances:
Cash and due from banks
$ 38,763 $ 42,237 $ 46,913
Other assets
75,055 70,996 89,927 Total assets
2,129,643 2,123,048 1,950,449 Demand deposits
(noninterest-bearing)
285,580 272,871 270,345 Other
liabilities
12,702 13,581 11,041 Stockholders' equity � �
116,469 � � � � � � � 112,383 � � � � � � � 113,172 � � � �
� �
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries
Summary of Allowance for Loan Losses and Other Related Data
(unaudited) � � � � �
3/31/2009 � � �
3/31/2008 �
Year-ended (dollar amounts in thousands)
�
Three Months Ended �
12/31/2008 � Balance at
beginning of period $ 16,719 $ 10,742 $ 10,742 Provisions charged
to operating expense � � 3,200 � � � 975 � � � 7,475 � 19,919
11,717 18,217 � Recoveries on loans charged-off: Commercial 3 124
145 Consumer 1 6 25 Real estate � � 0 � � � 0 � � � 0 � Total
recoveries 4 130 170 � Loans charged-off: Commercial (3,685 ) (165
) (1,426 ) Consumer (7 ) (38 ) (173 ) Real estate � � 0 � � � (17 )
� � (69 ) � Total charged-off � � (3,692 ) � � (220 ) � � (1,668 )
� Net charge-offs � � (3,688 ) � � (90 ) � � (1,498 ) � Balance at
end of period � $ 16,231 � � $ 11,627 � � $ 16,719 � �
�
Net charge-offs as a percentage of
average loans outstanding
0.26 % 0.01 % 0.11 % �
Allowance for loan losses as a
percentage of period-end loans
1.12 % 0.96 % 1.16 % � � � � �
Summary of Nonperforming Loans
and Assets (unaudited) � The following table presents
information regarding nonperforming loans and assets as of March
31, 2009 and for the preceding four quarters (dollar amounts in
thousands). �
March 31, December 31, September 30, June 30,
March 31,
2009 � 2008 � 2008 � 2008 � 2008 Nonaccrual loans:
Commercial
$ 8,479 $ 6,863 $ 7,083 $ 2,577 $ 1,158
Consumer
724 492 164 125 120 Real Estate: Construction
7,870 7,646 731 735 284 Real Estate �
12,348 � � �
12,121 � � � 3,657 � � � 3,433 � � � 2,183 � Total nonaccrual loans
29,421 27,122 11,635 6,870 3,745
Loans past due 90 days or more and
still accruing
0 0 33 6,036 15 Renegotiated loans �
0 � � � 0 � � �
0 � � � 0 � � � 0 � Total nonperforming loans
29,421 27,122
11,668 12,906 3,760 � Foreclosed real estate �
989 � � � 743
� � � 535 � � � 421 � � � 588 � � Total nonperforming assets
$ 30,410 � � $ 27,865 � � $ 12,203 � � $ 13,327 � � $
4,348 � � � Nonperforming loans to total loans
2.03 %
1.88 % 0.84 % 0.98 % 0.31 % � Nonperforming assets to total assets
1.44 % 1.30 % 0.57 % 0.65 % 0.22 % � Nonperforming
loan coverage
55 % 62 % 119 % 95 % 309 % �
Allowance for loan losses as a
percentage of total period-end loans
1.12 % 1.16 % 1.00 % 0.93 % 0.96 % � Nonperforming
assets / capital plus allowance for loan losses
22 %
21 % 10 % 11 % 4 % �
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