Exhibit 99.1Press Release of the Registrant
| Contact: Terry L. Cochran, President and CEO |
541/298-6633 or tcochran@columbiabancorp.com |
| Staci L. Coburn, Executive Vice President and CFO |
541/298-3169 or scoburn@columbiariverbank.com |
COLUMBIA BANCORP REPORTS FIRST QUARTER 2009 FINANCIAL RESULTS
The Dalles, Oregon – April 29, 2009 – Columbia Bancorp (Nasdaq: CBBO), the bank holding company for Columbia River Bank, reported its financial results for the first quarter of 2009. Columbia reported continued progress on its strategic goal of rebalancing its balance sheet. During the first quarter, gross loans decreased $27.7 million through a combination of normal attrition and pay-downs, transfers to other real estate owned and loan charge-offs. Primarily due to a loan loss provision of $9.7 million, Columbia incurred a net loss of $6.9 million for the first quarter of 2009. “This quarter we focused on continued management of problem loans, shrinking total assets, reducing or eliminating discretionary expenses and reorganizing and strengthening our special assets team,” explained Terry Cochran, President and CEO of Columbia. “Over time, we believe these efforts will contribute to improved capital levels and a return to profitability.”
In March, Columbia announced its plans to relocate its operations center to The Dalles, Oregon where its corporate headquarters are located. Combined with other restructuring and staff reductions late in 2008, the relocation is expected to yield annual salary savings of approximately $3.0 million. “We are excited that the relocation will add more than 30 new staff positions in the Columbia River Gorge,” said Cochran. “During the next couple of months, our teams will be busy interviewing and hiring new employees, as well as ensuring a smooth transition of operational functions.” Columbia’s retail operations team will complete its relocation by the end of May, and the loan operations team will relocate by the end of June.
At Columbia’s Annual Meeting of Shareholders on April 23, 2009, Dr. Frank K. Toda was elected to serve, in the future, on the Board of Directors. Dr. Toda currently serves as President of Columbia Gorge Community College and achieved the rank of Colonel during his 30 year career in the U.S. Air Force. Dr. Toda’s father, Frank Toda, was one of the original founders of Columbia River Bank, serving on its organization committee in 1976. “We are looking forward to welcoming Dr. Toda to the Board. His background, experience and perspective will be of great benefit to Columbia,” said Richard E. Betz, Chairman of the Board.
BALANCE SHEET PERFORMANCE
During the first quarter of 2009, Columbia reduced gross loan totals to $836.3 million as of March 31, 2009, a 3% reduction from December 31, 2008. Deposits totaled $937.2 million as of March 31, 2009, a decrease from December 31, 2008, which was primarily due to repayment of $47.9 million of wholesale deposits. For the quarter ended March 31, 2009, the ratio of average gross loans to average deposits measured 88.3%, compared to 89.1% for the quarter ended December 31, 2008 and 98.5% for the quarter ended March 31, 2008. “Our goal is to continue meeting the lending and credit needs of small businesses and individuals using local deposits gathered in the communities we serve,” said Cochran.
Investment securities totaled $42.2 million as of March 31, 2009, an increase of $10.1 million from December 31, 2008. New purchases of U.S. Government-backed securities in the first quarter allowed Columbia to earn higher rates compared to overnight Federal Funds investments. In addition, the securities are available to support liquidity requirements as needed.
CREDIT QUALITY
Non-performing assets (“NPAs”) increased $4.3 million to $106.4 million as of March 31, 2009, compared to $102.0 million as of December 31, 2008. New property added to other real estate owned (“OREO”) comprised $1.7 million of the increase in NPAs. The remaining $2.6 million increase in NPAs was due to an increase in non-accrual loans. This increase was a result of $18.4 million of residential construction loans added to non-accrual status, offset by $11.0 million of charged-off loans and other reductions due to loan payoffs, the movement of credits into OREO and a return of loans to performing status.
COLUMBIA BANCORP ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
APRIL 29, 2009
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The following table presents a five quarter history of non-accrual loans:
Non-Accrual Loans by Type:
(dollars in thousands)
| | | March 31, 2009 | | | December 31, 2008 | | | September 30, 2008 | | | June 30, 2008 | | | March 31, 2008 | |
| | | Number of Loans | | | Dollar Amount | | | Number of Loans | | | Dollar Amount | | | Number of Loans | | | Dollar Amount | | | Number of Loans | | | Dollar Amount | | | Number of Loans | | | Dollar Amount | |
| Real estate secured loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Residential lots, sub-divisions, home construction | | | 71 | | | $ | 64,642 | | | | 54 | | | $ | 63,119 | | | | 49 | | | $ | 49,959 | | | | 12 | | | $ | 26,542 | | | | 2 | | | $ | 576 | |
| Residential | | | 10 | | | | 3,850 | | | | 9 | | | | 3,454 | | | | 6 | | | | 2,353 | | | | 11 | | | | 5,122 | | | | 7 | | | | 2,605 | |
| Commercial real estate | | | 8 | | | | 6,054 | | | | 6 | | | | 5,290 | | | | 3 | | | | 2,434 | | | | 3 | | | | 2,436 | | | | 2 | | | | 1,165 | |
Agricultural farmland (1) | | | 9 | | | | 12,061 | | | | 6 | | | | 15,094 | | | | 4 | | | | 3,116 | | | | - | | | | - | | | | - | | | | - | |
| Commercial and industrial | | | 15 | | | | 3,531 | | | | 12 | | | | 3,072 | | | | 11 | | | | 3,335 | | | | 5 | | | | 717 | | | | 2 | | | | 45 | |
| Agricultural production | | | 5 | | | | 4,627 | | | | 7 | | | | 2,173 | | | | 2 | | | | 1,994 | | | | 2 | | | | 59 | | | | 2 | | | | 59 | |
| Consumer | | | 5 | | | | 221 | | | | 7 | | | | 148 | | | | 3 | | | | 39 | | | | 1 | | | | 9 | | | | 2 | | | | 9 | |
| | | | 123 | | | $ | 94,986 | | | | 101 | | | $ | 92,350 | | | | 78 | | | $ | 63,230 | | | | 34 | | | $ | 34,885 | | | | 17 | | | $ | 4,459 | |
(1) Real estate-secured agricultural loans may be used for agricultural production purposes.
Net charge-offs during the first quarter of 2009 totaled $11.0 million, compared to $5.4 million for the fourth quarter of 2008 and $960,000 for the first quarter of 2008. Approximately $6.0 million of charge-offs were related to residential lot development credits where either new appraisals dictated further impairment charges of collateral-dependent loans or where other loans became totally collateral-dependent and were written down to the collateral value. Approximately $5.0 million of charge-offs were related to two impaired agricultural loans secured by real estate where the real estate collateral values had fallen.
Provision for loan losses totaled $9.7 million for the first quarter of 2009, compared to $9.0 million for the fourth quarter of 2008 and $3.1 million for the first quarter of 2008. The provision for loan losses represents a non-cash expense to set aside amounts for potential future loan losses inherent in the portfolio, based on risks identified as of the balance sheet date. Increases to the provision in the current period primarily resulted from specific allocations assigned to credits that are being stressed by the national economy.
Allowance for credit losses (including liability for unfunded loan commitments), as reflected in Columbia’s balance sheet, totaled $23.9 million, or 2.9% of gross loans, as of March 31, 2009, $25.2 million, or 2.9% of gross loans, as of December 31, 2008 and $14.2 million, or 1.6% of gross loans, as of March 31, 2008.
Detailed review of classified loans, including non-accrual loans, continues to be a primary credit initiative at Columbia. Loss allocations are recognized immediately when collateral value declines are evident and loans are not performing according to original terms. In addition, loans internally risk rated at moderate levels are receiving heightened scrutiny at all levels of management to identify credit weaknesses at their earliest point. This allows for timely resolution of these identified weaknesses to prevent migration to a troubled loan status. Also, staffing increases and organizational structure changes in Columbia’s special assets team are allowing for more effective and immediate collection efforts.
In March, the Federal Deposit Insurance Corporation (“FDIC”) and the U.S. Department of the Treasury (“Treasury”) announced details of a new joint Legacy Loans Program (“LLP”). The LLP is designed to boost private demand for distressed assets that are currently held by banks and facilitate market-priced sales of troubled assets. Under the program, the FDIC and Treasury will partner with private investors to purchase troubled assets from banks in exchange for FDIC-backed notes payable to the banks. “As we await further details of the Legacy Loans Program, we are proactively reviewing our loan portfolio to identify loans we would consider selling,” explained Craig Hummel, Chief Credit Officer. “Depending on how the program develops, Columbia could benefit substantially from the sales of certain loans, which would help raise our capital ratios.”
NET INTEREST INCOME AND MARGIN
Net interest income before provision for loan losses totaled $6.8 million for the first quarter of 2009, compared to $6.9 million for the fourth quarter of 2008 and $12.4 million for the first quarter of 2008. During the first quarter of 2009, $730,000 of interest income was reversed as loans were placed on non-accrual status. Including this amount of reversed interest, Columbia was unable to recognize additional interest income of $2.1 million relating to loans currently on non-accrual status.
COLUMBIA BANCORP ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
APRIL 29, 2009
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Net interest margin was 2.79% for the first quarter of 2009, compared to 2.60% for the fourth quarter of 2008 and 5.15% for the first quarter of 2008. Compared to the fourth quarter of 2008, net interest margin increased 19 basis points due to higher loan yields as average loan balances declined and due to lower interest rates paid on demand deposits. Net interest margin declined since the first quarter of 2008 following a series of cuts in the Fed Funds rate (225 basis points since March 31, 2008). Because approximately 73% of Columbia’s loans are variable rate, loan yields declined significantly as interest rates were cut. If non-accrual loans had performed according to original terms, the net interest margin would have improved by 85 basis points for the first quarter of 2009.
“We expect continued improvement in our net interest margin over the next few quarters, as our efforts to replace expensive wholesale funds with retail deposits have a positive effect on the bank’s overall cost of funds,” explained Staci Coburn, Executive Vice President and Chief Financial Officer. “During the first quarter 2009, $42.3 million in brokered certificates of deposits matured without replacement, with an average rate of 4.08%. We expect to mature an additional $92.9 million in brokered certificates of deposits without replacement, with an average rate of 4.31%, by the end of 2009.”
OPERATING EXPENSES
Non-interest expense totaled $10.9 million for the first quarter of 2009, compared to $17.3 million for the fourth quarter of 2008 and $10.5 million for the first quarter of 2008. Salaries and benefits for the first three months of 2009 were lower than the prior year periods due to staffing reductions and suspension of company contributions to employee retirement plans. In addition, no bonuses or incentive compensation were awarded during the first quarter of 2009. As of March 31, 2009, Columbia’s total employee count was 330, compared to 428 as of March 31, 2008. Occupancy expense for the first quarter of 2009 trended slightly higher than prior year periods following completion of permanent branch facilities in Yakima and Sunnyside, Washington in 2008, and lease expense related to administration facilities in Vancouver, Washington. FDIC premiums and state assessments increased significantly, totaling $1.9 million for the first quarter of 2009, compared to $280,000 for the fourth quarter of 2008 and $165,000 for the first quarter of 2008.
CAPITAL
As of March 31, 2009, Columbia River Bank is considered adequately-capitalized for regulatory purposes. Columbia believes it will be prudent to maintain higher capital levels given the significant amount of troubled assets. The following table presents the regulatory capital ratios for Columbia River Bank:
| | | | | | Well-Capitalized | | | | |
| | | Adequately-Capitalized | | | Thresholds for | | | | |
| | | Thresholds | | | Columbia River Bank | | | March 31, 2009 | |
| Total risk-based capital | | | 8.00 | % | | | 10.00 | % | | | 8.35 | % |
| Tier 1 risk-based capital | | | 4.00 | % | | | 6.00 | % | | | 7.08 | % |
| Leverage ratio | | | 4.00 | % | | | 10.00 | % | | | 5.97 | % |
For the near term, Columbia River Bank intends to remain adequately-capitalized by regulatory definition, and plans to prudently manage its capital in order to return to well-capitalized status as soon as possible. Over the next several quarters, Columbia anticipates capital levels will improve based on continued rebalancing of loans and deposits, combined with cost cutting initiatives and resolution of non-performing assets. Efforts to improve capital levels are partially dependent on an economic recovery taking hold. In particular, Columbia would benefit from stabilization and improvement in real estate values, which would provide greater opportunity to resolve non-performing loans.
COLUMBIA BANCORP ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
APRIL 29, 2009
PAGE 4 OF 7
Columbia believes its regional markets may benefit from various infrastructure projects and stimulus programs funded by the recently passed American Recovery and Reinvestment Act. Projects throughout Columbia’s markets may contribute to stabilization and recovery of local economies, including:
| | · | $2 billion cleanup project at the Department of Energy Hanford Site in Kennewick, Washington. News of the stimulus project allowed the Energy Department to continue employment of 250 contractors and 4,000 jobs are expected to be created or saved as a result of the stimulus. |
| | · | $19 million new building construction for the Oregon National Guard Armory located in The Dalles, Oregon on the campus of Columbia Gorge Community College. |
Columbia continues to consider and assess the benefits of the following strategies to raise capital levels, including the following:
| | · | Continued reductions in other overhead expenses |
| | · | Sale and leaseback of branch facilities |
| | · | Sale and/or lease of excess branch property |
| | · | Sale and/or participation of loans |
| | · | Raise capital from third party investors |
| | · | Participation in Legacy Loans Program or other government relief programs |
SUMMARY
“Although we continue to be challenged by the current economy, since problems began developing in 2008 we have aggressively responded with changes in our leadership structure and operations, including significant staffing cuts at all levels of the organization and overhead expense reductions. Our cost cutting measures were designed to ensure minimal effects on customer service levels. We will continue to make tough decisions to ensure the long-term viability of Columbia River Bank and we are committed to moving back to our roots with the values and principles of community banking,” concluded Cochran.
ABOUT COLUMBIA BANCORP
Columbia Bancorp (www.columbiabancorp.com) is the bank holding company for Columbia River Bank, which operates 21 branches located in The Dalles (2), Hood River, Bend (3), Madras, Redmond (2), Pendleton, Hermiston, McMinnville, Canby, and Newberg, Oregon, and in Goldendale, White Salmon, Sunnyside, Yakima, Pasco, Richland, and Vancouver, Washington. To supplement its community banking services, Columbia River Bank also provides brokerage services through CRB Financial Services Team.
FORWARD LOOKING STATEMENTS
This press release contains various forward-looking statements about plans and anticipated results of operations and financial condition relating to Columbia Bancorp. These statements include statements about management’s present plans and intentions about our strategy, growth, and deployment of resources, and about management’s expectations for future financial performance. Readers can sometimes identify forward-looking statements by the use of prospective language and context, including words like “may”, “will”, “should”, “expect”, “anticipate”, “estimate”, “continue”, “plans”, “intends”, or other similar terminology. Because forward-looking statements are, in part, an attempt to project future events and explain management’s current plans, they are subject to various risks and uncertainties which could cause our actions and our financial and operational results to differ materially from those set forth in such statements. These risks and uncertainties include, without limitation, our ability maintain and grow our deposit base in the face of continuing uncertainty surrounding the financial institutions industry and our markets in particular; our ability to raise additional capital to address the risk of exacerbated or protracted economic declines; our ability to estimate accurately the collectability of our loans and mitigate the potential risks associated with acquisition and sale of any underlying collateral; economic and other factors which affect the collectability of our loans generally; our ability to address the risks associated with the geographic and industry-specific concentrations of our loan portfolio; the impact of banking laws and regulations, competition, and fluctuations in market interest rates on Columbia’s revenues and margins, management’s ability to generate growth from core operations in the face of the announced staffing reductions, and other risks and uncertainties that we have in the past, or that we may from time to time in the future, detail in our filings with the Securities and Exchange Commission ("SEC"). Information presented in this release is accurate as of the date on which the release was issued, and we cannot undertake to update our forward-looking statements or the factors that may cause us to deviate from them, except as required by law.
COLUMBIA BANCORP ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
APRIL 29, 2009
PAGE 5 OF 7
INCOME STATEMENT
(Unaudited)
(In thousands, except per share data and ratios)
| | | Three Months Ended | |
| | | March 31, | | | December 31, | | | % | | | March 31, | | | % | |
| | | 2009 | | | 2008 | | | Change | | | 2008 | | | Change | |
| Interest income | | $ | 12,886 | | | $ | 13,626 | | | | -5 | % | | $ | 18,465 | | | | -30 | % |
| Interest expense | | | 6,122 | | | | 6,776 | | | | -10 | % | | | 6,103 | | | | - | |
Net interest income before provision for loan losses | | | 6,764 | | | | 6,850 | | | | -1 | % | | | 12,362 | | | | -45 | % |
| Provision for loan losses | | | 9,700 | | | | 9,010 | | | | 8 | % | | | 3,050 | | | | 218 | % |
Net interest income (loss) after provision for loan losses | | | (2,936 | ) | | | (2,160 | ) | | | -36 | % | | | 9,312 | | | | -132 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Non-interest income: | | | | | | | | | | | | | | | | | | | | |
| Service charges and fees | | | 1,207 | | | | 1,326 | | | | -9 | % | | | 1,158 | | | | 4 | % |
| Mortgage loan origination income | | | - | | | | 74 | | | | -100 | % | | | 925 | | | | -100 | % |
| Payment system revenue, net | | | 214 | | | | 178 | | | | 20 | % | | | 122 | | | | 75 | % |
| Financial services revenue | | | 172 | | | | 232 | | | | -26 | % | | | 270 | | | | -36 | % |
| Credit card discounts and fees | | | 91 | | | | 149 | | | | -39 | % | | | 143 | | | | -36 | % |
| Other non-interest income | | | 543 | | | | 289 | | | | 88 | % | | | 463 | | | | 17 | % |
| Total non-interest income | | | 2,227 | | | | 2,248 | | | | -1 | % | | | 3,081 | | | | -28 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Non-interest expense: | | | | | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 4,267 | | | | 4,444 | | | | -4 | % | | | 5,874 | | | | -27 | % |
| Occupancy expense | | | 1,540 | | | | 1,454 | | | | 6 | % | | | 1,311 | | | | 17 | % |
| Goodwill impairment | | | - | | | | 7,389 | | | | -100 | % | | | - | | | | - | |
| Loss on real estate owned | | | 50 | | | | 369 | | | | -86 | % | | | - | | | | - | |
| FDIC premiums and state assessments | | | 1,928 | | | | 280 | | | | 589 | % | | | 165 | | | | 1068 | % |
| Other non-interest expense | | | 3,125 | | | | 3,339 | | | | -6 | % | | | 3,116 | | | | - | |
| Total non-interest expense | | | 10,910 | | | | 17,275 | | | | -37 | % | | | 10,466 | | | | 4 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before provision for income taxes | | | (11,619 | ) | | | (17,187 | ) | | | 32 | % | | | 1,927 | | | | -703 | % |
| Provision for (benefit from) income taxes | | | (4,717 | ) | | | (3,906 | ) | | | -21 | % | | | 708 | | | | -766 | % |
| Net income (loss) | | $ | (6,902 | ) | | $ | (13,281 | ) | | | 48 | % | | $ | 1,219 | | | | -666 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Earnings (loss) per common share: | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.69 | ) | | $ | (1.32 | ) | | | 48 | % | | $ | 0.12 | | | | -675 | % |
| Diluted | | | (0.69 | ) | | | (1.32 | ) | | | 48 | % | | | 0.12 | | | | -675 | % |
| Cumulative dividend per common share | | | - | | | | - | | | | - | | | | 0.10 | | | | -100 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Book value per common share | | $ | 6.78 | | | $ | 7.45 | | | | -9 | % | | $ | 10.21 | | | | -34 | % |
Tangible book value per common share (1) | | | 6.78 | | | | 7.45 | | | | -9 | % | | | 9.48 | | | | -29 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | |
| Basic | | | 10,030 | | | | 10,028 | | | | | | | | 10,014 | | | | | |
| Diluted | | | 10,030 | | | | 10,028 | | | | | | | | 10,109 | | | | | |
| Actual shares outstanding | | | 10,065 | | | | 10,067 | | | | | | | | 10,048 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | | | | | | | |
| | | March 31, | | | December 31, | | | March 31, | | | | | | | | | |
| RATIOS | | 2009 | | | 2008 | | | 2008 | | | | | | | | | |
Interest rate yield on interest-earning assets, tax equivalent | | | 5.30 | % | | | 5.16 | % | | | 7.69 | % | | | | | | | | |
Interest rate expense on interest-bearing liabilities | | | 3.07 | % | | | 3.22 | % | | | 3.43 | % | | | | | | | | |
| Interest rate spread, tax equivalent | | | 2.22 | % | | | 1.94 | % | | | 4.26 | % | | | | | | | | |
| Net interest margin, tax equivalent | | | 2.79 | % | | | 2.60 | % | | | 5.15 | % | | | | | | | | |
Efficiency ratio (2) | | | 121.34 | % | | | 108.66 | % | | | 67.77 | % | | | | | | | | |
| Return on average assets | | | -2.59 | % | | | -4.64 | % | | | 0.48 | % | | | | | | | | |
| Return on average equity | | | -38.64 | % | | | -61.74 | % | | | 4.75 | % | | | | | | | | |
| Average equity / average assets | | | 6.71 | % | | | 7.52 | % | | | 10.01 | % | | | | | | | | |
(1) Total common equity, less goodwill and other intangible assets, divided by actual shares outstanding.
(2) Non-interest expense divided by net interest income and non-interest income, excluding goodwill impairment.
COLUMBIA BANCORP ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
APRIL 29, 2009
PAGE 6 OF 7
BALANCE SHEET
(Unaudited)
(In thousands)
| | | | | | | | | Quarter over | | | | | | Year over | �� |
| | | March 31, | | | December 31, | | | Quarter | | | March 31, | | | Year | |
| | | 2009 | | | 2008 | | | % Change | | | 2008 | | | % Change | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 103,655 | | | $ | 182,479 | | | | -43 | % | | $ | 64,149 | | | | 62 | % |
| Investment securities | | | 42,155 | | | | 32,076 | | | | 31 | % | | | 34,242 | | | | 23 | % |
| Loans: | | | | | | | | | | | | | | | | | | | | |
| Commercial loans | | | 133,173 | | | | 127,598 | | | | 4 | % | | | 128,082 | | | | 4 | % |
| Agricultural loans | | | 68,413 | | | | 74,630 | | | | -8 | % | | | 66,619 | | | | 3 | % |
| Real estate loans | | | 380,353 | | | | 389,801 | | | | -2 | % | | | 379,019 | | | | - | |
| Real estate loans - construction | | | 236,851 | | | | 253,683 | | | | -7 | % | | | 290,996 | | | | -19 | % |
| Consumer loans | | | 13,417 | | | | 14,414 | | | | -7 | % | | | 12,275 | | | | 9 | % |
| Loans held for sale | | | - | | | | - | | | | - | | | | 14,091 | | | | -100 | % |
| Other loans | | | 4,110 | | | | 3,878 | | | | 6 | % | | | 11,328 | | | | -64 | % |
| Total gross loans | | | 836,317 | | | | 864,004 | | | | -3 | % | | | 902,410 | | | | -7 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Unearned loan fees | | | (562 | ) | | | (562 | ) | | | - | | | | (994 | ) | | | 43 | % |
| Allowance for loan losses | | | (23,222 | ) | | | (24,492 | ) | | | 5 | % | | | (13,264 | ) | | | -75 | % |
| Net loans | | | 812,533 | | | | 838,950 | | | | -3 | % | | | 888,152 | | | | -9 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Property and equipment, net | | | 22,777 | | | | 23,628 | | | | -4 | % | | | 22,877 | | | | - | |
| Other real estate owned | | | 11,329 | | | | 9,622 | | | | 18 | % | | | 7,315 | | | | 55 | % |
| Goodwill | | | - | | | | - | | | | - | | | | 7,389 | | | | -100 | % |
| Other assets | | | 42,623 | | | | 35,539 | | | | 20 | % | | | 22,038 | | | | 93 | % |
| Total assets | | $ | 1,035,072 | | | $ | 1,122,294 | | | | -8 | % | | $ | 1,046,162 | | | | -1 | % |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing demand deposits | | $ | 183,285 | | | $ | 215,922 | | | | -15 | % | | $ | 205,348 | | | | -11 | % |
| Interest bearing demand deposits | | | 277,520 | | | | 271,244 | | | | 2 | % | | | 319,465 | | | | -13 | % |
| Savings accounts | | | 30,793 | | | | 30,873 | | | | - | | | | 35,146 | | | | -12 | % |
| Time certificates | | | 445,610 | | | | 486,157 | | | | -8 | % | | | 341,005 | | | | 31 | % |
| Total deposits | | | 937,208 | | | | 1,004,196 | | | | -7 | % | | | 900,964 | | | | 4 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Borrowings | | | 23,441 | | | | 36,613 | | | | -36 | % | | | 33,802 | | | | -31 | % |
| Other liabilities | | | 6,210 | | | | 6,436 | | | | -4 | % | | | 8,782 | | | | -29 | % |
| Total liabilities | | | 966,859 | | | | 1,047,245 | | | | -8 | % | | | 943,548 | | | | 2 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Shareholders' equity | | | 68,213 | | | | 75,049 | | | | -9 | % | | | 102,614 | | | | -34 | % |
| Total liabilities and shareholders' equity | | $ | 1,035,072 | | | $ | 1,122,294 | | | | -8 | % | | $ | 1,046,162 | | | | -1 | % |
COLUMBIA BANCORP ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
APRIL 29, 2009
PAGE 7 OF 7
ADDITIONAL FINANCIAL INFORMATION
(Unaudited)
(In thousands, except ratios)
| NON-PERFORMING ASSETS | | March 31, 2009 | | | December 31, 2008 | | | March 31, 2008 | |
| Delinquent loans on non-accrual status | | $ | 94,986 | | | $ | 92,350 | | | $ | 4,459 | |
| Restructured loans | | | 46 | | | | 57 | | | | 73 | |
| Total non-performing loans | | | 95,032 | | | | 92,407 | | | | 4,532 | |
| Other real estate owned | | | 11,329 | | | | 9,622 | | | | 7,315 | |
| Repossessed other assets | | | - | | | | - | | | | 5 | |
| Total non-performing assets | | $ | 106,361 | | | $ | 102,029 | | | $ | 11,852 | |
| | | | | | | | | | | | | |
| Total non-performing assets / total assets | | | 10.28 | % | | | 9.09 | % | | | 1.13 | % |
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| ALLOWANCE FOR CREDIT LOSSES | | March 31, 2009 | | | December 31, 2008 | | | March 31, 2008 | |
| Allowance for loan losses, beginning of period | | $ | 24,492 | | | $ | 20,927 | | | $ | 11,174 | |
| Provision for loan losses | | | 9,700 | | | | 9,010 | | | | 3,050 | |
| Recoveries | | | 75 | | | | 93 | | | | 84 | |
| Charge offs | | | (11,045 | ) | | | (5,538 | ) | | | (1,044 | ) |
| Allowance for loan losses, end of period | | | 23,222 | | | | 24,492 | | | | 13,264 | |
| Liability for unfunded loan commitments | | | 706 | | | | 681 | | | | 889 | |
| Allowance for credit losses | | $ | 23,928 | | | $ | 25,173 | | | $ | 14,153 | |
| | | | | | | | | | | | | |
| Allowance for loan losses / gross loans | | | 2.78 | % | | | 2.83 | % | | | 1.47 | % |
| Allowance for credit losses / gross loans | | | 2.86 | % | | | 2.91 | % | | | 1.57 | % |
| Non-performing loans / allowance for loan losses | | | 409.23 | % | | | 377.29 | % | | | 34.17 | % |
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| FINANCIAL PERFORMANCE | | March 31, 2009 | | | December 31, 2008 | | | March 31, 2008 | |
| Average interest earning assets | | $ | 990,145 | | | $ | 1,054,643 | | | $ | 968,805 | |
| Average loans, net of unearned loan fees | | | 855,819 | | | | 897,690 | | | | 891,725 | |
| Average assets | | | 1,079,152 | | | | 1,138,310 | | | | 1,031,205 | |
| Average interest bearing liabilities | | | 807,708 | | | | 836,842 | | | | 715,962 | |
| Average interest bearing deposits | | | 776,806 | | | | 799,761 | | | | 700,660 | |
| Average deposits | | | 969,778 | | | | 1,008,503 | | | | 906,340 | |
| Average liabilities | | | 1,006,711 | | | | 1,052,742 | | | | 927,931 | |
| Average equity | | | 72,441 | | | | 85,568 | | | | 103,274 | |
| | | March 31, 2009 | | | December 31, 2008 | | | March 31, 2008 | |
| CONSTRUCTION LOANS BY REGION | | Residential | | | Commercial | | | Total | | | Residential | | | Commercial | | | Total | | | Residential | | | Commercial | | | Total | |
| Columbia River Gorge | | $ | 15,225 | | | $ | 2,604 | | | $ | 17,829 | | | $ | 16,416 | | | $ | 2,372 | | | $ | 18,788 | | | $ | 13,115 | | | $ | 3,959 | | | $ | 17,074 | |
| Columbia Basin - Eastern Washington | | | 6,884 | | | | 16,357 | | | | 23,241 | | | | 11,404 | | | | 20,152 | | | | 31,556 | | | | 11,025 | | | | 14,019 | | | | 25,044 | |
| Columbia Basin - Northeastern Oregon | | | 6,763 | | | | 4,649 | | | | 11,412 | | | | 6,872 | | | | 4,742 | | | | 11,614 | | | | 5,866 | | | | 4,506 | | | | 10,372 | |
| Central Oregon | | | 67,867 | | | | 36,550 | | | | 104,417 | | | | 70,076 | | | | 37,479 | | | | 107,555 | | | | 92,648 | | | | 34,291 | | | | 126,939 | |
Willamette Valley (1) | | | 68,807 | | | | 11,145 | | | | 79,952 | | | | 71,885 | | | | 12,285 | | | | 84,170 | | | | 105,524 | | | | 6,043 | | | | 111,567 | |
| | | $ | 165,546 | | | $ | 71,305 | | | $ | 236,851 | | | $ | 176,653 | | | $ | 77,030 | | | $ | 253,683 | | | $ | 228,178 | | | $ | 62,818 | | | $ | 290,996 | |
(1) Includes Portland, Oregon and Vancouver, Washington metropolitan area
