Pennsylvania Commerce Bancorp, Inc. | |||||||||||||||
Selected Consolidated Financial Data | |||||||||||||||
(Unaudited) | |||||||||||||||
At or for the | At or for the | ||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
% | % | ||||||||||||||
(in thousands, except per share amounts) | 2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||
Income Statement Data: | |||||||||||||||
Net interest income | $ 13,147 | $ 12,093 | 9 | % | $ 50,905 | $ 46,585 | 9 | % | |||||||
Provision for loan losses | 140 | 721 | (81) | % | 1,560 | 2,646 | (41) | % | |||||||
Noninterest income | 2,960 | 3,045 | (3) | % | 14,156 | 11,296 | 25 | % | |||||||
Noninterest operating expenses | 13,790 | 11,010 | 25 | % | 50,403 | 42,466 | 19 | % | |||||||
Net income | 1,476 | 2,284 | (35) | % | 8,817 | 8,591 | + | 3 | % | ||||||
Per Common Share Data: | |||||||||||||||
Net income: Basic | $ 0.24 | $ 0.41 | (41) | % | $ 1.47 | $ 1.75 | (16) | % | |||||||
Net income: Diluted | 0.23 | 0.38 | (39) | % | 1.38 | 1.63 | (15) | % | |||||||
Book Value | $ 15.07 | $ 14.31 | + | 5 | % | ||||||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 5,994 | 5,516 | 5,948 | 4,856 | |||||||||||
Diluted | 6,366 | 5,912 | 6,318 | 5,218 | |||||||||||
Balance Sheet Data: | |||||||||||||||
Total assets | $ 1,641,121 | $ 1,277,367 | 28 | % | |||||||||||
Loans (net) | 815,439 | 638,496 | + | 28 | % | ||||||||||
Allowance for loan losses | 9,231 | 7,847 | 18 | % | |||||||||||
Investment Securities | 687,102 | 523,982 | 31 | % | |||||||||||
Total deposits | 1,371,062 | 1,160,547 | 18 | % | |||||||||||
Core deposits | 1,309,926 | 1,108,095 | + | 18 | % | ||||||||||
Stockholders' equity | 91,643 | 85,039 | + | 8 | % | ||||||||||
Capital: | |||||||||||||||
Stockholders' equity to total assets | 5.58 | % | 6.66 | % | |||||||||||
Leverage Ratio | 6.69 | 7.79 | |||||||||||||
Risk based capital ratios: | |||||||||||||||
Tier 1 | 9.78 | 11.57 | |||||||||||||
Total Capital | 10.61 | 12.49 | |||||||||||||
Performance Ratios: | |||||||||||||||
Cost of funds | 2.55 | % | 1.55 | % | 2.12 | % | 1.32 | % | |||||||
Deposit Cost of Funds | 2.01 | 1.41 | 1.73 | 1.09 | |||||||||||
Net interest margin | 3.45 | 4.12 | 3.77 | 4.28 | |||||||||||
Return on average assets | 0.36 | 0.72 | 0.61 | 0.73 | |||||||||||
Return on average total stockholders' equity | 6.50 | 12.36 | 9.91 | 14.78 | |||||||||||
Asset Quality: | |||||||||||||||
Net charge-offs to average loans outstanding | 0.02 | % | 0.14 | % | |||||||||||
Nonperforming assets to total period-end assets | 0.16 | 0.11 | |||||||||||||
Allowance for loan losses to total period-end loans | 1.12 | 1.21 | |||||||||||||
Allowance for loan losses to nonperforming loans | 364 | 916 | |||||||||||||
Nonperforming assets to capital and reserves | 3 | % | 2 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Quarter ended, | ||||||||||||||||||||||||||||
December 2005 | September 2005 | December 2004 | ||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||
Taxable | $ | 720,099 | $ | 9,096 | 5.05 | % | $ | 604,417 | $ | 7,548 | 5.00 | % | $ | 502,689 | $ | 6,356 | 5.06 | % | ||||||||||
Tax-exempt | 2,616 | 32 | 4.89 | 7,403 | 111 | 6.00 | 6,830 | 100 | 5.86 | |||||||||||||||||||
Total securities | 722,715 | 9,128 | 5.05 | 611,820 | 7,659 | 5.01 | 509,519 | 6,456 | 5.07 | |||||||||||||||||||
Federal funds sold | 0 | 0 | 325 | 3 | 3.61 | 14,293 | 66 | 1.85 | ||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Mortgage and construction | 419,512 | 7,225 | 6.83 | 394,589 | 6,705 | 6.74 | 362,786 | 5,945 | 6.52 | |||||||||||||||||||
Commercial loans and lines of credit | 213,487 | 4,016 | 7.46 | 198,775 | 3,521 | 7.03 | 162,555 | 2,523 | 6.17 | |||||||||||||||||||
Consumer | 150,459 | 2,399 | 6.33 | 138,815 | 2,159 | 6.17 | 111,558 | 1,567 | 5.59 | |||||||||||||||||||
Tax-exempt | 13,691 | 155 | 4.53 | 9,308 | 108 | 4.64 | 6,292 | 75 | 4.77 | |||||||||||||||||||
Total loans receivable | 797,149 | 13,795 | 6.87 | 741,487 | 12,493 | 6.76 | 643,191 | 10,110 | 6.25 | |||||||||||||||||||
Total earning assets | $ | 1,519,864 | $ | 22,923 | 6.00 | % | $ | 1,353,632 | $ | 20,155 | 5.91 | % | $ | 1,167,003 | $ | 16,632 | 5.67 | % | ||||||||||
Sources of Funds | ||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||
Regular savings | $ | 349,729 | $ | 1,669 | 1.89 | % | $ | 330,563 | $ | 1,378 | 1.65 | % | $ | 309,258 | $ | 926 | 1.19 | % | ||||||||||
Interest checking and money market | 548,212 | 4,132 | 2.99 | 490,208 | 3,193 | 2.58 | 444,801 | 1,904 | 1.70 | |||||||||||||||||||
Time deposits | 186,364 | 1,539 | 3.28 | 179,493 | 1,359 | 3.00 | 172,561 | 1,118 | 2.58 | |||||||||||||||||||
Public funds time | 38,623 | 358 | 3.68 | 31,429 | 265 | 3.35 | 38,669 | 201 | 2.07 | |||||||||||||||||||
Total interest-bearing deposits | 1,122,928 | 7,698 | 2.72 | 1,031,693 | 6,195 | 2.38 | 965,289 | 4,149 | 1.71 | |||||||||||||||||||
Short-term borrowings | 163,410 | 1,723 | 4.13 | 93,472 | 861 | 3.65 | 5,979 | 35 | 2.33 | |||||||||||||||||||
Junior subordinated debt | 13,600 | 355 | 10.44 | 13,600 | 354 | 10.41 | 13,600 | 355 | 10.44 | |||||||||||||||||||
Total interest-bearing liabilities | 1,299,938 | 9,776 | 2.98 | 1,138,765 | 7,410 | 2.58 | 984,868 | 4,539 | 1.83 | |||||||||||||||||||
Noninterest-bearing funds (net) | 219,926 | 214,867 | 182,135 | |||||||||||||||||||||||||
Total sources to fund earning assets | $ | 1,519,864 | 9,776 | 2.55 | $ | 1,353,632 | $ | 7,410 | 2.17 | $ | 1,167,003 | 4,539 | 1.55 | |||||||||||||||
Net interest income and margin | $ | 13,147 | 3.45 | % | $ | 12,745 | 3.74 | % | $ | 12,093 | 4.12 | % | ||||||||||||||||
Other Balances | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 40,389 | $ | 48,936 | $ | 38,787 | ||||||||||||||||||||||
Other assets | 68,539 | 61,593 | 53,152 | |||||||||||||||||||||||||
Total assets | 1,628,792 | 1,464,161 | 1,258,942 | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 232,279 | 230,992 | 191,311 | |||||||||||||||||||||||||
Other liabilities | 6,435 | 3,487 | 9,220 | |||||||||||||||||||||||||
Stockholders' equity | 90,140 | 90,917 | 73,543 | |||||||||||||||||||||||||