Pennsylvania Commerce Bancorp, Inc.
Selected Consolidated Financial Data
(Unaudited)
At or for the | At or for the | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
(in thousands, except per share amounts) | 2006 | 2005 | % Change | 2006 | 2005 | % Change | |||||||||||||
Income Statement Data: | |||||||||||||||||||
Net interest income | $ | 13,448 | $ | 12,855 | 5 | % | $ | 26,645 | $ | 25,013 | 7 | % | |||||||
Provision for loan losses | 506 | 625 | (19 | )% | 981 | 1,170 | (16 | )% | |||||||||||
Noninterest income | 4,614 | 3,706 | 25 | % | 8,872 | 6,912 | 28 | % | |||||||||||
Total Revenues | 18,062 | 16,561 | 9 | % | 35,517 | 31,925 | 11 | % | |||||||||||
Noninterest operating expenses | 14,498 | 12,129 | 20 | % | 28,423 | 23,276 | 22 | % | |||||||||||
Net income | 2,050 | 2,555 | (20 | )% | 4,087 | 5,016 | (19 | )% | |||||||||||
Per Common Share Data: | |||||||||||||||||||
Net income: Basic | $ | 0.33 | $ | 0.43 | (23 | )% | $ | 0.67 | $ | 0.84 | (20 | )% | |||||||
Net income: Diluted | 0.32 | 0.40 | (20 | )% | 0.64 | 0.79 | (19 | )% | |||||||||||
Book Value | $ | 15.15 | $ | 15.12 | 0 | % | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 6,088 | 5,940 | 6,071 | 5,921 | |||||||||||||||
Diluted | 6,369 | 6,351 | 6,355 | 6,330 | |||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets | $ | 1,783,933 | $ | 1,450,759 | 23 | % | |||||||||||||
Loans (net) | 888,391 | 713,979 | 24 | % | |||||||||||||||
Allowance for loan losses | 9,677 | 8,573 | 13 | % | |||||||||||||||
Investment Securities | 722,890 | 607,032 | 19 | % | |||||||||||||||
Total deposits | 1,416,490 | 1,229,461 | 15 | % | |||||||||||||||
Core deposits | 1,360,195 | 1,158,679 | 17 | % | |||||||||||||||
Stockholders' equity | 93,630 | 91,051 | 3 | % | |||||||||||||||
Capital: | |||||||||||||||||||
Stockholders' equity to total assets | 5.25 | % | 6.28 | % | |||||||||||||||
Leverage Ratio | 6.48 | 7.34 | |||||||||||||||||
Risk based capital ratios: | |||||||||||||||||||
Tier 1 | 9.36 | 10.86 | |||||||||||||||||
Total Capital | 10.15 | 11.75 | |||||||||||||||||
Performance Ratios: | |||||||||||||||||||
Cost of funds | 3.08 | % | 1.94 | % | 2.96 | % | 1.83 | % | |||||||||||
Deposit Cost of Funds | 2.20 | 1.57 | 2.17 | 1.52 | |||||||||||||||
Net interest margin | 3.26 | 3.88 | 3.29 | 3.97 | |||||||||||||||
Return on average assets | 0.47 | 0.72 | 0.48 | 0.75 | |||||||||||||||
Return on average total stockholders' equity | 8.83 | 11.47 | 8.88 | 11.58 | |||||||||||||||
Asset Quality: | |||||||||||||||||||
Net charge-offs to average loans outstanding | 0.06 | % | 0.06 | % | |||||||||||||||
Nonperforming assets to total period-end assets | 0.19 | 0.11 | |||||||||||||||||
Allowance for loan losses to total period-end loans | 1.08 | 1.19 | |||||||||||||||||
Allowance for loan losses to nonperforming loans | 306 | 655 | |||||||||||||||||
Nonperforming assets to capital and reserves | 3 | % | 2 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Quarter ended, | ||||||||||||||||||||||||||||
June 2006 | March 2006 | June 2005 | ||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||
Taxable | $ | 750,549 | $ | 9,967 | 5.31 | % | $ | 722,354 | $ | 9,351 | 5.18 | % | $ | 609,060 | $ | 7,587 | 4.98 | % | ||||||||||
Tax-exempt | 2,101 | 35 | 6.66 | 2,617 | 44 | 6.73 | 7,113 | 162 | 9.11 | |||||||||||||||||||
Total securities | 752,650 | 10,002 | 5.32 | 724,971 | 9,395 | 5.18 | 616,173 | 7,749 | 5.03 | |||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Mortgage and construction | 449,604 | 8,018 | 7.07 | 441,473 | 7,580 | 6.96 | 384,180 | 6,368 | 6.65 | |||||||||||||||||||
Commercial loans and lines of credit | 250,646 | 5,114 | 8.07 | 237,415 | 4,582 | 7.83 | 193,509 | 3,241 | 6.72 | |||||||||||||||||||
Consumer | 164,138 | 2,741 | 6.70 | 159,029 | 2,548 | 6.50 | 127,515 | 1,909 | 6.00 | |||||||||||||||||||
Tax-exempt | 21,871 | 356 | 6.51 | 18,845 | 300 | 6.37 | 7,186 | 124 | 6.92 | |||||||||||||||||||
Total loans receivable | 886,259 | 16,229 | 7.27 | 856,762 | 15,010 | 7.10 | 712,390 | 11,642 | 6.55 | |||||||||||||||||||
Total earning assets | $ | 1,638,909 | $ | 26,231 | 6.37 | % | $ | 1,581,733 | $ | 24,405 | 6.22 | % | $ | 1,328,563 | $ | 19,391 | 5.85 | % | ||||||||||
Sources of Funds | ||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||
Regular savings | $ | 351,575 | $ | 1,924 | 2.20 | % | $ | 349,993 | $ | 1,748 | 2.03 | % | $ | 317,020 | $ | 1,080 | 1.37 | % | ||||||||||
Interest checking and money market | 556,976 | 4,891 | 3.52 | 548,444 | 4,498 | 3.33 | 458,575 | 2,587 | 2.26 | |||||||||||||||||||
Time deposits | 191,900 | 1,813 | 3.79 | 196,183 | 1,712 | 3.54 | 177,065 | 1,267 | 2.87 | |||||||||||||||||||
Public funds time | 33,678 | 355 | 4.23 | 37,536 | 371 | 4.01 | 34,732 | 261 | 3.01 | |||||||||||||||||||
Total interest-bearing deposits | 1,134,129 | 8,983 | 3.18 | 1,132,156 | 8,329 | 2.98 | 987,392 | 5,195 | 2.11 | |||||||||||||||||||
Short-term borrowings | 258,801 | 3,312 | 5.06 | 209,011 | 2,408 | 4.61 | 112,766 | 889 | 3.16 | |||||||||||||||||||
Junior subordinated debt | 13,600 | 355 | 10.43 | 13,600 | 354 | 10.43 | 13,600 | 355 | 10.44 | |||||||||||||||||||
Total interest-bearing liabilities | 1,406,530 | 12,650 | 3.59 | 1,354,767 | 11,091 | 3.31 | 1,113,758 | 6,439 | 2.32 | |||||||||||||||||||
Noninterest-bearing funds (net) | 232,379 | 226,966 | 214,805 | |||||||||||||||||||||||||
Total sources to fund earning assets | $ | 1,638,909 | $ | 12,650 | 3.08 | $ | 1,581,733 | $ | 11,091 | 2.83 | $ | 1,328,563 | $ | 6,439 | 1.94 | |||||||||||||
Net interest income and margin | ||||||||||||||||||||||||||||
on a tax-equivalent basis | $ | 13,581 | 3.29 | % | $ | 13,314 | 3.39 | % | $ | 12,952 | 3.91 | % | ||||||||||||||||
Tax-exempt adjustment | 133 | 117 | 97 | |||||||||||||||||||||||||
Net interest income and margin | $ | 13,448 | 3.26 | % | $ | 13,197 | 3.35 | % | $ | 12,855 | 3.88 | % | ||||||||||||||||
Other Balances | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 50,116 | $ | 44,960 | $ | 41,959 | ||||||||||||||||||||||
Other assets | 78,575 | 71,856 | 55,719 | |||||||||||||||||||||||||
Total assets | 1,767,600 | 1,698,549 | 1,426,241 | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 258,020 | 241,765 | 218,107 | |||||||||||||||||||||||||
Other liabilities | 9,959 | 9,428 | 5,064 | |||||||||||||||||||||||||
Stockholders' equity | 93,091 | 92,589 | 89,312 |