Pennsylvania Commerce Bancorp, Inc. | ||||||||||
Selected Consolidated Financial Data | ||||||||||
(Unaudited) | ||||||||||
At or for the | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
% | ||||||||||
(in thousands, except per share amounts) | 2007 | 2006 | Change | |||||||
Income Statement Data: | ||||||||||
Net interest income | $ | 13,228 | $ | 13,197 | 0 | % | ||||
Provision for loan losses | 480 | 475 | 1 | |||||||
Noninterest income | 5,170 | 4,258 | 21 | |||||||
Total Revenues | 18,398 | 17,455 | 5 | |||||||
Noninterest operating expenses | 16,490 | 13,925 | 18 | |||||||
Net income | 1,112 | 2,037 | (45 | ) | ||||||
Per Common Share Data: | ||||||||||
Net income: Basic | $ | 0.18 | $ | 0.33 | (45 | )% | ||||
Net income: Diluted | 0.17 | 0.32 | (47 | ) | ||||||
Book Value | $ | 16.76 | $ | 15.09 | 11 | % | ||||
Weighted average shares outstanding: | ||||||||||
Basic | 6,167 | 6,054 | ||||||||
Diluted | 6,408 | 6,376 | ||||||||
Balance Sheet Data: | ||||||||||
Total assets | $ | 1,898,572 | $ | 1,752,757 | 8 | % | ||||
Loans (net) | 1,046,445 | 868,534 | 20 | |||||||
Allowance for loan losses | 9,992 | 9,656 | 3 | |||||||
Investment Securities | 681,719 | 733,185 | (7 | ) | ||||||
Total deposits | 1,560,361 | 1,448,126 | 8 | |||||||
Core deposits | 1,542,432 | 1,391,329 | 11 | |||||||
Stockholders' equity | 104,940 | 92,658 | 13 | |||||||
Capital: | ||||||||||
Stockholders' equity to total assets | 5.53 | % | 5.29 | |||||||
Leverage Ratio | 7.28 | 6.59 | ||||||||
Risk based capital ratios: | ||||||||||
Tier 1 | 9.98 | 9.35 | ||||||||
Total Capital | 10.72 | 10.15 | ||||||||
Performance Ratios: | ||||||||||
Cost of funds | 3.41 | % | 2.83 | |||||||
Deposit Cost of Funds | 2.74 | 2.14 | ||||||||
Net interest margin | 3.04 | 3.32 | ||||||||
Return on average assets | 0.24 | 0.49 | ||||||||
Return on average total stockholders' equity | 4.39 | 8.92 | ||||||||
Asset Quality: | ||||||||||
Net charge-offs to average loans outstanding | 0.02 | % | 0.01 | |||||||
Nonperforming assets to total period-end assets | 0.20 | 0.20 | ||||||||
Allowance for loan losses to total period-end loans | 0.95 | 1.10 | ||||||||
Allowance for loan losses to nonperforming loans | 280 | 304 | ||||||||
Nonperforming assets to capital and reserves | 3 | % | 3 | |||||||
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Quarter ending, | ||||||||||||||||||||||||||||
March 2007 | December 2006 | March 2006 | ||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||
Taxable | $ | 704,722 | $ | 9,379 | 5.32 | % | $ | 724,879 | $ | 9,651 | 5.33 | % | $ | 722,354 | $ | 9,351 | 5.18 | % | ||||||||||
Tax-exempt | 1,619 | 25 | 6.18 | 1,619 | 25 | 6.18 | 2,617 | 44 | 6.73 | |||||||||||||||||||
Total securities | 706,341 | 9,404 | 5.32 | 726,498 | 9,676 | 5.33 | 724,971 | 9,395 | 5.18 | |||||||||||||||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | |||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Mortgage and construction | 477,667 | 8,475 | 7.10 | 467,844 | 8,465 | 7.11 | 441,473 | 7,580 | 6.87 | |||||||||||||||||||
Commercial loans and lines of credit | 312,797 | 6,267 | 8.01 | 281,668 | 5,709 | 7.93 | 237,415 | 4,582 | 7.72 | |||||||||||||||||||
Consumer | 194,354 | 3,247 | 6.78 | 184,760 | 3,150 | 6.76 | 159,029 | 2,548 | 6.50 | |||||||||||||||||||
Tax-exempt | 36,686 | 610 | 6.65 | 29,952 | 507 | 6.77 | 18,845 | 300 | 6.37 | |||||||||||||||||||
Total loans receivable | 1,021,504 | 18,599 | 7.30 | 964,224 | 17,831 | 7.27 | 856,762 | 15,010 | 7.03 | |||||||||||||||||||
Total earning assets | $ | 1,727,845 | $ | 28,003 | 6.49 | % | $ | 1,690,722 | $ | 27,507 | 6.44 | % | $ | 1,581,733 | $ | 24,405 | 6.18 | % | ||||||||||
Sources of Funds | ||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||
Regular savings | $ | 377,735 | $ | 2,491 | 2.67 | % | $ | 383,600 | $ | 2,571 | 2.66 | % | $ | 349,993 | $ | 1,748 | 2.03 | % | ||||||||||
Interest checking and money market | 700,697 | 6,851 | 3.97 | 712,341 | 7,162 | 3.99 | 548,444 | 4,498 | 3.33 | |||||||||||||||||||
Time deposits | 200,642 | 2,101 | 4.25 | 196,628 | 2,064 | 4.16 | 196,183 | 1,712 | 3.54 | |||||||||||||||||||
Public funds time | 19,611 | 236 | 4.88 | 28,256 | 328 | 4.61 | 37,536 | 371 | 4.01 | |||||||||||||||||||
Total interest-bearing deposits | 1,298,685 | 11,679 | 3.65 | 1,320,825 | 12,125 | 3.64 | 1,132,156 | 8,329 | 2.98 | |||||||||||||||||||
Short-term borrowings | 165,250 | 2,219 | 5.37 | 112,868 | 1,544 | 5.35 | 209,011 | 2,408 | 4.61 | |||||||||||||||||||
Junior subordinated debt | 29,400 | 661 | 9.00 | 29,400 | 661 | 8.99 | 13,600 | 354 | 10.43 | |||||||||||||||||||
Total interest-bearing liabilities | 1,493,335 | 14,559 | 3.94 | 1,463,093 | 14,330 | 3.88 | 1,354,767 | 11,091 | 3.31 | |||||||||||||||||||
Noninterest-bearing funds (net) | 234,510 | 227,629 | 226,966 | |||||||||||||||||||||||||
Total sources to fund earning assets | $ | 1,727,845 | $ | 14,559 | 3.41 | $ | 1,690,722 | $ | 14,330 | 3.36 | $ | 1,581,733 | $ | 11,091 | 2.83 | |||||||||||||
Net interest income and margin | ||||||||||||||||||||||||||||
on a tax-equivalent basis | $ | 13,444 | 3.08 | % | $ | 13,177 | 3.08 | % | $ | 13,314 | 3.35 | % | ||||||||||||||||
Tax-exempt adjustment | 216 | 186 | 117 | |||||||||||||||||||||||||
Net interest income and margin | $ | 13,228 | 3.04 | % | $ | 12,991 | 3.03 | % | $ | 13,197 | 3.32 | % | ||||||||||||||||
Other Balances: | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 48,377 | $ | 49,778 | $ | 44,960 | ||||||||||||||||||||||
Other assets | 89,736 | 86,285 | 71,856 | |||||||||||||||||||||||||
Total assets | 1,865,958 | 1,826,785 | 1,698,549 | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 262,022 | 255,903 | 241,765 | |||||||||||||||||||||||||
Other liabilities | 7,902 | 7,162 | 9,428 | |||||||||||||||||||||||||
Stockholders' equity | 102,699 | 100,627 | 92,589 | |||||||||||||||||||||||||
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | ||||||||||
Summary of Allowance for Loan Losses and Other Related Data | ||||||||||
(unaudited) | ||||||||||
3/31/2007 | 3/31/2006 | Year-ended | ||||||||
(dollar amounts in thousands) | Three Months Ended | 12/31/2006 | ||||||||
Balance at beginning of period | $ | 9,685 | $ | 9,231 | $ | 9,231 | ||||
Provisions charged to operating expense | 480 | 475 | 1,634 | |||||||
10,165 | 9,706 | 10,865 | ||||||||
Recoveries on loans charged-off: | ||||||||||
Commercial | 1 | 45 | 34 | |||||||
Consumer | 5 | 14 | 71 | |||||||
Real estate | 8 | 0 | 0 | |||||||
Total recoveries | 14 | 59 | 105 | |||||||
Loans charged-off: | ||||||||||
Commercial | (176 | ) | 0 | (895 | ) | |||||
Consumer | (9 | ) | (109 | ) | (390 | ) | ||||
Real estate | (2 | ) | 0 | 0 | ||||||
Total charged-off | (187 | ) | (109 | ) | (1,285 | ) | ||||
Net charge-offs | (173 | ) | (50 | ) | (1,180 | ) | ||||
Balance at end of period | $ | 9,992 | $ | 9,656 | $ | 9,685 | ||||
Net charge-offs as a percentage of | ||||||||||
average loans outstanding | 0.02 | % | 0.01 | % | 0.13 | % | ||||
Allowance for loan losses as a percentage of | ||||||||||
period-end loans | 0.95 | % | 1.10 | % | 0.99 | % | ||||
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | ||||||||||||||||
Summary of Non-Performing Loans and Assets | ||||||||||||||||
(unaudited) | ||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||
2007 | 2006 | 2006 | 2006 | 2006 | ||||||||||||
Nonaccrual loans: | ||||||||||||||||
Commercial | $ | 945 | $ | 984 | $ | 1,275 | $ | 1,009 | $ | 1,599 | ||||||
Consumer | 19 | 19 | 139 | 334 | 256 | |||||||||||
Mortgage: | ||||||||||||||||
Construction | 394 | 247 | 0 | 0 | 0 | |||||||||||
Mortgage | 2,207 | 2,129 | 2,216 | 1,818 | 1,327 | |||||||||||
Total nonaccrual loans | 3,565 | 3,379 | 3,630 | 3,161 | 3,182 | |||||||||||
Loans past due 90 days or more | ||||||||||||||||
and still accruing | 0 | 2 | 0 | 1 | 0 | |||||||||||
Renegotiated loans: | 0 | 0 | 0 | 0 | 0 | |||||||||||
Total non-performing loans | 3,565 | 3,381 | 3,630 | 3,162 | 3,182 | |||||||||||
Foreclosed real estate | 300 | 159 | 159 | 159 | 379 | |||||||||||
Total non-performing assets | $ | 3,865 | $ | 3,540 | $ | 3,789 | $ | 3,321 | $ | 3,561 | ||||||
Non-performing loans to total loans | 0.34 | % | 0.34 | % | 0.39 | % | 0.35 | % | 0.36 | % | ||||||
Non-performing assets to total assets | 0.20 | % | 0.19 | % | 0.21 | % | 0.19 | % | 0.20 | % | ||||||
Non-performing loan coverage | 280 | % | 287 | % | 265 | % | 306 | % | 304 | % | ||||||
Allowance for loan losses as a percentage | ||||||||||||||||
of total period-end loans | 0.95 | % | 0.99 | % | 1.03 | % | 1.08 | % | 1.10 | % | ||||||
Non-performing assets / capital reserves | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % |
CONTACT: | Pennsylvania Commerce Bancorp, Inc. | ||||||||||||
Gary L. Nalbandian, Chairman/President | |||||||||||||
Mark A. Zody, Chief Financial Officer | |||||||||||||
800-653-6104 | |||||||||||||
SOURCE: | Pennsylvania Commerce Bancorp, Inc. |