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) | 2007 | 2006 | Change | 2007 | 2006 | Change | |||||||||
Income Statement Data: | |||||||||||||||
Net interest income | $ 14,254 | $ 13,448 | 6 | % | $ 27,482 | $ 26,645 | 3 | % | |||||||
Provision for loan losses | 500 | 506 | (1) | 980 | 981 | 0 | |||||||||
Noninterest income | 5,705 | 4,614 | 24 | 10,875 | 8,872 | 23 | |||||||||
Total revenues | 19,959 | 18,062 | 11 | 38,357 | 35,517 | 8 | |||||||||
Noninterest operating expenses | 17,308 | 14,498 | 19 | 33,798 | 28,423 | 19 | |||||||||
Net income | 1,571 | 2,050 | (23) | 2,683 | 4,087 | (34) | |||||||||
Per Common Share Data: | |||||||||||||||
Net income: Basic | $ 0.25 | $ 0.33 | (24) | % | $ 0.43 | $ 0.67 | (36) | % | |||||||
Net income: Diluted | 0.24 | 0.32 | (25) | 0.41 | 0.64 | (36) | |||||||||
Book Value | $ 16.60 | $ 15.15 | 10 | % | |||||||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 6,223 | 6,088 | 6,195 | 6,071 | |||||||||||
Diluted | 6,458 | 6,369 | 6,430 | 6,355 | |||||||||||
Balance Sheet Data: | |||||||||||||||
Total assets | $1,915,463 | $ 1,783,933 | 7 | % | |||||||||||
Loans (net) | 1,070,353 | 888,391 | 20 | ||||||||||||
Allowance for loan losses | 10,358 | 9,677 | 7 | ||||||||||||
Investment securities | 657,120 | 722,890 | (9) | ||||||||||||
Total deposits | 1,532,449 | 1,416,490 | 8 | ||||||||||||
Core deposits | 1,514,453 | 1,360,195 | 11 | ||||||||||||
Stockholders' equity | 104,721 | 93,630 | 12 | ||||||||||||
Capital: | |||||||||||||||
Stockholders' equity to total assets | 5.47 | % | 5.25 | % | |||||||||||
Leverage ratio | 7.22 | 6.48 | |||||||||||||
Risk based capital ratios: | |||||||||||||||
Tier 1 | 10.03 | 9.36 | |||||||||||||
Total Capital | 10.78 | 10.15 | |||||||||||||
Performance Ratios: | |||||||||||||||
Cost of funds | 3.30 | % | 3.08 | % | 3.35 | % | 2.96 | % | |||||||
Deposit cost of funds | 2.43 | 2.20 | 2.58 | 2.17 | |||||||||||
Net interest margin | 3.19 | 3.26 | 3.11 | 3.29 | |||||||||||
Return on average assets | 0.33 | 0.47 | 0.29 | 0.48 | |||||||||||
Return on average total stockholders' equity | 6.00 | 8.83 | 5.21 | 8.88 | |||||||||||
Asset Quality: | |||||||||||||||
Net charge-offs to average loans outstanding | 0.03 | % | 0.06 | % | |||||||||||
Nonperforming assets to total period-end assets | 0.21 | 0.19 | |||||||||||||
Allowance for loan losses to total period-end loans | 0.96 | 1.08 | |||||||||||||
Allowance for loan losses to nonperforming loans | 278 | 306 | |||||||||||||
Nonperforming assets to capital and reserves | 3 | % | 3 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Quarter ending, | ||||||||||||||||||
June 2007 | March 2007 | June 2006 | ||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
(dollars in thousands) | ||||||||||||||||||
Earning Assets | ||||||||||||||||||
Investment securities | ||||||||||||||||||
Taxable | $ 686,714 | 9,108 | 5.31 | % | $ 704,722 | $ 9,379 | 5.32 | % | $ 750,549 | $ 9,967 | 5.31 | % | ||||||
Tax-exempt | 1,620 | 25 | 6.17 | 1,619 | 25 | 6.18 | 2,101 | 35 | 6.66 | |||||||||
Total securities | 688,334 | 9,133 | 5.31 | 706,341 | 9,404 | 5.32 | 752,650 | 10,002 | 5.32 | |||||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | |||||||||
Loans receivable | ||||||||||||||||||
Mortgage and construction | 530,395 | 9,695 | 7.24 | 477,667 | 8,475 | 7.10 | 449,604 | 8,018 | 7.07 | |||||||||
Commercial loans and lines of credit | 301,393 | 6,068 | 7.97 | 312,797 | 6,267 | 8.01 | 250,646 | 5,114 | 8.07 | |||||||||
Consumer | 201,034 | 3,410 | 6.80 | 194,354 | 3,247 | 6.78 | 164,138 | 2,741 | 6.70 | |||||||||
Tax-exempt | 49,847 | 859 | 6.89 | 36,686 | 610 | 6.65 | 21,871 | 356 | 6.51 | |||||||||
Total loans receivable | 1,082,669 | 20,032 | 7.35 | 1,021,504 | 18,599 | 7.30 | 886,259 | 16,229 | 7.27 | |||||||||
Total earning assets | $ 1,771,003 | $ 29,165 | 6.55 | % | $ 1,727,845 | $ 28,003 | 6.49 | % | $ 1,638,909 | $ 26,231 | 6.37 | % | ||||||
Sources of Funds | ||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||
Regular savings | $ 375,370 | $ 2,365 | 2.53 | % | $ 377,735 | $ 2,491 | 2.67 | % | $ 351,575 | $ 1,924 | 2.20 | % | ||||||
Interest checking and money market | 674,125 | 6,138 | 3.65 | 700,697 | 6,851 | 3.97 | 556,976 | 4,891 | 3.52 | |||||||||
Time deposits | 190,854 | 2,024 | 4.25 | 200,642 | 2,101 | 4.25 | 191,900 | 1,813 | 3.79 | |||||||||
Public funds time | 17,839 | 219 | 4.92 | 19,611 | 236 | 4.88 | 33,678 | 355 | 4.23 | |||||||||
Total interest-bearing deposits | 1,258,188 | 10,746 | 3.43 | 1,298,685 | 11,679 | 3.65 | 1,134,129 | 8,983 | 3.18 | |||||||||
Short-term borrowings | 238,520 | 3,204 | 5.31 | 165,250 | 2,219 | 5.37 | 258,801 | 3,312 | 5.06 | |||||||||
Junior subordinated debt | 29,400 | 661 | 8.99 | 29,400 | 661 | 9.00 | 13,600 | 355 | 10.43 | |||||||||
Total interest-bearing liabilities | 1,526,108 | 14,611 | 3.83 | 1,493,335 | 14,559 | 3.94 | 1,406,530 | 12,650 | 3.59 | |||||||||
Noninterest-bearing funds (net) | 244,895 | 234,510 | 232,379 | |||||||||||||||
Total sources to fund earning assets | $ 1,771,003 | $ 14,611 | 3.30 | $ 1,727,845 | $ 14,559 | 3.41 | $ 1,638,909 | $ 12,650 | 3.08 | |||||||||
Net interest income and margin | ||||||||||||||||||
on a tax-equivalent basis | $ 14,554 | 3.25 | % | $ 13,444 | 3.08 | % | $ 13,581 | 3.29 | % | |||||||||
Tax-exempt adjustment | 300 | 216 | 133 | |||||||||||||||
Net interest income and margin | $ 14,254 | 3.19 | % | $ 13,228 | 3.04 | % | $ 13,448 | 3.26 | % | |||||||||
Other Balances: | ||||||||||||||||||
Cash and due from banks | $ 51,842 | $ 48,377 | $ 50,116 | |||||||||||||||
Other assets | 90,813 | 89,736 | 78,575 | |||||||||||||||
Total assets | 1,913,658 | 1,865,958 | 1,767,600 | |||||||||||||||
Demand deposits (noninterest-bearing) | 274,794 | 262,022 | 258,020 | |||||||||||||||
Other liabilities | 7,725 | 7,902 | 9,959 | |||||||||||||||
Stockholders' equity | 105,031 | 102,699 | 93,091 |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||
(unaudited) | ||||||||||||
Year-to-date | ||||||||||||
June 2007 | June 2006 | |||||||||||
Average | Average | Average | Average | |||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||
(dollars in thousands) | ||||||||||||
Earning Assets | ||||||||||||
Investment securities | ||||||||||||
Taxable | $ 695,668 | $ 18,487 | 5.31 | % | $ 736,528 | $ 19,318 | 5.25 | % | ||||
Tax-exempt | 1,619 | 50 | 6.18 | 2,358 | 79 | 6.70 | ||||||
Total securities | 697,287 | 18,537 | 5.32 | 738,886 | 19,397 | 5.25 | ||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | ||||||
Loans receivable | ||||||||||||
Mortgage and construction | 504,177 | 18,169 | 7.17 | 445,561 | 15,598 | 6.97 | ||||||
Commercial loans and lines of credit | 307,063 | 12,336 | 7.99 | 244,067 | 9,696 | 7.90 | ||||||
Consumer | 197,713 | 6,657 | 6.79 | 161,598 | 5,289 | 6.60 | ||||||
Tax-exempt | 43,303 | 1,470 | 6.79 | 20,366 | 656 | 6.44 | ||||||
Total loans receivable | 1,052,256 | 38,632 | 7.32 | 871,592 | 31,239 | 7.15 | ||||||
Total earning assets | $ 1,749,543 | $ 57,169 | 6.52 | % | $ 1,610,478 | $ 50,636 | 6.28 | % | ||||
Sources of Funds | ||||||||||||
Interest-bearing deposits | ||||||||||||
Regular savings | $ 376,546 | $ 4,855 | 2.60 | % | $ 350,788 | $ 3,672 | 2.11 | % | ||||
Interest checking and money market | 687,338 | 12,990 | 3.81 | 552,733 | 9,388 | 3.43 | ||||||
Time deposits | 195,721 | 4,125 | 4.25 | 194,030 | 3,526 | 3.66 | ||||||
Public funds time | 18,720 | 455 | 4.90 | 35,597 | 726 | 4.11 | ||||||
Total interest-bearing deposits | 1,278,325 | 22,425 | 3.54 | 1,133,148 | 17,312 | 3.08 | ||||||
Short-term borrowings | 202,087 | 5,423 | 5.34 | 234,044 | 5,720 | 4.86 | ||||||
Junior subordinated debt | 29,400 | 1,322 | 8.99 | 13,600 | 709 | 10.43 | ||||||
Total interest-bearing liabilities | 1,509,812 | 29,170 | 3.88 | 1,380,792 | 23,741 | 3.45 | ||||||
Noninterest-bearing funds (net) | 239,731 | 229,686 | ||||||||||
Total sources to fund earning assets | $ 1,749,543 | $ 29,170 | 3.35 | $ 1,610,478 | $ 23,741 | 2.96 | ||||||
Net interest income and margin | ||||||||||||
on a tax-equivalent basis | $ 27,999 | 3.17 | % | $ 26,895 | 3.32 | % | ||||||
Tax-exempt adjustment | 517 | 250 | ||||||||||
Net interest income and margin | $ 27,482 | 3.11 | % | $ 26,645 | 3.29 | % | ||||||
Other Balances: | ||||||||||||
Cash and due from banks | $ 50,119 | $ 47,552 | ||||||||||
Other assets | 90,277 | 75,234 | ||||||||||
Total assets | 1,889,939 | 1,733,264 | ||||||||||
Demand deposits (noninterest-bearing) | 268,443 | 249,937 | ||||||||||
Other liabilities | 7,813 | 9,694 | ||||||||||
Stockholders' equity | 103,871 | 92,841 | ||||||||||
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | |||||||||||
Summary of Allowance for Loan Losses and Other Related Data | |||||||||||
(unaudited) | |||||||||||
6/30/2007 | 6/30/2006 | Year-ended | 6/30/2007 | 6/30/2006 | |||||||
(dollar amounts in thousands) | Three Months Ended | 12/31/2006 | Six Months Ended | ||||||||
Balance at beginning of period | $ 9,992 | $ 9,656 | $ 9,231 | $ 9,685 | $ 9,231 | ||||||
Provisions charged to operating expense | 500 | 506 | 1,634 | 980 | 981 | ||||||
10,492 | 10,162 | 10,865 | 10,665 | 10,212 | |||||||
Recoveries on loans charged-off: | |||||||||||
Commercial | 1 | 4 | 34 | 2 | 49 | ||||||
Consumer | 9 | 13 | 71 | 14 | 27 | ||||||
Real estate | 0 | 0 | 0 | 8 | 0 | ||||||
Total recoveries | 10 | 17 | 105 | 24 | 76 | ||||||
Loans charged-off: | |||||||||||
Commercial | (86) | (501) | (895) | (262) | (501) | ||||||
Consumer | (58) | (1) | (390) | (67) | (110) | ||||||
Real estate | 0 | 0 | 0 | (2) | 0 | ||||||
Total charged-off | (144) | (502) | (1,285) | (331) | (611) | ||||||
Net charge-offs | (134) | (485) | (1,180) | (307) | (535) | ||||||
Balance at end of period | $ 10,358 | $ 9,677 | $ 9,685 | $ 10,358 | $ 9,677 | ||||||
Net charge-offs as a percentage of | |||||||||||
average loans outstanding | 0.01 | % | 0.06 | % | 0.13 | % | 0.03 | % | 0.06 | % | |
Allowance for loan losses as a percentage of | |||||||||||
period-end loans | 0.96 | % | 1.08 | % | 0.99 | % | 0.96 | % | 1.08 | % | |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | ||||||||||||
Summary of Non-Performing Loans and Assets | ||||||||||||
(unaudited) | ||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||
2007 | 2007 | 2006 | 2006 | 2006 | ||||||||
Nonaccrual loans: | ||||||||||||
Commercial | $ 1,362 | $ 945 | $ 984 | $ 1,275 | $ 1,009 | |||||||
Consumer | 54 | 19 | 19 | 139 | 334 | |||||||
Mortgage: | ||||||||||||
Construction | 520 | 394 | 247 | 0 | 0 | |||||||
Mortgage | 1,784 | 2,207 | 2,129 | 2,216 | 1,818 | |||||||
Total nonaccrual loans | 3,720 | 3,565 | 3,379 | 3,630 | 3,161 | |||||||
Loans past due 90 days or more | ||||||||||||
and still accruing | 0 | 0 | 2 | 0 | 1 | |||||||
Renegotiated loans: | 0 | 0 | 0 | 0 | 0 | |||||||
Total non-performing loans | 3,720 | 3,565 | 3,381 | 3,630 | 3,162 | |||||||
Foreclosed real estate | 300 | 300 | 159 | 159 | 159 | |||||||
Total non-performing assets | $ 4,020 | $ 3,865 | $ 3,540 | $ 3,789 | $ 3,321 | |||||||
Non-performing loans to total loans | 0.34% | 0.34% | 0.34% | 0.39% | 0.35% | |||||||
Non-performing assets to total assets | 0.21% | 0.20% | 0.19% | 0.21% | 0.19% | |||||||
Non-performing loan coverage | 278% | 280% | 287% | 265% | 306% | |||||||
Allowance for loan losses as a percentage | ||||||||||||
of total period-end loans | 0.96% | 0.95% | 0.99% | 1.03% | 1.08% | |||||||
Non-performing assets / capital reserves | 3% | 3% | 3% | 3% | 3% | |||||||
CONTACT:
Pennsylvania Commerce Bancorp, Inc.
Gary L. Nalbandian
Chairman/President
(717) 412-6301
or
Mark A. Zody
Chief Financial Officer
(717) 412-6301
SOURCE:
Pennsylvania Commerce Bancorp, Inc.