Pennsylvania Commerce Bancorp, Inc. | ||||||||||||||||||||||||||
Selected Consolidated Financial Data | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
At or for the | At or for the | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
% | % | |||||||||||||||||||||||||
(in thousands, except per share amounts) | 2007 | 2006 | Change | 2007 | 2006 | Change | ||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||||||
Net interest income | $ | 15,190 | $ | 13,156 | 15 | % | $ | 42,672 | $ | 39,801 | 7 | % | ||||||||||||||
Provision for loan losses | 537 | 428 | 25 | 1,517 | 1,409 | 8 | ||||||||||||||||||||
Noninterest income | 5,816 | 4,680 | 24 | 16,691 | 13,552 | 23 | ||||||||||||||||||||
Total revenues | 21,006 | 17,836 | 18 | 59,363 | 53,353 | 11 | ||||||||||||||||||||
Noninterest operating expenses | 17,838 | 14,861 | 20 | 51,636 | 43,284 | 19 | ||||||||||||||||||||
Net income | 1,851 | 1,645 | 13 | 4,534 | 5,732 | (21 | ) | |||||||||||||||||||
Per Common Share Data: | ||||||||||||||||||||||||||
Net income: Basic | $ | 0.29 | $ | 0.27 | 7 | % | $ | 0.72 | $ | 0.93 | (23 | )% | ||||||||||||||
Net income: Diluted | 0.28 | 0.26 | 8 | 0.69 | 0.89 | (22 | ) | |||||||||||||||||||
Book Value | $ | 17.11 | $ | 16.02 | 7 | % | ||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 6,259 | 6,116 | 6,217 | 6,086 | ||||||||||||||||||||||
Diluted | 6,469 | 6,373 | 6,443 | 6,381 | ||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||
Total assets | $ | 2,015,486 | $ | 1,838,173 | 10 | % | ||||||||||||||||||||
Loans (net) | 1,104,322 | 927,950 | 19 | |||||||||||||||||||||||
Allowance for loan losses | 10,673 | 9,635 | 11 | |||||||||||||||||||||||
Investment securities | 721,041 | 737,868 | (2 | ) | ||||||||||||||||||||||
Total deposits | 1,641,887 | 1,606,253 | 2 | |||||||||||||||||||||||
Core deposits | 1,621,390 | 1,556,458 | 4 | |||||||||||||||||||||||
Stockholders' equity | 108,321 | 99,180 | 9 | |||||||||||||||||||||||
Capital: | ||||||||||||||||||||||||||
Stockholders' equity to total assets | 5.37 | % | 5.40 | % | ||||||||||||||||||||||
Leverage ratio | 7.30 | 7.34 | ||||||||||||||||||||||||
Risk based capital ratios: | ||||||||||||||||||||||||||
Tier 1 | 9.87 | 10.24 | ||||||||||||||||||||||||
Total Capital | 10.62 | 10.99 | ||||||||||||||||||||||||
Performance Ratios: | ||||||||||||||||||||||||||
Cost of funds | 3.16 | % | 3.27 | % | 3.29 | % | 3.07 | % | ||||||||||||||||||
Deposit cost of funds | 2.31 | 2.47 | 2.49 | 2.27 | ||||||||||||||||||||||
Net interest margin | 3.36 | 3.14 | 3.20 | 3.23 | ||||||||||||||||||||||
Return on average assets | 0.38 | 0.36 | 0.32 | 0.44 | ||||||||||||||||||||||
Return on average total stockholders' equity | 6.91 | 6.77 | 5.79 | 8.15 | ||||||||||||||||||||||
Asset Quality: | ||||||||||||||||||||||||||
Net charge-offs to average loans outstanding | 0.05 | % | 0.11 | % | ||||||||||||||||||||||
Nonperforming assets to total period-end assets | 0.19 | 0.21 | ||||||||||||||||||||||||
Allowance for loan losses to total period-end loans | 0.96 | 1.03 | ||||||||||||||||||||||||
Allowance for loan losses to nonperforming loans | 319 | 265 | ||||||||||||||||||||||||
Nonperforming assets to capital and reserves | 3 | % | 3 | % |
Pennsylvania Commerce Bancorp, Inc. | ||||||||||||||||||||
Selected Consolidated Financial Data | ||||||||||||||||||||
At or for the | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, | June 30, | % | September 30, | % | ||||||||||||||||
(in thousands, except per share amounts) | 2007 | 2007 | Change | 2006 | Change | |||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Net interest income | $ | 15,190 | $ | 14,254 | 7 | % | $ | 13,156 | 15 | % | ||||||||||
Provision for loan losses | 537 | 500 | 7 | 428 | 25 | |||||||||||||||
Noninterest income | 5,816 | 5,705 | 2 | 4,680 | 24 | |||||||||||||||
Total Revenues | 21,006 | 19,959 | 5 | 17,836 | 18 | |||||||||||||||
Noninterest operating expenses | 17,838 | 17,308 | 3 | 14,861 | 20 | |||||||||||||||
Net income | 1,851 | 1,571 | 18 | 1,645 | 13 | |||||||||||||||
Per Common Share Data: | ||||||||||||||||||||
Net income: Basic | $ | 0.29 | $ | 0.25 | 16 | % | $ | 0.27 | 7 | % | ||||||||||
Net income: Diluted | 0.28 | 0.24 | 17 | 0.26 | 8 | |||||||||||||||
Effective Tax Rate | 29.6 | % | 27.0 | % | 35.4 | % | ||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total assets | $ | 2,015,486 | $ | 1,915,463 | 5 | % | $ | 1,838,173 | 10 | % | ||||||||||
Loans (net) | 1,104,322 | 1,070,353 | 3 | 927,950 | 19 | |||||||||||||||
Investment Securities | 721,041 | 657,120 | 10 | 737,868 | (2 | ) | ||||||||||||||
Total deposits | 1,641,887 | 1,532,449 | 7 | 1,606,253 | 2 | |||||||||||||||
Core deposits | 1,621,390 | 1,514,453 | 7 | 1,556,458 | 4 | |||||||||||||||
Stockholders' equity | 108,321 | 104,721 | 3 | 99,180 | 9 | |||||||||||||||
Net interest margin | 3.36 | % | 3.19 | % | 3.14 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||||||||||||||
(unaudited) |
Quarter ending, | Year-to-date, | |||||||||||||||||||||||
September 2007 | June 2007 | September 2006 | September 2007 | September 2006 | ||||||||||||||||||||
Average | Average | Average | Average | Average | Average | Average | Average | Average | Average | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||
Taxable | $ 682,415 | 9,154 | 5.37 | % | $ 686,714 | $ 9,108 | 5.31 | % | $ 738,088 | $ 9,876 | 5.35 | % | $ 691,202 | $ 27,641 | 5.33 | % | $ 737,054 | $ 29,194 | 5.28 | % | ||||
Tax-exempt | 1,620 | 25 | 6.17 | 1,620 | 25 | 6.17 | 1,618 | 25 | 6.18 | 1,620 | 74 | 6.09 | 2,108 | 105 | 6.64 | |||||||||
Total securities | 684,035 | 9,179 | 5.37 | 688,334 | 9,133 | 5.31 | 739,706 | 9,901 | 5.35 | 692,822 | 27,715 | 5.33 | 739,162 | 29,299 | 5.29 | |||||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | |||||||||
Loans receivable | ||||||||||||||||||||||||
Mortgage and construction | 539,964 | 10,030 | 7.29 | 530,395 | 9,695 | 7.24 | 451,923 | 8,204 | 7.14 | 516,237 | 28,199 | 7.22 | 447,705 | 23,802 | 7.03 | |||||||||
Commercial loans and lines of credit | 301,787 | 6,083 | 7.89 | 301,393 | 6,068 | 7.97 | 266,821 | 5,509 | 8.08 | 305,285 | 18,419 | 7.96 | 251,735 | 15,205 | 7.97 | |||||||||
Consumer | 210,156 | 3,620 | 6.83 | 201,034 | 3,410 | 6.80 | 173,892 | 2,973 | 6.78 | 201,906 | 10,277 | 6.81 | 165,741 | 8,262 | 6.66 | |||||||||
Tax-exempt | 48,025 | 828 | 6.90 | 49,847 | 859 | 6.89 | 24,357 | 409 | 6.72 | 44,894 | 2,299 | 6.83 | 21,711 | 1,075 | 6.60 | |||||||||
Total loans receivable | 1,099,932 | 20,561 | 7.35 | 1,082,669 | 20,032 | 7.35 | 916,993 | 17,095 | 7.33 | 1,068,322 | 59,194 | 7.33 | 886,892 | 48,344 | 7.21 | |||||||||
Total earning assets | $ 1,783,967 | $ 29,740 | 6.59 | % | $ 1,771,003 | $ 29,165 | 6.55 | % | $ 1,656,699 | $ 26,996 | 6.45 | % | $ 1,761,144 | $ 86,909 | 6.55 | % | $ 1,626,054 | $ 77,643 | 6.34 | % | ||||
Sources of Funds | ||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||
Regular savings | $ 373,663 | $ 2,266 | 2.41 | % | $ 375,370 | $ 2,365 | 2.53 | % | $ 368,467 | $ 2,290 | 2.47 | % | $ 375,575 | $ 7,121 | 2.53 | % | $ 356,746 | $ 5,962 | 2.23 | % | ||||
Interest checking and money market | 704,352 | 6,091 | 3.43 | 674,125 | 6,138 | 3.65 | 600,658 | 5,732 | 3.79 | 693,072 | 19,081 | 3.68 | 568,884 | 15,120 | 3.55 | |||||||||
Time deposits | 173,084 | 1,817 | 4.16 | 190,854 | 2,024 | 4.25 | 193,738 | 1,951 | 4.00 | 188,093 | 5,942 | 4.22 | 193,931 | 5,477 | 3.78 | |||||||||
Public funds time | 18,290 | 230 | 4.99 | 17,839 | 219 | 4.92 | 32,133 | 351 | 4.33 | 18,575 | 685 | 4.93 | 34,429 | 1,077 | 4.18 | |||||||||
Total interest-bearing deposits | 1,269,389 | 10,404 | 3.25 | 1,258,188 | 10,746 | 3.43 | 1,194,996 | 10,324 | 3.43 | 1,275,315 | 32,829 | 3.44 | 1,153,990 | 27,636 | 3.20 | |||||||||
Short-term borrowings | 217,130 | 2,906 | 5.24 | 238,520 | 3,204 | 5.31 | 219,130 | 3,003 | 5.36 | 207,157 | 8,329 | 5.30 | 229,018 | 8,723 | 5.02 | |||||||||
Other borrowed money | 25,815 | 289 | 4.38 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 8,700 | 289 | 4.38 | 0 | 0 | 0.00 | |||||||||
Junior subordinated debt | 29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | 13,943 | 361 | 10.36 | 29,400 | 1,983 | 8.99 | 13,716 | 1,070 | 10.40 | |||||||||
Total interest-bearing liabilities | 1,541,734 | 14,260 | 3.66 | 1,526,108 | 14,611 | 3.83 | 1,428,069 | 13,688 | 3.79 | 1,520,572 | 43,430 | 3.81 | 1,396,724 | 37,429 | 3.57 | |||||||||
Noninterest-bearing funds (net) | 242,233 | 244,895 | 228,630 | 240,572 | 229,330 | |||||||||||||||||||
Total sources to fund earning assets | $ 1,783,967 | $ 14,260 | 3.16 | $ 1,771,003 | $ 14,611 | 3.30 | $ 1,656,699 | $ 13,688 | 3.27 | $ 1,761,144 | $ 43,430 | 3.29 | $ 1,626,054 | $ 37,429 | 3.07 | |||||||||
Net interest income and margin | ||||||||||||||||||||||||
on a tax-equivalent basis | $ 15,480 | 3.43 | % | $ 14,554 | 3.25 | % | $ 13,308 | 3.18 | % | $ 43,479 | 3.26 | % | $ 40,214 | 3.27 | % | |||||||||
Tax-exempt adjustment | 290 | 300 | 152 | 807 | 413 | |||||||||||||||||||
Net interest income and margin | $ 15,190 | 3.36 | % | $ 14,254 | 3.19 | % | $ 13,156 | 3.14 | % | $ 42,672 | 3.20 | % | $ 39,801 | 3.23 | % | |||||||||
Other Balances: | ||||||||||||||||||||||||
Cash and due from banks | $ 55,115 | $ 51,842 | $ 51,904 | $ 51,803 | $ 49,019 | |||||||||||||||||||
Other assets | 90,536 | 90,813 | 82,357 | 90,364 | 77,635 | |||||||||||||||||||
Total assets | 1,929,618 | 1,913,658 | 1,790,960 | 1,903,311 | 1,752,708 | |||||||||||||||||||
Demand deposits (noninterest-bearing) | 274,089 | 274,794 | 258,786 | 270,346 | 252,919 | |||||||||||||||||||
Other liabilities | 7,591 | 7,725 | 7,699 | 7,736 | 9,022 | |||||||||||||||||||
Stockholders' equity | 106,204 | 105,031 | 96,406 | 104,657 | 94,043 |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||
Summary of Allowance for Loan Losses and Other Related Data | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
9/30/2007 | 9/30/2006 | Year-ended | 9/30/2007 | 9/30/2006 | ||||||||||||||||
(dollar amounts in thousands) | Three Months Ended | 12/31/2006 | Nine Months Ended | |||||||||||||||||
Balance at beginning of period | $ | 10,358 | $ | 9,677 | $ | 9,231 | $ | 9,685 | $ | 9,231 | ||||||||||
Provisions charged to operating expense | 537 | 428 | 1,634 | 1,517 | 1,409 | |||||||||||||||
10,895 | 10,105 | 10,865 | 11,202 | 10,640 | ||||||||||||||||
Recoveries on loans charged-off: | ||||||||||||||||||||
Commercial | 2 | 13 | 34 | 4 | 62 | |||||||||||||||
Consumer | 9 | 13 | 71 | 23 | 40 | |||||||||||||||
Real estate | 0 | 0 | 0 | 8 | 0 | |||||||||||||||
Total recoveries | 11 | 26 | 105 | 35 | 102 | |||||||||||||||
Loans charged-off: | ||||||||||||||||||||
Commercial | (207 | ) | (249 | ) | (895 | ) | (469 | ) | (750 | ) | ||||||||||
Consumer | (2 | ) | (247 | ) | (390 | ) | (69 | ) | (357 | ) | ||||||||||
Real estate | (24 | ) | 0 | 0 | (26 | ) | 0 | |||||||||||||
Total charged-off | (233 | ) | (496 | ) | (1,285 | ) | (564 | ) | (1,107 | ) | ||||||||||
Net charge-offs | (222 | ) | (470 | ) | (1,180 | ) | (529 | ) | (1,005 | ) | ||||||||||
Balance at end of period | $ | 10,673 | $ | 9,635 | $ | 9,685 | $ | 10,673 | $ | 9,635 | ||||||||||
Net charge-offs as a percentage of | ||||||||||||||||||||
average loans outstanding | 0.02 | % | 0.05 | % | 0.13 | % | 0.05 | % | 0.11 | % | ||||||||||
Allowance for loan losses as a percentage of | ||||||||||||||||||||
period-end loans | 0.96 | % | 1.03 | % | 0.99 | % | 0.96 | % | 1.03 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||
Summary of Non-Performing Loans and Assets | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | |||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||
Commercial | $ | 997 | $ | 1,362 | $ | 945 | $ | 984 | $ | 1,275 | |||||||||||
Consumer | 57 | 54 | 19 | 19 | 139 | ||||||||||||||||
Mortgage: | |||||||||||||||||||||
Construction | 529 | 520 | 394 | 247 | 0 | ||||||||||||||||
Mortgage | 1,767 | 1,784 | 2,207 | 2,129 | 2,216 | ||||||||||||||||
Total nonaccrual loans | 3,350 | 3,720 | 3,565 | 3,379 | 3,630 | ||||||||||||||||
Loans past due 90 days or more | |||||||||||||||||||||
and still accruing | 0 | 0 | 0 | 2 | 0 | ||||||||||||||||
Renegotiated loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Total non-performing loans | 3,350 | 3,720 | 3,565 | 3,381 | 3,630 | ||||||||||||||||
Foreclosed real estate | 390 | 300 | 300 | 159 | 159 | ||||||||||||||||
Total non-performing assets | $ | 3,740 | $ | 4,020 | $ | 3,865 | $ | 3,540 | $ | 3,789 | |||||||||||
Non-performing loans to total loans | 0.30 | % | 0.34 | % | 0.34 | % | 0.34 | % | 0.39 | % | |||||||||||
Non-performing assets to total assets | 0.19 | % | 0.21 | % | 0.20 | % | 0.19 | % | 0.21 | % | |||||||||||
Non-performing loan coverage | 319 | % | 278 | % | 280 | % | 287 | % | 265 | % | |||||||||||
Allowance for loan losses as a percentage | |||||||||||||||||||||
of total period-end loans | 0.96 | % | 0.96 | % | 0.95 | % | 0.99 | % | 1.03 | % | |||||||||||
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.