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) | 2008 | 2007 | Change | 2008 | 2007 | Change | |||||||||
Income Statement Data: | |||||||||||||||
Net interest income | $ 19,087 | $ 14,254 | 34 | % | $ 37,670 | $ 27,482 | 37 | % | |||||||
Provision for loan losses | 1,400 | 500 | 180 | 2,375 | 980 | 142 | |||||||||
Noninterest income | 6,493 | 5,705 | 14 | 12,486 | 10,875 | 15 | |||||||||
Total revenues | 25,580 | 19,959 | 28 | 50,156 | 38,357 | 31 | |||||||||
Noninterest operating expenses | 19,077 | 17,308 | 10 | 37,978 | 33,798 | 12 | |||||||||
Net income | 3,506 | 1,571 | 123 | 6,712 | 2,683 | 150 | |||||||||
Per Common Share Data: | |||||||||||||||
Net income: Basic | $ 0.55 | $ 0.25 | 120 | % | $ 1.05 | $ 0.43 | 144 | % | |||||||
Net income: Diluted | 0.54 | 0.24 | �� | 125 | 1.03 | 0.41 | 151 | ||||||||
Book Value | $ 17.53 | $ 16.60 | 6 | % | |||||||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 6,341 | 6,223 | 6,334 | 6,195 | |||||||||||
Diluted | 6,504 | 6,458 | 6,499 | 6,430 | |||||||||||
Balance Sheet Data: | |||||||||||||||
Total assets | $ 2,045,103 | $ 1,915,463 | 7 | % | |||||||||||
Loans (net) | 1,298,308 | 1,070,353 | 21 | ||||||||||||
Allowance for loan losses | 12,210 | 10,358 | 18 | ||||||||||||
Investment securities | 539,470 | 657,120 | (18) | ||||||||||||
Total deposits | 1,546,672 | 1,532,449 | 1 | ||||||||||||
Core deposits | 1,532,208 | 1,514,453 | 1 | ||||||||||||
Stockholders' equity | 112,371 | 104,721 | 7 | ||||||||||||
Capital: | |||||||||||||||
Stockholders' equity to total assets | 5.49 | % | 5.47 | % | |||||||||||
Leverage ratio | 7.70 | 7.22 | |||||||||||||
Risk based capital ratios: | |||||||||||||||
Tier 1 | 10.05 | 10.03 | |||||||||||||
Total Capital | 10.86 | 10.78 | |||||||||||||
Performance Ratios: | |||||||||||||||
Cost of funds | 1.73 | % | 3.30 | % | 1.92 | % | 3.35 | % | |||||||
Deposit cost of funds | 1.18 | 2.43 | 1.31 | 2.58 | |||||||||||
Net interest margin | 4.10 | 3.19 | 4.08 | 3.11 | |||||||||||
Return on average assets | 0.71 | 0.33 | 0.69 | 0.29 | |||||||||||
Return on average total stockholders' equity | 12.57 | 6.00 | 11.98 | 5.21 | |||||||||||
Asset Quality: | |||||||||||||||
Net charge-offs to average loans outstanding | 0.07 | % | 0.03 | % | |||||||||||
Nonperforming assets to total period-end assets | 0.65 | 0.21 | |||||||||||||
Allowance for loan losses to total period-end loans | 0.93 | 0.96 | |||||||||||||
Allowance for loan losses to nonperforming loans | 95 | 278 | |||||||||||||
Nonperforming assets to capital and reserves | 11 | % | 3 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||
Quarter ending, | ||||||||||||||||||
June 2008 | March 2008 | June 2007 | ||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
(dollars in thousands) | ||||||||||||||||||
Earning Assets | ||||||||||||||||||
Investment securities | ||||||||||||||||||
Taxable | $ 572,632 | $ 7,109 | 4.97 | % | $ 616,294 | $ 7,927 | 5.14 | % | $ 686,714 | $ 9,108 | 5.31 | % | ||||||
Tax-exempt | 1,622 | 25 | 6.17 | 1,621 | 25 | 6.17 | 1,620 | 25 | 6.17 | |||||||||
Total securities | 574,254 | 7,134 | 4.97 | 617,915 | 7,952 | 5.15 | 688,334 | 9,133 | 5.31 | |||||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | |||||||||
Loans receivable | ||||||||||||||||||
Mortgage and construction | 622,055 | 10,248 | 6.53 | 579,577 | 9,992 | 6.83 | 530,395 | 9,695 | 7.24 | |||||||||
Commercial loans and lines of credit | 344,512 | 5,373 | 6.17 | 332,486 | 5,865 | 6.98 | 301,393 | 6,068 | 7.97 | |||||||||
Consumer | 235,819 | 3,543 | 6.04 | 226,889 | 3,717 | 6.59 | 201,034 | 3,410 | 6.80 | |||||||||
Tax-exempt | 72,240 | 1,227 | 6.79 | 56,742 | 985 | 6.94 | 49,847 | 859 | 6.89 | |||||||||
Total loans receivable | 1,274,626 | 20,391 | 6.36 | 1,195,694 | 20,559 | 6.83 | 1,082,669 | 20,032 | 7.35 | |||||||||
Total earning assets | $ 1,848,880 | $ 27,525 | 5.93 | % | $ 1,813,609 | $ 28,511 | 6.26 | % | $ 1,771,003 | $ 29,165 | 6.55 | % | ||||||
Sources of Funds | ||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||
Regular savings | $ 335,255 | $ 889 | 1.07 | % | $ 349,976 | $ 1,200 | 1.38 | % | $ 375,370 | $ 2,365 | 2.53 | % | ||||||
Interest checking and money market | 694,178 | 2,548 | 1.48 | 706,625 | 3,360 | 1.91 | 674,125 | 6,138 | 3.65 | |||||||||
Time deposits | 199,025 | 1,788 | 3.61 | 166,221 | 1,650 | 3.99 | 190,854 | 2,024 | 4.25 | |||||||||
Public funds time | 24,607 | 223 | 3.64 | 22,920 | 237 | 4.16 | 17,839 | 219 | 4.92 | |||||||||
Total interest-bearing deposits | 1,253,065 | 5,448 | 1.75 | 1,245,742 | 6,447 | 2.08 | 1,258,188 | 10,746 | 3.43 | |||||||||
Short-term borrowings | 236,957 | 1,338 | 2.23 | 230,749 | 1,911 | 3.28 | 238,520 | 3,204 | 5.31 | |||||||||
Other borrowed money | 50,000 | 554 | 4.38 | 50,000 | 555 | 4.39 | 0 | 0 | 0.00 | |||||||||
Junior subordinated debt | 29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | |||||||||
Total interest-bearing liabilities | 1,569,422 | 8,001 | 2.04 | 1,555,891 | 9,574 | 2.46 | 1,526,108 | 14,611 | 3.83 | |||||||||
Noninterest-bearing funds (net) | 279,458 | 257,718 | 244,895 | |||||||||||||||
Total sources to fund earning assets | $ 1,848,880 | $ 8,001 | 1.73 | % | $ 1,813,609 | $ 9,574 | 2.11 | % | $ 1,771,003 | $ 14,611 | 3.30 | % | ||||||
Net interest income and margin | ||||||||||||||||||
on a tax-equivalent basis | $ 19,524 | 4.20 | % | $ 18,937 | 4.15 | % | $ 14,554 | 3.25 | % | |||||||||
Tax-exempt adjustment | 437 | 354 | 300 | |||||||||||||||
Net interest income and margin | $ 19,087 | 4.10 | % | $ 18,583 | 4.07 | % | $ 14,254 | 3.19 | % | |||||||||
Other Balances: | ||||||||||||||||||
Cash and due from banks | $ 43,842 | $ 46,913 | $ 51,842 | |||||||||||||||
Other assets | 83,137 | 89,927 | 90,813 | |||||||||||||||
Total assets | 1,975,859 | 1,950,449 | 1,913,658 | |||||||||||||||
Demand deposits (noninterest-bearing) | 283,693 | 270,345 | 274,794 | |||||||||||||||
Other liabilities | 10,577 | 11,041 | 7,725 | |||||||||||||||
Stockholders' equity | 112,167 | 113,172 | 105,031 |
Year-to-date, | ||||||||||||
June 2008 | June 2007 | |||||||||||
Average | Average | Average | Average | |||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||
(dollars in thousands) | ||||||||||||
Earning Assets | ||||||||||||
Investment securities | ||||||||||||
Taxable | $ 594,463 | $ 15,036 | 5.06 | % | $ 695,668 | $ 18,487 | 5.31 | % | ||||
Tax-exempt | 1,621 | 50 | 6.17 | 1,619 | 50 | 6.18 | ||||||
Total securities | 596,084 | 15,086 | 5.06 | 697,287 | 18,537 | 5.32 | ||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | ||||||
Loans receivable | ||||||||||||
Mortgage and construction | 600,816 | 20,240 | 6.67 | 504,177 | 18,169 | 7.17 | ||||||
Commercial loans and lines of credit | 338,499 | 11,238 | 6.57 | 307,063 | 12,336 | 7.99 | ||||||
Consumer | 231,354 | 7,260 | 6.31 | 197,713 | 6,657 | 6.79 | ||||||
Tax-exempt | 64,491 | 2,212 | 6.86 | 43,303 | 1,470 | 6.79 | ||||||
Total loans receivable | 1,235,160 | 40,950 | 6.59 | 1,052,256 | 38,632 | 7.32 | ||||||
Total earning assets | $ 1,831,244 | $ 56,036 | 6.09 | % | $ 1,749,543 | $ 57,169 | 6.52 | % | ||||
Sources of Funds | ||||||||||||
Interest-bearing deposits | ||||||||||||
Regular savings | $ 342,616 | $ 2,088 | 1.23 | % | $ 376,546 | $ 4,855 | 2.60 | % | ||||
Interest checking and money market | 700,401 | 5,909 | 1.70 | 687,338 | 12,990 | 3.81 | ||||||
Time deposits | 182,623 | 3,438 | 3.79 | 195,721 | 4,125 | 4.25 | ||||||
Public funds time | 23,763 | 460 | 3.89 | 18,720 | 455 | 4.90 | ||||||
Total interest-bearing deposits | 1,249,403 | 11,895 | 1.91 | 1,278,325 | 22,425 | 3.54 | ||||||
Short-term borrowings | 233,853 | 3,249 | 2.75 | 202,087 | 5,423 | 5.34 | ||||||
Other borrowed money | 50,000 | 1,109 | 4.39 | 0 | 0 | 0.00 | ||||||
Junior subordinated debt | 29,400 | 1,322 | 8.99 | 29,400 | 1,322 | 8.99 | ||||||
Total interest-bearing liabilities | 1,562,656 | 17,575 | 2.25 | 1,509,812 | 29,170 | 3.88 | ||||||
Noninterest-bearing funds (net) | 268,588 | 239,731 | ||||||||||
Total sources to fund earning assets | $ 1,831,244 | $ 17,575 | 1.92 | % | $ 1,749,543 | $ 29,170 | 3.35 | % | ||||
Net interest income and margin | ||||||||||||
on a tax-equivalent basis | $ 38,461 | 4.17 | % | $ 27,999 | 3.17 | % | ||||||
Tax-exempt adjustment | 791 | 517 | ||||||||||
Net interest income and margin | $ 37,670 | 4.08 | % | $ 27,482 | 3.11 | % | ||||||
Other Balances: | ||||||||||||
Cash and due from banks | $ 45,378 | $ 50,119 | ||||||||||
Other assets | 86,533 | 90,277 | ||||||||||
Total assets | 1,963,155 | 1,889,939 | ||||||||||
Demand deposits (noninterest-bearing) | 277,019 | 268,443 | ||||||||||
Other liabilities | 10,810 | 7,813 | ||||||||||
Stockholders' equity | 112,670 | 103,871 |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | |||||||||||
Summary of Allowance for Loan Losses and Other Related Data | |||||||||||
(unaudited) | |||||||||||
6/30/2008 | 6/30/2007 | Year-ended | 6/30/2008 | 6/30/2007 | |||||||
(dollar amounts in thousands) | Three Months Ended | 12/31/2007 | Six Months Ended | ||||||||
Balance at beginning of period | $ 11,627 | $ 9,992 | $ 9,685 | $ 10,742 | $ 9,685 | ||||||
Provisions charged to operating expense | 1,400 | 500 | 1,762 | 2,375 | 980 | ||||||
13,027 | 10,492 | 11,447 | 13,117 | 10,665 | |||||||
Recoveries on loans charged-off: | |||||||||||
Commercial | 7 | 1 | 11 | 131 | 2 | ||||||
Consumer | 17 | 9 | 53 | 23 | 14 | ||||||
Real estate | 0 | 0 | 8 | 0 | 8 | ||||||
Total recoveries | 24 | 10 | 72 | 154 | 24 | ||||||
Loans charged-off: | |||||||||||
Commercial | (719) | (86) | (634) | (884) | (262) | ||||||
Consumer | (70) | (58) | (69) | (108) | (67) | ||||||
Real estate | (52) | 0 | (74) | (69) | (2) | ||||||
Total charged-off | (841) | (144) | (777) | (1,061) | (331) | ||||||
Net charge-offs | (817) | (134) | (705) | (907) | (307) | ||||||
Balance at end of period | $ 12,210 | $ 10,358 | $ 10,742 | $ 12,210 | $ 10,358 | ||||||
Net charge-offs as a percentage of | |||||||||||
average loans outstanding | 0.07 | % | 0.01 | % | 0.07 | % | 0.07 | % | 0.03 | % | |
Allowance for loan losses as a percentage of | |||||||||||
period-end loans | 0.93 | % | 0.96 | % | 0.93 | % | 0.93 | % | 0.96 | % |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | ||||||||||||
Summary of Non-Performing Loans and Assets | ||||||||||||
(unaudited) | ||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||
2008 | 2008 | 2007 | 2007 | 2007 | ||||||||
Nonaccrual loans: | ||||||||||||
Commercial | $ 2,577 | $ 1,158 | $ 534 | $ 997 | $ 1,362 | |||||||
Consumer | 125 | 120 | 57 | 57 | 54 | |||||||
Real Estate: | ||||||||||||
Construction | 735 | 284 | 385 | 529 | 520 | |||||||
Real Estate | 3,433 | 2,183 | 1,959 | 1,767 | 1,784 | |||||||
Total nonaccrual loans | 6,870 | 3,745 | 2,935 | 3,350 | 3,720 | |||||||
Loans past due 90 days or more | ||||||||||||
and still accruing | 6,036 | 15 | 0 | 0 | 0 | |||||||
Renegotiated loans | 0 | 0 | 0 | 0 | 0 | |||||||
Total nonperforming loans | 12,906 | 3,760 | 2,935 | 3,350 | 3,720 | |||||||
Foreclosed real estate | 421 | 588 | 489 | 390 | 300 | |||||||
Total nonperforming assets | $ 13,327 | $ 4,348 | $ 3,424 | $ 3,740 | $ 4,020 | |||||||
Nonperforming loans to total loans | 0.98% | 0.31% | 0.25% | 0.30% | 0.34% | |||||||
Nonperforming assets to total assets | 0.65% | 0.22% | 0.17% | 0.19% | 0.21% | |||||||
Nonperforming loan coverage | 95% | 309% | 366% | 319% | 278% | |||||||
Allowance for loan losses as a percentage | ||||||||||||
of total period-end loans | 0.93% | 0.96% | 0.93% | 0.96% | 0.96% | |||||||
Nonperforming assets / capital plus allowance for loan losses | 11% | 4% | 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. |