Pennsylvania Commerce Bancorp, Inc.
Selected Consolidated Financial Data
(Unaudited)
At or for the Three Months Ended
March 31,
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%
( in thousands, except per share amounts) 2005 2004 Change
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Income Statement Data:
Net interest income $ 12,158 $ 10,968 11 %
Provision for loan losses 545 575 (5) %
Noninterest income 3,206 2,586 24 %
Noninterest operating expenses 11,147 10,117 10 %
Net income 2,461 1,928 + 28 %
Per Common Share Data:
Net income: Basic $ 0.41 $ 0.41 0 %
Net income: Diluted 0.39 0.38 3 %
Book Value $ 14.31 $ 11.44 + 25 %
Weighted average shares outstanding:
Basic 5,902 4,603
Diluted 6,319 5,036
Balance Sheet Data:
Total assets $1,377,180 $1,097,226 26 %
Loans (net) 681,075 507,156 + 34 %
Allowance for loan losses 8,352 6,519 28 %
Investment Securities 589,533 503,557 17 %
Total deposits 1,172,923 937,217 25 %
Core deposits 1,132,183 888,832 + 27 %
Stockholders' equity 85,790 53,855 + 59 %
Capital:
Stockholders' equity to total assets 6.23 % 4.91 %
Leverage Ratio 7.88 6.06
Risk based capital ratios:
Tier 1 11.19 9.44
Total Capital 12.12 10.40
Performance Ratios:
Cost of funds 1.70 % 1.18 %
Deposit Cost of Funds 1.46 0.92
Net interest margin 4.07 4.42
Return on average assets 0.78 0.73
Return on average total stockholders' equity 11.69 14.87
Asset Quality:
Net charge-offs to average loans outstanding 0.01 % 0.01 %
Nonperforming loans to total period-end loans 0.22 0.28
Nonperforming assets to total period-end assets 0.14 0.15
Allowance for loan losses to total period-end loans 1.21 1.27
Allowance for loan losses to nonperforming loans 549 % 448 %
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income
(unaudited)
Quarter ended,
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March 2005 March 2004
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Average Average Average Average
Balance Interest Rate Balance Interest Rate
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(dollars in thousands)
Earning Assets
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Investment securities
Taxable $ 526,341 $ 6,575 5.00 % $ 485,657 $ 6,073 5.00 %
Tax-exempt 6,440 105 6.52 6,844 101 5.93
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Total securities 532,781 6,680 5.02 492,501 6,174 5.02
Federal funds sold 270 2 2.66 0 0 0.00
Trust Preferred 600 16 10.33 600 16 10.33
Loans receivable
Mortgage and construction 368,689 6,032 6.64 302,977 4,906 6.51
Commercial loans and lines of credit 172,078 2,696 6.35 113,073 1,647 5.86
Consumer 118,824 1,679 5.73 78,594 1,065 5.45
Tax-exempt 6,607 75 4.60 5,827 70 4.82
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Total loans receivable 666,198 10,482 6.38 500,471 7,688 6.26
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Total earning assets $1,199,849 $17,180 5.77 % $ 993,572 $13,878 5.60 %
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Sources of Funds
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Interest-bearing deposits
Regular savings $ 302,987 $ 915 1.22 % $ 249,939 $ 553 0.89 %
Interest checking & money market 418,702 2,029 1.97 294,609 614 0.84
Time deposits 174,653 1,165 2.71 149,091 901 2.43
Public funds time 35,189 211 2.43 48,005 199 1.66
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Total interest-bearing deposits 931,531 4,320 1.88 741,644 2,267 1.23
Short-term borrowings 51,740 348 2.69 93,604 289 1.22
Junior subordinated debt 13,600 354 10.43 13,600 354 10.43
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Total interest-bearing liabilities 996,871 5,022 2.04 848,848 2,910 1.38
Noninterest-bearing funds (net) 202,978 144,724
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Total sources to fund earning assets $1,199,849 5,022 1.70 $ 993,572 2,910 1.18
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Net interest income and margin $12,158 4.07 % $10,968 4.42 %
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Other Balances
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Cash and due from banks $ 37,513 $ 30,748
Other assets 49,859 41,958
Total assets 1,287,221 1,066,278
Demand deposits (noninterest-bearing) 200,418 162,541
Other liabilities 4,571 2,734
Stockholders' equity 85,361 52,155