Columbia Bancorp Records 32.6% Increase In Core Earnings in First Quarter 2001

Apr 19, 2001, 01:00 ET from Columbia Bancorp

    COLUMBIA, Md., April 19 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
 parent company of The Columbia Bank (the "Bank"), announced first quarter core
 earnings of $2.16 million, or $.30 per diluted common share, compared to
 $1.63 million, or $.23 per diluted common share, for the same period in 2000,
 representing an increase of 32.6%.  Reported earnings during the first quarter
 of 2000 were $56,000 and reflected pretax one-time merger-related charges of
 $2.21 million recorded in connection with the completion of the merger of
 Suburban Bancshares, Inc. into Columbia Bancorp effective March 8, 2000.   All
 results for 2000 and prior periods have been restated to reflect the merger,
 which was accounted for as a pooling of interests.
     Returns on average equity for the first quarter 2001 and 2000 (before
 merger-related charges) were 13.4% and 10.5%, respectively.  Returns on
 average assets for the first quarter 2001 and 2000 (before merger-related
 charges) were 1.1% and 0.9%, respectively.
     Total assets at March 31, 2001 grew to a record high of $855.0 million.
 Deposits increased from $630.5 million at December 31, 2000 to $682.1 million
 at quarter end.  Deposit growth was fueled largely by increased activity in
 accounts maintained by residential title companies, reflecting increased home
 mortgage settlement activity.  Loan and lease receivables, net of unearned
 income, totaled $542.7 million at the end of the first quarter 2001 and
 represented growth on a year-to-year basis of 16.1%.  Growth in the loan
 portfolio continued to be supported by all major lending categories, including
 development and construction, retail, and commercial.
     Operating income, exclusive of income on real estate owned and the
 provision for loan losses, for the first quarter 2001 increased $1.2 million
 or 13.9% as compared to the same period in 2000, and reflected an increase in
 net interest income of $1.0 million or 12.8% and in noninterest income of
 $210,000 or 23.0%.  Growth in net interest income was driven by an increase in
 average loans outstanding of $83.6 million, or 18.1% from period to period,
 and was mitigated by a decline in the net interest margin from 5.02% during
 the first quarter 2000 to 4.89% during the first quarter 2001.  Management
 anticipates that the net interest margin will continue to come under pressure
 as the Company's loan and investment portfolios absorb the impact of the rate
 adjustments initiated by the Federal Reserve during the first quarter of 2001
 and any future such adjustments.
     Operating expenses for the first quarter 2001 increased 9.3% compared to
 the same period in 2000, exclusive of merger-related charges, growing more
 slowly than operating income as the Company continued to effectively leverage
 existing corporate resources.  As a result, the Company's efficiency ratio
 improved from 68.5% for the first quarter 2000 to 65.7% for 2001.
     Total nonperforming assets and past-due loans increased from $4.9 million
 at March 31, 2000 to $8.3 million at March 31, 2001.  As previously reported,
 this increase in nonperforming assets primarily reflects the movement of a
 single commercial banking relationship with a local manufacturer to non-
 accrual status.  The Company believes that the carrying value of these loans
 is adequately secured by commercial real estate, the principals' residence and
 other business assets.  The Company also has personal guarantees of the
 principals.  Annualized net charge-offs to average loans, net of unearned
 income for the first quarter of 2001 were .08% as compared to .09% for the
 same period in 2000.  At March 31, 2001, the allowance for loan losses totaled
 $7.2 million or 1.33% of loans outstanding as compared to 1.34% at March 31,
 2000.
 
     Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
 company and parent company of The Columbia Bank, a commercial bank.  The
 Columbia Bank provides a full range of financial services to consumers and
 businesses through twenty-three branch offices located in Baltimore, Howard,
 Montgomery, and Prince George's Counties and Baltimore City.  Columbia
 Bancorp's Common Stock is traded on the National Market tier of The Nasdaq
 Stock Market(SM) under the symbol "CBMD".
 
     This press release may contain forward-looking statements of goals,
 intentions and expectations concerning or based upon economic conditions,
 interest rates and other matters which are subject to significant
 uncertainties.  Because of these uncertainties and the assumptions on which
 the statements in this press release are based, actual future results may
 differ materially from those expressed herein.
 
 
                                  COLUMBIA BANCORP
                                Financial Highlights
                    (Dollars in Thousands Except Per-Share Data)
 
                                           As of and Three Months Ended
                                                     March 31,
                                                 2001         2000    % Change
                                                    (unaudited)
     SUMMARY OF OPERATING RESULTS:
         Net interest income                    $9,001        7,979      12.8%
         Provision for credit losses               300          271      10.7%
         Noninterest income                      1,168          945      23.6%
         Noninterest expense before
          merger-related expenses                6,679        6,109       9.3%
         Income tax provision                    1,030          275     274.5%
         Net income                              2,160           56    3757.0%
         Net income before merger-related
          expenses                               2,160        1,628      32.6%
 
     PER SHARE DATA:
         Net income:
             Basic                               $0.30         0.01    2900.0%
             Diluted                              0.30         0.01    2900.0%
         Net income before merger-related
          expenses:
             Basic                                0.30         0.23      30.4%
             Diluted                              0.30         0.23      30.4%
         Average number of shares
          outstanding:
             Basic                           7,153,744    7,153,905       0.0%
             Diluted                         7,211,027    7,198,924       0.2%
         Book value, at period end               $9.28         8.41      10.4%
         Tangible book value, at period
          end                                     9.28         8.42      10.2%
         Cash dividends declared                 $0.10         0.09      11.1%
 
     PERIOD END DATA:
         Assets                               $854,959      714,885      19.6%
         Deposits                              682,135      577,437      18.1%
         Loans and leases, net of unearned
          income                               542,698      467,546      16.1%
         Investment securities and
          securities available-for-sale        157,327      158,386      -0.7%
         Stockholders' equity                   66,507       60,267      10.4%
 
     PERFORMANCE RATIOS:
         Return on average assets                1.09%        0.03%
         Return on average assets before
          merger-related expenses                1.09%        0.94%
         Return on average stockholders'
          equity                                13.39%        0.36%
         Return on average stockholders'
          equity before merger-related
          expenses                              13.39%       10.50%
         Net interest margin                     4.89%        5.02%
         Efficiency ratio before merger-
          related expenses                      65.68%       68.46%
 
     CAPITAL RATIOS:
         Period-end capital to risk-
          weighted assets:
             Tier 1                             10.38%       11.38%
             Total                              11.51%       12.60%
         Period-end tier 1 leverage ratio        8.28%        8.36%
 
     ASSET QUALITY:
         Net charge-offs                          $108          100       8.0%
         Nonperforming assets:
             Nonaccrual loans                    4,959          869     470.7%
             Restructured loans                    285            -       0.0%
             Loans 90+ days past due and
              accruing                             270          182      48.4%
             Other real estate owned             2,738        3,867     -29.2%
                 Total nonperforming
                  assets and past due
                  loans                          8,252        4,918      67.8%
         Allowance for credit losses to
          loans, net of unearned income,
          at period-end                          1.33%        1.34%
         Nonperforming and past-due loans
          to total loans, net of unearned
          income, at period-end                  1.02%        0.22%
         Nonperforming assets and past-due
          loans to total assets, at
          period-end                             0.97%        0.69%
         Annualized net charge-offs to
          average loans, net of unearned
          income                                 0.08%        0.09%
 
 
                                  COLUMBIA BANCORP
                                Financial Highlights
                    (Dollars in Thousands Except Per-Share Data)
 
     AVERAGE BALANCES:
         Federal funds sold (a)                $18,681       15,682      19.1%
         Investment securities and
          securities available-for-sale        181,762      160,198      13.5%
         Loans and leases, net of unearned
          income                               546,002      462,370      18.1%
         Loans originated for sale (a)           3,124        1,768      76.7%
         Total earning assets                  749,569      640,018      17.1%
         Total assets                          802,931      695,632      15.4%
         Interest-bearing deposits
             NOW accounts                       59,837       53,893      11.0%
             Savings and money market
              accounts                         175,718      171,283       2.6%
             Time deposits                     273,418      209,527      30.5%
         Total deposits                        627,189      548,508      14.3%
         Short-term borrowings (a)              82,616       56,707      45.7%
         Long-term borrowings                   20,000       20,000       0.0%
         Total interest-bearing
          liabilities                          611,589      511,410      19.6%
         Stockholders' equity                   65,437       62,383       4.9%
 
     YIELD ANALYSIS:
         Federal funds sold                      5.28%        5.62%
         Investment securities and
          securities available-for-sale          6.76%        6.21%
         Loans and leases, net of unearned
          income                                 9.34%        9.19%
         Total yield on earning assets           8.61%        8.35%
 
         Interest-bearing deposits
             NOW accounts                        0.64%        1.26%
             Savings and money market
              accounts                           3.32%        3.40%
             Time deposits                       6.06%        5.09%
         Short-term borrowings                   4.89%        5.46%
         Long-term borrowings                    5.27%        5.33%
         Total cost of interest-bearing
          liabilities                            4.56%        4.17%
 
     (a)   Variances reflect significant fluctuations in account
           balances due to the nature of the accounts.
 
 
                                 COLUMBIA BANCORP
                       Consolidated Statements of Condition
                              (Dollars in Thousands)
 
                                            March 31,   March 31,  December 31,
                                               2001        2000        2000
                                                 (unaudited)
     Assets
     Cash and due from banks                  $34,198     $30,608     $31,931
     Federal funds sold                        88,229      30,545      15,540
     Investment securities                     99,686      95,409     137,674
     Securities available-for-sale             57,641      62,977      61,337
     Residential mortgage loans originated
      for sale                                  8,695       2,359       1,911
 
     Loan and lease receivables:
         Commercial                           164,555     147,718     170,910
         Leases                                 1,840       1,506       1,723
         Real estate development and
          construction                        137,769     102,207     129,336
         Real estate mortgage:
             Residential                       18,537      18,247      18,594
             Commercial                        78,143      75,929      75,325
         Retail, principally second
          mortgage loans and residential
          equity lines of credit              139,836     119,465     139,967
         Credit card                            2,340       2,077       2,572
         Other                                    154         593       1,035
     Total loans and leases                   543,174     467,742     539,462
           Less: unearned income, net of
            origination costs                    (476)       (196)       (411)
                allowance for credit losses    (7,218)     (6,252)     (7,026)
     Total loans and leases, net              535,480     461,294     532,025
 
     Other real estate owned                    2,738       3,867       2,996
     Property and equipment, net               11,025      11,148      11,372
     Prepaid expenses and other assets         17,267      16,678      17,864
 
               Total assets                  $854,959    $714,885    $812,650
 
 
     Liabilities
     Deposits:
           Noninterest-bearing               $124,382    $123,859    $130,155
           Interest-bearing                   557,753     453,578     500,329
               Total deposits                 682,135     577,437     630,484
     Short-term borrowings                     80,551      49,265      93,184
     Long-term borrowings                      20,000      20,000      20,000
     Accrued expenses and other
      liabilities                               5,766       7,916       4,462
               Total liabilities              788,452     654,618     748,130
 
     Stockholders' equity
     Common stock, $.01 par value per
      share; authorized 10,000,000 shares;
      outstanding 7,164,964, 7,155,233 and
      7,149,968 shares, respectively               72          71          71
     Additional paid-in capital                48,434      48,450      48,378
     Retained earnings                         17,956      13,350      16,512
     Accumulated other comprehensive
      income                                       45      (1,604)       (441)
               Total stockholders' equity      66,507      60,267      64,520
 
               Total liabilities and
                stockholders' equity         $854,959    $714,885    $812,650
 
 
                                  COLUMBIA BANCORP
             Consolidated Statements of Income and Comprehensive Income
                    (Dollars in Thousands Except Per-Share Data)
 
                                                        Three Months Ended
                                                             March 31,
                                                      2001               2000
                                                            (unaudited)
     Interest income:
         Loans and leases                            $12,603            10,593
         Investment securities                         3,030             2,473
         Federal funds sold                              243               219
               Total interest income                  15,876            13,285
     Interest expense:
         Deposits                                      5,618             4,271
         Borrowings                                    1,257             1,035
               Total interest expense                  6,875             5,306
               Net interest income                     9,001             7,979
     Provision for credit losses                         300               271
               Net interest income after
                provision for credit losses            8,701             7,708
     Noninterest income:
         Fees charged for services                       620               544
         Gains on sales of mortgage loans,
          net of costs                                   133                91
         Net income on other real estate
          owned                                           43                30
         Gains on sale of securities
          available-for-sale                               0                 0
         Other                                           372               280
               Total noninterest income                1,168               945
     Noninterest expense:
         Salaries and employee benefits                3,515             3,130
         Occupancy, net                                  888               859
         Equipment                                       556               461
         Data processing                                 290               392
         Marketing                                       116               174
         Cash management services                        118                96
         Professional fees                               269               158
         Deposit insurance                                45                42
         Merger-related expenses                           0             2,213
         Other                                           882               797
               Total noninterest expense               6,679             8,322
               Income before income taxes              3,190               331
     Income tax provision                              1,030               275
               Net income                              2,160                56
     Other comprehensive income, net of
      tax - unrealized net gain (loss) on
      securities available-for-sale                      486              (457)
               Comprehensive income                   $2,646              (401)
 
     Per common share data:
         Net income:  Basic                            $0.30              0.01
                      Diluted                           0.30              0.01
 
         Cash dividends declared                       $0.10              0.09
 
 

SOURCE Columbia Bancorp
    COLUMBIA, Md., April 19 /PRNewswire/ -- Columbia Bancorp (Nasdaq: CBMD),
 parent company of The Columbia Bank (the "Bank"), announced first quarter core
 earnings of $2.16 million, or $.30 per diluted common share, compared to
 $1.63 million, or $.23 per diluted common share, for the same period in 2000,
 representing an increase of 32.6%.  Reported earnings during the first quarter
 of 2000 were $56,000 and reflected pretax one-time merger-related charges of
 $2.21 million recorded in connection with the completion of the merger of
 Suburban Bancshares, Inc. into Columbia Bancorp effective March 8, 2000.   All
 results for 2000 and prior periods have been restated to reflect the merger,
 which was accounted for as a pooling of interests.
     Returns on average equity for the first quarter 2001 and 2000 (before
 merger-related charges) were 13.4% and 10.5%, respectively.  Returns on
 average assets for the first quarter 2001 and 2000 (before merger-related
 charges) were 1.1% and 0.9%, respectively.
     Total assets at March 31, 2001 grew to a record high of $855.0 million.
 Deposits increased from $630.5 million at December 31, 2000 to $682.1 million
 at quarter end.  Deposit growth was fueled largely by increased activity in
 accounts maintained by residential title companies, reflecting increased home
 mortgage settlement activity.  Loan and lease receivables, net of unearned
 income, totaled $542.7 million at the end of the first quarter 2001 and
 represented growth on a year-to-year basis of 16.1%.  Growth in the loan
 portfolio continued to be supported by all major lending categories, including
 development and construction, retail, and commercial.
     Operating income, exclusive of income on real estate owned and the
 provision for loan losses, for the first quarter 2001 increased $1.2 million
 or 13.9% as compared to the same period in 2000, and reflected an increase in
 net interest income of $1.0 million or 12.8% and in noninterest income of
 $210,000 or 23.0%.  Growth in net interest income was driven by an increase in
 average loans outstanding of $83.6 million, or 18.1% from period to period,
 and was mitigated by a decline in the net interest margin from 5.02% during
 the first quarter 2000 to 4.89% during the first quarter 2001.  Management
 anticipates that the net interest margin will continue to come under pressure
 as the Company's loan and investment portfolios absorb the impact of the rate
 adjustments initiated by the Federal Reserve during the first quarter of 2001
 and any future such adjustments.
     Operating expenses for the first quarter 2001 increased 9.3% compared to
 the same period in 2000, exclusive of merger-related charges, growing more
 slowly than operating income as the Company continued to effectively leverage
 existing corporate resources.  As a result, the Company's efficiency ratio
 improved from 68.5% for the first quarter 2000 to 65.7% for 2001.
     Total nonperforming assets and past-due loans increased from $4.9 million
 at March 31, 2000 to $8.3 million at March 31, 2001.  As previously reported,
 this increase in nonperforming assets primarily reflects the movement of a
 single commercial banking relationship with a local manufacturer to non-
 accrual status.  The Company believes that the carrying value of these loans
 is adequately secured by commercial real estate, the principals' residence and
 other business assets.  The Company also has personal guarantees of the
 principals.  Annualized net charge-offs to average loans, net of unearned
 income for the first quarter of 2001 were .08% as compared to .09% for the
 same period in 2000.  At March 31, 2001, the allowance for loan losses totaled
 $7.2 million or 1.33% of loans outstanding as compared to 1.34% at March 31,
 2000.
 
     Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
 company and parent company of The Columbia Bank, a commercial bank.  The
 Columbia Bank provides a full range of financial services to consumers and
 businesses through twenty-three branch offices located in Baltimore, Howard,
 Montgomery, and Prince George's Counties and Baltimore City.  Columbia
 Bancorp's Common Stock is traded on the National Market tier of The Nasdaq
 Stock Market(SM) under the symbol "CBMD".
 
     This press release may contain forward-looking statements of goals,
 intentions and expectations concerning or based upon economic conditions,
 interest rates and other matters which are subject to significant
 uncertainties.  Because of these uncertainties and the assumptions on which
 the statements in this press release are based, actual future results may
 differ materially from those expressed herein.
 
 
                                  COLUMBIA BANCORP
                                Financial Highlights
                    (Dollars in Thousands Except Per-Share Data)
 
                                           As of and Three Months Ended
                                                     March 31,
                                                 2001         2000    % Change
                                                    (unaudited)
     SUMMARY OF OPERATING RESULTS:
         Net interest income                    $9,001        7,979      12.8%
         Provision for credit losses               300          271      10.7%
         Noninterest income                      1,168          945      23.6%
         Noninterest expense before
          merger-related expenses                6,679        6,109       9.3%
         Income tax provision                    1,030          275     274.5%
         Net income                              2,160           56    3757.0%
         Net income before merger-related
          expenses                               2,160        1,628      32.6%
 
     PER SHARE DATA:
         Net income:
             Basic                               $0.30         0.01    2900.0%
             Diluted                              0.30         0.01    2900.0%
         Net income before merger-related
          expenses:
             Basic                                0.30         0.23      30.4%
             Diluted                              0.30         0.23      30.4%
         Average number of shares
          outstanding:
             Basic                           7,153,744    7,153,905       0.0%
             Diluted                         7,211,027    7,198,924       0.2%
         Book value, at period end               $9.28         8.41      10.4%
         Tangible book value, at period
          end                                     9.28         8.42      10.2%
         Cash dividends declared                 $0.10         0.09      11.1%
 
     PERIOD END DATA:
         Assets                               $854,959      714,885      19.6%
         Deposits                              682,135      577,437      18.1%
         Loans and leases, net of unearned
          income                               542,698      467,546      16.1%
         Investment securities and
          securities available-for-sale        157,327      158,386      -0.7%
         Stockholders' equity                   66,507       60,267      10.4%
 
     PERFORMANCE RATIOS:
         Return on average assets                1.09%        0.03%
         Return on average assets before
          merger-related expenses                1.09%        0.94%
         Return on average stockholders'
          equity                                13.39%        0.36%
         Return on average stockholders'
          equity before merger-related
          expenses                              13.39%       10.50%
         Net interest margin                     4.89%        5.02%
         Efficiency ratio before merger-
          related expenses                      65.68%       68.46%
 
     CAPITAL RATIOS:
         Period-end capital to risk-
          weighted assets:
             Tier 1                             10.38%       11.38%
             Total                              11.51%       12.60%
         Period-end tier 1 leverage ratio        8.28%        8.36%
 
     ASSET QUALITY:
         Net charge-offs                          $108          100       8.0%
         Nonperforming assets:
             Nonaccrual loans                    4,959          869     470.7%
             Restructured loans                    285            -       0.0%
             Loans 90+ days past due and
              accruing                             270          182      48.4%
             Other real estate owned             2,738        3,867     -29.2%
                 Total nonperforming
                  assets and past due
                  loans                          8,252        4,918      67.8%
         Allowance for credit losses to
          loans, net of unearned income,
          at period-end                          1.33%        1.34%
         Nonperforming and past-due loans
          to total loans, net of unearned
          income, at period-end                  1.02%        0.22%
         Nonperforming assets and past-due
          loans to total assets, at
          period-end                             0.97%        0.69%
         Annualized net charge-offs to
          average loans, net of unearned
          income                                 0.08%        0.09%
 
 
                                  COLUMBIA BANCORP
                                Financial Highlights
                    (Dollars in Thousands Except Per-Share Data)
 
     AVERAGE BALANCES:
         Federal funds sold (a)                $18,681       15,682      19.1%
         Investment securities and
          securities available-for-sale        181,762      160,198      13.5%
         Loans and leases, net of unearned
          income                               546,002      462,370      18.1%
         Loans originated for sale (a)           3,124        1,768      76.7%
         Total earning assets                  749,569      640,018      17.1%
         Total assets                          802,931      695,632      15.4%
         Interest-bearing deposits
             NOW accounts                       59,837       53,893      11.0%
             Savings and money market
              accounts                         175,718      171,283       2.6%
             Time deposits                     273,418      209,527      30.5%
         Total deposits                        627,189      548,508      14.3%
         Short-term borrowings (a)              82,616       56,707      45.7%
         Long-term borrowings                   20,000       20,000       0.0%
         Total interest-bearing
          liabilities                          611,589      511,410      19.6%
         Stockholders' equity                   65,437       62,383       4.9%
 
     YIELD ANALYSIS:
         Federal funds sold                      5.28%        5.62%
         Investment securities and
          securities available-for-sale          6.76%        6.21%
         Loans and leases, net of unearned
          income                                 9.34%        9.19%
         Total yield on earning assets           8.61%        8.35%
 
         Interest-bearing deposits
             NOW accounts                        0.64%        1.26%
             Savings and money market
              accounts                           3.32%        3.40%
             Time deposits                       6.06%        5.09%
         Short-term borrowings                   4.89%        5.46%
         Long-term borrowings                    5.27%        5.33%
         Total cost of interest-bearing
          liabilities                            4.56%        4.17%
 
     (a)   Variances reflect significant fluctuations in account
           balances due to the nature of the accounts.
 
 
                                 COLUMBIA BANCORP
                       Consolidated Statements of Condition
                              (Dollars in Thousands)
 
                                            March 31,   March 31,  December 31,
                                               2001        2000        2000
                                                 (unaudited)
     Assets
     Cash and due from banks                  $34,198     $30,608     $31,931
     Federal funds sold                        88,229      30,545      15,540
     Investment securities                     99,686      95,409     137,674
     Securities available-for-sale             57,641      62,977      61,337
     Residential mortgage loans originated
      for sale                                  8,695       2,359       1,911
 
     Loan and lease receivables:
         Commercial                           164,555     147,718     170,910
         Leases                                 1,840       1,506       1,723
         Real estate development and
          construction                        137,769     102,207     129,336
         Real estate mortgage:
             Residential                       18,537      18,247      18,594
             Commercial                        78,143      75,929      75,325
         Retail, principally second
          mortgage loans and residential
          equity lines of credit              139,836     119,465     139,967
         Credit card                            2,340       2,077       2,572
         Other                                    154         593       1,035
     Total loans and leases                   543,174     467,742     539,462
           Less: unearned income, net of
            origination costs                    (476)       (196)       (411)
                allowance for credit losses    (7,218)     (6,252)     (7,026)
     Total loans and leases, net              535,480     461,294     532,025
 
     Other real estate owned                    2,738       3,867       2,996
     Property and equipment, net               11,025      11,148      11,372
     Prepaid expenses and other assets         17,267      16,678      17,864
 
               Total assets                  $854,959    $714,885    $812,650
 
 
     Liabilities
     Deposits:
           Noninterest-bearing               $124,382    $123,859    $130,155
           Interest-bearing                   557,753     453,578     500,329
               Total deposits                 682,135     577,437     630,484
     Short-term borrowings                     80,551      49,265      93,184
     Long-term borrowings                      20,000      20,000      20,000
     Accrued expenses and other
      liabilities                               5,766       7,916       4,462
               Total liabilities              788,452     654,618     748,130
 
     Stockholders' equity
     Common stock, $.01 par value per
      share; authorized 10,000,000 shares;
      outstanding 7,164,964, 7,155,233 and
      7,149,968 shares, respectively               72          71          71
     Additional paid-in capital                48,434      48,450      48,378
     Retained earnings                         17,956      13,350      16,512
     Accumulated other comprehensive
      income                                       45      (1,604)       (441)
               Total stockholders' equity      66,507      60,267      64,520
 
               Total liabilities and
                stockholders' equity         $854,959    $714,885    $812,650
 
 
                                  COLUMBIA BANCORP
             Consolidated Statements of Income and Comprehensive Income
                    (Dollars in Thousands Except Per-Share Data)
 
                                                        Three Months Ended
                                                             March 31,
                                                      2001               2000
                                                            (unaudited)
     Interest income:
         Loans and leases                            $12,603            10,593
         Investment securities                         3,030             2,473
         Federal funds sold                              243               219
               Total interest income                  15,876            13,285
     Interest expense:
         Deposits                                      5,618             4,271
         Borrowings                                    1,257             1,035
               Total interest expense                  6,875             5,306
               Net interest income                     9,001             7,979
     Provision for credit losses                         300               271
               Net interest income after
                provision for credit losses            8,701             7,708
     Noninterest income:
         Fees charged for services                       620               544
         Gains on sales of mortgage loans,
          net of costs                                   133                91
         Net income on other real estate
          owned                                           43                30
         Gains on sale of securities
          available-for-sale                               0                 0
         Other                                           372               280
               Total noninterest income                1,168               945
     Noninterest expense:
         Salaries and employee benefits                3,515             3,130
         Occupancy, net                                  888               859
         Equipment                                       556               461
         Data processing                                 290               392
         Marketing                                       116               174
         Cash management services                        118                96
         Professional fees                               269               158
         Deposit insurance                                45                42
         Merger-related expenses                           0             2,213
         Other                                           882               797
               Total noninterest expense               6,679             8,322
               Income before income taxes              3,190               331
     Income tax provision                              1,030               275
               Net income                              2,160                56
     Other comprehensive income, net of
      tax - unrealized net gain (loss) on
      securities available-for-sale                      486              (457)
               Comprehensive income                   $2,646              (401)
 
     Per common share data:
         Net income:  Basic                            $0.30              0.01
                      Diluted                           0.30              0.01
 
         Cash dividends declared                       $0.10              0.09
 
 SOURCE  Columbia Bancorp

RELATED LINKS

http://www.columbank.com