Pennsylvania Commerce Bancorp, Inc. (NASDAQ Global Select Market
Symbol: COBH), parent company of Commerce Bank/Harrisburg, N.A.,
reported record loans, revenues, net income and earnings per share
for the first quarter of 2008, announced Gary L. Nalbandian,
Chairman. � First Quarter 2008 Financial Highlights � � � � % �
03/31/08 03/31/07 Change Total assets $ 1.96 Billion $ 1.90 Billion
3 % � Total deposits $ 1.58 Billion $ 1.56 Billion 1 % � Total
loans (net) $ 1.20 Billion $ 1.05 Billion 15 % � � � � � � � � � �
� Total revenues $ 24.6 Million $ 18.4 Million 34 % � Net income $
3.2 Million $ 1.1 Million 188 % � Diluted net income per share $
0.49 $ 0.17 188 % Chairman�s Statement In commenting on the
Company�s financial results, Chairman Nalbandian noted the
following highlights: Net income was $3.2 million, up $2.1 million,
or 188%, over the first quarter one year ago. This represents an
all-time high for quarterly net income. Diluted net income per
share was $0.49 for the quarter, up $0.32, or 188%, over the first
quarter of 2007. This also represents an all-time high for the
Company. Total revenues grew 34% for the first quarter of 2008 over
the first quarter one year ago. Net interest income for the quarter
increased 40% over the same period in 2007. The Company�s net
interest margin for the first quarter improved 47 basis points over
the previous quarter and 103 basis points over the same quarter one
year ago to 4.07%. Deposit charges and service fees grew 26% for
the first quarter over the same period one year ago. Stockholders�
equity increased $5.4 million, or 5%, to $110.3 million. Return on
average stockholders� equity improved to 11.39% for the quarter vs.
4.39% for the first quarter of 2007. Total assets reached $1.96
billion. Net loans grew $156.8 million, or 15%, over the first
quarter one year ago. Asset quality remains strong with net
charge-offs for the quarter of only 0.01% and a non-performing loan
coverage ratio of 309%. Income Statement � Three months ended March
31, (dollars in thousands, except per share data) � 2008 � 2007 �
%Change Total revenues $ 24,576 � $ 18,398 � 34 % Total expenses
18,901 16,490 15 % Net income 3,206 1,112 188 % Diluted net income
per share � $ 0.49 � $ 0.17 � 188 % Total revenues (net interest
income plus non-interest income) for the first quarter increased
$6.2 million to $24.6 million, up 34% over the first quarter of
2007. Net income totaled $3.2 million for the first quarter of
2008, a $2.3 million increase over net income of $1.1 million for
the first quarter of 2007. Net income per fully diluted share for
the first quarter of 2008 was $0.49, a 188% increase over the $0.17
recorded for the same period a year ago. Net Interest Income and
Net Interest Margin Net interest income for the first quarter of
2008 totaled $18.6 million, an increase of $5.4 million, or 40%,
over the $13.2 million recorded a year ago. This increase was a
result of continued strong loan growth combined with significant
improvement in the Company�s net interest margin. The net interest
margin for the first quarter of 2008 was 4.07%, up 47 basis points
on a linked-quarter basis and 103 basis points over the 3.04%
figure recorded in the first quarter of 2007. The improvement in
net interest margin is the result of a marked reduction in the
Company�s deposit and total cost of funds. Net interest income, on
a tax equivalent basis, totaled $18.9 million in the first quarter
of 2008, an increase of $5.5 million, or 41%, over the first
quarter one year ago. Net interest margin on a fully-taxable
equivalent basis was 4.15%. Net Interest Income and Rate/Volume
Analysis As shown below, the increase in net interest income on a
tax equivalent basis was due to volume increases in the Company�s
earning assets, as well as noticeable improvement in the net
interest margin. � (dollars in thousands) � Net Interest Income
March 31 Volume � Rate � Total � % 2008 vs. 2007 � Increase �
Change � Increase � Increase Quarter $ 1,550 $ 3,943 $ 5,493 41 %
Non-interest Income Non-interest income for the first quarter of
2008 totaled $6.0 million, up $823,000, or 16%, over $5.2 million a
year ago. The growth in non-interest income for the quarter was
reflected in increased deposit charges and service fees as depicted
below: � Three months ended March 31, (dollars in thousands) � 2008
� 2007 � %Change Deposit charges and service fees $ 5,676 � $ 4,502
� 26 � % Other income � � 317 � � 497 � (36 ) � Subtotal 5,993
4,999 20 Net investment securities gains � � - � � 171 � (100 ) �
Total noninterest income � $ 5,993 � $ 5,170 � 16 � % Non-interest
Expenses Non-interest expenses for the first quarter of 2008 were
$18.9 million, up 15%, over $16.5 million one year ago. The
increases in non-interest expenses for the quarter were widespread
across several categories, as shown in the following table: � Three
months ended March 31, (dollars in thousands) � 2008 � 2007 �
%Change Salaries and employee benefits $ 8,881 � $ 8,398 � 6 %
Occupancy 2,074 1,835 13 Furniture and equipment 1,052 955 10
Advertising and marketing 837 786 6 Data Processing 1,705 1,475 16
Postage and supplies 532 539 (1 ) Regulatory assessments 1,138 187
509 Telephone 596 564 6 Other expenses � � 2,086 � � 1,751 � 19 � �
Total noninterest expenses � $ 18,901 � $ 16,490 � 15 � % The
increase in regulatory assessment expenses was due primarily to
FDIC insurance expense incurred in the first quarter of 2008 which
was offset during the same period one year ago by one-time credits.
Also adding to this increase were consulting and legal costs
associated with regulatory matters which were significantly higher
during the first quarter of 2008 as opposed to the same period last
year. Balance Sheet � � March 31, � (dollars in thousands) � 2008 �
2007 � % Change Total assets $ 1,957,843 � $ 1,898,572 3 % � Total
loans (net) 1,203,231 1,046,445 15 % � Total deposits � � 1,580,099
� � 1,560,361 � 1 % Lending Total gross loans increased $158.4
million, or 15%, to $1.21 billion from $1.06 billion one year ago,
with the growth represented across all loan categories. The
composition of the Company�s loan portfolio is as follows: � � � �
� � (dollars in thousands) � � 03/31/08 � % ofTotal � � 03/31/07 �
% ofTotal � $ Increase � %Increase Commercial $ 377,149 31 % $
322,957 31 % $ 54,192 17 % Owner occupied � � 174,477 � 14 � � �
124,120 � 12 � � � 50,357 � 41 � Total commercial 551,626 45
447,077 43 104,549 23 Consumer/ residential 309,873 26 286,746 27
23,127 8 Commercial real estate � � 353,359 � 29 � � � 322,614 � 30
� � � 30,745 � 10 � Gross loans � $ 1,214,858 � 100 % � $ 1,056,437
� 100 % � $ 158,421 � 15 % Asset Quality The Company�s asset
quality ratios are highlighted below: � Quarter Ended March 31, �
December 31, � March 31, � � 2008 � 2007 � 2007 Non-performing
assets/total assets 0.22 % 0.17 % 0.20 % Net loan
charge-offs/average total loans 0.01 % 0.02 % 0.02 % Loan loss
reserve/gross loans 0.96 % 0.93 % 0.95 % Non-performing loan
coverage 309 % 366 % 280 % Non-performing assets/capital and
reserves � 4 % � 3 % � 3 % Non-performing assets and loans past due
90 days at March 31, 2008 totaled $4.3 million, or 0.22%, of total
assets, as compared to $3.4 million, or 0.17% of total assets, at
December 31, 2007 and $3.9 million, or 0.20%, of total assets one
year ago. Core Deposits Core deposit growth by type of account is
as follows: � � � March 31, � 1st Qtr 2008 % Cost of (dollars in
thousands) � 2008 � 2007 � Change � Funds Demand
noninterest-bearing $ 295,340 $ 287,129 3 % 0.00 % Demand
interest-bearing 693,514 676,253 3 1.91 Savings � � 368,557 � �
384,546 � (4 ) � � 1.38 � Subtotal 1,357,411 1,347,928 1 1.38 Time
� � 188,164 � � 194,504 � (3 ) � � 3.99 � Total core deposits � $
1,545,575 � $ 1,542,432 � 0 � % � 1.67 % Core deposit growth by
type of customer is as follows: � � � � � March 31, % of March 31,
% of % (dollars in thousands) � 2008 � Total � 2007 � Total �
Change Consumer $ 642,235 42 % $ 641,350 42 % 0 % Commercial
560,568 36 511,202 33 10 Government � � 342,772 � 22 � � � 389,880
� 25 � � (12 ) � Total � $ 1,545,575 � 100 % � $ 1,542,432 � 100 %
� 0 � % Investments At March 31, 2008, the Company�s investment
portfolio totaled $555.6 million. Detailed below is information
regarding the composition and characteristics of the Company�s
investment portfolio at March 31, 2008. � Available � Held to �
Product Description � for Sale � Maturity � Total (in thousands)
Mortgage-backed securities: Federal government agencies pass
through certificates $ 70,168 $ 79,139 $ 149,307 Collateralized
mortgage obligations (AAA rated) 290,823 33,606 324,429 U.S.
Government agencies/other � � 4,958 � � � 76,910 � � � 81,868 �
Total � $ 365,949 � � $ 189,655 � � $ 555,604 � Duration (in years)
3.9 3.4 3.7 Average life (in years) 5.0 4.3 4.7 Quarterly average
yield � � 5.05 % � � 5.33 % � � 5.15 % At March 31, 2008, the after
tax depreciation of the Company�s available for sale portfolio was
$9.6 million. Capital Stockholders� equity at March 31, 2008
totaled $110 million, an increase of $5.4 million, or 5%, over
stockholders� equity of $105 million at March 31, 2007. Return on
average stockholders� equity (ROE) for the three months ended March
31, 2008 and 2007 are shown below: � Return on Equity Three Months
Ended March 31, 2008 � 2007 11.39% � 4.39% The Company�s capital
ratios at March 31, 2008 were as follows: � � Regulatory Guidelines
Commerce � "Well Capitalized" Leverage Ratio 7.59 % 5.00 % Tier 1
9.99 6.00 Total Capital � 10.77 � � 10.00 � Stockholder Returns � �
� As of March 31, 2008 � � Commerce � NASDAQ Bank Index � S & P
Index 1 Year (6 ) % � (20 ) % � (5 ) % 5 Years 9 � % 6 � % 11 � %
10 Years � 10 � % � 4 � % � 4 � % FORWARD-LOOKING STATEMENTS AND
OTHER INFORMATION The Company may, from time to time, make written
or oral �forward-looking statements�, including statements
contained in the Company�s filings with the Securities and Exchange
Commission (including the annual report on Form 10-K and the
exhibits thereto), in its reports to stockholders and in other
communications by the Company, which are made in good faith by the
Company pursuant to the �safe harbor� provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements with respect to the Company�s
beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions that are subject to significant risks and
uncertainties and are subject to change based on various factors
(some of which are beyond the Company�s control). The words �may�,
�could�, �should�, �would�, �believe�, �anticipate�, �estimate�,
�expect�, �intend�, �plan� and similar expressions are intended to
identify forward-looking statements. The following factors, among
others discussed in the Company�s Form 10-K, could cause the
Company�s financial performance to differ materially from that
expressed or implied in such forward-looking statements: the
strength of the United States economy in general and the strength
of the local economies in which the Company conducts operations;
the effects of, and changes in, trade, monetary and fiscal
policies, including interest rate policies of the Board of
Governors of the Federal Reserve System; inflation; interest rate,
market and monetary fluctuations; the timely development of
competitive new products and services by the Company and the
acceptance of such products and services by customers; the
willingness of customers to substitute competitors� products and
services for the Company�s products and services and vice versa;
the impact of changes in financial services� laws and regulations
(including laws concerning taxes, banking, securities and
insurance); the impact of the rapid growth of the Company; the
Company�s dependence on Commerce Bancorp, Inc. to provide various
services to the Company; changes in the Company�s allowance for
loan losses; effect of terrorists attacks and threats of actual
war; unanticipated regulatory or judicial proceedings; changes in
consumer spending and saving habits; and the success of the Company
at managing the risks involved in the foregoing. Because such
forward-looking statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or
implied by such statements. The Company cautions that the foregoing
list of important factors is not exclusive. The Company does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time by or on behalf of the
Company. For information on subsequent events refer to the
Company�s filings with the Securities and Exchange Commission
(�SEC�). � Pennsylvania Commerce Bancorp, Inc. Selected
Consolidated Financial Data (Unaudited) � At or for the Three
Months Ended March 31, � % (in thousands, except per share amounts)
2008 2007 Change � Income Statement Data: Net interest income $
18,583 $ 13,228 40 % Provision for loan losses 975 480 103
Noninterest income 5,993 5,170 16 Total revenues 24,576 18,398 34
Noninterest operating expenses 18,901 16,490 15 Net income 3,206
1,112 188 � Per Common Share Data: Net income: Basic $ 0.50 $ 0.18
178 % Net income: Diluted 0.49 0.17 188 � Book Value $ 17.26 $
16.76 3 % � Weighted average shares outstanding: Basic 6,327 6,167
Diluted 6,495 6,408 � Balance Sheet Data: Total assets $ 1,957,843
$ 1,898,572 3 % Loans (net) 1,203,231 1,046,445 15 Allowance for
loan losses 11,627 9,992 16 Investment securities 555,604 681,719
(18 ) Total deposits 1,580,099 1,560,361 1 Core deposits 1,545,575
1,542,432 0 Stockholders' equity 110,336 104,940 5 � Capital:
Stockholders' equity to total assets 5.64 % 5.53 % Leverage ratio
7.59 7.28 Risk based capital ratios: Tier 1 9.99 9.98 Total Capital
10.77 10.72 � Performance Ratios: Cost of funds 2.11 % 3.41 %
Deposit cost of funds 1.43 2.74 Net interest margin 4.07 3.04
Return on average assets 0.66 0.24 Return on average total
stockholders' equity 11.39 4.39 � Asset Quality: Net charge-offs to
average loans outstanding 0.01 % 0.02 % Nonperforming assets to
total period-end assets 0.22 0.20 Allowance for loan losses to
total period-end loans 0.96 0.95 Allowance for loan losses to
nonperforming loans 309 280 Nonperforming assets to capital and
reserves 4 % 3 % � � � � � � � � Pennsylvania Commerce Bancorp,
Inc. and Subsidiaries Average Balances and Net Interest Income
(unaudited) � � � Quarter ending, � � � March 2008 � December 2007
� March 2007 Average Average Average Average Average Average
Balance � Interest � Rate Balance � Interest � Rate Balance �
Interest � Rate (dollars in thousands) Earning Assets � Investment
securities Taxable $ 616,294 $ 7,927 5.14 % $ 704,586 $ 9,419 5.35
% $ 704,722 $ 9,379 5.32 % Tax-exempt � � 1,621 � � 25 � 6.17 � � �
1,621 � � 25 � 6.17 � � � 1,619 � � 25 � 6.18 � Total securities
617,915 7,952 5.15 706,207 9,444 5.35 706,341 9,404 5.32 Federal
funds sold 0 0 0.00 0 0 0.00 0 0 0.00 Loans receivable Mortgage and
construction 579,577 9,992 6.83 551,255 10,088 7.19 477,667 8,475
7.10 Commercial loans and lines of credit 332,486 5,865 6.98
314,229 6,006 7.48 312,797 6,267 8.01 Consumer 226,889 3,717 6.59
219,970 3,764 6.79 194,354 3,247 6.78 Tax-exempt � � 56,742 � � 985
� 6.94 � � � 52,612 � � 897 � 6.82 � � � 36,686 � � 610 � 6.65 �
Total loans receivable � � 1,195,694 � � 20,559 � 6.83 � � �
1,138,066 � � 20,755 � 7.17 � � � 1,021,504 � � 18,599 � 7.30 �
Total earning assets � $ 1,813,609 � $ 28,511 � 6.26 % � $
1,844,273 � $ 30,199 � 6.47 % � $ 1,727,845 � $ 28,003 � 6.49 % �
Sources of Funds � Interest-bearing deposits Regular savings $
349,976 $ 1,200 1.38 % $ 366,190 $ 1,876 2.03 % $ 377,735 $ 2,491
2.67 % Interest checking and money market 706,625 3,360 1.91
769,826 5,657 2.92 700,697 6,851 3.97 Time deposits 166,221 1,650
3.99 160,271 1,662 4.11 200,642 2,101 4.25 Public funds time � �
22,920 � � 237 � 4.16 � � � 14,167 � � 173 � 4.84 � � � 19,611 � �
236 � 4.88 � Total interest-bearing deposits 1,245,742 6,447 2.08
1,310,454 9,368 2.84 1,298,685 11,679 3.65 Short-term borrowings
230,749 1,911 3.28 210,947 2,475 4.59 165,250 2,219 5.37 Other
borrowed money 50,000 555 4.39 50,000 561 4.39 0 0 0.00 Junior
subordinated debt � � 29,400 � � 661 � 8.99 � � � 29,400 � � 661 �
8.99 � � � 29,400 � � 661 � 9.00 � Total interest-bearing
liabilities 1,555,891 9,574 2.46 1,600,801 13,065 3.23 1,493,335
14,559 3.94 Noninterest-bearing funds (net) � � 257,718 � � � � � �
� � 243,472 � � � � � � � � 234,510 � � � � � � Total sources to
fund earning assets � $ 1,813,609 � $ 9,574 � 2.11 � � $ 1,844,273
� $ 13,065 � 2.80 � � $ 1,727,845 � $ 14,559 � 3.41 � Net interest
income and margin on a tax-equivalent basis $ 18,937 4.15 % $
17,134 3.67 % $ 13,444 3.08 % Tax-exempt adjustment � 354 � 314 �
216 Net interest income and margin � � � � $ 18,583 � 4.07 % � � �
� $ 16,820 � 3.60 % � � � � $ 13,228 � 3.04 % � � � Other Balances:
Cash and due from banks $ 46,913 $ 52,086 $ 48,377 Other assets
89,927 90,652 89,736 Total assets 1,950,449 1,987,011 1,865,958
Demand deposits (noninterest-bearing) 270,345 266,407 262,022 Other
liabilities 11,041 8,918 7,902 Stockholders' equity � � 113,172 � �
� � � � � � 110,885 � � � � � � � � 102,699 � � � � � � �
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Summary of
Allowance for Loan Losses and Other Related Data (unaudited) � � �
3/31/2008 � 3/31/2007 � (dollar amounts in thousands) Three Months
Ended Year-ended12/31/2007 � Balance at beginning of period $
10,742 $ 9,685 $ 9,685 Provisions charged to operating expense �
975 � � � 480 � � 1,762 � 11,717 10,165 11,447 � Recoveries on
loans charged-off: Commercial 124 1 11 Consumer 6 5 53 Real estate
� 0 � � � 8 � � 8 � Total recoveries 130 14 72 � Loans charged-off:
Commercial (165 ) (176 ) (634 ) Consumer (38 ) (9 ) (69 ) Real
estate � (17 ) � � (2 ) � (74 ) � Total charged-off � (220 ) � �
(187 ) � (777 ) � Net charge-offs � (90 ) � � (173 ) � (705 ) �
Balance at end of period $ 11,627 � � $ 9,992 � $ 10,742 � � Net
charge-offs as a percentage of average loans outstanding 0.01 %
0.02 % 0.07 % � Allowance for loan losses as a percentage of
period-end loans 0.96 % 0.95 % 0.93 % � Pennsylvania Commerce
Bancorp, Inc. and Subsidiaries Summary of Non-Performing Loans and
Assets (unaudited) � � March 31, � December 31, � September 30, �
June 30, � March 31, 2008 � 2007 � 2007 � 2007 � 2007 Nonaccrual
loans: Commercial $ 1,158 $ 534 $ 997 $ 1,362 $ 945 Consumer 120 57
57 54 19 Real Estate: Construction 284 385 529 520 394 Mortgage �
2,183 � � � 1,959 � � � 1,767 � � � 1,784 � � � 2,207 � Total
nonaccrual loans 3,745 2,935 3,350 3,720 3,565 Loans past due 90
days or more and still accruing 15 0 0 0 0 Renegotiated loans � 0 �
� � 0 � � � 0 � � � 0 � � � 0 � Total non-performing loans 3,760
2,935 3,350 3,720 3,565 � Foreclosed real estate � 588 � � � 489 �
� � 390 � � � 300 � � � 300 � � Total non-performing assets $ 4,348
� � $ 3,424 � � $ 3,740 � � $ 4,020 � � $ 3,865 � � �
Non-performing loans to total loans 0.31 % 0.25 % 0.30 % 0.34 %
0.34 % � Non-performing assets to total assets 0.22 % 0.17 % 0.19 %
0.21 % 0.20 % � Non-performing loan coverage 309 % 366 % 319 % 278
% 280 % � Allowance for loan losses as a percentage of total
period-end loans 0.96 % 0.93 % 0.96 % 0.96 % 0.95 % �
Non-performing assets / capital reserves 4 % 3 % 3 % 3 % 3 %
Grafico Azioni Pennsylvania Commerce Bancorp (MM) (NASDAQ:COBH)
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Da Mag 2024 a Giu 2024
Grafico Azioni Pennsylvania Commerce Bancorp (MM) (NASDAQ:COBH)
Storico
Da Giu 2023 a Giu 2024