Columbia Bancorp posts $56,000 for quarter

Earnings

April 26, 2000|By Bill Atkinson | Bill Atkinson,SUN STAFF

Columbia Bancorp said yesterday that it made $56,000 in the first quarter, after one-time merger-related charges of $2.21 million recorded in connection with its acquisition of Suburban Bancshares.

The banking company, which is based in Columbia, made 1 cent per diluted share in the March 31 quarter, compared with 21 cents per diluted share in the corresponding period in 1999.

Before the merger charges, Columbia Bancorp had income of $1.63 million in the quarter, up 4.6 percent from $1.56 million in the first quarter in 1999.

"I feel very good about where we are," said John M. Bond Jr., Columbia Bancorp's president and chief executive. "I am actually proud of the fact that we were able to turn a profit, albeit a small one, and still absorb $2.2 million in merger-related costs."

Columbia Bancorp completed its acquisition of Suburban on March 8. The deal gave it $220 million in assets and increased its branch network from 15 to 23 branches. It also gave the company a foothold in Prince George's and Montgomery counties.

In the quarter, Columbia Bancorp's assets rose 6.7 percent to $716.5 million, compared with assets of $671.6 million in the quarter ending March 31, 1999. Loans jumped 15.1 percent to $469.2 million, compared with $407.7 million. Deposits increased 5.7 percent, to $579 million from $547.6 million.

Bond was encouraged by the growth, and said the company is building its base to become "the premiere" community bank in the Baltimore-Washington corridor.

"We are in a mode right now where we have work to do to achieve what the potential is," he said.

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