|
Pennsylvania
Commerce Bancorp, Inc.
|
||||||||||||
|
Selected
Consolidated Financial Data
|
||||||||||||
|
(Unaudited)
|
||||||||||||
|
At
or for the
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
March
31,
|
||||||||||||
|
%
|
||||||||||||
|
(in thousands, except per share amounts)
|
2009
|
2008
|
Change
|
|||||||||
|
Income
Statement Data:
|
||||||||||||
|
Net
interest income
|
$ | 19,337 | $ | 18,583 | 4 | % | ||||||
|
Provision
for loan losses
|
3,200 | 975 | 228 | |||||||||
|
Noninterest
income
|
5,499 | 5,993 | (8 | ) | ||||||||
|
Total
revenues
|
24,836 | 24,576 | 1 | |||||||||
|
Noninterest
operating expenses
|
20,627 | 18,901 | 9 | |||||||||
|
Net
income
|
837 | 3,206 | (74 | ) | ||||||||
|
Per
Common Share Data:
|
||||||||||||
|
Net income: Basic
|
$ | 0.13 | $ | 0.50 | (74 | ) % | ||||||
|
Net income: Diluted
|
0.13 | 0.49 | (73 | ) | ||||||||
|
Book
Value
|
$ | 18.17 | $ | 17.26 | 5 | % | ||||||
|
Weighted
average shares outstanding:
|
||||||||||||
|
Basic
|
6,465 | 6,327 | ||||||||||
|
Diluted
|
6,518 | 6,495 | ||||||||||
|
Balance
Sheet Data:
|
||||||||||||
|
Total
assets
|
$ | 2,115,301 | $ | 1,957,843 | 8 | % | ||||||
|
Loans
(net)
|
1,430,105 | 1,203,231 | 19 | |||||||||
|
Allowance
for loan losses
|
16,231 | 11,627 | 40 | |||||||||
|
Investment
securities
|
470,610 | 555,604 | (15 | ) | ||||||||
|
Total
deposits
|
1,668,617 | 1,580,099 | 6 | |||||||||
|
Core
deposits
|
1,658,100 | 1,545,575 | 7 | |||||||||
|
Stockholders'
equity
|
118,997 | 110,336 | 8 | |||||||||
|
Capital:
|
||||||||||||
|
Stockholders'
equity to total assets
|
5.63 | % | 5.64 | % | ||||||||
|
Leverage
ratio
|
7.59 | 7.59 | ||||||||||
|
Risk
based capital ratios:
|
||||||||||||
|
Tier
1
|
9.51 | 9.99 | ||||||||||
|
Total
Capital
|
10.46 | 10.77 | ||||||||||
|
Performance
Ratios:
|
||||||||||||
|
Cost
of funds
|
1.20 | % | 2.11 | % | ||||||||
|
Deposit
cost of funds
|
0.87 | 1.43 | ||||||||||
|
Net
interest margin
|
3.83 | 4.07 | ||||||||||
|
Return
on average assets
|
0.16 | 0.66 | ||||||||||
|
Return
on average total stockholders' equity
|
2.91 | 11.39 | ||||||||||
|
Asset
Quality:
|
||||||||||||
|
Net
charge-offs to average loans outstanding
|
0.26 | % | 0.01 | % | ||||||||
|
Nonperforming assets to total period-end assets
|
1.44 | 0.22 | ||||||||||
|
Allowance for loan losses to total period-end loans
|
1.12 | 0.96 | ||||||||||
|
Allowance for loan losses to nonperforming loans
|
55 | 309 | ||||||||||
|
Nonperforming assets to capital
and reserves
|
22 | % | 4 | % | ||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||||||
|
Quarter
ending,
|
||||||||||||||||||||||||||||||||||||
|
March
2009
|
December
2008
|
March
2008
|
||||||||||||||||||||||||||||||||||
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||||||||||||
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||||||||||||
|
(dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||
|
Earning
Assets
|
||||||||||||||||||||||||||||||||||||
|
Investment
securities:
|
||||||||||||||||||||||||||||||||||||
|
Taxable
|
$ | 525,370 | $ | 5,477 | 4.17 | % | $ | 546,047 | $ | 6,467 | 4.74 | % | $ | 616,294 | $ | 7,927 | 5.14 | % | ||||||||||||||||||
|
Tax-exempt
|
1,623 | 26 | 6.41 | 1,622 | 25 | 6.17 | 1,621 | 25 | 6.17 | |||||||||||||||||||||||||||
|
Total
securities
|
526,993 | 5,503 | 4.18 | 547,669 | 6,492 | 4.74 | 617,915 | 7,952 | 5.15 | |||||||||||||||||||||||||||
|
Federal
funds sold
|
0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | |||||||||||||||||||||||||||
|
Loans
receivable:
|
||||||||||||||||||||||||||||||||||||
|
Mortgage
and construction
|
753,190 | 10,740 | 5.70 | 723,049 | 11,153 | 6.05 | 579,577 | 9,992 | 6.83 | |||||||||||||||||||||||||||
|
Commercial
loans and lines of credit
|
369,236 | 4,663 | 5.05 | 373,748 | 5,268 | 5.52 | 332,486 | 5,865 | 6.98 | |||||||||||||||||||||||||||
|
Consumer
|
270,078 | 3,409 | 5.12 | 265,847 | 3,909 | 5.85 | 226,889 | 3,717 | 6.59 | |||||||||||||||||||||||||||
|
Tax-exempt
|
96,328 | 1,536 | 6.38 | 99,502 | 1,617 | 6.50 | 56,742 | 985 | 6.94 | |||||||||||||||||||||||||||
|
Total
loans receivable
|
1,488,832 | 20,348 | 5.48 | 1,462,146 | 21,947 | 5.91 | 1,195,694 | 20,559 | 6.83 | |||||||||||||||||||||||||||
|
Total
earning assets
|
$ | 2,015,825 | $ | 25,851 | 5.14 | % | $ | 2,009,815 | $ | 28,439 | 5.59 | % | $ | 1,813,609 | $ | 28,511 | 6.26 | % | ||||||||||||||||||
|
Sources
of Funds
|
||||||||||||||||||||||||||||||||||||
|
Interest-bearing
deposits:
|
||||||||||||||||||||||||||||||||||||
|
Regular
savings
|
$ | 345,498 | $ | 552 | 0.65 | % | $ | 363,773 | $ | 761 | 0.83 | % | $ | 349,976 | $ | 1,200 | 1.38 | % | ||||||||||||||||||
|
Interest
checking and money market
|
722,248 | 1,663 | 0.93 | 753,670 | 2,249 | 1.19 | 706,625 | 3,360 | 1.91 | |||||||||||||||||||||||||||
|
Time
deposits
|
249,374 | 2,047 | 3.33 | 193,063 | 1,575 | 3.25 | 166,221 | 1,650 | 3.99 | |||||||||||||||||||||||||||
|
Public
funds time
|
10,307 | 70 | 2.75 | 8,830 | 72 | 3.24 | 22,920 | 237 | 4.16 | |||||||||||||||||||||||||||
|
Total
interest-bearing deposits
|
1,327,427 | 4,332 | 1.32 | 1,319,336 | 4,657 | 1.40 | 1,245,742 | 6,447 | 2.08 | |||||||||||||||||||||||||||
|
Short-term
borrowings
|
308,065 | 426 | 0.55 | 325,477 | 603 | 0.72 | 230,749 | 1,911 | 3.28 | |||||||||||||||||||||||||||
|
Other
borrowed money
|
50,000 | 548 | 4.38 | 50,000 | 561 | 4.39 | 50,000 | 555 | 4.39 | |||||||||||||||||||||||||||
|
Junior
subordinated debt
|
29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | |||||||||||||||||||||||||||
|
Total
interest-bearing liabilities
|
1,714,892 | 5,967 | 1.41 | 1,724,213 | 6,482 | 1.49 | 1,555,891 | 9,574 | 2.46 | |||||||||||||||||||||||||||
|
Noninterest-bearing
funds (net)
|
300,933 | 285,602 | 257,718 | |||||||||||||||||||||||||||||||||
|
Total
sources to fund earning assets
|
$ | 2,015,825 | $ | 5,967 | 1.20 | % | $ | 2,009,815 | $ | 6,482 | 1.28 | % | $ | 1,813,609 | $ | 9,574 | 2.11 | % | ||||||||||||||||||
|
Net
interest income and margin on a tax-equivalent basis
|
$ | 19,884 | 3.94 | % | $ | 21,957 | 4.31 | % | $ | 18,937 | 4.15 | % | ||||||||||||||||||||||||
|
Tax-exempt
adjustment
|
547 | 574 | 354 | |||||||||||||||||||||||||||||||||
|
Net
interest income and margin
|
$ | 19,337 | 3.83 | % | $ | 21,383 | 4.20 | % | $ | 18,583 | 4.07 | % | ||||||||||||||||||||||||
|
Other
Balances:
|
||||||||||||||||||||||||||||||||||||
|
Cash
and due from banks
|
$ | 38,763 | $ | 42,237 | $ | 46,913 | ||||||||||||||||||||||||||||||
|
Other
assets
|
75,055 | 70,996 | 89,927 | |||||||||||||||||||||||||||||||||
|
Total
assets
|
2,129,643 | 2,123,048 | 1,950,449 | |||||||||||||||||||||||||||||||||
|
Demand
deposits (noninterest-bearing)
|
285,580 | 272,871 | 270,345 | |||||||||||||||||||||||||||||||||
|
Other
liabilities
|
12,702 | 13,581 | 11,041 | |||||||||||||||||||||||||||||||||
|
Stockholders'
equity
|
116,469 | 112,383 | 113,172 | |||||||||||||||||||||||||||||||||
|
Pennsylvania
Commerce Bancorp, Inc. and Subsidiaries
|
||||||||||||
|
Summary
of Allowance for Loan Losses and Other Related Data
|
||||||||||||
|
(unaudited)
|
||||||||||||
|
3/31/2009
|
3/31/2008
|
Year-ended
|
||||||||||
|
(dollar
amounts in thousands)
|
Three
Months Ended
|
12/31/2008
|
||||||||||
|
Balance
at beginning of period
|
$ | 16,719 | $ | 10,742 | $ | 10,742 | ||||||
|
Provisions
charged to operating expense
|
3,200 | 975 | 7,475 | |||||||||
| 19,919 | 11,717 | 18,217 | ||||||||||
|
Recoveries
on loans charged-off:
|
||||||||||||
|
Commercial
|
3 | 124 | 145 | |||||||||
|
Consumer
|
1 | 6 | 25 | |||||||||
|
Real
estate
|
0 | 0 | 0 | |||||||||
|
Total
recoveries
|
4 | 130 | 170 | |||||||||
|
Loans
charged-off:
|
||||||||||||
|
Commercial
|
(3,685 | ) | (165 | ) | (1,426 | ) | ||||||
|
Consumer
|
(7 | ) | (38 | ) | (173 | ) | ||||||
|
Real
estate
|
0 | (17 | ) | (69 | ) | |||||||
|
Total
charged-off
|
(3,692 | ) | (220 | ) | (1,668 | ) | ||||||
|
Net
charge-offs
|
(3,688 | ) | (90 | ) | (1,498 | ) | ||||||
|
Balance
at end of period
|
$ | 16,231 | $ | 11,627 | $ | 16,719 | ||||||
|
Net
charge-offs as a percentage of
|
||||||||||||
|
average
loans outstanding
|
0.26 | % | 0.01 | % | 0.11 | % | ||||||
|
Allowance
for loan losses as a percentage of
|
||||||||||||
|
period-end
loans
|
1.12 | % | 0.96 | % | 1.16 | % | ||||||
|
Summary
of Nonperforming Loans and Assets
|
||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||
|
The
following table presents information regarding nonperforming loans and
assets as of March 31, 2009 and for the preceding four
quarters
|
||||||||||||||||||||
|
(dollar
amounts in thousands).
|
||||||||||||||||||||
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
March
31,
|
||||||||||||||||
|
2009
|
2008
|
2008
|
2008
|
2008
|
||||||||||||||||
|
Nonaccrual
loans:
|
||||||||||||||||||||
|
Commercial
|
$ | 8,479 | $ | 6,863 | $ | 7,083 | $ | 2,577 | $ | 1,158 | ||||||||||
|
Consumer
|
724 | 492 | 164 | 125 | 120 | |||||||||||||||
|
Real
Estate:
|
||||||||||||||||||||
|
Construction
|
7,870 | 7,646 | 731 | 735 | 284 | |||||||||||||||
|
Real
Estate
|
12,348 | 12,121 | 3,657 | 3,433 | 2,183 | |||||||||||||||
|
Total
nonaccrual loans
|
29,421 | 27,122 | 11,635 | 6,870 | 3,745 | |||||||||||||||
|
Loans
past due 90 days or more
|
||||||||||||||||||||
|
and
still accruing
|
0 | 0 | 33 | 6,036 | 15 | |||||||||||||||
|
Renegotiated
loans
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
Total
nonperforming loans
|
29,421 | 27,122 | 11,668 | 12,906 | 3,760 | |||||||||||||||
|
Foreclosed
real estate
|
989 | 743 | 535 | 421 | 588 | |||||||||||||||
|
Total
nonperforming assets
|
$ | 30,410 | $ | 27,865 | $ | 12,203 | $ | 13,327 | $ | 4,348 | ||||||||||
|
Nonperforming
loans to total loans
|
2.03 | % | 1.88 | % | 0.84 | % | 0.98 | % | 0.31 | % | ||||||||||
|
Nonperforming
assets to total assets
|
1.44 | % | 1.30 | % | 0.57 | % | 0.65 | % | 0.22 | % | ||||||||||
|
Nonperforming
loan coverage
|
55 | % | 62 | % | 119 | % | 95 | % | 309 | % | ||||||||||
|
Allowance
for loan losses as a percentage
|
||||||||||||||||||||
|
of
total period-end loans
|
1.12 | % | 1.16 | % | 1.00 | % | 0.93 | % | 0.96 | % | ||||||||||
|
Nonperforming
assets / capital plus allowance for loan losses
|
22 | % | 21 | % | 10 | % | 11 | % | 4 | % | ||||||||||