<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1996
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission file number 0-27938
COLUMBIA BANCORP
(Exact name of registrant as specified in its charter)
93-1193156
Oregon (I.R.S. Employer
(State of Incorporation) Identification Number)
316 East Third Street
The Dalles, Oregon 97058
(Address of principal executive offices)
(541) 298-6647
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
--- ---
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
2,245,757 shares as of July 24, 1996
<PAGE> 2
COLUMBIA BANCORP
FORM 10-QSB
JUNE 30, 1996
INDEX
<TABLE>
<CAPTION>
PAGE
PART I - FINANCIAL INFORMATION REFERENCE
---------
<S> <C>
Consolidated Balance Sheets as of June 30, 1996 and 3
December 31, 1995.
Consolidated Statements of Income for the six months 4
and quarter ended June 30, 1996 and 1995.
Consolidated Statements of Cash Flows for the six 5
months ended June 30, 1996 and 1995.
Consolidated Statements of Changes in Shareholders' Equity 6
for the periods of December 31, 1994 to June 30, 1996.
Notes to Consolidated Financial Statements 7-8
Management's Discussion and Analysis of Financial
Condition and Results of Operations:
Overview 9
Material Changes in Financial Condition 9
Material Changes in Results of Operations 9-10
Loan Loss Provision 10
Liquidity and Capital Resources 10-11
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 12
Signatures 13
</TABLE>
2
<PAGE> 3
COLUMBIA BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
------------ ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 10,529,069 $ 12,610,087
Federal funds sold 7,697,468 6,272,765
------------ ------------
Total cash and cash equivalents 18,226,537 18,882,852
Investment securities available-for-sale 8,307,781 7,665,899
Investment securities held-to-maturity 39,202,063 41,165,508
Federal Home Loan Bank stock 638,700 622,400
------------ ------------
Total investment securities 48,148,544 49,453,807
Loans, net of allowance for loan losses and unearned loan fees 114,478,935 104,178,022
Property and equipment, net of depreciation 3,753,684 3,719,073
Accrued interest receivable 2,140,355 1,815,876
Other assets 343,473 435,907
------------ ------------
Total Assets $187,091,528 $178,485,537
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest bearing demand deposits $ 33,719,077 $ 31,817,250
Interest bearing demand accounts 61,266,676 56,888,529
Savings accounts 23,079,514 22,203,757
Time certificates and IRA accounts 48,917,232 47,965,662
------------ ------------
Total deposits 166,982,499 158,875,198
Short-term borrowings 453,158 97,381
Notes payable to Federal Home Loan Bank 600,000 1,200,000
Accrued interest payable and other liabilities 880,285 829,066
------------ ------------
Total liabilities 168,915,942 161,001,645
Employee stock ownership plan shares subject to put option 837,413 866,471
Shareholders' equity:
Common stock, no par value; 4,000,000 shares
authorized, 2,245,757 issued and outstanding
(2,237,817 at December 31, 1995) 5,024,433 4,972,978
Additional paid-in capital 6,317,733 4,850,375
Retained earnings 6,920,042 7,683,876
Net unrealized loss on securities available-for-sale, net of tax (86,622) (23,337)
------------ ------------
18,175,586 17,483,892
Less: employee stock ownership plan shares subject to put option (837,413) (866,471)
------------ ------------
Total shareholders' equity 17,338,173 16,617,421
------------ ------------
$187,091,528 $178,485,537
============ ============
</TABLE>
See accompanying notes.
3
<PAGE> 4
COLUMBIA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
--------------------------- ---------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $2,970,802 $2,616,737 $5,704,465 $5,065,615
Interest on investments:
Taxable investment securities 524,060 515,631 1,027,971 1,089,530
Nontaxable investment securities 193,648 181,554 377,723 316,679
Other interest income 131,922 48,182 274,105 70,925
---------- ---------- ---------- ----------
Total interest income 3,820,432 3,362,104 7,384,264 6,542,749
INTEREST EXPENSE
Interest bearing demand and savings 701,289 734,131 1,408,248 1,422,972
Interest on time deposit accounts 692,847 466,985 1,381,858 877,885
Other borrowed funds 17,805 49,226 37,198 99,630
---------- ---------- ---------- ----------
Total interest expense 1,411,941 1,250,342 2,827,304 2,400,487
---------- ---------- ---------- ----------
NET INTEREST INCOME 2,408,491 2,111,762 4,556,960 4,142,262
PROVISION FOR LOAN LOSSES 45,000 22,500 75,000 43,000
---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,363,491 2,089,262 4,481,960 4,099,262
NONINTEREST INCOME
Service charges and fees 270,799 239,706 515,084 502,923
Credit card discounts and fees 75,828 51,355 137,679 100,405
Financial services department, net of expenses 39,332 22,276 64,560 41,959
Other noninterest income 62,329 79,131 139,645 123,477
---------- ---------- ---------- ----------
Total noninterest income 448,288 392,468 856,968 768,764
NONINTEREST EXPENSE
Salaries and employee benefits 877,613 792,446 1,796,886 1,677,392
Occupancy expense 174,829 123,265 303,968 267,491
Credit card processing fees 53,632 49,611 95,796 88,666
Office Supplies 26,209 44,876 58,144 103,301
FDIC assessment 1,000 80,264 2,000 160,528
Data processing expense 53,048 56,548 106,167 115,557
Other noninterest expenses 552,774 407,290 1,135,339 794,999
---------- ---------- ---------- ----------
Total noninterest expense 1,739,105 1,554,300 3,498,300 3,207,934
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 1,072,674 927,430 1,840,628 1,660,092
PROVISION FOR INCOME TAXES 379,091 320,960 618,571 557,015
---------- ---------- ---------- ----------
NET INCOME $ 693,583 $ 606,470 $1,222,057 $1,103,077
========== ========== ========== ==========
Earnings per share of common stock $ .30 $ .27 $ .53 $ .49
========== ========== ========== ==========
</TABLE>
See accompanying notes.
4
<PAGE> 5
COLUMBIA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
The Six Months Ended
June 30,
-------------------------------
1996 1995
------------ -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 1,222,057 $ 1,103,077
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of premiums and discounts on investment securities 9,417 9,556
Depreciation 168,987 162,551
Provision for loan losses 75,000 43,000
Gain on sale of investment securities (3,416) (13,117)
Federal Home Loan Bank stock dividend (16,300) (16,600)
Decrease in accrued interest receivable (324,479) (202,056)
Increase (decrease) in other assets 92,434 (33,497)
Increase in accrued interest payable and other liabilities 51,220 91,113
------------ -----------
Net cash provided by operating activities 1,274,920 1,144,027
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of available-for-sale securities -- 518,875
Proceeds from the maturity of available-for-sale securities 2,332,172 3,900,000
Purchases of available-for-sale securities (3,108,727) --
Proceeds from the maturity of held-to-maturity securities 10,182,738 4,864,721
Purchases of held-to-maturity securities (8,311,316) (3,331,335)
Purchase of Federal Home Loan Bank stock -- (33,300)
Net change in loans made to customers (10,375,913) (7,079,344)
Purchases of premises and equipment (243,392) (251,663)
Proceeds from the sale of premises and equipment 40,000 --
------------ -----------
Net cash used in investing activities (9,484,438) (1,412,046)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand deposits and savings accounts 7,155,731 679,901
Net change in time deposits and IRA accounts 951,570 7,632,947
Net (decrease) increase in borrowings from Federal Home Loan Bank (600,000) 600,000
Net decrease in federal funds purchased -- (1,500,000)
Dividends paid (387,808) (396,233)
Proceeds from stock options 77,933 3,800
Net increase in short-term borrowings 355,777 239,616
------------ -----------
Net cash provided by financing activities 7,553,203 7,260,031
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (656,315) 6,992,012
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,882,852 10,318,766
------------ -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 18,226,537 $17,310,778
============ ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash $ 2,819,957 $ 2,347,631
============ ===========
Taxes paid in cash $ 595,058 $ 438,677
============ ===========
SCHEDULE OF NONCASH ACTIVITIES
Change in unrealized loss on available-for sale securities, net of tax $ (63,285) $ 230,822
============ ===========
</TABLE>
See accompanying notes.
5
<PAGE> 6
COLUMBIA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
Unrealized
gain
(Loss) on ESOP
Additional available for sale plan shares
Common Paid-in Retained investment subject to
Shares Stock Capital Earnings securities put options
------ ------ ---------- -------- ------------------ -----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1994 743,006 4,954,851 4,797,008 5,749,790 (315,391) (504,750)
Cash dividends -- -- -- (555,074) -- --
Stock options exercised 1,000 6,668 16,730 -- -- --
3 for 1 stock split 1,488,011 -- -- -- -- --
Stock options exercised 5,800 12,881 35,215 -- -- --
Changes in unrealized loss on AFS
securities, net of tax -- -- -- -- 292,054 --
Changes in ESOP shares subject
to put option -- -- -- -- -- (361,721)
Net income -- -- -- 2,489,160 -- --
--------- ---------- ----------- ----------- ---------- ----------
BALANCE, December 31, 1995 2,237,817 4,974,400 4,848,953 7,683,876 (23,337) (866,471)
Stock options exercised 3,540 7,868 27,900 -- -- --
Cash dividends -- -- -- (387,808) -- --
Stock options exercised 4,400 42,165 -- -- -- --
Changes in unrealized loss on AFS
securities, net of tax -- -- -- -- (63,285) --
Changes in ESOP shares subject
to put option -- -- -- -- -- 29,058
Transfer to surplus -- -- 1,440,880 (1,440,880) -- --
Cash dividend declared -- -- -- (157,203) -- --
Net Income -- -- -- 1,222,057 -- --
--------- ---------- ----------- ----------- ---------- ----------
BALANCE, June 30, 1996 2,245,757 $5,024,433 $ 6,317,733 $ 6,920,042 $ (86,622) $ (837,413)
========= ========== =========== =========== ========== ==========
<CAPTION>
Total
Stockholder
Equity
-----------
<S> <C>
BALANCE, December 31, 1994 14,681,508
Cash dividends (555,074)
Stock options exercised 23,398
3 for 1 stock split --
Stock options exercised 48,096
Changes in unrealized loss on AFS
securities, net of tax 292,054
Changes in ESOP shares subject
to put option (361,721)
Net income 2,489,160
-----------
BALANCE, December 31, 1995 $16,617,421
Stock options exercised 35,768
Cash dividends (387,808)
Stock options exercised 42,165
Changes in unrealized loss on AFS
securities, net of tax (63,285)
Changes in ESOP shares subject
to put option 29,058
Transfer to surplus --
Cash dividend declared (157,203)
Net Income 1,222,057
-----------
BALANCE, June 30, 1996 $17,338,173
===========
</TABLE>
See accompanying notes.
6
<PAGE> 7
COLUMBIA BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Principles of Consolidation
The interim consolidated financial statements include the accounts of
Columbia Bancorp, a bank holding company (Bancorp), and its wholly-owned
subsidiaries, Columbia River Banking Company ("Columbia River"), and
Klickitat Valley Bank ("Klickitat Valley"), after elimination of
intercompany transactions and balances. Substantially all activity of
Bancorp is conducted through its subsidiary banks.
The interim financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial
information. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements. The financial information included in this
interim report has been prepared by management without audit by
independent public accountants who do not express an opinion thereon.
Bancorp's annual report will contain audited financial statements. In the
opinion of management, all adjustments including normal recurring accruals
necessary for fair presentation or results of operations for the interim
periods included herein have been made. The results of operations for the
six months ended June 30, 1996 are not necessarily indicative of results
to be anticipated for the year ending December 31, 1996.
2. Recent Mergers
Bancorp was incorporated on October 3, 1995, and became the holding
company of Columbia River through merger. Columbia River is an Oregon
state-chartered bank, headquartered in The Dalles, Oregon, and doing
business as Columbia River Bank and Juniper Banking Company. The effective
date of the merger was January 1, 1996, and the transaction was
consummated on January 13, 1996, on which date Bancorp acquired 100% of
the common stock of Columbia River, and the shareholders of Columbia River
became shareholders of Bancorp.
Effective June 13, 1996, Bancorp completed its acquisition of Klickitat
Valley, making Klickitat Valley the second wholly-owned bank subsidiary of
Bancorp. The business combination was accomplished through the exchange of
8.5 shares of Bancorp common stock for each share of Klickitat Valley
common stock. Klickitat Valley is a Washington state-chartered bank with
headquarters in Goldendale, Washington.
The accompanying financial statements have been restated and include the
accounts and results of operations of the mergers as pooling-of-interest
combinations.
3. Loans and Reserve for Loan Losses
The composition of the loan portfolio was as follows:
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
------------ ------------
<S> <C> <C>
Commercial 32,195,495 23,519,800
Agriculture 19,000,415 15,226,705
Real estate 49,671,306 52,200,356
Consumer 14,260,026 13,774,834
Other 763,045 740,163
------------ ------------
115,890,287 105,461,858
Allowance for loan losses (1,132,722) (1,071,494)
Less deferred loan fees (278,630) (212,342)
------------ ------------
$114,478,935 $104,178,022
============ ============
</TABLE>
7
<PAGE> 8
Transactions in the reserve for loan losses were as follows for the six
months ended June 30:
<TABLE>
<CAPTION>
1996 1995
---------- --------
<S> <C> <C>
Balance at beginning of period $1,071,494 $954,355
Provision charged to operations 75,000 43,000
Recoveries 32,057 54,140
Loans charged off (45,829) (56,176)
---------- --------
Balance at end of period $1,132,722 $995,319
========== ========
</TABLE>
It is the policy of Bancorp's subsidiaries, Columbia River, and
Klickitat Valley, to place loans on nonaccrual status whenever the
collection of all or a part of the principal balance is in doubt. Loans
placed on nonaccrual status may or may not be contractually past due at
the time of such determination, and may or may not be secured by
collateral. Loans on nonaccrual status at June 30, 1996 and December 31,
1995 were approximately $146,000 and $308,000, respectively.
Loans past due 90 days or more on which Bancorp continued to accrue
interest were approximately $30,000 at June 30, 1996, and approximately
$60,000 at December 31, 1995. There were no loans on which the interest
rate or payment schedule were modified from their original terms to
accommodate a borrower's weakened financial position at June 30, 1996 or
December 31, 1995.
4. Earnings Per Common Share
Earnings per common share is calculated by dividing net income by the
weighted average shares outstanding. Weighted average shares outstanding
consist of common shares outstanding and common stock equivalents
attributable to outstanding stock options.
The weighted average number of shares and common share equivalents have
been adjusted to give retroactive effect to the 3-for-1 stock split in
September 1995.
8
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
Effective June 13, 1996, Columbia Bancorp (Bancorp), the bank holding
company of Columbia River Banking Company (Columbia River), completed its
acquisition of Klickitat Valley Bank, (Klickitat Valley) making Klickitat Valley
the second wholly-owned bank subsidiary of Bancorp. Management believes the
benefits of this acquisition are numerous and include the strengthening of both
Columbia River Bank and Klickitat Valley Bank as they continue providing their
communities with financial products and services.
Columbia Bancorp reported net income of $1,222,057, or $.53 per share for
the six months ended June 30, 1996. This represented a 10.8% increase in net
income, as compared to $1,103,077, or $.49 per share, for the six months ended
June 30, 1995. Net income of $693,583, or $.30 per share for the quarter ended
June 30 1996 represented a 14.4% increase in net income, as compared to
$606,470, or $.27 per share, for the quarter ended June 30, 1995. The increased
earnings during the quarter ended June 30, 1996 reflected primarily the
expansion of Bancorp's interest-earning assets and increased net interest
income.
The net income added to shareholders' equity during the first half of 1996
was offset by dividends paid to shareholders in the first quarter of the year of
$387,808, and a special dividend declared on June 19, of $157,203 to be paid in
July 1996. The $.25 per share first quarter dividend reflected a 15% increase
over the per share dividend paid in 1995. The $.07 per share dividend is a
special dividend set forth in the acquisition agreement with Klickitat Valley.
MATERIAL CHANGES IN FINANCIAL CONDITION
Material changes in financial condition for the six months ended June 30,
1996 include an increase in total assets, primarily in loans. Funds were
provided for these changes primarily by an increase in total deposits.
At June 30, 1996, total assets increased 4.8%, or approximately $8.61
million, over total assets at December 31, 1995. An increase of $10.3 million in
loans, a decrease of $.7 in cash and cash equivalents, and a $1.3 million
decrease in investment securities were the major components of the change in
total assets. The increase in loans was primarily due to an increase in
agricultural, commercial and real estate borrowings. The growth in these loan
categories are signs of the continuing good local economy, and the efforts of
experienced loan professionals capitalizing on borrowers desire for service and
value added products.
Bancorp experienced an increase in deposits of $8.1 million during the
first six months of 1996. Interest bearing demand deposits increased $4.4
million, and noninterest bearing demand deposits increased $1.9 million at June
30, 1996 as compared to December 31, 1995. Management believes this increase is
due to continuing marketing efforts and helped by continued customer
dissatisfaction with merger and consolidation activities by competition in the
markets served by the Bank.
All other changes experienced in asset and liability categories during the
first six months of 1996 were comparatively modest.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Total interest income increased $841,515 for the six months ended June 30,
1996, and $458,328 for the quarter ended June 30, 1996, as compared to the same
periods in 1995. This increase is primarily due to the increase in loans and
federal funds held in 1996 as compared to 1995.
9
<PAGE> 10
Total interest expense also increased $426,817 for the six months ended
June 30, 1996, and $161,599 for the quarter ended June 30, 1996, as compared to
the same periods in 1995. This increase is primarily due to the increase in time
deposits held during 1996 as compared to 1995.
The increase in interest earned, offset in part by the increase in
interest paid, served to increase Bancorp's net interest income by $414,698 for
the six months ended June 30, 1996, as compared to the six months ended June 30,
1995. Net income per common share increased to $.53 for the first six months of
1996 from $.49 for the first six months of 1995.
Noninterest income increased approximately $88,000 for the six months
ended June 30, 1996 as compared to the same period in 1995. This increase is
primarily attributable to increases in income generated by Columbia River's
credit card program, and the financial services division of Columbia River.
Other noninterest income and service charges and fees on deposit accounts also
added to the increase.
Noninterest expense increased approximately $290,000 for the six months
ended June 30, 1996 as compared to the comparable 1995 period. The increase for
the six month period was primarily attributable to increases in salaries and
employee benefits and other noninterest expenses. Other noninterest expenses
increased primarily due to professional expenses related to the formation of
Bancorp as the holding company for the Bank, the initial filing of registration
of Bancorp with the Securities and Exchange Commission, and expenses related to
the Klickitat Valley acquisition. Decreases in Office Supplies expense, FDIC
Assessments and Data Processing expenses partially offset other increases.
Salaries and employee benefits increased approximately $119,000, or 7%,
during the first six months of 1996 as compared to the 1995 six-month period.
Management believes this increase was primarily due to deferred compensation
expense and routine adjustments in officer and staff salary.
LOAN LOSS PROVISION
During the six months ended June 30, 1996, Bancorp charged a $75,000 loan
loss provision to operations, as compared to $43,000 charged during the same
period in 1995. Loans charged off, net of loan recoveries, was $13,772 during
the six months ended June 30, 1996 as compared to $2,036 for the 1995 six-month
period.
Management believes that the reserve for loan losses is adequate for
potential loan losses, based on management's assessment of various factors,
including present delinquent and nonperforming loans, past history of industry
loan loss experience, and present and anticipated future economic trends
impacting the areas and customers served by Bancorp.
LIQUIDITY AND CAPITAL RESOURCES
Bancorp's subsidiaries, Columbia River, and Klickitat Valley, have adopted
policies to maintain a relatively liquid position to enable them to respond to
changes in their financial environment. Generally, the Banks' major sources of
liquidity are customer deposits, sales and maturities of investment securities,
the use of federal funds markets and net cash provided by operating activities.
Scheduled loan repayments are a relatively stable source of funds, while deposit
inflows and unscheduled loan prepayments, which are influenced by general
interest rate levels, interest rates available on other investments,
competition, economic conditions and other factors, are not.
The analysis of liquidity should also include a review of the changes that
appear in the consolidated statement of cash flows for the first six months of
1996. The statement of cash flows includes operating, investing and financing
categories. Operating activities include net income of $1,222,057, which is
adjusted for non-cash items and increases or decreases in cash due to changes in
certain assets and liabilities. Investing activities consisted primarily of both
10
<PAGE> 11
proceeds from and purchases of securities, and the impact of the net growth in
loans. Financing activities present the cash flows associated with deposit
accounts, and reflect the dividend paid to shareholders.
The Federal Reserve Board ("FRB") and Federal Deposit Insurance
Corporation ("FDIC") have established minimum requirements for capital adequacy
for bank holding companies and member banks. The requirements address both
risk-based capital and leveraged capital. The regulatory agencies may establish
higher minimum requirements if, for example, a corporation has previously
received special attention or has a high susceptibility to interest rate risk.
At June 30, 1996, the Bancorp's tier-one and total risk-based capital ratios
were 11.55% and 12.31%, respectively. The FRB's minimum risk-based capital ratio
guidelines for Tier 1 and total capital are 4% and 8%, respectively. At June 30,
1996, the capital-to-assets ratio under leverage ratio guidelines was
approximately 9.49%. The FRB's current minimum leverage capital ratio guideline
is 3%.
11
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibit 27 Article 9 Financial Data Schedule for Form 10-QSB
(b) Hereby incorporated herein by reference, current report on Form 8-K dated
June 13, 1996 was filed on June 24, 1996, reporting under Items 2, 5, and
7, the acquisition of Klickitat Valley Bank, the branch of Columbia River
Banking Company DBA Juniper Banking Company in Bend, Oregon, and
management contracts.
12
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COLUMBIA BANCORP
<TABLE>
<S> <C>
Dated: July 24, 1996 /s/ Terry L. Cochran
--------------------
Terry L. Cochran
President & Chief Executive Officer
Dated: July 24, 1996 /s/ Richard J. Croghan
----------------------
Richard J. Croghan, Chief Financial Officer and
Chief Accounting Officer - Columbia River Banking
Company; Acting Chief Financial Officer and Chief
Accounting Officer - Columbia Bancorp
</TABLE>
13
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 10,529,069
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 7,697,468
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 8,946,481
<INVESTMENTS-CARRYING> 39,202,063
<INVESTMENTS-MARKET> 8,845,523
<LOANS> 115,611,657
<ALLOWANCE> 1,132,722
<TOTAL-ASSETS> 187,091,528
<DEPOSITS> 166,982,499
<SHORT-TERM> 1,053,158
<LIABILITIES-OTHER> 880,285
<LONG-TERM> 0
0
0
<COMMON> 5,024,433
<OTHER-SE> 13,151,153
<TOTAL-LIABILITIES-AND-EQUITY> 187,091,528
<INTEREST-LOAN> 5,704,465
<INTEREST-INVEST> 1,405,964
<INTEREST-OTHER> 274,105
<INTEREST-TOTAL> 7,384,264
<INTEREST-DEPOSIT> 2,790,106
<INTEREST-EXPENSE> 2,827,304
<INTEREST-INCOME-NET> 4,556,960
<LOAN-LOSSES> 75,000
<SECURITIES-GAINS> 3,416
<EXPENSE-OTHER> 3,498,300
<INCOME-PRETAX> 1,840,628
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