<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 September 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 October 15, 1996
<PAGE> 2
COLUMBIA BANCORP
FORM 10-QSB
SEPTEMBER 30, 1996
INDEX
<TABLE>
<CAPTION>
PAGE
PART I - FINANCIAL INFORMATION REFERENCE
- ------------------------------ ---------
<S> <C>
Consolidated Balance Sheets as of September 30, 1996 and 3
December 31, 1995
Consolidated Statements of Income for the nine months and quarter ended 4
September 30, 1996 and 1995
Consolidated Statements of Cash Flows for the nine months ended 5
September 30, 1996 and 1995
Consolidated Statements of Changes in Shareholders' Equity for the 6
periods of December 31, 1994 to September 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 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>
September 30, December 31,
1996 1995
------------- -------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 15,027,703 $ 12,610,087
Federal funds sold 11,365,546 6,272,765
------------- -------------
Total cash and cash equivalents 26,393,249 18,882,852
Investment securities available-for-sale 7,908,620 7,665,899
Investment securities held-to-maturity 40,307,056 41,165,508
Federal Home Loan Bank stock 651,100 622,400
------------- -------------
Total investment securities 48,866,776 49,453,807
Loans, net of allowance for loan losses and unearned loan fees 114,010,690 104,178,022
Property and equipment, net of depreciation 4,342,121 3,719,073
Accrued interest receivable 2,124,901 1,815,876
Other assets 314,973 435,907
------------- -------------
Total Assets $ 196,052,710 $ 178,485,537
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest bearing demand deposits $ 31,787,923 $ 31,817,250
Interest bearing demand accounts 71,299,253 56,888,529
Savings accounts 23,996,782 22,203,757
Time certificates and IRA accounts 48,043,839 47,965,662
------------- -------------
Total deposits 175,127,797 158,875,198
Short-term borrowings 456,801 97,381
Notes payable to Federal Home Loan Bank 600,000 1,200,000
Accrued interest payable and other liabilities 1,053,707 829,066
------------- -------------
Total liabilities 177,238,305 161,001,645
Employee stock ownership plan shares subject to put option 841,918 866,471
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 4,974,400
Additional paid-in capital 6,317,733 4,848,953
Retained earnings 7,554,972 7,683,876
Net unrealized loss on securities available-for-sale, net of tax (82,733) (23,337)
------------- -------------
18,814,405 17,483,892
Less: employee stock ownership plan shares subject to put option (841,918) (866,471)
------------- -------------
Total shareholders' equity 17,972,487 16,617,421
------------- -------------
$ 196,052,710 $ 178,485,537
============= =============
</TABLE>
See accompanying notes.
3
<PAGE> 4
COLUMBIA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
---------------------------- ----------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 3,076,489 $ 2,771,982 $ 8,780,954 $ 7,837,597
Interest on investments:
Taxable investment securities 511,864 516,905 1,539,835 1,606,435
Nontaxable investment securities 196,772 165,790 574,495 482,468
Other interest income 135,030 122,064 409,135 192,990
----------- ----------- ----------- -----------
Total interest income 3,920,155 3,576,741 11,304,419 10,119,490
INTEREST EXPENSE
Interest bearing demand and savings 758,128 669,434 2,166,376 1,998,566
Interest on time deposits and IRA's 663,861 689,015 2,045,718 1,660,741
Other borrowed funds 11,865 35,176 49,063 134,805
----------- ----------- ----------- -----------
Total interest expense 1,433,854 1,393,625 4,261,157 3,794,112
----------- ----------- ----------- -----------
NET INTEREST INCOME 2,486,301 2,183,116 7,043,262 6,325,378
PROVISION FOR LOAN LOSSES 81,479 22,500 156,479 65,500
----------- ----------- ----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,404,822 2,160,616 6,886,783 6,259,878
NONINTEREST INCOME
Service charges and fees 274,096 240,195 789,180 743,119
Credit card discounts and fees 98,446 73,176 236,124 173,581
Financial services department, net of expenses 38,985 23,748 103,545 65,706
Other noninterest income 43,996 43,556 183,641 167,033
----------- ----------- ----------- -----------
Total noninterest income 455,523 380,675 1,312,490 1,149,439
NONINTEREST EXPENSE
Salaries and employee benefits 954,975 841,141 2,751,861 2,518,532
Occupancy expense 149,694 129,375 453,662 396,866
Credit card processing fees 65,345 50,285 161,141 138,952
Office Supplies 56,482 43,209 114,626 146,510
FDIC assessment 1,500 (9,542) 3,500 150,986
Data processing expense 51,905 62,467 158,072 178,024
Other noninterest expenses 403,461 413,781 1,538,800 1,208,780
----------- ----------- ----------- -----------
Total noninterest expense 1,683,362 1,530,716 5,181,662 4,738,650
----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAXES 1,176,983 1,010,575 3,017,611 2,670,667
PROVISION FOR INCOME TAXES 384,850 306,370 1,003,421 863,385
----------- ----------- ----------- -----------
NET INCOME $ 792,133 $ 704,205 $ 2,014,190 $ 1,807,282
=========== =========== =========== ===========
Earnings per share of common stock $ .35 $ .31 $ .88 $ .80
=========== =========== =========== ===========
</TABLE>
See accompanying notes.
4
<PAGE> 5
COLUMBIA BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
The Nine months Ended
September 30,
-------------
1996 1995
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 2,014,190 $ 1,807,282
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation 273,575 243,819
Provision for loan losses 156,479 65,500
Federal Home Loan Bank stock dividend (28,700) (20,800)
Increase in accrued interest receivable (309,025) (318,041)
Decrease in other assets 120,934 64,658
Increase in accrued interest payable and other liabilities 224,641 113,407
------------ ------------
Net cash provided by operating activities 2,452,094 1,955,825
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of available-for-sale securities -- 843,684
Proceeds from the maturity of available-for-sale securities 4,289,017 5,832,230
Purchases of available-for-sale securities (4,733,471) (749,000)
Proceeds from the maturity of held-to-maturity securities 12,798,513 8,563,457
Purchases of held-to-maturity securities (11,963,609) (7,712,753)
Purchase of Federal Home Loan Bank stock -- (33,300)
Net change in loans made to customers (9,989,147) (10,143,485)
Purchases of premises and equipment (927,941) (276,143)
Proceeds from the sale of premises and equipment 40,000 --
------------ ------------
Net cash used in investing activities (10,486,638) (3,675,310)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand deposits and savings accounts 16,174,422 1,284,568
Net change in time deposits and IRA accounts 78,177 13,218,262
Net decrease in borrowings from Federal Home Loan Bank (600,000) (381,000)
Net decrease in federal funds purchased -- (1,500,000)
Dividends paid (545,011) (456,483)
Proceeds from stock options 77,933 23,398
Net increase in short-term borrowings 359,420 192,991
------------ ------------
Net cash provided by financing activities 15,544,941 12,381,736
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 7,510,397 10,662,251
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,882,852 10,318,766
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 26,393,249 $ 20,981,017
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash $ 4,217,407 $ 3,728,214
============ ============
Taxes paid in cash $ 1,029,208 $ 867,872
============ ============
SCHEDULE OF NONCASH ACTIVITIES
Change in unrealized loss on available-for sale securities, net of tax $ (59,396) $ 261,835
============ ============
</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
available ESOP
Additional for sale plan shares Total
Common Paid-in Retained investment subject to Shareholders'
Shares Stock Capital Earnings securities put options Equity
------ ----- ------- -------- ---------- ----------- ------
<S> <C> <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) $ 14,681,508
Cash dividends -- -- -- (555,074) -- -- (555,074)
Stock options exercised 1,000 6,668 16,730 -- -- -- 23,398
3 for 1 stock split 1,488,011 -- -- -- -- -- --
Stock options exercised 5,800 12,881 35,215 -- -- -- 48,096
Changes in unrealized loss
on AFS securities, net of tax -- -- -- -- 292,054 -- 292,054
Changes in ESOP shares
subject to put option -- -- -- -- -- (361,721) (361,721)
Net income -- -- -- 2,489,160 -- -- 2,489,160
--------- ------------ ------------ ------------ ------------ ------------ ------------
BALANCE, December 31, 1995 2,237,817 4,974,400 4,848,953 7,683,876 (23,337) (866,471) $ 16,617,421
Stock options exercised 3,540 7,868 27,900 -- -- -- 35,768
Cash dividends -- -- -- (545,011) -- -- (545,011)
Stock options exercised 4,400 42,165 -- -- -- -- 42,165
Changes in unrealized loss
on AFS securities, net of tax -- -- -- -- (59,396) -- (59,396)
Changes in ESOP shares
subject to put option -- -- -- -- -- 24,553 24,553
Transfer to surplus 1,440,880 (1,440,880) --
Cash dividend declared (157,203) (157,203)
Net Income -- -- -- 2,014,190 -- -- 2,014,190
--------- ------------ ------------ ------------ ------------ ------------ ------------
BALANCE, September 30, 1996 2,245,757 $ 5,024,433 $ 6,317,733 $ 7,554,972 $ (82,733) $ (841,918) $ 17,972,487
</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 of results of operations for the interim
periods included herein have been made. The results of operations for the
nine months ended September 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>
September 30, December 31,
1996 1995
------------- -------------
<S> <C> <C>
Commercial 30,829,691 23,519,800
Agriculture 16,434,097 15,226,705
Real estate 52,694,961 52,200,356
Consumer 14,692,336 13,774,834
Other 850,386 740,163
------------- -------------
115,501,471 105,461,858
Allowance for loan losses (1,219,629) (1,071,494)
Deferred loan fees (271,152) (212,342)
------------- -------------
$ 114,010,690 $ 104,178,022
============= =============
</TABLE>
7
<PAGE> 8
Transactions in the reserve for loan losses were as follows for the nine
months ended September 30:
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
Balance at beginning of period $ 1,071,494 $ 954,355
Provision charged to operations 156,479 65,500
Recoveries 39,612 100,466
Loans charged off (47,956) (57,050)
----------- -----------
Balance at end of period $ 1,219,629 $ 1,063,271
=========== ===========
</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 September 30, 1996 and December 31, 1995 were
approximately $267,000 and $308,000, respectively.
Loans past due 90 days or more on which Bancorp continued to accrue
interest were approximately $52,000 at September 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 September
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
Columbia Bancorp (Bancorp) has completed its first quarter of operations
since the June 13th acquisition of Klickitat Valley Bank (Klickitat Valley).
Joining Columbia River Banking Company (Columbia River), the acquisition made
Klickitat Valley the second wholly-owned bank subsidiary of Bancorp. Management
believes the benefits of this acquisition are evident in the results of
operations of Bancorp, and will continue to strengthen both Columbia River and
Klickitat Valley as they continue providing their communities with financial
products and services.
As the third quarter of 1996 drew to a close, excitement grew in
anticipation of the grand opening of the third branch of Columbia River's
Juniper Banking Company in Bend, Oregon. Management is extremely optimistic
about the future of this branch. In the shadow of the majestic Cascade mountain
range, the Bend office expands our market territory south, deeper into central
Oregon, into the an area that is continuing to see tremendous growth in
population. It is the largest city served by any of Bancorp's now nine branch
offices. Management is confident the Bend Office of Juniper Banking Company will
soon be discovered and patronized for providing unequaled expertise in the
delivery of bank services heretofore unseen in the Bend community.
Columbia Bancorp reported net income of $2,014,190, or $.88 per share for
the nine months ended September 30, 1996. This represented a 11.4% increase in
net income, as compared to $1,807,282, or $.80 per share, for the nine months
ended September 30, 1995. Net income of $792,133, or $.35 per share for the
quarter ended September 30 1996 represented a 12.5% increase in net income, as
compared to $704,205, or $.31 per share, for the quarter ended September 30,
1995. The increased earnings during the quarter ended September 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 nine months
of 1996 was offset, in part, by dividends paid out to shareholders of $545,011.
On September 23, the Bancorp board declared a third-quarter dividend of $.07 per
share payable October 31 to shareholders of record September 30, 1996. With the
payment of the declared dividend, approximately 35% of earnings will have been
returned to shareholders, the remaining 65% being retained to fund the continued
strong growth of Bancorp.
MATERIAL CHANGES IN FINANCIAL CONDITION
Material changes in financial condition for the nine months ended
September 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 September 30, 1996, total assets increased 9.8%, or approximately $17.6
million, over total assets at December 31, 1995. An increase of $9.8 million in
loans, an increase of $7.5 million in cash and cash equivalents, and a $.6
million decrease in investment securities were the major components of the
change in total assets. The increase in loans is reflected in increases in all
loan categories and is indicative 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 $16.3 million during the
first nine months of 1996. Interest bearing demand deposits increased $14.4
million, and savings deposits increased $1.8 million at September 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.
9
<PAGE> 10
All other changes experienced in asset and liability categories during the
first nine months of 1996 were comparatively modest.
MATERIAL CHANGES IN RESULTS OF OPERATIONS
Total interest income increased $1,184,929 for the nine months ended
September 30, 1996, and $343,414 for the quarter ended September 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.
Total interest expense also increased $467,045 for the nine months ended
September 30, 1996, and $40,229 for the quarter ended September 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 $717,884 for
the nine months ended September 30, 1996, as compared to the nine months ended
September 30, 1995. Net income per common share increased to $.88 for the first
nine months of 1996 from $.80 for the first nine months of 1995.
Noninterest income increased approximately $164,000 for the nine months
ended September 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 $443,000 for the nine months
ended September 30, 1996 as compared to the comparable 1995 period. The increase
for the nine 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 $233,000, or 9%,
during the first nine months of 1996 as compared to the 1995 nine month period.
Management believes this increase was primarily due to deferred compensation
expense and routine adjustments in officer and staff salaries.
LOAN LOSS PROVISION
During the nine months ended September 30, 1996, Bancorp charged a
$156,479 loan loss provision to operations, as compared to $65,500 charged
during the same period in 1995. Loans charged off, net of loan recoveries, was
$8,344 during the nine months ended September 30, 1996. Although this is
excellent in comparison to Bancorp's peer group, it pales in comparison to net
recoveries of $43,416 made during the same nine month period in 1995.
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.
10
<PAGE> 11
The analysis of liquidity should also include a review of the changes that
appear in the consolidated statement of cash flows for the first nine months of
1996. The statement of cash flows includes operating, investing and financing
categories. Operating activities include net income of $2,014,190, 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
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
September 30, 1996, the Bancorp's tier-one and total risk-based
11
<PAGE> 12
capital ratios were 13.81% and 14.73%, respectively. The FRB's minimum
risk-based capital ratio guidelines for Tier 1 and total capital are 4% and 8%,
respectively. At September 30, 1996, the capital-to-assets ratio under leverage
ratio guidelines was approximately 9.79%. The FRB's current minimum leverage
capital ratio guideline is 3%.
12
<PAGE> 13
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) No current reports on Form 8-K were filed during the quarter ended
September 30, 1996.
13
<PAGE> 14
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
Dated: October 29, 1996 /s/ Terry L. Cochran
--------------------
Terry L. Cochran
President & Chief Executive Officer
Dated: October 29, 1996 /s/ Richard J. Croghan
----------------------
Richard J. Croghan, EVP, Chief Financial Officer
and Chief Accounting Officer - Columbia River
Banking Company; Chief Financial Officer and
Chief Accounting Officer - Columbia Bancorp
14
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<CASH> 15,027,703
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 11,365,546
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 8,559,720
<INVESTMENTS-CARRYING> 40,307,056
<INVESTMENTS-MARKET> 39,852,557
<LOANS> 115,230,319
<ALLOWANCE> 1,219,629
<TOTAL-ASSETS> 196,052,710
<DEPOSITS> 175,127,797
<SHORT-TERM> 1,056,801
<LIABILITIES-OTHER> 1,053,707
<LONG-TERM> 0
0
0
<COMMON> 5,024,433
<OTHER-SE> 13,789,972
<TOTAL-LIABILITIES-AND-EQUITY> 196,052,710
<INTEREST-LOAN> 8,780,954
<INTEREST-INVEST> 2,114,330
<INTEREST-OTHER> 409,135
<INTEREST-TOTAL> 11,304,419
<INTEREST-DEPOSIT> 4,212,094
<INTEREST-EXPENSE> 4,261,157
<INTEREST-INCOME-NET> 7,043,262
<LOAN-LOSSES> 156,479
<SECURITIES-GAINS> 121
<EXPENSE-OTHER> 5,181,662
<INCOME-PRETAX> 3,017,611
<INCOME-PRE-EXTRAORDINARY> 3,017,611
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,014,190
<EPS-PRIMARY> .88
<EPS-DILUTED> .88
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
