Columbia Bank posts Q4 net income of $13.5M
Melanie Dressel, CEO, Columbia Bank and Columbia Banking System Inc.
Columbia Banking System reported net income of $13.5 million for the fourth quarter of 2012, down from $14.8 million for the same quarter a year earlier.
The parent company for Tacoma-based Columbia Bank said fourth-quarter 2011 earnings were bolstered by a $6 million favorable impact resulting from one of its acquisitions that were assisted by the Federal Deposit Insurance Corp.
Over the past two years, Columbia has acquired five failed banks in deals assisted by the FDIC. Those acquisitions boosted the bank’s assets by 50 percent, making it one of the largest publicly traded banks in the Northwest.
The bank’s net interest margin — the difference between interest from bank loans and interest paid to depositors — was 5.2 percent for the fourth quarter, down from 7.1 percent a year ago. The lower net interest margin is a reflection of historically low interest rates.
Columbia Bank also announced a dividend of 10 cents per share for the quarter.
Columbia said the deal to acquire West Coast Bancorp[4], headquartered in Lake Oswego, Ore., should be completed within the next three months. The bank said it paid $649,000 in legal and professional fees related to the West Coast Bancorp deal.
In September, Columbia Bank’s parent company, Columbia Banking System Inc.[5] (NASDAQ: COLB), said it is acquiring West Coast Bancorp[6] of Oregon in a deal worth more than $500 million.
Columbia Bank also said it closed three bank branches in 2012, and during the fourth quarter the bank consolidated its Port Townsend and Belfair branches, both located in grocery stores, into nearby full-service branches.
Greg Lamm covers banking & finance and law for the Puget Sound Business Journal.
References
- ^ Greg Lamm (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ West Coast Bancorp (www.bizjournals.com)
- ^ Columbia Banking System Inc. (www.bizjournals.com)
- ^ acquiring West Coast Bancorp (www.bizjournals.com)