Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank, said upon the release of Columbia's third quarter 2014 earnings, “I’m very pleased with our loan and deposit production during the third quarter. By remaining externally focused on organic growth, our bankers continue to deepen existing relationships as well as establish new ones.” Ms. Dressel continued, "Our entire team has also been hard at work preparing for the closing of the Intermountain Community Bancorp acquisition we announced during the third quarter. I’m pleased to report that we have received FDIC and state regulatory approvals and are proceeding toward a fourth quarter closing date."
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Announced merger agreement with Intermountain Community Bancorp
Net income of $21.6 million and diluted earnings per share of $0.41, up from net income of $21.2 million and diluted earnings per share of $0.40 at June 30, 2014.
Loan production of over $250 million during the quarter, resulting in annualized noncovered loan growth of over 11% for the current period
Core deposit growth of $255 million, or 17% annualized, during the quarter
Nonperforming assets to period end noncovered assets reduced to 0.53%, a decrease of 31 basis points from year end and a decrease of 12 basis points from June 30, 2014
CEO Melanie Dressel named one of American Banker’s Most Powerful Women in Banking
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