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Columbia Banking System Announces Second Quarter 2015 Earnings

by User Not Found | Jul 23, 2015
July 23, 2015

Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank (NASDAQ: COLB) ("Columbia") said today upon the release of Columbia’s second quarter 2015 earnings, "We accomplished a lot this quarter, generating solid financial performance, especially in light of the after tax impact to earnings of $3.4 million, or $0.06 per diluted share, resulting from acquisition-related expense and FDIC acquired loan accounting. Despite intense competition, our bankers continue to expand existing and source new relationships. Their production of over $280 million in new loans represents our second highest quarterly total ever."

Ms. Dressel continued, "We completed the core operating system conversion for our latest acquisition during the quarter and are nearing the end of the integration process. The successful conversion was the result of the outstanding efforts of everyone involved to ensure there was minimal disruption to our customers and new team members."

Highlights

  • Net income of $21.9 million with diluted earnings per share of $0.38, net of a reduction in net income of $3.4 million, or $.06 per diluted share, associated with acquisition-related expenses and FDIC acquired loan accounting
  • New loan production for the quarter of over $280 million
  • Nonperforming assets to period end assets reduced to 0.54%, a decrease of 8 basis points from year end 2014 and a decrease of 11 basis points from March 31, 2015
  • Core system conversion of Intermountain completed during the quarter
  • Named 2015 Best of the South Sound and Top Places to Work by the Business Examiner
  • Named one of "Washington’s Best Workplaces" 2015 by the Puget Sound Business Journal

Read the complete press release

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