CB Announces 4Q & Full Year 2012 Earnings
Columbia Banking System Announces Fourth Quarter and Full Year 2012 Earnings; Increased Quarterly Cash Dividend
Highlights for the quarter include strong loan growth, exceptional core deposit levels and continued improving credit quality
Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank said today upon the release of Columbia's fourth quarter 2012 earnings, “Our core performance measures continue their positive trend, the result of our ongoing strategic initiatives. These initiatives have resulted in solid loan growth, improved credit quality metrics, as well as increased levels of noninterest income, coupled with reduced expenses."
Ms. Dressel continued, "In general, our core performance measures for the fourth quarter 2012 and the full year 2012 are improved when compared to the results of the same periods in the prior year. Prior period comparisons are distorted by the favorable impact resulting from one of our FDIC-assisted acquisitions, which bolstered earnings during the fourth quarter of 2011 by $0.15 per share, or $6 million. With loan growth of 8%, our high level of core deposits and the pending merger with West Coast Bancorp, we feel we are well-positioned heading into 2013.”
Columbia's net income was $13.5 million for the quarter ended December 31, 2012 compared to net income of $14.8 million for the same quarter of 2011. Earnings per diluted common share were $0.34 for the fourth quarter, compared with earnings of $0.37 per diluted common share a year earlier. The decline in earnings was due to the enhanced benefits realized in the fourth quarter of 2011 from Columbia's FDIC-assisted transactions.
Read the full press release and financial report.