CB Announces Q1 2013 Earnings
Columbia Banking System Announces First Quarter 2013 Earnings
Highlights for the quarter include strong loan growth, increased operating net interest margin and continued credit quality improvement
Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank said today upon the release of Columbia's first quarter 2013 earnings, “The results for the quarter reflect our emphasis on strategic initiatives to further improve our core performance measures. The 4% increase in our loan portfolio since the end of last year, as well as improved credit quality and reduced expenses, contributed significantly to our improved performance over the first quarter of last year.”
- Net income increased to $12.2 million, or 37%, compared to net income of $8.9 million for the first quarter 2012. Net income per diluted common share rose 41% to $0.31, as compared to $0.22 per common share for the first quarter 2012. The increase in earnings was driven by substantial decreases in noninterest expense and provision for loan losses.
- Noncovered loans increased 11% from the first quarter 2012 and 4% from year-end 2012. Business loans also increased 4% since year-end 2012, and were up 12% from the first quarter 2012.
- Credit metrics continued to improve; noncovered nonperforming assets decreased 7% from year-end 2012, and 43% from first quarter 2012.
Our merger with West Coast Bancorp was completed on April 1, 2013, adding approximately $2.4 billion in assets, resulting in a Pacific Northwest regional community bank with over $7 billion in assets and 157 branches throughout Washington and Oregon.
Read the complete press release.