CB Announces Q3 2012 Earnings & Dividend
Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank (NASDAQ: COLB ("Columbia") said today upon the release of third quarter 2012 earnings, "Our earnings for the quarter reflected the relative strength of our net interest margin despite ongoing rate challenges in our industry, a rise in our merchant card services and fee income, as well as the continued favorable downward trend in our nonperforming assets. Our focus on developing and enhancing customer relationships resulted in 5% growth in noncovered loans and an 11% increase in our business loans from the end of last year."
Ms. Dressel also noted, "We were excited to announce our merger agreement with West Coast Bancorp during the quarter. This is an exciting opportunity to unite two community banks who share a long-held commitment to both relationship-based customer service and the communities we serve."
Columbia’s net income was $11.9 million for the quarter ended September 30, 2012 compared to net income of $18.9 million for the same quarter of 2011. Earnings per diluted common share were $0.30 for the third quarter, compared with earnings of $0.48 per diluted common share a year earlier. The decline in earnings was due to the enhanced benefits realized in the third quarter of 2011 from Columbia’s FDIC-assisted transactions.
Read the complete press release.