CB Announces Q3 2013 Results
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 third quarter 2013 earnings, “We continued to make significant progress in our integration of West Coast and are seeing the anticipated benefits of the acquisition materialize. We had a solid quarter resulting in an expanded net interest margin and increased loan originations.”
Net income for the current quarter was $13.3 million, a 12% increase compared to net income of $11.9 million for the third quarter of 2012. Ms. Dressel continued, “Diluted earnings per share of $0.25 for the third quarter were down from $0.28 in the second quarter this year. Acquisition-related expenses of $7.6 million, combined with the impact from FDIC acquired loan accounting, lowered our earnings per share by $0.14. Our earnings were also reduced by $0.05 per share as a result of a $4.3 million pre-tax provision for the allowance for loan losses related to the acquired West Coast loan portfolio. It is important to note that the provision is not the result of deterioration in the overall quality of this portfolio, but rather a function of transitioning from the initial measurement of the acquired loans to our standard allowance methodology."
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