CB Announces Solid 2nd Quarter 2012 Earnings

Columbia Banking System Announces Solid Second Quarter 2012 Earnings

Highlights

  • Net income increased 38%, to $11.9 million compared to net income of $8.6 million for the 2nd quarter 2011
  • Net income per diluted common share increased to $0.30, as compared to $0.22 per common share for the 2nd quarter 2011
  • Noncovered loans increased 3% during the current quarter
  • Business loans increased 8% from year-end 2011
  • Credit metrics continue to improve; noncovered nonperforming assets decreased for the sixth consecutive quarter, falling 21% from year-end 2011
  • Strong core deposits at 93% of total deposits
  • Named one of Puget Sound Business Journal’s “Washington’s Best Workplaces” for the sixth consecutive year

Columbia Banking System, Inc. (NASDAQ: COLB) (“Columbia”) today announced net income of $11.9 million for the quarter ended June 30, 2012, an increase of 38% compared to net income of $8.6 million for the same quarter of 2011. Earnings per diluted common share rose 36% to $0.30 for the second quarter, compared with earnings of $0.22 per diluted common share a year earlier.

Melanie Dressel, President and Chief Executive Officer commented, “Our solid second quarter performance was achieved through our continued external focus on attracting and enhancing new and current customer relationships throughout our Pacific Northwest footprint. We are pleased with our loan growth despite the unsettled economic environment and intensified competitive challenges. Our commercial business loans have grown 8% and our total noncovered loan portfolio has grown 4% since year-end 2011.”

Read the complete Press Release