CB Announces Strong 2Q Results
Columbia Banking System Announces Strong Second Quarter 2013 Results
and Declares Cash Dividend
Highlights for the quarter include closing the West Coast Bancorp ("West Coast") acquisition, increased operating
net interest margin and sustained organic loan growth
Melanie Dressel, President and Chief Executive Officer of Columbia Banking System and Columbia Bank said today upon the release of Columbia's second quarter 2013 earnings, "Taking into account the financial impact associated with closing our acquisition of West Coast, I'm very pleased with our results for the quarter. Acquisition-related expenses lowered our earnings per share by $0.11, bringing our reported diluted earnings per share to $0.28 during the quarter. It's also notable that our operating net interest margin increased for the second consecutive quarter and we continued to experience organic loan growth."
Net income for the current quarter was $14.6 million, a 23% increase compared to net income of $11.9 million for the second quarter 2012. Earnings were impacted by $9.2 million in pre-tax acquisition-related expenses resulting from the West Coast transaction. Earnings per diluted common share declined 7% to $0.28, as compared to $0.30 per common share for the second quarter 2012.
Read the complete press release.