Given a strong net profit for the fourth quarter and for all of 2011, the board at Tacoma-based Columbia Bank has announced a quarterly cash dividend of 8 cents per share plus a special cash dividend of 29 cents per share to stock holders of record as of Feb. 8.
The numbers, released early Thursday:
• Net income for the quarter at $14.8 million, an increase of 17 percent compared with $12.6 million for the fourth quarter in 2010.
• Quarterly per-share income of 37 cents, up 16 percent from 32 cents the year before.
• Annual net income of $48 million, up 86 percent from $25.8 million in 2010. The annual per-share income reached $1.21, compared with 72 cents in 2010.
• Total assets rose to $4.79 billion, up 13 percent from $4.26 billion at the end of 2010.
• Total deposits rose 15 percent to $3.82 billion from $3.33 billion.
• Net interest margin increased to 7.14 percent in the fourth quarter, up from 4.35 percent for the same quarter in 2010.
• Nonperforming loans were at $85.4 million at the end of the year, down from $102.2 million at the end of 2010.
• Bad loans charged off from the books were at $2.1 million at the end of 2010, compared with $5.1 million at the end of 2010.
During the past year, Columbia added three banks to its network, purchasing First Heritage Bank and Summit bank during the second quarter, and Bank of Whitman during the third quarter. Those transactions increased Columbia’s footprint farther into Eastern and northwestern Washington, and with the additions, Columbia’s network increased by 21 percent to 102 branches in Washington and Oregon.
The bank’s loan portfolio at the end of the year comprised 44 percent commercial business loans; 4 percent construction loans; 3 percent in one-to-four family residential real estate; and 8 percent consumer loans. The remainder comprised commercial real estate loans.
During 2011, Columbia was named the best bank in Washington by Forbes Magazine, and No. 2 in the Northwest. Also, President and Chief Executive Officer Melanie Dressel was named Community Banker of the Year by American Banker Magazine.
“2011 was an exceptional year of growth and opportunity for us,” Dressel said Thursday.
“We continued to make significant progress in our often-stated goal of being the leading Pacific Northwest regional community bank.”
The bank will release its first quarter figures at an annual meeting on April 25 at the University of Washington Tacoma, at William Philip Hall – named for Columbia co-founder and a leading force behind establishing UWT.
C.R. Roberts: 253-597-8535 c.r.roberts@thenewstribune.com
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