Columbia Bank on Thursday reported net income of $11.9 million for the third quarter, down from $18.9 million for the same quarter last year. Earnings came in at 30 cents per share compared with 48 cents per share a year ago.
Columbia President and CEO Melanie Dressel announced a shareholders’ cash dividend of 9 cents per share due next month.
With no immediate need to accumulate capital, the company had for the previous four quarters also paid a special cash dividend. With the merger of Columbia and West Coast Bancorp last month, however, the special dividend was discontinued for the third quarter.
Financial results from the merger were not reflected in the third quarter results. The merger should be complete early next year following shareholder and regulatory approval. The merger, when complete, will take the number of Columbia branches from 101 to more than 150, making Columbia the largest community bank in both Washington and Oregon as measured by deposit market share. With the approvals, Columbia will count assets of more than $7 billion.
Nonaccrual loans for the quarter showed a favorable decrease, totaling $41.5 million as compared to $55.1 million at the end of the third quarter a year ago. Other owned real estate and personal property – figures banks do not typically enjoy carrying on their books – fell from $34 million a year ago to $11.7 million.
At the end of September, Columbia counted total assets of $4.9 billion, up from $4.79 billion at the end of both the second quarter and 2011. Deposits for the quarter marked $3.85 billion, up from $3.67 at the end of the third quarter last year. Service charges and other fees produced an income of $7.6 million for the quarter, up from $6.99 million a year ago.
C.R. Roberts: 253-597-8535 c.r.roberts@ thenewstribune.com
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