While Tacoma-based Columbia Banking System announced solid earnings on Thursday, the company board of directors announced both an increased quarterly dividend of 16 cents per share and a special cash dividend of 14 cents per share.
“We are pleased to be in a position to both increase our regular dividend and pay a special cash dividend,” said Columbia President and CEO Melanie Dressel.
Among the highlights from the third quarter:
• Net income for the quarter at $21.6 million, up from $21.2 million at the end of the second quarter.
• Core deposit growth of $255 million during the quarter.
• An increase in total deposits of $259.3 million, to $6.24 billion, up 4 percent from the end of Q2 2014.
• Total period-end assets rose to $7.47 billion from $7.15 billion in the same quarter in 2013.
• The return on average assets rose to 1.18 percent from 0.75 percent at the end of Q3 2013.
• Nonaccrual loans fell from $35.96 million at the end of Q3 2013 to $27.99 million.
• Income from service charges and fees rose from $13.35 million at the end of Q3 2013 to $14.25 million this quarter.
• The company ended the quarter with 76 branches in Washington and 59 in Oregon, and continued preparing for the closing of the acquisition of Intermountain Community Bancorp, which will take Columbia into the Idaho banking market.