Tacoma-based Columbia Banking System on Thursdayannounced second-quarter earnings of $21.9 million, or 38 cents per share, and new loan production of more than $280 million.
President and CEO Melanie Dressel said in a release, “We accomplished a lot this quarter, generating solid financial performance.
“Despite intense competition, our bankers continue to expand existing and source new relationships,” she stated. “Their production of over $280 million in new loans represents our second-highest quarterly total ever.”
Also on Thursday, the Columbia board announced it would pay a quarterly cash dividend of 18 cents per share plus a special cash dividend of 16 cents per share. This is the sixth consecutive quarter that the board has offered the special dividend.
Never miss a local story.
Among other data released Thursday:
▪ Total loans were at $5.61 billion at the end of the second quarter, up $161 million from the end of the first quarter. Net income for the quarter fell $3.4 million primarily due to “acquisition-related expenses and FDIC acquired loan accounting.”
▪ Nonperforming assets totaled 0.54 percent, compared with 0.65 percent at the end of the first quarter. Among commercial business loans, which predominate in the bank’s balance sheet, the second quarter saw a total of $13.5 million in troubled loans, down from $17.4 million at March 31. Commercial business loans represent 40.2 percent of the bank’s portfolio.
▪ Net interest income ended the quarter at $81 million, an increase of $646,000 compared with the first quarter. Compared with the second quarter of 2014, net interest income has increased by $5.9 million.
▪ Noninterest income rose to $21.4 million from $14.6 million recorded in the second quarter last year.
▪ Total assets rose to $8.5 billion from $7.2 billion the year before, while loans increased to $5.5 billion from $4.64 billion. Deposits increased from $5.96 billion to $6.97 billion.
▪ The bank’s efficiency ratio (roughly the cost of making $1) rose from 62.6 percent to 64.9 percent.
▪ Income from service charges and other fees rose from $13.79 million at the end of the second quarter of 2014 to $15.87 million at the end of June 2015.
▪ The cost of compensation and employee benefits rose over the year from $31 million to $38.4 million.
C.R. Roberts: 253-597-8535