Columbia Banking System announces record fourth-quarter profits

Columbia Bank had a record fourth-quarter net income of $30.7 million in 2016, with diluted earnings of 53 cents per share, according to the Tacoma-based bank’s earnings report Thursday.

That fourth-quarter performance contributed to Columbia Bank’s 2016 record full-year net income of $104.9 million, with diluted earnings per share at $1.81 for the year.

Shareholders will be paid a quarterly cash dividend of 22 cents per share next month. The quarterly and yearly results were released on the heels of the company’s announcement earlier this month that it intends to acquire Eugene, Oregon-based Pacific Continental Bank. That transaction is valued at around $644 million.

Together both companies will have about $12 billion in assets with more than 150 branches throughout Washington, Oregon and Idaho. First, however, shareholders and regulators must approve the purchase.

This story was originally published January 26, 2017 at 1:20 PM with the headline "Columbia Banking System announces record fourth-quarter profits."