Columbia Bank announces quarterly results

Written by Dave Gallagher | The Bellingham Herald | July 28, 2011

Columbia Bank, which recently moved its Bellingham branch into the downtown area, announced its second quarter 2011 numbers. It was a busy quarter for the company, which acquired two banks. Here are its quarterly highlights:

–  Net income increased to $8.6 million, more than double net income of
$3.9 million for the 2nd quarter 2010.

–  Net income per diluted common share increased to $0.22, as compared to
$0.11 per common share for the 2nd quarter 2010.

–  Declares cash dividend of $0.06 per common share, an increase of 20%
from prior quarter.

–  Noncovered commercial business and real estate loans increase over 6%
from year-end 2010.

–  Nonperforming noncovered assets decrease for third consecutive quarter.

–  Assets and liabilities of Summit Bank, Burlington, Washington and First
Heritage Bank, Snohomish, Washington, both acquired in May 2011 in
FDIC-assisted transactions.

–  Retail network expands by 8 locations to 93 branches in Washington and
Oregon