Columbia Bank released its second quarter earnings report, some of the highlights are below. One interesting part to the report is Columbia’s intention to add offices north of Seattle.
“To help fill in our geographic footprint between Seattle and Bellingham, we anticipate opening two additional branches in northwest Washington, and will apply for reglatory approval when appropriate locations are determined,” said Melanie Dressel, president and CEO, said in the report.
Here are some details about the earnings:
TACOMA, Wash., July 29 /PRNewswire-FirstCall/ — Columbia Banking System, Inc. (NASDAQ:COLB) today announced net income applicable to common shareholders of $3.9 million for the second quarter of 2010 compared to a net loss applicable to common shareholders of $6.6 million for the same quarter of 2009. On a diluted per common share basis, net income for the quarter was $0.11, compared to a net loss of $0.37 for the second quarter of 2009. The continuing challenges of the difficult economy resulted in management’s decision to record a $13.5 million provision for loan losses for the quarter. In addition, earnings were impacted by one-time conversion expenses due to the FDIC-assisted acquisition of the former Columbia River Bank completed during the first quarter 2010. The conversion of the former American Marine Bank is scheduled for third quarter 2010.
Net income applicable to common shareholders for the six months ended June 30, 2010 was $10.8 million, compared to a net loss of $6.2 million for the first six months of 2009. On a diluted per common share basis, net income for the first six months of 2010 was $0.34, compared to a loss of $0.35 a year earlier.
Melanie Dressel, President & Chief Executive Officer commented, “We are continuing to implement our strategic initiatives to benefit from the current disruptions in our industry and to increase our presence in the Pacific Northwest. The transitions of the former Columbia River Bank and American Marine Bank to the Columbia Bank family are proceeding successfully, although we have not yet seen the full benefit or normalization in expenses relating to the two acquisitions.”
Dressel noted, “We will continue to enhance our future growth by hiring experienced teams of bankers who give us access to new clients and markets, and by adding retail locations that make strategic sense for us. We are also pleased with our ability to maintain our historically stable net interest margin supported by solid core deposits. As the economy improves, we believe we are well positioned for the future as a Pacific Northwest regional community bank.”
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