Columbia Banking System Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Loan Charge-Offs for the Quarter Ended December 31, 2012
January 24, 2013 at 04:00 pm EST
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Columbia Banking System Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. The company announced fourth quarter earnings of $13.5 million, or $0.34 per share. This compares to the $14.8 million for the same quarter of 2011, or $0.37 per share. The reported earnings decreased moderately from the same quarter last year due to the substantial positive impact acquisition accounting entries had on the fourth quarter 2011 earnings. For the quarter, net interest income was $54,898,000 and income before income taxes was $18,804,000 against net interest income of $72,124,000 and income before income taxes of $20,418,000 for the same period a year ago. Return on average assets was 1.09% against 1.23% a year ago. Return on average common equity was 6.98% against 7.73% a year ago. Net interest income for the fourth quarter of 2012 decreased primarily due to the accretion income recorded during the fourth quarter of 2011 related to acquired loan portfolios.
For the full year, net interest income was $238,927,000 and income before income taxes was $63,705,000 against net interest income of $236,736,000 and income before income taxes of $65,942,000 for the same period a year ago. Net income was $46,143,000 or $1.16 per diluted share against net income of $48,037,000 or $1.21 per diluted share a year ago.
For the quarter ended December 31, 2012, net loan charge-offs were $1.6 million, compared to $2.1 million for the same period a year ago, and $3.5 million last quarter. Net charge-offs during the current quarter were primarily centered in commercial business loans.
Columbia Banking System, Inc. is the bank holding company for Umpqua Bank (the Bank). Through the Bank, the Company provides a broad range of banking, private banking, mortgage, and other financial services to corporate, institutional, small business, and individual customers. The bank offers specialized loans for corporate, middle market, and small business customers, including commercial lines of credit and term loans, and others. It offers deposit products, including non-interest-bearing checking accounts, analyzed business accounts, interest-bearing checking and savings accounts, money market accounts, insured cash sweep and other investment sweep solutions. The Bank also provides loans to individual borrowers for a variety of purposes, including secured and unsecured personal loans, home equity and personal lines of credit, and motor vehicle loans. The Bank primarily operates in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington State.
Columbia Banking System Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Loan Charge-Offs for the Quarter Ended December 31, 2012