We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Columbia Banking System Inc | NASDAQ:COLB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.155 | 0.79% | 19.685 | 19.69 | 19.70 | 19.91 | 19.47 | 19.79 | 929,314 | 18:42:55 |
Washington | 0-20288 | 91-1422237 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
1301 A Street Tacoma, WA | 98402 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release dated July 23, 2015 reporting the financial results of Columbia Banking System, Inc. for the quarter ended June 30, 2015. |
99.2 | Press Release dated July 23, 2015 announcing a regular quarterly dividend and a special cash dividend. |
COLUMBIA BANKING SYSTEM, INC. | |||||
Date: | July 23, 2015 | /s/ MELANIE J. DRESSEL | |||
Melanie J. Dressel | |||||
President and Chief Executive Officer |
99.1 | Press Release dated July 23, 2015 reporting the financial results of Columbia Banking System, Inc. for the quarter ended June 30, 2015. |
99.2 | Press Release dated July 23, 2015 announcing a regular quarterly dividend and a special cash dividend. |
• | Net income of $21.9 million with diluted earnings per share of $0.38, net of a reduction in net income of $3.4 million, or $.06 per diluted share, associated with acquisition-related expenses and FDIC acquired loan accounting |
• | New loan production for the quarter of over $280 million |
• | Nonperforming assets to period end assets reduced to 0.54%, a decrease of 8 basis points from year end 2014 and a decrease of 11 basis points from March 31, 2015 |
• | Core system conversion of Intermountain completed during the quarter |
• | Named 2015 Best of the South Sound and Top Places to Work by the Business Examiner |
• | Named one of “Washington’s Best Workplaces” 2015 by the Puget Sound Business Journal |
June 30, 2015 | March 31, 2015 | December 31, 2014 | ||||||||||
(in thousands) | ||||||||||||
Nonaccrual loans: | ||||||||||||
Commercial business | $ | 13,539 | $ | 17,429 | $ | 16,799 | ||||||
Real estate: | ||||||||||||
One-to-four family residential | 4,193 | 4,429 | 2,822 | |||||||||
Commercial and multifamily residential | 3,809 | 4,498 | 7,847 | |||||||||
Total real estate | 8,002 | 8,927 | 10,669 | |||||||||
Real estate construction: | ||||||||||||
One-to-four family residential | 1,937 | 2,134 | 465 | |||||||||
Commercial and multifamily residential | 469 | 470 | 480 | |||||||||
Total real estate construction | 2,406 | 2,604 | 945 | |||||||||
Consumer | 1,799 | 2,868 | 2,939 | |||||||||
Total nonaccrual loans | 25,746 | 31,828 | 31,352 | |||||||||
Other real estate owned and other personal property owned | 20,665 | 23,347 | 22,225 | |||||||||
Total nonperforming assets | $ | 46,411 | $ | 55,175 | $ | 53,577 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 (1) | 2015 | 2014 (1) | |||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 70,234 | $ | 70,571 | $ | 69,569 | $ | 72,454 | ||||||||
Charge-offs: | ||||||||||||||||
Commercial business | (2,086 | ) | (1,717 | ) | (3,512 | ) | (1,950 | ) | ||||||||
One-to-four family residential real estate | (289 | ) | — | (297 | ) | (207 | ) | |||||||||
Commercial and multifamily residential real estate | (43 | ) | (1,963 | ) | (43 | ) | (2,986 | ) | ||||||||
Consumer | (319 | ) | (909 | ) | (1,210 | ) | (1,636 | ) | ||||||||
Purchased credit impaired (1) | (2,876 | ) | (3,842 | ) | (6,976 | ) | (8,115 | ) | ||||||||
Total charge-offs | (5,613 | ) | (8,431 | ) | (12,038 | ) | (14,894 | ) | ||||||||
Recoveries: | ||||||||||||||||
Commercial business | 209 | 1,712 | 827 | 2,202 | ||||||||||||
One-to-four family residential real estate | 15 | 12 | 27 | 40 | ||||||||||||
Commercial and multifamily residential real estate | 20 | 537 | 3,281 | 576 | ||||||||||||
One-to-four family residential real estate construction | 8 | 442 | 36 | 484 | ||||||||||||
Commercial and multifamily residential real estate construction | 2 | — | 5 | — | ||||||||||||
Consumer | 137 | 338 | 410 | 591 | ||||||||||||
Purchased credit impaired (1) | 2,043 | 1,997 | 3,729 | 3,803 | ||||||||||||
Total recoveries | 2,434 | 5,038 | 8,315 | 7,696 | ||||||||||||
Net charge-offs | (3,179 | ) | (3,393 | ) | (3,723 | ) | (7,198 | ) | ||||||||
Provision for loan and lease losses (1) | 2,202 | 2,117 | 3,411 | 4,039 | ||||||||||||
Ending balance | $ | 69,257 | $ | 69,295 | $ | 69,257 | $ | 69,295 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Incremental accretion income due to: | ||||||||||||||||
FDIC purchased credit impaired loans | $ | 2,367 | $ | 5,734 | $ | 4,814 | $ | 12,223 | ||||||||
Other FDIC acquired loans | 15 | 95 | 132 | 299 | ||||||||||||
Other acquired loans | 4,889 | 5,481 | 9,823 | 11,096 | ||||||||||||
Incremental accretion income | $ | 7,271 | $ | 11,310 | $ | 14,769 | $ | 23,618 | ||||||||
Net interest margin (tax equivalent) | 4.41 | % | 4.86 | % | 4.40 | % | 4.86 | % | ||||||||
Operating net interest margin (tax equivalent) (1) | 4.17 | % | 4.27 | % | 4.18 | % | 4.23 | % |
FDIC Acquired Loan Accounting | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Incremental accretion income on FDIC purchased credit impaired loans | $ | 2,367 | $ | 5,734 | $ | 4,814 | $ | 12,223 | ||||||||
Incremental accretion income on other FDIC acquired loans | 15 | 95 | 132 | 299 | ||||||||||||
Provision for losses on FDIC purchased credit impaired loans | (476 | ) | (1,517 | ) | (3,085 | ) | (3,939 | ) | ||||||||
Change in FDIC loss-sharing asset | (1,494 | ) | (5,050 | ) | (1,344 | ) | (9,869 | ) | ||||||||
FDIC clawback liability recovery (expense) | 30 | 103 | 7 | (101 | ) | |||||||||||
Pre-tax earnings impact | $ | 442 | $ | (635 | ) | $ | 524 | $ | (1,387 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Adjustments reflected in income | ||||||||||||||||
Amortization, net | (1,376 | ) | (5,764 | ) | (3,670 | ) | (12,216 | ) | ||||||||
Loan impairment | 1 | 1,214 | 1,532 | 3,151 | ||||||||||||
Sale of other real estate | (208 | ) | (965 | ) | (627 | ) | (1,721 | ) | ||||||||
Write-downs of other real estate | 52 | 276 | 1,124 | 792 | ||||||||||||
Other | 37 | 189 | 297 | 125 | ||||||||||||
Change in FDIC loss-sharing asset | $ | (1,494 | ) | $ | (5,050 | ) | $ | (1,344 | ) | $ | (9,869 | ) |
FINANCIAL STATISTICS | ||||||||||||||||
Columbia Banking System, Inc. | Three Months Ended | Six Months Ended | ||||||||||||||
Unaudited | June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Earnings | (dollars in thousands except per share amounts) | |||||||||||||||
Net interest income | $ | 81,010 | $ | 75,124 | $ | 161,374 | $ | 149,064 | ||||||||
Provision for loan and lease losses | $ | 2,202 | $ | 2,117 | $ | 3,411 | $ | 4,039 | ||||||||
Noninterest income | $ | 21,462 | $ | 14,627 | $ | 44,229 | $ | 28,635 | ||||||||
Noninterest expense | $ | 68,471 | $ | 57,764 | $ | 135,205 | $ | 115,150 | ||||||||
Acquisition-related expense (included in noninterest expense) | $ | 5,643 | $ | 672 | $ | 8,617 | $ | 1,638 | ||||||||
Net income | $ | 21,946 | $ | 21,227 | $ | 46,307 | $ | 41,071 | ||||||||
Per Common Share | ||||||||||||||||
Earnings (basic) | $ | 0.38 | $ | 0.40 | $ | 0.80 | $ | 0.79 | ||||||||
Earnings (diluted) | $ | 0.38 | $ | 0.40 | $ | 0.80 | $ | 0.77 | ||||||||
Book value | $ | 21.38 | $ | 20.71 | $ | 21.38 | $ | 20.71 | ||||||||
Averages | ||||||||||||||||
Total assets | $ | 8,532,173 | $ | 7,229,187 | $ | 8,519,047 | $ | 7,186,709 | ||||||||
Interest-earning assets | $ | 7,560,288 | $ | 6,339,102 | $ | 7,544,750 | $ | 6,292,157 | ||||||||
Loans | $ | 5,542,489 | $ | 4,646,356 | $ | 5,479,067 | $ | 4,592,033 | ||||||||
Securities, including Federal Home Loan Bank stock | $ | 1,976,959 | $ | 1,645,993 | $ | 2,022,629 | $ | 1,664,081 | ||||||||
Deposits | $ | 6,978,472 | $ | 5,968,881 | $ | 6,953,254 | $ | 5,935,544 | ||||||||
Interest-bearing deposits | $ | 3,753,101 | $ | 3,807,710 | $ | 3,954,179 | $ | 3,790,137 | ||||||||
Interest-bearing liabilities | $ | 3,961,013 | $ | 3,901,016 | $ | 4,177,057 | $ | 3,884,628 | ||||||||
Noninterest-bearing deposits | $ | 3,225,371 | $ | 2,161,171 | $ | 2,999,075 | $ | 2,145,407 | ||||||||
Shareholders' equity | $ | 1,247,887 | $ | 1,084,927 | $ | 1,244,389 | $ | 1,076,189 | ||||||||
Financial Ratios | ||||||||||||||||
Return on average assets | 1.03 | % | 1.17 | % | 1.09 | % | 1.14 | % | ||||||||
Return on average common equity | 7.04 | % | 7.83 | % | 7.45 | % | 7.64 | % | ||||||||
Average equity to average assets | 14.63 | % | 15.01 | % | 14.61 | % | 14.97 | % | ||||||||
Net interest margin (tax equivalent) | 4.41 | % | 4.86 | % | 4.40 | % | 4.86 | % | ||||||||
Efficiency ratio (tax equivalent) (1) | 64.96 | % | 62.61 | % | 63.95 | % | 63.06 | % | ||||||||
Operating efficiency ratio (tax equivalent) (2) | 60.78 | % | 63.80 | % | 61.90 | % | 64.49 | % | ||||||||
June 30, | December 31, | |||||||||||||||
Period end | 2015 | 2014 | 2014 | |||||||||||||
Total assets | $ | 8,518,019 | $ | 7,297,458 | $ | 8,578,846 | ||||||||||
Loans, net of unearned income | $ | 5,611,897 | $ | 4,714,575 | $ | 5,445,378 | ||||||||||
Allowance for loan and lease losses | $ | 69,257 | $ | 69,295 | $ | 69,569 | ||||||||||
Securities, including Federal Home Loan Bank stock | $ | 1,926,248 | $ | 1,621,929 | $ | 2,131,622 | ||||||||||
Deposits | $ | 7,044,373 | $ | 5,985,069 | $ | 6,924,722 | ||||||||||
Core deposits | $ | 6,737,969 | $ | 5,735,047 | $ | 6,619,944 | ||||||||||
Shareholders' equity | $ | 1,236,214 | $ | 1,092,151 | $ | 1,228,175 | ||||||||||
Nonperforming assets | ||||||||||||||||
Nonaccrual loans | $ | 25,746 | $ | 30,613 | $ | 31,352 | ||||||||||
Other real estate owned ("OREO") and other personal property owned ("OPPO") | 20,665 | 28,254 | 22,225 | |||||||||||||
Total nonperforming assets | $ | 46,411 | $ | 58,867 | $ | 53,577 | ||||||||||
Nonperforming loans to period-end loans | 0.46 | % | 0.65 | % | 0.58 | % | ||||||||||
Nonperforming assets to period-end assets | 0.54 | % | 0.81 | % | 0.62 | % | ||||||||||
Allowance for loan and lease losses to period-end loans | 1.23 | % | 1.47 | % | 1.28 | % | ||||||||||
Net loan charge-offs | $ | 3,723 | (3) | $ | 7,198 | (4) | $ | 9,612 | (5) | |||||||
(1) Noninterest expense divided by the sum of net interest income on a tax equivalent basis and noninterest income on a tax equivalent basis. | ||||||||||||||||
(2) The operating efficiency ratio (tax equivalent) is a non-GAAP financial measure. See section titled "Non-GAAP Financial Measures" on the last pages of this earnings release for the reconciliation of the operating efficiency ratio (tax equivalent) to the efficiency ratio (tax equivalent). | ||||||||||||||||
(3) For the six months ended June 30, 2015. | ||||||||||||||||
(4) For the six months ended June 30, 2014. | ||||||||||||||||
(5) For the twelve months ended December 31, 2014. |
FINANCIAL STATISTICS | ||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||
Unaudited | June 30, | December 31, | ||||||||||||
2015 | 2014 | |||||||||||||
Loan Portfolio Composition | (dollars in thousands) | |||||||||||||
Commercial business | $ | 2,255,468 | 40.2 | % | $ | 2,119,565 | 38.9 | % | ||||||
Real estate: | ||||||||||||||
One-to-four family residential | 181,849 | 3.2 | % | 175,571 | 3.2 | % | ||||||||
Commercial and multifamily residential | 2,406,594 | 42.9 | % | 2,363,541 | 43.5 | % | ||||||||
Total real estate | 2,588,443 | 46.1 | % | 2,539,112 | 46.7 | % | ||||||||
Real estate construction: | ||||||||||||||
One-to-four family residential | 127,311 | 2.3 | % | 116,866 | 2.1 | % | ||||||||
Commercial and multifamily residential | 129,302 | 2.3 | % | 134,443 | 2.5 | % | ||||||||
Total real estate construction | 256,613 | 4.6 | % | 251,309 | 4.6 | % | ||||||||
Consumer | 358,365 | 6.4 | % | 364,182 | 6.7 | % | ||||||||
Purchased credit impaired | 202,367 | 3.6 | % | 230,584 | 4.2 | % | ||||||||
Subtotal loans | 5,661,256 | 100.9 | % | 5,504,752 | 101.1 | % | ||||||||
Less: Net unearned income | (49,359 | ) | (0.9 | )% | (59,374 | ) | (1.1 | )% | ||||||
Loans, net of unearned income | 5,611,897 | 100.0 | % | 5,445,378 | 100.0 | % | ||||||||
Less: Allowance for loan and lease losses | (69,257 | ) | (69,569 | ) | ||||||||||
Total loans, net | 5,542,640 | 5,375,809 | ||||||||||||
Loans held for sale | $ | 4,220 | $ | 1,116 | ||||||||||
June 30, | December 31, | |||||||||||||
2015 | 2014 | |||||||||||||
Deposit Composition | (dollars in thousands) | |||||||||||||
Core deposits: | ||||||||||||||
Demand and other non-interest bearing | $ | 3,207,538 | 45.5 | % | $ | 2,651,373 | 38.3 | % | ||||||
Interest bearing demand | 912,637 | 13.0 | % | 1,304,258 | 18.8 | % | ||||||||
Money market | 1,718,000 | 24.4 | % | 1,760,331 | 25.4 | % | ||||||||
Savings | 630,897 | 9.0 | % | 615,721 | 8.9 | % | ||||||||
Certificates of deposit less than $100,000 | 268,897 | 3.8 | % | 288,261 | 4.2 | % | ||||||||
Total core deposits | 6,737,969 | 95.7 | % | 6,619,944 | 95.6 | % | ||||||||
Certificates of deposit greater than $100,000 | 194,449 | 2.7 | % | 202,014 | 2.9 | % | ||||||||
Certificates of deposit insured by CDARS® | 18,357 | 0.3 | % | 18,429 | 0.3 | % | ||||||||
Brokered money market accounts | 93,061 | 1.3 | % | 83,402 | 1.2 | % | ||||||||
Subtotal | 7,043,836 | 100.0 | % | 6,923,789 | 100.0 | % | ||||||||
Premium resulting from acquisition date fair value adjustment | 537 | 933 | ||||||||||||
Total deposits | $ | 7,044,373 | $ | 6,924,722 |
QUARTERLY FINANCIAL STATISTICS | ||||||||||||||||||||
Columbia Banking System, Inc. | Three Months Ended | |||||||||||||||||||
Unaudited | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
(dollars in thousands except per share) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Net interest income | $ | 81,010 | $ | 80,364 | $ | 78,764 | $ | 76,220 | $ | 75,124 | ||||||||||
Provision for loan and lease losses | $ | 2,202 | $ | 1,209 | $ | 1,708 | $ | 980 | $ | 2,117 | ||||||||||
Noninterest income | $ | 21,462 | $ | 22,767 | $ | 15,185 | $ | 15,930 | $ | 14,627 | ||||||||||
Noninterest expense | $ | 68,471 | $ | 66,734 | $ | 64,154 | $ | 59,982 | $ | 57,764 | ||||||||||
Acquisition-related expense (included in noninterest expense) | $ | 5,643 | $ | 2,974 | $ | 4,556 | $ | 3,238 | $ | 672 | ||||||||||
Net income | $ | 21,946 | $ | 24,361 | $ | 18,920 | $ | 21,583 | $ | 21,227 | ||||||||||
Per Common Share | ||||||||||||||||||||
Earnings (basic) | $ | 0.38 | $ | 0.42 | $ | 0.34 | $ | 0.41 | $ | 0.40 | ||||||||||
Earnings (diluted) | $ | 0.38 | $ | 0.42 | $ | 0.34 | $ | 0.41 | $ | 0.40 | ||||||||||
Book value | $ | 21.38 | $ | 21.53 | $ | 21.34 | $ | 20.78 | $ | 20.71 | ||||||||||
Averages | ||||||||||||||||||||
Total assets | $ | 8,532,173 | $ | 8,505,776 | $ | 8,152,463 | $ | 7,337,306 | $ | 7,229,187 | ||||||||||
Interest-earning assets | $ | 7,560,288 | $ | 7,529,040 | $ | 7,199,443 | $ | 6,451,660 | $ | 6,339,102 | ||||||||||
Loans | $ | 5,542,489 | $ | 5,414,942 | $ | 5,168,761 | $ | 4,770,443 | $ | 4,646,356 | ||||||||||
Securities, including Federal Home Loan Bank stock | $ | 1,976,959 | $ | 2,068,806 | $ | 1,918,690 | $ | 1,585,996 | $ | 1,645,993 | ||||||||||
Deposits | $ | 6,978,472 | $ | 6,927,756 | $ | 6,759,259 | $ | 6,110,809 | $ | 5,968,881 | ||||||||||
Interest-bearing deposits | $ | 3,753,101 | $ | 4,157,491 | $ | 4,174,459 | $ | 3,847,730 | $ | 3,807,710 | ||||||||||
Interest-bearing liabilities | $ | 3,961,013 | $ | 4,395,502 | $ | 4,282,273 | $ | 3,889,233 | $ | 3,901,016 | ||||||||||
Noninterest-bearing deposits | $ | 3,225,371 | $ | 2,770,265 | $ | 2,584,800 | $ | 2,263,079 | $ | 2,161,171 | ||||||||||
Shareholders' equity | $ | 1,247,887 | $ | 1,240,853 | $ | 1,185,346 | $ | 1,099,512 | $ | 1,084,927 | ||||||||||
Financial Ratios | ||||||||||||||||||||
Return on average assets | 1.03 | % | 1.15 | % | 0.93 | % | 1.18 | % | 1.17 | % | ||||||||||
Return on average common equity | 7.04 | % | 7.86 | % | 6.39 | % | 7.86 | % | 7.83 | % | ||||||||||
Average equity to average assets | 14.63 | % | 14.59 | % | 14.54 | % | 14.99 | % | 15.01 | % | ||||||||||
Net interest margin (tax equivalent) | 4.41 | % | 4.39 | % | 4.50 | % | 4.85 | % | 4.86 | % | ||||||||||
Period end | ||||||||||||||||||||
Total assets | $ | 8,518,019 | $ | 8,552,902 | $ | 8,578,846 | $ | 7,466,081 | $ | 7,297,458 | ||||||||||
Loans, net of unearned income | $ | 5,611,897 | $ | 5,450,895 | $ | 5,445,378 | $ | 4,823,022 | $ | 4,714,575 | ||||||||||
Allowance for loan and lease losses | $ | 69,257 | $ | 70,234 | $ | 69,569 | $ | 67,871 | $ | 69,295 | ||||||||||
Securities, including Federal Home Loan Bank stock | $ | 1,926,248 | $ | 2,040,163 | $ | 2,131,622 | $ | 1,643,003 | $ | 1,621,929 | ||||||||||
Deposits | $ | 7,044,373 | $ | 7,074,965 | $ | 6,924,722 | $ | 6,244,401 | $ | 5,985,069 | ||||||||||
Core deposits | $ | 6,737,969 | $ | 6,771,755 | $ | 6,619,944 | $ | 5,990,118 | $ | 5,735,047 | ||||||||||
Shareholders' equity | $ | 1,236,214 | $ | 1,244,443 | $ | 1,228,175 | $ | 1,096,211 | $ | 1,092,151 | ||||||||||
Nonperforming, assets | ||||||||||||||||||||
Nonaccrual loans | $ | 25,746 | $ | 31,828 | $ | 31,352 | $ | 27,998 | $ | 30,613 | ||||||||||
OREO and OPPO | 20,665 | 23,347 | 22,225 | 21,941 | 28,254 | |||||||||||||||
Total nonperforming assets | $ | 46,411 | $ | 55,175 | $ | 53,577 | $ | 49,939 | $ | 58,867 | ||||||||||
Nonperforming loans to period-end loans | 0.46 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.65 | % | ||||||||||
Nonperforming assets to period-end assets | 0.54 | % | 0.65 | % | 0.62 | % | 0.67 | % | 0.81 | % | ||||||||||
Allowance for loan and lease losses to period-end loans | 1.23 | % | 1.29 | % | 1.28 | % | 1.41 | % | 1.47 | % | ||||||||||
Net loan charge-offs | $ | 3,179 | $ | 544 | $ | 10 | $ | 2,404 | $ | 3,393 |
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Columbia Banking System, Inc. | Three Months Ended | Six Months Ended | ||||||||||||||
Unaudited | June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands except per share) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 71,744 | $ | 67,004 | $ | 142,566 | $ | 132,545 | ||||||||
Taxable securities | 7,260 | 6,382 | 14,786 | 13,134 | ||||||||||||
Tax-exempt securities | 3,010 | 2,671 | 6,052 | 5,289 | ||||||||||||
Deposits in banks | 26 | 30 | 53 | 44 | ||||||||||||
Total interest income | 82,040 | 76,087 | 163,457 | 151,012 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 740 | 729 | 1,488 | 1,481 | ||||||||||||
Federal Home Loan Bank advances | 154 | 115 | 313 | 229 | ||||||||||||
Other borrowings | 136 | 119 | 282 | 238 | ||||||||||||
Total interest expense | 1,030 | 963 | 2,083 | 1,948 | ||||||||||||
Net Interest Income | 81,010 | 75,124 | 161,374 | 149,064 | ||||||||||||
Provision for loan and lease losses | 2,202 | 2,117 | 3,411 | 4,039 | ||||||||||||
Net interest income after provision for loan and lease losses | 78,808 | 73,007 | 157,963 | 145,025 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and other fees | 15,874 | 13,790 | 30,743 | 26,726 | ||||||||||||
Merchant services fees | 2,340 | 2,040 | 4,380 | 3,910 | ||||||||||||
Investment securities gains, net | 343 | 296 | 1,064 | 519 | ||||||||||||
Bank owned life insurance | 1,206 | 976 | 2,284 | 1,941 | ||||||||||||
Change in FDIC loss-sharing asset | (1,494 | ) | (5,050 | ) | (1,344 | ) | (9,869 | ) | ||||||||
Other | 3,193 | 2,575 | 7,102 | 5,408 | ||||||||||||
Total noninterest income | 21,462 | 14,627 | 44,229 | 28,635 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 38,446 | 31,064 | 77,546 | 62,402 | ||||||||||||
Occupancy | 8,687 | 8,587 | 16,680 | 16,831 | ||||||||||||
Merchant processing | 1,079 | 998 | 2,056 | 1,978 | ||||||||||||
Advertising and promotion | 1,195 | 950 | 2,126 | 1,719 | ||||||||||||
Data processing and communications | 4,242 | 3,680 | 9,226 | 7,200 | ||||||||||||
Legal and professional fees | 2,847 | 2,303 | 5,354 | 4,472 | ||||||||||||
Taxes, licenses and fees | 1,427 | 1,051 | 2,659 | 2,231 | ||||||||||||
Regulatory premiums | 1,321 | 1,073 | 2,542 | 2,249 | ||||||||||||
Net cost (benefit) of operation of other real estate | (563 | ) | (97 | ) | (1,809 | ) | 49 | |||||||||
Amortization of intangibles | 1,718 | 1,480 | 3,535 | 3,060 | ||||||||||||
Other | 8,072 | 6,675 | 15,290 | 12,959 | ||||||||||||
Total noninterest expense | 68,471 | 57,764 | 135,205 | 115,150 | ||||||||||||
Income before income taxes | 31,799 | 29,870 | 66,987 | 58,510 | ||||||||||||
Provision for income taxes | 9,853 | 8,643 | 20,680 | 17,439 | ||||||||||||
Net Income | $ | 21,946 | $ | 21,227 | $ | 46,307 | $ | 41,071 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.40 | $ | 0.80 | $ | 0.79 | ||||||||
Diluted | $ | 0.38 | $ | 0.40 | $ | 0.80 | $ | 0.77 | ||||||||
Dividends paid per common share | $ | 0.34 | $ | 0.24 | $ | 0.64 | $ | 0.36 | ||||||||
Weighted average number of common shares outstanding | 57,055 | 52,088 | 56,999 | 51,600 | ||||||||||||
Weighted average number of diluted common shares outstanding | 57,069 | 52,494 | 57,012 | 52,463 |
CONSOLIDATED BALANCE SHEETS | |||||||||||||
Columbia Banking System, Inc. | |||||||||||||
Unaudited | June 30, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 172,139 | $ | 171,221 | |||||||||
Interest-earning deposits with banks | 5,564 | 16,949 | |||||||||||
Total cash and cash equivalents | 177,703 | 188,170 | |||||||||||
Securities available for sale at fair value (amortized cost of $1,907,403 and $2,087,069, respectively) | 1,914,445 | 2,098,257 | |||||||||||
Federal Home Loan Bank stock at cost | 11,803 | 33,365 | |||||||||||
Loans held for sale | 4,220 | 1,116 | |||||||||||
Loans, net of unearned income of ($49,359) and ($59,374), respectively | 5,611,897 | 5,445,378 | |||||||||||
Less: allowance for loan and lease losses | 69,257 | 69,569 | |||||||||||
Loans, net | 5,542,640 | 5,375,809 | |||||||||||
FDIC loss-sharing asset | 9,344 | 15,174 | |||||||||||
Interest receivable | 27,483 | 27,802 | |||||||||||
Premises and equipment, net | 170,380 | 172,090 | |||||||||||
Other real estate owned | 20,617 | 22,190 | |||||||||||
Goodwill | 382,537 | 382,537 | |||||||||||
Other intangible assets, net | 26,924 | 30,459 | |||||||||||
Other assets | 229,923 | 231,877 | |||||||||||
Total assets | $ | 8,518,019 | $ | 8,578,846 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 3,207,538 | $ | 2,651,373 | |||||||||
Interest-bearing | 3,836,835 | 4,273,349 | |||||||||||
Total deposits | 7,044,373 | 6,924,722 | |||||||||||
Federal Home Loan Bank advances | 45,549 | 216,568 | |||||||||||
Securities sold under agreements to repurchase | 92,230 | 105,080 | |||||||||||
Other borrowings | — | 8,248 | |||||||||||
Other liabilities | 99,653 | 96,053 | |||||||||||
Total liabilities | 7,281,805 | 7,350,671 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
June 30, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Preferred stock (no par value) | (in thousands) | ||||||||||||
Authorized shares | 2,000 | 2,000 | |||||||||||
Issued and outstanding | 9 | 9 | 2,217 | 2,217 | |||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 115,000 | 63,033 | |||||||||||
Issued and outstanding | 57,709 | 57,437 | 987,320 | 985,839 | |||||||||
Retained earnings | 243,888 | 234,498 | |||||||||||
Accumulated other comprehensive income | 2,789 | 5,621 | |||||||||||
Total shareholders' equity | 1,236,214 | 1,228,175 | |||||||||||
Total liabilities and shareholders' equity | $ | 8,518,019 | $ | 8,578,846 |
AVERAGE BALANCES AND RATES | ||||||||||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||
2015 | 2014 (1) | |||||||||||||||||||||
Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, net (1)(2)(3) | $ | 5,542,489 | $ | 72,410 | 5.23 | % | $ | 4,646,356 | $ | 67,429 | 5.80 | % | ||||||||||
Taxable securities | 1,516,740 | 7,260 | 1.91 | % | 1,281,753 | 6,382 | 1.99 | % | ||||||||||||||
Tax exempt securities (3) | 460,219 | 4,632 | 4.03 | % | 364,240 | 4,192 | 4.60 | % | ||||||||||||||
Interest-earning deposits with banks | 40,840 | 26 | 0.25 | % | 46,753 | 30 | 0.26 | % | ||||||||||||||
Total interest-earning assets | 7,560,288 | $ | 84,328 | 4.46 | % | 6,339,102 | $ | 78,033 | 4.92 | % | ||||||||||||
Other earning assets | 148,573 | 130,462 | ||||||||||||||||||||
Noninterest-earning assets | 823,312 | 759,623 | ||||||||||||||||||||
Total assets | $ | 8,532,173 | $ | 7,229,187 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Certificates of deposit | $ | 489,984 | $ | 236 | 0.19 | % | $ | 480,459 | $ | 325 | 0.27 | % | ||||||||||
Savings accounts | 626,930 | 17 | 0.01 | % | 527,370 | 14 | 0.01 | % | ||||||||||||||
Interest-bearing demand | 883,366 | 155 | 0.07 | % | 1,187,274 | 115 | 0.04 | % | ||||||||||||||
Money market accounts | 1,752,821 | 332 | 0.08 | % | 1,612,607 | 275 | 0.07 | % | ||||||||||||||
Total interest-bearing deposits | 3,753,101 | 740 | 0.08 | % | 3,807,710 | 729 | 0.08 | % | ||||||||||||||
Federal Home Loan Bank advances | 121,828 | 154 | 0.51 | % | 68,306 | 115 | 0.67 | % | ||||||||||||||
Other borrowings | 86,084 | 136 | 0.63 | % | 25,000 | 119 | 1.90 | % | ||||||||||||||
Total interest-bearing liabilities | 3,961,013 | $ | 1,030 | 0.10 | % | 3,901,016 | $ | 963 | 0.10 | % | ||||||||||||
Noninterest-bearing deposits | 3,225,371 | 2,161,171 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 97,902 | 82,073 | ||||||||||||||||||||
Shareholders’ equity | 1,247,887 | 1,084,927 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 8,532,173 | $ | 7,229,187 | ||||||||||||||||||
Net interest income (tax equivalent) | $ | 83,298 | $ | 77,070 | ||||||||||||||||||
Net interest margin (tax equivalent) | 4.41 | % | 4.86 | % |
(1) | Adjusted to conform to the current period presentation. The adjustment was limited to including amounts historically disclosed as “Covered loans” in “Loans, net”. |
(2) | Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees and net unearned discounts on certain acquired loans were included in the interest income calculations. The amortization of net deferred loan fees was $1.5 million and $1.2 million for the three months ended June 30, 2015 and 2014, respectively. The incremental accretion on acquired loans was $7.3 million and $11.3 million for the three months ended June 30, 2015 and 2014, respectively. |
(3) | Yields on a fully tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $666 thousand and $425 thousand for the three months ended June 30, 2015 and 2014, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.6 million and $1.5 million for the three months ended June 30, 2015 and 2014, respectively. |
AVERAGE BALANCES AND RATES | ||||||||||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2015 | 2014 (1) | |||||||||||||||||||||
Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, net (1)(2)(3) | $ | 5,479,067 | $ | 143,897 | 5.25 | % | $ | 4,592,033 | $ | 133,327 | 5.81 | % | ||||||||||
Taxable securities | 1,562,776 | 14,787 | 1.89 | % | 1,305,584 | 13,134 | 2.01 | % | ||||||||||||||
Tax exempt securities (3) | 459,853 | 9,311 | 4.05 | % | 358,497 | 8,301 | 4.63 | % | ||||||||||||||
Interest-earning deposits with banks | 43,054 | 53 | 0.25 | % | 36,043 | 44 | 0.24 | % | ||||||||||||||
Total interest-earning assets | 7,544,750 | $ | 168,048 | 4.45 | % | 6,292,157 | $ | 154,806 | 4.92 | % | ||||||||||||
Other earning assets | 147,321 | 128,703 | ||||||||||||||||||||
Noninterest-earning assets | 826,976 | 765,849 | ||||||||||||||||||||
Total assets | $ | 8,519,047 | $ | 7,186,709 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Certificates of deposit | $ | 496,101 | $ | 476 | 0.19 | % | $ | 491,731 | $ | 687 | 0.28 | % | ||||||||||
Savings accounts | 626,036 | 36 | 0.01 | % | 520,678 | 28 | 0.01 | % | ||||||||||||||
Interest-bearing demand | 1,047,844 | 293 | 0.06 | % | 1,178,042 | 223 | 0.04 | % | ||||||||||||||
Money market accounts | 1,784,198 | 683 | 0.08 | % | 1,599,686 | 543 | 0.07 | % | ||||||||||||||
Total interest-bearing deposits | 3,954,179 | 1,488 | 0.08 | % | 3,790,137 | 1,481 | 0.08 | % | ||||||||||||||
Federal Home Loan Bank advances | 125,812 | 313 | 0.50 | % | 69,491 | 229 | 0.66 | % | ||||||||||||||
Other borrowings | 97,066 | 282 | 0.58 | % | 25,000 | 238 | 1.90 | % | ||||||||||||||
Total interest-bearing liabilities | 4,177,057 | $ | 2,083 | 0.10 | % | 3,884,628 | $ | 1,948 | 0.10 | % | ||||||||||||
Noninterest-bearing deposits | 2,999,075 | 2,145,407 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 98,526 | 80,485 | ||||||||||||||||||||
Shareholders’ equity | 1,244,389 | 1,076,189 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 8,519,047 | $ | 7,186,709 | ||||||||||||||||||
Net interest income (tax equivalent) | $ | 165,965 | $ | 152,858 | ||||||||||||||||||
Net interest margin (tax equivalent) | 4.40 | % | 4.86 | % |
(1) | Adjusted to conform to the current period presentation. The adjustment was limited to including historically disclosed “covered loans” amounts into the respective row for loans, net as covered loans are no longer disclosed separately in the consolidated balance sheets or statements of income. |
(2) | Nonaccrual loans have been included in the table as loans carrying a zero yield. Amortized net deferred loan fees and net unearned discounts on certain acquired loans were included in the interest income calculations. The amortization of net deferred loan fees was $2.6 million and $2.1 million for the six months ended June 30, 2015 and 2014, respectively. The incremental accretion on certain loans was $14.8 million and $23.6 million for the six months ended June 30, 2015 and 2014, respectively. |
(3) | Yields on a fully tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $1.3 million and $782 thousand for the six months ended June 30, 2015 and 2014, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $3.3 million and $3.0 million for the six months ended June 30, 2015 and 2014, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating net interest margin non-GAAP reconciliation: | (dollars in thousands) | |||||||||||||||
Net interest income (tax equivalent) (1) | $ | 83,298 | $ | 77,070 | $ | 165,965 | $ | 152,858 | ||||||||
Adjustments to arrive at operating net interest income (tax equivalent): | ||||||||||||||||
Incremental accretion income on FDIC purchased credit impaired loans | (2,367 | ) | (5,734 | ) | (4,814 | ) | (12,223 | ) | ||||||||
Incremental accretion income on other FDIC acquired loans | (15 | ) | (95 | ) | (132 | ) | (299 | ) | ||||||||
Incremental accretion income on other acquired loans | (4,889 | ) | (5,481 | ) | (9,823 | ) | (11,096 | ) | ||||||||
Premium amortization on acquired securities | 2,706 | 1,554 | 5,567 | 3,179 | ||||||||||||
Interest reversals on nonaccrual loans | 156 | 392 | 806 | 680 | ||||||||||||
Operating net interest income (tax equivalent) (1) | $ | 78,889 | $ | 67,706 | $ | 157,569 | $ | 133,099 | ||||||||
Average interest earning assets | $ | 7,560,288 | $ | 6,339,102 | $ | 7,544,750 | $ | 6,292,157 | ||||||||
Net interest margin (tax equivalent) (1) | 4.41 | % | 4.86 | % | 4.40 | % | 4.86 | % | ||||||||
Operating net interest margin (tax equivalent) (1) | 4.17 | % | 4.27 | % | 4.18 | % | 4.23 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating efficiency ratio non-GAAP reconciliation: | (dollars in thousands) | |||||||||||||||
Noninterest expense (numerator A) | $ | 68,471 | $ | 57,764 | $ | 135,205 | $ | 115,150 | ||||||||
Adjustments to arrive at operating noninterest expense: | ||||||||||||||||
Acquisition-related expenses | (5,643 | ) | (672 | ) | (8,617 | ) | (1,638 | ) | ||||||||
Net benefit of operation of OREO and OPPO | 561 | 117 | 1,802 | 95 | ||||||||||||
FDIC clawback liability expense | 30 | 103 | 7 | (101 | ) | |||||||||||
Loss on asset disposals | (10 | ) | (431 | ) | (106 | ) | (450 | ) | ||||||||
State of Washington Business and Occupation ("B&O") taxes | (1,327 | ) | (972 | ) | (2,456 | ) | (2,047 | ) | ||||||||
Operating noninterest expense (numerator B) | $ | 62,082 | $ | 55,909 | $ | 125,835 | $ | 111,009 | ||||||||
Net interest income (tax equivalent) (1) | $ | 83,298 | $ | 77,070 | $ | 165,965 | $ | 152,858 | ||||||||
Noninterest income | 21,462 | 14,627 | 44,229 | 28,635 | ||||||||||||
Bank owned life insurance tax equivalent adjustment | 649 | 556 | 1,230 | 1,105 | ||||||||||||
Total revenue (tax equivalent) (denominator A) | $ | 105,409 | $ | 92,253 | $ | 211,424 | $ | 182,598 | ||||||||
Operating net interest income (tax equivalent) (1) | $ | 78,889 | $ | 67,706 | $ | 157,569 | $ | 133,099 | ||||||||
Adjustments to arrive at operating noninterest income (tax equivalent): | ||||||||||||||||
Investment securities gains, net | (343 | ) | (296 | ) | (1,064 | ) | (519 | ) | ||||||||
Gain on asset disposals | (5 | ) | (18 | ) | (5 | ) | (50 | ) | ||||||||
Change in FDIC loss-sharing asset | 1,494 | 5,050 | 1,344 | 9,869 | ||||||||||||
Operating noninterest income (tax equivalent) | 23,257 | 19,919 | 45,734 | 39,040 | ||||||||||||
Total operating revenue (tax equivalent) (denominator B) | $ | 102,146 | $ | 87,625 | $ | 203,303 | $ | 172,139 | ||||||||
Efficiency ratio (tax equivalent) (numerator A/denominator A) | 64.96 | % | 62.61 | % | 63.95 | % | 63.06 | % | ||||||||
Operating efficiency ratio (tax equivalent) (numerator B/denominator B) | 60.78 | % | 63.80 | % | 61.90 | % | 64.49 | % |
June 30, | March 31, | December 31, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
(dollars in thousands) | ||||||||||||
Allowance for loan and lease losses (numerator A) | $ | 69,257 | $ | 70,234 | $ | 69,569 | ||||||
Less: Allowance for loan and lease losses attributable to acquired loans | (20,941 | ) | (24,100 | ) | (23,212 | ) | ||||||
Equals: Allowance for loan and lease losses, excluding acquired loans (numerator B) | $ | 48,316 | 46,134 | 46,357 | ||||||||
Loans, net of unearned income (denominator A) | $ | 5,611,897 | $ | 5,450,895 | $ | 5,445,378 | ||||||
Less: acquired loans, net | (1,481,817 | ) | (1,519,334 | ) | (1,615,496 | ) | ||||||
Equals: Loans, excluding acquired loans, net of unearned income (denominator B) | $ | 4,130,080 | $ | 3,931,561 | $ | 3,829,882 | ||||||
Allowance for loan and lease losses to period-end loans (numerator A/denominator A) | 1.23 | % | 1.29 | % | 1.28 | % | ||||||
Allowance for loan and lease losses to period-end loans, excluding acquired loans (numerator B/denominator B) | 1.17 | % | 1.17 | % | 1.21 | % |
1 Year Columbia Banking System Chart |
1 Month Columbia Banking System Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions