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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.125 | 0.62% | 20.345 | 20.34 | 20.35 | 20.64 | 20.29 | 20.45 | 1,370,178 | 20:39:30 |
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 January 28, 2016 reporting the financial results of Columbia Banking System, Inc. for the quarter and year ended December 31, 2015. |
99.2 | Press Release dated January 28, 2016 announcing a regular quarterly dividend and a special cash dividend. |
COLUMBIA BANKING SYSTEM, INC. | |||||
Date: | January 28, 2016 | /s/ MELANIE J. DRESSEL | |||
Melanie J. Dressel | |||||
President and Chief Executive Officer |
99.1 | Press Release dated January 28, 2016 reporting the financial results of Columbia Banking System, Inc. for the quarter and year ended December 31, 2015. |
99.2 | Press Release dated January 28, 2016 announcing a regular quarterly dividend and a special cash dividend. |
• | Record fourth quarter net income of $26.7 million with diluted earnings per share of $0.46 |
• | Record full year 2015 net income of $98.8 million with diluted earnings per share of $1.71 |
• | New loan production for the quarter of $272 million and record full year loan production of $1.12 billion |
• | Solid deposit growth of $124 million, or 2% for the quarter and $514 million, or 7% for the year |
• | Nonperforming assets to period end assets reduced to 0.39%, a decrease of 5 basis points from September 30, 2015 and a decrease of 23 basis points from year end 2014 |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Adjustments reflected in income | ||||||||||||||||
Amortization, net | (1,098 | ) | (5,071 | ) | (6,184 | ) | (21,279 | ) | ||||||||
Loan impairment (recapture) | 855 | (434 | ) | 2,268 | 2,301 | |||||||||||
Sale of other real estate | (484 | ) | (75 | ) | (1,237 | ) | (2,179 | ) | ||||||||
Write-downs of other real estate | 10 | 206 | 1,158 | 1,065 | ||||||||||||
Other | (314 | ) | 70 | (15 | ) | 103 | ||||||||||
Change in FDIC loss-sharing asset | $ | (1,031 | ) | $ | (5,304 | ) | $ | (4,010 | ) | $ | (19,989 | ) |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Incremental accretion income due to: | ||||||||||||||||
FDIC purchased credit impaired loans | $ | 2,200 | $ | 3,796 | $ | 9,096 | $ | 20,224 | ||||||||
Other FDIC acquired loans | 68 | 10 | 234 | 484 | ||||||||||||
Other acquired loans | 3,746 | 4,957 | 17,862 | 21,093 | ||||||||||||
Incremental accretion income | $ | 6,014 | $ | 8,763 | $ | 27,192 | $ | 41,801 | ||||||||
Net interest margin (tax equivalent) | 4.25 | % | 4.50 | % | 4.35 | % | 4.76 | % | ||||||||
Operating net interest margin (tax equivalent) (1) | 4.09 | % | 4.17 | % | 4.15 | % | 4.21 | % |
December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||
(in thousands) | ||||||||||||
Nonaccrual loans: | ||||||||||||
Commercial business | $ | 9,437 | $ | 10,150 | $ | 16,799 | ||||||
Real estate: | ||||||||||||
One-to-four family residential | 820 | 2,012 | 2,822 | |||||||||
Commercial and multifamily residential | 9,513 | 4,317 | 7,847 | |||||||||
Total real estate | 10,333 | 6,329 | 10,669 | |||||||||
Real estate construction: | ||||||||||||
One-to-four family residential | 928 | 1,472 | 465 | |||||||||
Commercial and multifamily residential | — | 470 | 480 | |||||||||
Total real estate construction | 928 | 1,942 | 945 | |||||||||
Consumer | 766 | 659 | 2,939 | |||||||||
Total nonaccrual loans | 21,464 | 19,080 | 31,352 | |||||||||
Other real estate owned and other personal property owned | 13,738 | 19,475 | 22,225 | |||||||||
Total nonperforming assets | $ | 35,202 | $ | 38,555 | $ | 53,577 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 69,049 | $ | 67,871 | $ | 69,569 | $ | 72,454 | ||||||||
Charge-offs: | ||||||||||||||||
Commercial business | (2,184 | ) | (991 | ) | (8,266 | ) | (4,289 | ) | ||||||||
One-to-four family residential real estate | (79 | ) | (23 | ) | (376 | ) | (230 | ) | ||||||||
Commercial and multifamily residential real estate | (264 | ) | — | (505 | ) | (2,993 | ) | |||||||||
Consumer | (545 | ) | (518 | ) | (2,066 | ) | (2,774 | ) | ||||||||
Purchased credit impaired | (3,680 | ) | (3,086 | ) | (13,854 | ) | (14,436 | ) | ||||||||
Total charge-offs | (6,752 | ) | (4,618 | ) | (25,067 | ) | (24,722 | ) | ||||||||
Recoveries: | ||||||||||||||||
Commercial business | 886 | 449 | 2,336 | 3,007 | ||||||||||||
One-to-four family residential real estate | 19 | 56 | 307 | 159 | ||||||||||||
Commercial and multifamily residential real estate | 277 | 224 | 3,975 | 940 | ||||||||||||
One-to-four family residential real estate construction | 52 | 1,426 | 193 | 1,930 | ||||||||||||
Commercial and multifamily residential real estate construction | 1 | — | 8 | — | ||||||||||||
Consumer | 224 | 422 | 931 | 1,353 | ||||||||||||
Purchased credit impaired | 2,067 | 2,031 | 7,329 | 7,721 | ||||||||||||
Total recoveries | 3,526 | 4,608 | 15,079 | 15,110 | ||||||||||||
Net charge-offs | (3,226 | ) | (10 | ) | (9,988 | ) | (9,612 | ) | ||||||||
Provision for loan and lease losses | 2,349 | 1,708 | 8,591 | 6,727 | ||||||||||||
Ending balance | $ | 68,172 | $ | 69,569 | $ | 68,172 | $ | 69,569 |
FDIC Acquired Loan Accounting | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Incremental accretion income on FDIC purchased credit impaired loans | $ | 2,200 | $ | 3,796 | $ | 9,096 | $ | 20,224 | ||||||||
Incremental accretion income on other FDIC acquired loans | 68 | 10 | 234 | 484 | ||||||||||||
Recapture (provision) for losses on FDIC purchased credit impaired loans | (1,349 | ) | 542 | (3,915 | ) | (2,877 | ) | |||||||||
Change in FDIC loss-sharing asset | (1,031 | ) | (5,304 | ) | (4,010 | ) | (19,989 | ) | ||||||||
FDIC clawback liability recovery (expense) | (812 | ) | 8 | (979 | ) | (294 | ) | |||||||||
Pre-tax earnings impact | $ | (924 | ) | $ | (948 | ) | $ | 426 | $ | (2,452 | ) |
FINANCIAL STATISTICS | ||||||||||||||||
Columbia Banking System, Inc. | Three Months Ended | Twelve Months Ended | ||||||||||||||
Unaudited | December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Earnings | (dollars in thousands except per share amounts) | |||||||||||||||
Net interest income | $ | 81,819 | $ | 78,764 | $ | 324,887 | $ | 304,048 | ||||||||
Provision for loan and lease losses | $ | 2,349 | $ | 1,708 | $ | 8,591 | $ | 6,727 | ||||||||
Noninterest income | $ | 24,745 | $ | 15,185 | $ | 91,473 | $ | 59,750 | ||||||||
Noninterest expense | $ | 66,877 | $ | 64,154 | $ | 266,149 | $ | 239,286 | ||||||||
Acquisition-related expense (included in noninterest expense) | $ | 1,872 | $ | 4,556 | $ | 10,917 | $ | 9,432 | ||||||||
Net income | $ | 26,740 | $ | 18,920 | $ | 98,827 | $ | 81,574 | ||||||||
Per Common Share | ||||||||||||||||
Earnings (basic) | $ | 0.46 | $ | 0.34 | $ | 1.71 | $ | 1.53 | ||||||||
Earnings (diluted) | $ | 0.46 | $ | 0.34 | $ | 1.71 | $ | 1.52 | ||||||||
Book value | $ | 21.48 | $ | 21.34 | $ | 21.48 | $ | 21.34 | ||||||||
Averages | ||||||||||||||||
Total assets | $ | 8,905,743 | $ | 8,152,463 | $ | 8,655,243 | $ | 7,468,091 | ||||||||
Interest-earning assets | $ | 7,937,308 | $ | 7,199,443 | $ | 7,685,734 | $ | 6,561,047 | ||||||||
Loans | $ | 5,762,048 | $ | 5,168,761 | $ | 5,609,261 | $ | 4,782,369 | ||||||||
Securities, including Federal Home Loan Bank stock | $ | 2,136,703 | $ | 1,918,690 | $ | 2,031,859 | $ | 1,708,575 | ||||||||
Deposits | $ | 7,440,628 | $ | 6,759,259 | $ | 7,146,828 | $ | 6,187,342 | ||||||||
Interest-bearing deposits | $ | 3,933,001 | $ | 4,174,459 | $ | 3,937,881 | $ | 3,901,524 | ||||||||
Interest-bearing liabilities | $ | 4,031,214 | $ | 4,282,273 | $ | 4,097,483 | $ | 3,986,017 | ||||||||
Noninterest-bearing deposits | $ | 3,507,627 | $ | 2,584,800 | $ | 3,208,947 | $ | 2,285,818 | ||||||||
Shareholders' equity | $ | 1,259,117 | $ | 1,185,346 | $ | 1,246,952 | $ | 1,109,581 | ||||||||
Financial Ratios | ||||||||||||||||
Return on average assets | 1.20 | % | 0.93 | % | 1.14 | % | 1.09 | % | ||||||||
Return on average common equity | 8.50 | % | 6.39 | % | 7.93 | % | 7.36 | % | ||||||||
Average equity to average assets | 14.14 | % | 14.54 | % | 14.41 | % | 14.86 | % | ||||||||
Net interest margin (tax equivalent) | 4.25 | % | 4.50 | % | 4.35 | % | 4.76 | % | ||||||||
Efficiency ratio (tax equivalent) (1) | 60.99 | % | 66.30 | % | 62.12 | % | 63.97 | % | ||||||||
Operating efficiency ratio (tax equivalent) (2) | 60.53 | % | 60.82 | % | 60.78 | % | 63.33 | % | ||||||||
December 31, | ||||||||||||||||
Period end | 2015 | 2014 | ||||||||||||||
Total assets | $ | 8,954,382 | $ | 8,578,846 | ||||||||||||
Loans, net of unearned income | $ | 5,815,027 | $ | 5,445,378 | ||||||||||||
Allowance for loan and lease losses | $ | 68,172 | $ | 69,569 | ||||||||||||
Securities, including Federal Home Loan Bank stock | $ | 2,170,416 | $ | 2,131,622 | ||||||||||||
Deposits | $ | 7,438,829 | $ | 6,924,722 | ||||||||||||
Core deposits | $ | 7,127,866 | $ | 6,619,944 | ||||||||||||
Shareholders' equity | $ | 1,242,128 | $ | 1,228,175 | ||||||||||||
Nonperforming assets | ||||||||||||||||
Nonaccrual loans | $ | 21,464 | $ | 31,352 | ||||||||||||
Other real estate owned ("OREO") and other personal property owned ("OPPO") | 13,738 | 22,225 | ||||||||||||||
Total nonperforming assets | $ | 35,202 | $ | 53,577 | ||||||||||||
Nonperforming loans to period-end loans | 0.37 | % | 0.58 | % | ||||||||||||
Nonperforming assets to period-end assets | 0.39 | % | 0.62 | % | ||||||||||||
Allowance for loan and lease losses to period-end loans | 1.17 | % | 1.28 | % | ||||||||||||
Net loan charge-offs | $ | 9,988 | (3) | $ | 9,612 | (4) | ||||||||||
(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 twelve months ended December 31, 2015. | ||||||||||||||||
(4) For the twelve months ended December 31, 2014. |
FINANCIAL STATISTICS | ||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||
Unaudited | December 31, | December 31, | ||||||||||||
2015 | 2014 | |||||||||||||
Loan Portfolio Composition | (dollars in thousands) | |||||||||||||
Commercial business | $ | 2,362,575 | 40.6 | % | $ | 2,119,565 | 38.9 | % | ||||||
Real estate: | ||||||||||||||
One-to-four family residential | 176,295 | 3.0 | % | 175,571 | 3.2 | % | ||||||||
Commercial and multifamily residential | 2,491,736 | 42.9 | % | 2,363,541 | 43.5 | % | ||||||||
Total real estate | 2,668,031 | 45.9 | % | 2,539,112 | 46.7 | % | ||||||||
Real estate construction: | ||||||||||||||
One-to-four family residential | 135,874 | 2.3 | % | 116,866 | 2.1 | % | ||||||||
Commercial and multifamily residential | 167,413 | 2.9 | % | 134,443 | 2.5 | % | ||||||||
Total real estate construction | 303,287 | 5.2 | % | 251,309 | 4.6 | % | ||||||||
Consumer | 342,601 | 5.9 | % | 364,182 | 6.7 | % | ||||||||
Purchased credit impaired | 180,906 | 3.1 | % | 230,584 | 4.2 | % | ||||||||
Subtotal loans | 5,857,400 | 100.7 | % | 5,504,752 | 101.1 | % | ||||||||
Less: Net unearned income | (42,373 | ) | (0.7 | )% | (59,374 | ) | (1.1 | )% | ||||||
Loans, net of unearned income | 5,815,027 | 100.0 | % | 5,445,378 | 100.0 | % | ||||||||
Less: Allowance for loan and lease losses | (68,172 | ) | (69,569 | ) | ||||||||||
Total loans, net | 5,746,855 | 5,375,809 | ||||||||||||
Loans held for sale | $ | 4,509 | $ | 1,116 | ||||||||||
December 31, | December 31, | |||||||||||||
2015 | 2014 | |||||||||||||
Deposit Composition | (dollars in thousands) | |||||||||||||
Core deposits: | ||||||||||||||
Demand and other non-interest bearing | $ | 3,507,358 | 47.2 | % | $ | 2,651,373 | 38.3 | % | ||||||
Interest bearing demand | 925,909 | 12.4 | % | 1,304,258 | 18.8 | % | ||||||||
Money market | 1,788,552 | 24.0 | % | 1,760,331 | 25.4 | % | ||||||||
Savings | 657,016 | 8.8 | % | 615,721 | 8.9 | % | ||||||||
Certificates of deposit less than $100,000 | 249,031 | 3.3 | % | 288,261 | 4.2 | % | ||||||||
Total core deposits | 7,127,866 | 95.7 | % | 6,619,944 | 95.6 | % | ||||||||
Certificates of deposit greater than $100,000 | 182,973 | 2.5 | % | 202,014 | 2.9 | % | ||||||||
Certificates of deposit insured by CDARS® | 26,901 | 0.4 | % | 18,429 | 0.3 | % | ||||||||
Brokered money market accounts | 100,854 | 1.4 | % | 83,402 | 1.2 | % | ||||||||
Subtotal | 7,438,594 | 100.0 | % | 6,923,789 | 100.0 | % | ||||||||
Premium resulting from acquisition date fair value adjustment | 235 | 933 | ||||||||||||
Total deposits | $ | 7,438,829 | $ | 6,924,722 |
QUARTERLY FINANCIAL STATISTICS | ||||||||||||||||||||
Columbia Banking System, Inc. | Three Months Ended | |||||||||||||||||||
Unaudited | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | ||||||||||||||||
(dollars in thousands except per share) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Net interest income | $ | 81,819 | $ | 81,694 | $ | 81,010 | $ | 80,364 | $ | 78,764 | ||||||||||
Provision for loan and lease losses | $ | 2,349 | $ | 2,831 | $ | 2,202 | $ | 1,209 | $ | 1,708 | ||||||||||
Noninterest income | $ | 24,745 | $ | 22,499 | $ | 21,462 | $ | 22,767 | $ | 15,185 | ||||||||||
Noninterest expense | $ | 66,877 | $ | 64,067 | $ | 68,471 | $ | 66,734 | $ | 64,154 | ||||||||||
Acquisition-related expense (included in noninterest expense) | $ | 1,872 | $ | 428 | $ | 5,643 | $ | 2,974 | $ | 4,556 | ||||||||||
Net income | $ | 26,740 | $ | 25,780 | $ | 21,946 | $ | 24,361 | $ | 18,920 | ||||||||||
Per Common Share | ||||||||||||||||||||
Earnings (basic) | $ | 0.46 | $ | 0.45 | $ | 0.38 | $ | 0.42 | $ | 0.34 | ||||||||||
Earnings (diluted) | $ | 0.46 | $ | 0.45 | $ | 0.38 | $ | 0.42 | $ | 0.34 | ||||||||||
Book value | $ | 21.48 | $ | 21.69 | $ | 21.38 | $ | 21.53 | $ | 21.34 | ||||||||||
Averages | ||||||||||||||||||||
Total assets | $ | 8,905,743 | $ | 8,672,692 | $ | 8,532,173 | $ | 8,505,776 | $ | 8,152,463 | ||||||||||
Interest-earning assets | $ | 7,937,308 | $ | 7,711,531 | $ | 7,560,288 | $ | 7,529,040 | $ | 7,199,443 | ||||||||||
Loans | $ | 5,762,048 | $ | 5,712,614 | $ | 5,542,489 | $ | 5,414,942 | $ | 5,168,761 | ||||||||||
Securities, including Federal Home Loan Bank stock | $ | 2,136,703 | $ | 1,945,174 | $ | 1,976,959 | $ | 2,068,806 | $ | 1,918,690 | ||||||||||
Deposits | $ | 7,440,628 | $ | 7,233,863 | $ | 6,978,472 | $ | 6,927,756 | $ | 6,759,259 | ||||||||||
Interest-bearing deposits | $ | 3,933,001 | $ | 3,910,695 | $ | 3,753,101 | $ | 4,157,491 | $ | 4,174,459 | ||||||||||
Interest-bearing liabilities | $ | 4,031,214 | $ | 4,007,198 | $ | 3,961,013 | $ | 4,395,502 | $ | 4,282,273 | ||||||||||
Noninterest-bearing deposits | $ | 3,507,627 | $ | 3,323,168 | $ | 3,225,371 | $ | 2,770,265 | $ | 2,584,800 | ||||||||||
Shareholders' equity | $ | 1,259,117 | $ | 1,239,830 | $ | 1,247,887 | $ | 1,240,853 | $ | 1,185,346 | ||||||||||
Financial Ratios | ||||||||||||||||||||
Return on average assets | 1.20 | % | 1.19 | % | 1.03 | % | 1.15 | % | 0.93 | % | ||||||||||
Return on average common equity | 8.50 | % | 8.32 | % | 7.04 | % | 7.86 | % | 6.39 | % | ||||||||||
Average equity to average assets | 14.14 | % | 14.30 | % | 14.63 | % | 14.59 | % | 14.54 | % | ||||||||||
Net interest margin (tax equivalent) | 4.25 | % | 4.37 | % | 4.41 | % | 4.39 | % | 4.50 | % | ||||||||||
Period end | ||||||||||||||||||||
Total assets | $ | 8,954,382 | $ | 8,755,984 | $ | 8,518,019 | $ | 8,552,902 | $ | 8,578,846 | ||||||||||
Loans, net of unearned income | $ | 5,815,027 | $ | 5,746,511 | $ | 5,611,897 | $ | 5,450,895 | $ | 5,445,378 | ||||||||||
Allowance for loan and lease losses | $ | 68,172 | $ | 69,049 | $ | 69,257 | $ | 70,234 | $ | 69,569 | ||||||||||
Securities, including Federal Home Loan Bank stock | $ | 2,170,416 | $ | 2,037,666 | $ | 1,926,248 | $ | 2,040,163 | $ | 2,131,622 | ||||||||||
Deposits | $ | 7,438,829 | $ | 7,314,805 | $ | 7,044,373 | $ | 7,074,965 | $ | 6,924,722 | ||||||||||
Core deposits | $ | 7,127,866 | $ | 6,986,206 | $ | 6,737,969 | $ | 6,771,755 | $ | 6,619,944 | ||||||||||
Shareholders' equity | $ | 1,242,128 | $ | 1,254,136 | $ | 1,236,214 | $ | 1,244,443 | $ | 1,228,175 | ||||||||||
Nonperforming, assets | ||||||||||||||||||||
Nonaccrual loans | $ | 21,464 | $ | 19,080 | $ | 25,746 | $ | 31,828 | $ | 31,352 | ||||||||||
OREO and OPPO | 13,738 | 19,475 | 20,665 | 23,347 | 22,225 | |||||||||||||||
Total nonperforming assets | $ | 35,202 | $ | 38,555 | $ | 46,411 | $ | 55,175 | $ | 53,577 | ||||||||||
Nonperforming loans to period-end loans | 0.37 | % | 0.33 | % | 0.46 | % | 0.58 | % | 0.58 | % | ||||||||||
Nonperforming assets to period-end assets | 0.39 | % | 0.44 | % | 0.54 | % | 0.65 | % | 0.62 | % | ||||||||||
Allowance for loan and lease losses to period-end loans | 1.17 | % | 1.20 | % | 1.23 | % | 1.29 | % | 1.28 | % | ||||||||||
Net loan charge-offs | $ | 3,226 | $ | 3,039 | $ | 3,179 | $ | 544 | $ | 10 |
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Columbia Banking System, Inc. | Three Months Ended | Twelve Months Ended | ||||||||||||||
Unaudited | December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands except per share) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 71,358 | $ | 69,831 | $ | 286,166 | $ | 268,279 | ||||||||
Taxable securities | 8,516 | 7,075 | 30,774 | 28,754 | ||||||||||||
Tax-exempt securities | 2,870 | 2,917 | 11,842 | 10,830 | ||||||||||||
Deposits in banks | 25 | 74 | 109 | 179 | ||||||||||||
Total interest income | 82,769 | 79,897 | 328,891 | 308,042 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 733 | 811 | 2,977 | 3,005 | ||||||||||||
Federal Home Loan Bank advances | 83 | 87 | 474 | 396 | ||||||||||||
Other borrowings | 134 | 235 | 553 | 593 | ||||||||||||
Total interest expense | 950 | 1,133 | 4,004 | 3,994 | ||||||||||||
Net Interest Income | 81,819 | 78,764 | 324,887 | 304,048 | ||||||||||||
Provision for loan and lease losses | 2,349 | 1,708 | 8,591 | 6,727 | ||||||||||||
Net interest income after provision for loan and lease losses | 79,470 | 77,056 | 316,296 | 297,321 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and other fees | 15,245 | 14,575 | 61,881 | 55,555 | ||||||||||||
Merchant services fees | 2,173 | 1,961 | 8,975 | 7,975 | ||||||||||||
Investment securities gains, net | 281 | — | 1,581 | 552 | ||||||||||||
Bank owned life insurance | 1,071 | 926 | 4,441 | 3,823 | ||||||||||||
Change in FDIC loss-sharing asset | (1,031 | ) | (5,304 | ) | (4,010 | ) | (19,989 | ) | ||||||||
Other | 7,006 | 3,027 | 18,605 | 11,834 | ||||||||||||
Total noninterest income | 24,745 | 15,185 | 91,473 | 59,750 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 36,689 | 35,903 | 149,410 | 130,864 | ||||||||||||
Occupancy | 10,037 | 8,024 | 34,818 | 32,300 | ||||||||||||
Merchant processing | 1,058 | 948 | 4,204 | 4,006 | ||||||||||||
Advertising and promotion | 1,233 | 1,218 | 4,713 | 3,964 | ||||||||||||
Data processing | 4,399 | 3,900 | 17,421 | 15,369 | ||||||||||||
Legal and professional fees | 2,081 | 4,012 | 9,608 | 11,389 | ||||||||||||
Taxes, licenses and fees | 1,392 | 1,165 | 5,395 | 4,552 | ||||||||||||
Regulatory premiums | 1,180 | 1,105 | 4,806 | 4,549 | ||||||||||||
Net cost (benefit) of operation of other real estate owned | (60 | ) | 162 | (1,629 | ) | (1,045 | ) | |||||||||
Amortization of intangibles | 1,652 | 1,777 | 6,882 | 6,293 | ||||||||||||
Other | 7,216 | 5,940 | 30,521 | 27,045 | ||||||||||||
Total noninterest expense | 66,877 | 64,154 | 266,149 | 239,286 | ||||||||||||
Income before income taxes | 37,338 | 28,087 | 141,620 | 117,785 | ||||||||||||
Provision for income taxes | 10,598 | 9,167 | 42,793 | 36,211 | ||||||||||||
Net Income | $ | 26,740 | $ | 18,920 | $ | 98,827 | $ | 81,574 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.46 | $ | 0.34 | $ | 1.71 | $ | 1.53 | ||||||||
Diluted | $ | 0.46 | $ | 0.34 | $ | 1.71 | $ | 1.52 | ||||||||
Dividends paid per common share | $ | 0.36 | $ | 0.30 | $ | 1.34 | $ | 0.94 | ||||||||
Weighted average number of common shares outstanding | 57,057 | 55,137 | 57,019 | 52,618 | ||||||||||||
Weighted average number of diluted common shares outstanding | 57,070 | 55,272 | 57,032 | 53,183 |
CONSOLIDATED BALANCE SHEETS | |||||||||||||
Columbia Banking System, Inc. | |||||||||||||
Unaudited | December 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 166,929 | $ | 171,221 | |||||||||
Interest-earning deposits with banks | 8,373 | 16,949 | |||||||||||
Total cash and cash equivalents | 175,302 | 188,170 | |||||||||||
Securities available for sale at fair value (amortized cost of $2,157,610 and $2,087,069, respectively) | 2,157,694 | 2,098,257 | |||||||||||
Federal Home Loan Bank stock at cost | 12,722 | 33,365 | |||||||||||
Loans held for sale | 4,509 | 1,116 | |||||||||||
Loans, net of unearned income of ($42,373) and ($59,374), respectively | 5,815,027 | 5,445,378 | |||||||||||
Less: allowance for loan and lease losses | 68,172 | 69,569 | |||||||||||
Loans, net | 5,746,855 | 5,375,809 | |||||||||||
FDIC loss-sharing asset | 6,568 | 15,174 | |||||||||||
Interest receivable | 27,877 | 27,802 | |||||||||||
Premises and equipment, net | 164,239 | 172,090 | |||||||||||
Other real estate owned | 13,738 | 22,190 | |||||||||||
Goodwill | 382,762 | 382,537 | |||||||||||
Other intangible assets, net | 23,577 | 30,459 | |||||||||||
Other assets | 238,539 | 231,877 | |||||||||||
Total assets | $ | 8,954,382 | $ | 8,578,846 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 3,507,358 | $ | 2,651,373 | |||||||||
Interest-bearing | 3,931,471 | 4,273,349 | |||||||||||
Total deposits | 7,438,829 | 6,924,722 | |||||||||||
Federal Home Loan Bank advances | 68,531 | 216,568 | |||||||||||
Securities sold under agreements to repurchase | 99,699 | 105,080 | |||||||||||
Other borrowings | — | 8,248 | |||||||||||
Other liabilities | 105,195 | 96,053 | |||||||||||
Total liabilities | 7,712,254 | 7,350,671 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
December 31, | 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 | 57,724 | 57,437 | 990,281 | 985,839 | |||||||||
Retained earnings | 255,925 | 234,498 | |||||||||||
Accumulated other comprehensive income (loss) | (6,295 | ) | 5,621 | ||||||||||
Total shareholders' equity | 1,242,128 | 1,228,175 | |||||||||||
Total liabilities and shareholders' equity | $ | 8,954,382 | $ | 8,578,846 |
AVERAGE BALANCES AND RATES | ||||||||||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, net (1)(2) | $ | 5,762,048 | $ | 72,322 | 5.02 | % | $ | 5,168,761 | $ | 70,463 | 5.45 | % | ||||||||||
Taxable securities | 1,686,594 | 8,516 | 2.02 | % | 1,491,931 | 7,075 | 1.90 | % | ||||||||||||||
Tax exempt securities (2) | 450,109 | 4,417 | 3.93 | % | 426,759 | 4,577 | 4.29 | % | ||||||||||||||
Interest-earning deposits with banks | 38,557 | 25 | 0.26 | % | 111,992 | 74 | 0.26 | % | ||||||||||||||
Total interest-earning assets | 7,937,308 | $ | 85,280 | 4.30 | % | 7,199,443 | $ | 82,189 | 4.57 | % | ||||||||||||
Other earning assets | 153,298 | 140,135 | ||||||||||||||||||||
Noninterest-earning assets | 815,137 | 812,885 | ||||||||||||||||||||
Total assets | $ | 8,905,743 | $ | 8,152,463 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Certificates of deposit | $ | 460,858 | $ | 179 | 0.16 | % | $ | 497,704 | $ | 284 | 0.23 | % | ||||||||||
Savings accounts | 653,738 | 17 | 0.01 | % | 591,137 | 18 | 0.01 | % | ||||||||||||||
Interest-bearing demand | 920,021 | 161 | 0.07 | % | 1,260,231 | 138 | 0.04 | % | ||||||||||||||
Money market accounts | 1,898,384 | 376 | 0.08 | % | 1,825,387 | 371 | 0.08 | % | ||||||||||||||
Total interest-bearing deposits | 3,933,001 | 733 | 0.07 | % | 4,174,459 | 811 | 0.08 | % | ||||||||||||||
Federal Home Loan Bank advances | 18,915 | 83 | 1.76 | % | 24,823 | 87 | 1.40 | % | ||||||||||||||
Other borrowings | 79,298 | 134 | 0.68 | % | 82,991 | 235 | 1.13 | % | ||||||||||||||
Total interest-bearing liabilities | 4,031,214 | $ | 950 | 0.09 | % | 4,282,273 | $ | 1,133 | 0.11 | % | ||||||||||||
Noninterest-bearing deposits | 3,507,627 | 2,584,800 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 107,785 | 100,044 | ||||||||||||||||||||
Shareholders’ equity | 1,259,117 | 1,185,346 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 8,905,743 | $ | 8,152,463 | ||||||||||||||||||
Net interest income (tax equivalent) | $ | 84,330 | $ | 81,056 | ||||||||||||||||||
Net interest margin (tax equivalent) | 4.25 | % | 4.50 | % |
(1) | Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees and net unearned discounts on acquired loans were included in the interest income calculations. The amortization of net deferred loan fees was $1.1 million for the three months ended December 31, 2015 and $1.2 million for the three months ended December 31, 2014. The incremental accretion on acquired loans was $6.0 million and $8.8 million for the three months ended December 31, 2015 and 2014, respectively. |
(2) | Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $964 thousand and $632 thousand for the three months ended December 31, 2015 and 2014, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.5 million and $1.7 million for the three months ended December 31, 2015 and 2014, respectively. |
AVERAGE BALANCES AND RATES | ||||||||||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
Twelve Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, net (1)(3) | $ | 5,609,261 | $ | 289,450 | 5.16 | % | $ | 4,782,369 | $ | 270,210 | 5.65 | % | ||||||||||
Taxable securities (2) | 1,577,711 | 30,774 | 1.95 | % | 1,332,144 | 28,754 | 2.16 | % | ||||||||||||||
Tax exempt securities (3) | 454,148 | 18,219 | 4.01 | % | 376,431 | 16,997 | 4.52 | % | ||||||||||||||
Interest-earning deposits with banks | 44,614 | 109 | 0.24 | % | 70,103 | 179 | 0.26 | % | ||||||||||||||
Total interest-earning assets | 7,685,734 | $ | 338,552 | 4.40 | % | 6,561,047 | $ | 316,140 | 4.82 | % | ||||||||||||
Other earning assets | 149,476 | 132,419 | ||||||||||||||||||||
Noninterest-earning assets | 820,033 | 774,625 | ||||||||||||||||||||
Total assets | $ | 8,655,243 | $ | 7,468,091 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Certificates of deposit | $ | 483,193 | $ | 868 | 0.18 | % | $ | 485,487 | $ | 1,259 | 0.26 | % | ||||||||||
Savings accounts | 637,464 | 70 | 0.01 | % | 543,303 | 60 | 0.01 | % | ||||||||||||||
Interest-bearing demand | 982,491 | 612 | 0.06 | % | 1,204,584 | 478 | 0.04 | % | ||||||||||||||
Money market accounts | 1,834,733 | 1,427 | 0.08 | % | 1,668,150 | 1,208 | 0.07 | % | ||||||||||||||
Total interest-bearing deposits | 3,937,881 | 2,977 | 0.08 | % | 3,901,524 | 3,005 | 0.08 | % | ||||||||||||||
Federal Home Loan Bank advances | 70,678 | 474 | 0.67 | % | 44,876 | 396 | 0.88 | % | ||||||||||||||
Other borrowings | 88,924 | 553 | 0.62 | % | 39,617 | 593 | 1.50 | % | ||||||||||||||
Total interest-bearing liabilities | 4,097,483 | $ | 4,004 | 0.10 | % | 3,986,017 | $ | 3,994 | 0.10 | % | ||||||||||||
Noninterest-bearing deposits | 3,208,947 | 2,285,818 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 101,861 | 86,675 | ||||||||||||||||||||
Shareholders’ equity | 1,246,952 | 1,109,581 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 8,655,243 | $ | 7,468,091 | ||||||||||||||||||
Net interest income (tax equivalent) | $ | 334,548 | $ | 312,146 | ||||||||||||||||||
Net interest margin (tax equivalent) | 4.35 | % | 4.76 | % |
(1) | Nonaccrual loans have been included in the table as loans carrying a zero yield. Amortized net deferred loan fees and net unearned discounts on acquired loans were included in the interest income calculations. The amortization of net deferred loan fees was $4.9 million and $4.5 million for the twelve months ended December 31, 2015 and 2014, respectively. The incremental accretion on acquired loans was $27.2 million and $41.8 million for the twelve months ended December 31, 2015 and 2014, respectively. |
(2) | During the twelve months ended December 31, 2014 the Company recorded a $2.6 million reversal of premium amortization, which increased interest income on taxable securities. |
(3) | Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $3.3 million and $1.9 million for the twelve months ended December 31, 2015 and 2014, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was $6.4 million and $6.2 million for the twelve months ended December 31, 2015 and 2014, respectively. |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating net interest margin non-GAAP reconciliation: | (dollars in thousands) | |||||||||||||||
Net interest income (tax equivalent) (1) | $ | 84,330 | $ | 81,056 | $ | 334,548 | $ | 312,146 | ||||||||
Adjustments to arrive at operating net interest income (tax equivalent): | ||||||||||||||||
Incremental accretion income on FDIC purchased credit impaired loans | (2,200 | ) | (3,796 | ) | (9,096 | ) | (20,224 | ) | ||||||||
Incremental accretion income on other FDIC acquired loans | (68 | ) | (10 | ) | (234 | ) | (484 | ) | ||||||||
Incremental accretion income on other acquired loans | (3,746 | ) | (4,957 | ) | (17,862 | ) | (21,093 | ) | ||||||||
Premium amortization on acquired securities | 2,253 | 2,490 | 10,217 | 7,123 | ||||||||||||
Correction of immaterial error - securities premium amortization | — | — | — | (2,622 | ) | |||||||||||
Interest reversals on nonaccrual loans | 582 | 189 | 1,713 | 1,291 | ||||||||||||
Operating net interest income (tax equivalent) (1) | $ | 81,151 | $ | 74,972 | $ | 319,286 | $ | 276,137 | ||||||||
Average interest earning assets | $ | 7,937,308 | $ | 7,199,443 | $ | 7,685,734 | $ | 6,561,047 | ||||||||
Net interest margin (tax equivalent) (1) | 4.25 | % | 4.50 | % | 4.35 | % | 4.76 | % | ||||||||
Operating net interest margin (tax equivalent) (1) | 4.09 | % | 4.17 | % | 4.15 | % | 4.21 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating efficiency ratio non-GAAP reconciliation: | (dollars in thousands) | |||||||||||||||
Noninterest expense (numerator A) | $ | 66,877 | $ | 64,154 | $ | 266,149 | $ | 239,286 | ||||||||
Adjustments to arrive at operating noninterest expense: | ||||||||||||||||
Acquisition-related expenses | (1,872 | ) | (4,556 | ) | (10,917 | ) | (9,432 | ) | ||||||||
Net benefit of operation of OREO and OPPO | 150 | (160 | ) | 1,724 | 1,182 | |||||||||||
FDIC clawback liability expense | (812 | ) | 8 | (979 | ) | (294 | ) | |||||||||
Loss on asset disposals | (52 | ) | (6 | ) | (433 | ) | (563 | ) | ||||||||
State of Washington Business and Occupation ("B&O") taxes | (1,294 | ) | (1,067 | ) | (4,962 | ) | (4,183 | ) | ||||||||
Operating noninterest expense (numerator B) | $ | 62,997 | $ | 58,373 | $ | 250,582 | $ | 225,996 | ||||||||
Net interest income (tax equivalent) (1) | $ | 84,330 | $ | 81,056 | $ | 334,548 | $ | 312,146 | ||||||||
Noninterest income | 24,745 | 15,185 | 91,473 | 59,750 | ||||||||||||
Bank owned life insurance tax equivalent adjustment | 576 | 528 | 2,391 | 2,177 | ||||||||||||
Total revenue (tax equivalent) (denominator A) | $ | 109,651 | $ | 96,769 | $ | 428,412 | $ | 374,073 | ||||||||
Operating net interest income (tax equivalent) (1) | $ | 81,151 | $ | 74,972 | $ | 319,286 | $ | 276,137 | ||||||||
Adjustments to arrive at operating noninterest income (tax equivalent): | ||||||||||||||||
Investment securities gains, net | (281 | ) | — | (1,581 | ) | (552 | ) | |||||||||
Gain on asset disposals | (4 | ) | (8 | ) | (129 | ) | (86 | ) | ||||||||
Gain related to branch sale deposit premium | — | — | — | (565 | ) | |||||||||||
Mortgage loan repurchase liability adjustment | (3,147 | ) | — | (3,147 | ) | — | ||||||||||
Change in FDIC loss-sharing asset | 1,031 | 5,304 | 4,010 | 19,989 | ||||||||||||
Operating noninterest income (tax equivalent) | 22,920 | 21,009 | 93,017 | 80,713 | ||||||||||||
Total operating revenue (tax equivalent) (denominator B) | $ | 104,071 | $ | 95,981 | $ | 412,303 | $ | 356,850 | ||||||||
Efficiency ratio (tax equivalent) (numerator A/denominator A) | 60.99 | % | 66.30 | % | 62.12 | % | 63.97 | % | ||||||||
Operating efficiency ratio (tax equivalent) (numerator B/denominator B) | 60.53 | % | 60.82 | % | 60.78 | % | 63.33 | % |
1 Year Columbia Banking System Chart |
1 Month Columbia Banking System Chart |
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