Jan 25, 201806:35 PMBlog
Columbia Bank wraps up 'year of change' with record net income
Columbia Bank released its fourth quarter 2017 earnings report today, with president and CEO Hadley Robbins calling the previous year “a year of tremendous change for our organization.”
“I'm proud of our bankers for the resiliency they showed while maintaining a client centric focus during our executive succession activities,” Robbins continued. “With the completion of our merger with Pacific Continental Corporation, we are excited to welcome a new group of talented bankers and an exceptional customer base to Columbia.
“While competitive pressures dampened loan growth, we had another solid year of production as our bankers grew relationships on both sides of the balance sheet. Our full year record earnings were helped, in part, by rising interest rates as evidenced by the 26 basis point expansion in our operating net interest margin during the year."
The bank recorded a fourth quarter net income of $15.7 million, down considerably from the $30.7 million Columbia posted in 2016 4Q. That’s in part due to some $13.7 million of acquisition-related expense. Still, the bank took home a record full year net income of $12.8 million in 2017, up 7.5 percent from the $104,866 in net income the bank recorded in 2016.
"We are honored to again be recognized by Forbes in its annual list of America's Best Banks. For 2018, we were ranked 11th, our highest to date and up from 30th in 2017,” said Robbins. “We also continue to give back to the communities we serve and call home.
“Our recently completed Warm Hearts Winter Drive raised over $220,000 and 6,500 winter clothing items for 58 homeless shelters across the Northwest,” he added. “The success of our Warm Hearts campaign would not have been possible without the tireless efforts of our employees and the generous donations and support we received from clients and community members."