Jul 28, 201611:56 AMBlog
Columbia Bank reports strong quarter
Second quarter financial reports from Columbia Banking System showing continued strong loan originations, particularly in commercial business as well as multifamily residential real estate, driving quarterly earnings to $25.4 million or 44 cents per diluted share.
On an annualized basis, new loan growth of $229.9 million would be a 16 percent increase. Second quarter is traditionally a strong period for Columbia.
“Our bankers continue their impressive level of loan production, our nonperforming assets to total assets remains well below our peers, and the results of our expense initiatives are reflected in the continued improvement in our efficiency ratio." President and CEO Melanie Dressel said. "Our net interest margin has held up remarkably well over the past several years, but the prolonged low interest rate environment and flattening of the yield curve continue to apply downward pressure on the margin."
Net income rose $2 million to $82.1 million from April through June, driven principally by higher loan and securities volumes. Loans and card volumes also drove non-interest income higher by $1.3 million to close June 30th at $21.9 million.