Columbia Banking System Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 08:00 am
Share
Columbia Banking System Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's total interest income was $86,734,000 compared to $82,769,000 a year ago. Net interest income was $85,737,000 compared to $81,819,000 a year ago. Net interest income after provision for loan and lease losses was $85,719,000 compared to $79,470,000 a year ago. The linked quarter increase was principally from taxable securities income, whose yields benefited from a market-driven reduction in premium amortization. The increase from the prior year period was due to higher loan and securities volumes as well as the previously noted reduction in securities premium amortization. Income before income was $43,035,000 compared to $37,338,000 a year ago. Net income was $30,718,000 or $0.53 per basic and diluted share, compared to $26,740,000 or $0.46 per basic and diluted share, a year ago. Book value per share was $21.52 against $21.48 reported a year ago. Return on average assets was 1.29% against 1.20% and return on average common equity was 9.68% against 8.50% reported last year.
For the year to date, the company's total interest income was $337,969,000 compared to $328,891,000 a year ago. Net interest income was $333,619,000 compared to $324,887,000 a year ago. Income before income was $149,781,000 compared to $141,620,000 a year ago. Net income was $104,866,000 or $1.81 per basic and diluted share, compared to $98,827,000 or $1.71 per diluted share, a year ago. Return on average assets was 1.13% against 1.14% and return on average common equity was 8.27% against 7.93% reported last year.
For the quarter, the company net charge-offs was $239,000 compared to $3,226,000 a year ago.
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 Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016